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Globe Commercials Ltd.

BSE: 540266 Sector: Others
NSE: N.A. ISIN Code: INE804Q01013
BSE 00:00 | 13 Jul 39.50 0
(0.00%)
OPEN

38.00

HIGH

39.50

LOW

38.00

NSE 05:30 | 01 Jan Globe Commercials Ltd
OPEN 38.00
PREVIOUS CLOSE 39.50
VOLUME 4750
52-Week high 41.50
52-Week low 24.30
P/E 103.95
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 38.00
CLOSE 39.50
VOLUME 4750
52-Week high 41.50
52-Week low 24.30
P/E 103.95
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Globe Commercials Ltd. (GLOBECOMMERCIAL) - Auditors Report

Company auditors report

GLOBE COMMERCIALS LIMITED

Referred to in paragraph 3 of our report of even date

(i) The company has not held any fixed asset during the year hence provisions ofparagraph (i) is not applicable to the company.

(ii) The Company does not deal in any goods and accordingly it does not hold anyphysical inventories. Therefore the paragraph 3(ii) is not applicable to the company.

(iii) The Company during the period has not granted any loans to parties listed in theregister maintained under section 189 of the Companies Act 2013. Therefore provisions ofparagraph (iii) are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) The company has not accepted any deposits from public. However loan taken is withinthe limit specified U/s 73 of the Companies Act 2013 and amended made time to time hencethe directives issued by the Reserve Bank of India and the provisions of sections 73 to 76or any other relevant provisions of the Companies Act and the rules framed there underare not applicable No order has been passed by Company Law Board or National Company LawTribunal or Reserve Bank of India or any court or any other tribunal.

(vi) As explained to us the requirement of maintenance of cost records under section148(1) of the Companies Act 2013 does not apply to the company.

(vii) (a) The Company is regular in depositing with appropriate authorities applicableundisputed statutory dues including provident fund ESIC income-tax sales tax WealthTax Service tax Custom duty excise duty and other material statutory dues applicable toit. According to the information and explanations given to us no undisputed amountspayable in respect of wealth Tax Service tax Sales tax custom duty excise & Cesswere in arrears as at 31.03.2017 for the period of more than six months from the date theybecome payable.

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordinglyparagraph 3(viii) of the Order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible Debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

FOR SHYAM C. AGARWAL & CO. CHARTERED ACCOUNTANTS F.R. No. 110243W

Sd/-

SHYAM C. AGARWAL (PROPRIETOR) M. NO. 31774

PLACE: MUMBAI DATE: May 30 2017

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of GLOBECOMMERCIALS LIMITED ("the Company") as of 31 March 2017 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of

Chartered Accountants of India (‘ICAI'). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR SHYAM C. AGARWAL & CO. CHARTERED ACCOUNTANTS F.R. No. 110243W

Sd/-

SHYAM C. AGARWAL (PROPRIETOR) M. NO. 31774

PLACE: MUMBAI DATE: May 30 2017

PART I Form of BALANCE SHEET GLOBE COMMERCIALS LIMITED Balance Sheet as at 31st March2017