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Scintilla Commercial & Credit Ltd.

BSE: 538857 Sector: Financials
NSE: N.A. ISIN Code: INE892C01018
BSE 00:00 | 19 Dec Scintilla Commercial & Credit Ltd
NSE 05:30 | 01 Jan Scintilla Commercial & Credit Ltd
OPEN 8.77
PREVIOUS CLOSE 8.77
VOLUME 10
52-Week high 27.00
52-Week low 8.77
P/E 28.29
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.77
CLOSE 8.77
VOLUME 10
52-Week high 27.00
52-Week low 8.77
P/E 28.29
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Scintilla Commercial & Credit Ltd. (SCINTILLACOMM) - Auditors Report

Company auditors report

To

The Members of

SCINTILLA COMMERCIAL & CREDIT LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of SCINTILLACOMMERCIAL & CREDIT LIMITED ("the Company") which comprise the BalanceSheet as at 31st March 2018 the Statement of Profit and Loss and the Cash Flow Statementfor the year then ended and a summary of significant accounting policies and otherexplanatory 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. and other accounting principle accepted in India

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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 financialstatements that give a true and fair view and are free from material misstatementswhether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

In conducting 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 in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidences about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgement including the assessment of the risks of material misstatementsin the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the standalone financial statements.

We believe that the audit evidences we have obtained are sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2018 and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by Section 143 (3) of the Act based on my audit I report that :

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes 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 accounts;

d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under 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 on 31stMarch 2018 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act;

f. With respect to the adequacy of internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to my separate report in "Annexure A".

g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended. Inour opinion and to the best of our information and according to the explanations given tous :

i. The Company does not have any pending litigations which would impact itsfinancial position.

ii. The Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses. However the Company does not haveany ongoing long-term contracts including derivative contracts as on the Balance Sheetdate.

iii. There are no such amounts appearing in the books which are required to betransferred to the Investor Education and Protection Fund by the Company.

2. 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 I give in the "Annexure B" a statement on the matters specified in theparagraph 3 and 4 of the order.

For T. C. Mahawar & Co.
Chartered Accountants
FRN.322294E
(Tikam Chand Mahawar)
Place : Howrah (Proprietor)
Date : 30. 05. 2018 Membership No. 056212

Annexure ‘A' to the Independent Auditor's Report

(Referred to in paragraph 1(f) under "Report on Other Legal and RegulatoryRequirements" section of our report of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (i) OFSUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the internal financial controls over financial reporting of M/SSCINTILLA COMMERCIAL & CREDIT LIMITED ("the Company") as of March 312018 in conjunction with our audit of the financial statements of the Company for theyear 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 with reference to financial statementcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. 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 safeguarding ofits 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 Companies Act 2013.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on my 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 audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls 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.

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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2. 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 authorizations of management and directors of the company; and

3. provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 to the best of our information and according to explanation given tous the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For T. C. Mahawar & Co.
Chartered Accountants
FRN.322294E
(Tikam Chand Mahawar)
Place: Howrah (Proprietor)
Date: 30. 05. 2018 Membership No. 056212

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 2 under "Report on Other Legal and RegulatoryRequirements' section of our report of even date)

i. Based on our scrutiny of the Company's Books of Accounts and other records andaccording to the information and explanations received by us from the Management we areof the opinion that the question of commenting on the maintenance of proper records offixed assets physical verification of fixed assets and title of fixed assets does notarise since the Company had no fixed assets as on 31.03.2018.

ii. Physical verification of inventory has been conducted at reasonable intervals bythe management and no material discrepancies were noticed and they have been properlydealt with in the books of account.

iii. According to the information and explanation given to us the Company has grantedunsecured loans repayable on demand to companies covered in the register maintained undersection 189 of the Companies Act 2013 in respect of which:

(a) The term and condition of the grant of such loans are in our opinion prima facienot prejudicial to the Company's interest.

(b) The schedule of repayment of principal and payment of interest has been stipulatedand repayments or receipts of principal amounts and interest have been regular as perstipulation.

(c) There is no amount overdue other than loan granted to Mahavat Holdings Pvt. Ltd.for more than 90 days as at the balance sheet date.

(iv) In our opinion and according to information and explanation given to us theCompany has complied with the provision of section 185 and 186 of the Companies Act 2013in respect of the loans provided & investments as applicable.

(v) According to the information and explanation given to us the Company has notaccepted any deposit from the public within the meaning of the Act and the rules madethereunder. Hence clause (v) of the order is not applicable.

(vi) Maintenance of cost records under sub-section (1) of section 148 of the CompaniesAct 2013 was not applicable during the financial year.

(vii) According to the information and explanation given to us in respect of statutorydues:

(a) The company has generally been regular in depositing undisputed statutory duesincluding income-tax goods and services tax sales-tax service tax duty of excisevalue added tax cess and any other material statutory dues applicable to it to theappropriate authorities.

(b) There were no undisputed amounts payable in respect of goods and services taxsales-tax service tax duty of excise value added tax cess and any other materialstatutory due in arrears as at 31st March 2018 for a period of more than six months fromthe date they became payable except for Income- Tax details of which is given below:

Name of statute Nature of dues Amount under Dispute Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax and Interest 189160 A.Y 2014-2015 CIT (Appeals)

The company has filed appeal before CIT (Appeals) on 06.01.2017

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of loans or borrowing to a banks and financialinstitution. The Company has not issued any debentures and dosenot have any loans orborrowing from Government.

(ix) In our opinion and according to the information and explanations given to us theCompany has not raised money by way of initial public offer or further public offer(including debt instruments) or term Loans and hence reporting under clause (ix) is notapplicable.

(x) To the best of our knowledge and according to the information and explanation givento us no any fraud by the company and no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has not paid any managerial remuneration as per the provisions of section 197 readwith Schedule V to the Companies Act.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theCARO 2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us theCompany transaction with the related party transactions are in compliance with sections177 and 188 of Companies Act 2013 where applicable have been disclosed in thestandalone financial statement etc. as required by the applicable

(xiv) During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures hence reporting under clause(xiv) of CARO 2016 is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to usduring the year the company has not entered into any non-cash transactions with directorsor directors of the subsidiary company or persons connected with them and hence theprovisions of section 192 of Companies Act 2013 are not applicable.

(xvi) The company is a Non deposit taking systemically not important NBFC and is dulyregistered under section 45-IA of the Reserve Bank of India Act 1934.

For T. C. Mahawar & Co.
Chartered Accountants
FRN.322294E
(Tikam Chand Mahawar)
Place: Howrah (Proprietor)
Date : 30. 05. 2018 Membership No. 056212