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Globus Corporation Ltd.

BSE: 531904 Sector: Metals & Mining
NSE: KARUNACAB ISIN Code: INE774B01028
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NSE 05:30 | 01 Jan Globus Corporation Ltd
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Buy Price 0.19
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OPEN 0.19
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VOLUME 50
52-Week high 0.21
52-Week low 0.17
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.19
Buy Qty 1786.00
Sell Price 0.19
Sell Qty 7349.00

Globus Corporation Ltd. (KARUNACAB) - Auditors Report

Company auditors report

TO THE MEMBERS OF GLOBUS CORPOORATION LIMITED.

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of GLOBUSCORPOORATION LIMITED which comprise the Balance Sheet as at March 31 2018 theStatement of Profit and Loss (including other comprehensive income) and Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance (including other comprehensive income) and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under Section 133 ofthe Act read with the Companies (Indian Accounting Standard) Rules 2015 as amended.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative pronouncement issued by Institute of Chartered Accountants of India. TheseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the IND AS financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind As financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone Ind AS financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India :

i. in the case of the Balance sheet of the state of affairs of the company as atMarch 312018;

ii. in the case of the Statement of Profit and Loss( comprising of othercomprehensive income) of the profit for the year ended on that date; and

iii. in the case of the Cash Flow Statement of the cash flows for the year endedon that date.

' \ REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub- Section (11) of section 143 ofthe Act we give in the "Annexure A" statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that:

a. We have sought and obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid standalone Ind AS financial Statement comply withAccounting Standards specified under the Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of the written representations received from the directors as onMarch 312018 taken on record by the Board of Directors none of the directors isdisqualified as on March 312018 from being appointed as a director in terms of Section164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" and

g. with respect to other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us.

I. The Company does not have any pending litigations which would impact itsStandalone Ind AS financial statements;

II. The Company did not have any long - term contracts including derivativescontracts for which there were any material foreseeable losses;

III. There has been no delay in transferring amounts required to be transferredto the investor Education and protection fund by the Company.

For Sandip V. Doshi & Co
Chartered Accountants
Sd/-
Place : Mumbai (Sandip V. Doshi)
Date :15th May 2018 Proprietor
Membership No. 048949

ANNEXURE - A TO INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in Our Report to the members of GLOBUS CORPORATION LIMITED.

On the standalone Ind AS financial statements for the year ended 31st March2018 we report that:

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. Land Building Plant & Machinery shown under fixed asset head has beene-Auctioned by lender bank @Rs32050000/- and adjusted against loan Amount however bankhas raised balance amount @27609234.17 penal interest and other charges. Also suit hasbeen filed by Bank against the Company as Company has written a letter for waiving thebalance amount. However Management is Confident of settling the matter amicably and hencecontingent liability of Rs.27609234.17 has been arised as on 30th September.2017 butno provision has been made for the same as management is of confident to settle the matteramicably.

Company has made various plans to keep business in existence but due to lack of fundsCompany is not hopeful of continuing business of manufacturing conductors and thusdiscontinued its operation. In the view of above Financial Statement of the Company forthe year ended 31.03.2018 have not been prepared with an assumption of Going Concern buthave been prepared on Liquidation Basis.

2. During the Previous Year the Company has no stock of Raw Material work in Progressor Finished Goods hence valuation and quantitative detail is not given.

3. The company had not granted loans during the years to companies firms LimitedLiability partnership covered in the register maintained under section 189 of theCompanies Act 2013.

4. The company has granted any loans amounting to Rs 204000/-and has investments inFD amounting to Rs 11795/-but has not provided guarantee and security during the year.

5. The Company had taken loan from company covered in the register maintained underSection 185 of the Act. The maximum amount involved during the year wasRs.11318330.76/- and the year- end balance of loans taken from such party was Rs.11318330.76/- .

6. The Nature of the Company’s business/activities is such that maintenance ofCost Records under section 148(1) of the Act is not applicable to the company.

7. (a) According to the records of the company undisputed statutory dues includingIncome-tax Sales-tax

Value Added tax Custom Duty cess and other statutory dues to the extent and asapplicable to the company have been generally regularly deposited by the Company duringthe year with the appropriate authorities. According to the information and explanationsgiven to us there were disputed amounts payable in respect of the aforesaid dues wereoutstanding as on 31st March 2018 for a period of more than six months details of thesame are as under:-

Name of the Statue Nature of Dues Amount in Rs. Details of Payment
Maharashtra Sales Tax Sales Tax as reported in notes on accounts.
Income Tax Income Tax as reported in notes on accounts.

(b) According to the records of the Company there are no disputed statutory dues thathave not been deposited on account of matters pending before appropriate authorities.

8. Based on our audit procedures and according to the information and explanation givento us we are of the opinion that the Company has defaulted in repayment of dues to banksand in turn Bank has disposed off all the Fixed Asset of the Company.

9. The Company has not raised any public offer or term loans during the year.

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10. In our opinion and according to the information and explanation given to us nofraud on or by the Company has been noticed or reported during the course of our audit.

11. During the year no managerial remuneration has been paid.

12. The Company is not Nidhi Company

13. There are no transactions with related parties as prescribed u/s 177 & 188 ofCompanies Act 2013.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

15. The company has not entered into any non-cash transactions with directors orpersons connected with him and the provisions of section 192 of Companies Act 2013 havebeen complied with;

16. The company is not required to be registered u/s 45-IA of the Reserve Bank of IndiaAct 1934

For Sandip V. Doshi & Co
Chartered Accountants
Sd/-
Place : Mumbai (Sandip V. Doshi)
Date :15th May 2018 Proprietor
Membership No. 048949

ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT

The Annexure B referred to in clause (f) of Paragraph (10) of our IndependentAuditor’s Report to the members of GLOBUS CORPORATION LIMITED. On the standalone IndAS Financial Statements for the year ended 31st March 2018.

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

We have audited the internal financial controls over financial reporting of GLOBUSCORPOORATION LIMITED as at 31stMarch 2018 in conjunction with our audit of thestandalone Ind AS 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"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

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 deemed tobe prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained if such controls operated effectively in all material respects.

Our Audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on Company’s internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes on accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that:

(a) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the company; and

(c) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls systems over financials reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2018based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Sandip V. Doshi & Co
Chartered Accountants
Sd/-
Place : Mumbai (Sandip V. Doshi)
Date :15th May 2018 Proprietor
Membership No. 048949