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Shree Global Tradefin Ltd.

BSE: 512463 Sector: Others
NSE: N.A. ISIN Code: INE080I01025
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NSE 05:30 | 01 Jan Shree Global Tradefin Ltd
OPEN 1.14
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VOLUME 40
52-Week high 3.63
52-Week low 1.14
P/E
Mkt Cap.(Rs cr) 130
Buy Price 1.27
Buy Qty 630.00
Sell Price 1.20
Sell Qty 3886.00
OPEN 1.14
CLOSE 1.14
VOLUME 40
52-Week high 3.63
52-Week low 1.14
P/E
Mkt Cap.(Rs cr) 130
Buy Price 1.27
Buy Qty 630.00
Sell Price 1.20
Sell Qty 3886.00

Shree Global Tradefin Ltd. (SHGLOBALTRAD) - Auditors Report

Company auditors report

TO THE MEMBERS OF M/S SHREE GLOBAL TRADEFIN LIMITED

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of M/S Shree GlobalTradefin Limited ("the Company") which comprise the Balance Sheet as at March31 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended andother and a summary of significant explanatory information.

Management's Responsibility for the 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 Ind AS financial statements that give a true and fair view ofthe state of affairs (financial position) profit or loss (financial performance includingother comprehensive income) and cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 (As Amended). This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence on a testbasis about the amounts and disclosures in the Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Ind AS financial statements whether due to fraud orerror. In making thoserisk and hence assessments the auditor considers internal financialcontrol relevant to the Company's preparation of the Ind AS financial statements that givea true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'smanagement as well as evaluating the overall presentation of the Ind AS financialstatements.

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

Opinion

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

(a) in the case of the Balance Sheet of the state of affairs (financial position) ofthe Company as at March 31 2018; (b) in the case of the Statement of Profit and Loss ofthe loss (financial performance including other comprehensive income) for the year endedon that date; (c) in the case of the Cash Flow Statement of the cash flows for the yearended on that date; and (d) in the case of the Statement of Changes in Equity of thechanges in equity for the year ended on that date.

Other Matters

The financial statements of the Company for the year ended March 31 2018 have beenprepared under the Indian Accounting Standards (Ind AS) specified under Section 133 of theAct read with Companies (Indian Accounting Standards) Rules 2015 (As Amended). Thecomparative figures have also been reinstated in accordance with the Ind AS. Areconciliation statement which reconciles the figures of the comparatives from erstwhileAccounting Standard to Ind AS has been prepared and presented as a part of the Ind ASfinancial statement.

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 Companies Act 2013 we give in the ‘Annexure A' a statement on thematters specified in paragraphs 3 and 4 of the Order.

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 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; the

c) The Company has no branch office company is not required to conduct audit undersection 143 (8) of the Act;

d) The Balance Sheet the Statement of Profit and Loss(including Other ComprehensiveIncome) the Cash flow statement and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account;

e) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards (Ind AS) prescribed under Section 133 of the Act read with theCompanies (Accounts) Rules 2014 (As Amended) ;

f) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of the Act;

g) 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

h) 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 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact if any of pending litigations on itsfinancial position in its financial statements.

ii. The Company has made provision as required under any law or accounting standardsfor material foreseeable losses if any on long term contracts including derivativecontracts.

iii. During the year no amounts were required to be transferred to the InvestorEducation and Protection Fund by the Company. The question of delay in transferring suchsums does not arise.

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the Company.

Annexure - A to Independent Auditor's Report

The ‘Annexure A' referred to in Independent Auditor's Report to the Members of theCompany on the Financial Statements for the year ended 31st March 2018 we report that:

(i) (a) According to the information and explanation given to us and based on therecords produced before us we are of the opinion that the Company is maintaining properrecords showing full particulars including quantitative details and situation of fixedassets.

(b) According to the information and explanation given to us fixed assets werephysically verified by the management according to designed to cover all the locationswhich in our opinion is reasonable having regard to the size of the company and thenature of its assets.

(c) According to the information and explanation given to us and based on the recordsproduced before us the title deeds of immovable properties are held in the name of thecompany.

(ii) According to the information and explanation given to us Inventory has beenphysically verified by the management during the year. No material discrepancies werenoticed that would have an impact over the Financial Statements.

(iii) According to the information and explanation given to us the Company has notgranted any secured or unsecured loans to companies firms parties covered in theregister maintained under Section 189 of the Act.

(iv) According to the information and explanation given to us we are of the opinionthat in respect of loans investments guarantees and security provisions of section 185and 186 of the Companies Act 2013 have been complied with.

(v) According to the information and explanation given to us the company has notaccepted any deposits within the meaning of Section 73 to 76 of the Act and the rulesframed there under.

(vi) In the opinion of the Management the Central Government has not prescribed themaintenance of cost records under section 148(1) of the Act in respect of tradingactivity and hence such records have not been maintained by the Company.

(vii) (a) According to the books and records as produced and audited by us inaccordance with generally accepted auditing practices in India and also

Management representations undisputed statutory dues in respect of Provident fundEmployees' State Insurance Income Tax Sales Tax Wealth tax Service tax Custom dutyExcise duty Value Added Tax Cess and other statutory dues if any applicable to it hasbeen regularly deposited with the appropriate authorities.

(b) According to the information and explanation given to us and the record producedbefore us the disputed amount payable in case of Income Tax Sales Tax Wealth TaxService Tax Custom Duty Excise Duty Value Added Tax or cess is as follows:

Nature of Statue Nature of Dues Amount (Rs) Period to which the amount relates Forum where dispute is pending
105326852 FY 2006-07
720366459 FY 2007-08 CIT Appeals
Income Tax Act 1961 Tax Penalty & Interest 1445069328 FY 2008-09
1200494687 FY 2009-10 Income Tax
2346219 FY 2010-11 Appellate Tribunal
6128640 FY 2008-09 CIT Appeals
10541757 FY 2009-10

(viii) In our opinion and according to the information and explanation given to us andthe books of accounts verified by us the company does not have any loan taken from anyfinancial institution bank Government or dues to debenture holders.

(ix) According to the information and explanation given to us and the record producedbefore us the company has not raised moneys by way of initial public offer or furtherpublic offer (including debt instruments) or by way of any term loan during the year.

(x) During the course of our examination of the books of account carried in accordancewith the generally accepted auditing standards in India we have neither come across anyinstance of fraud on or by the Company by its officers or employees either noticed orreported during the year nor have we been informed of such case by the Management.

(xi) According to the information and explanation given to us and based on the recordproduced before us managerial remuneration has been paid during the year as per theprovisions of section 197 read with Schedule V of the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company as specified in the Nidhi Rules 2014. Hence the provisionof this clause is not applicable to the company.

(xiii) According to the information and explanation given to us and the record producedbefore us all transactions with the related parties are in compliance with sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable Indian Accounting Standards.

(xiv) According to the information and explanation given to us and the record producedbefore us the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review. Hence theprovision of this clause is not applicable to the company.

(xv) As per the information and explanation given to us and the record produced beforeus the company has not entered into any non-cash transactions with directors or personsconnected with him.

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

Annexure – B to the Independent Auditors' Report Report on the Internal FinancialControls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of M/S ShreeGlobal Tradefin Limited ("the

Company") as of 31 March 2018 in conjunction with our audit of the financialstatements 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 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.

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 of

India. 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 judgment 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 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 2018 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 Todarwal & Todarwal LLP

Chartered Accountants

ICAI Reg No: 111009W/W100231

Raunak Todarwal

Partner

M.No.: 165030

Dated: 25th May 2018

Place : Mumbai