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Shree Global Tradefin Ltd.

BSE: 512463 Sector: Others
NSE: N.A. ISIN Code: INE080I01025
BSE 00:00 | 12 May 4.66 0.01
(0.22%)
OPEN

4.73

HIGH

4.74

LOW

4.63

NSE 05:30 | 01 Jan Shree Global Tradefin Ltd
OPEN 4.73
PREVIOUS CLOSE 4.65
VOLUME 102927
52-Week high 4.74
52-Week low 1.14
P/E 466.00
Mkt Cap.(Rs cr) 531
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.73
CLOSE 4.65
VOLUME 102927
52-Week high 4.74
52-Week low 1.14
P/E 466.00
Mkt Cap.(Rs cr) 531
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shree Global Tradefin Ltd. (SHGLOBALTRAD) - Auditors Report

Company auditors report

To The Members Of M/s Shree Global Tradefin Limited Report on the Audit of theStandalone Financial Statements Opinion

We have audited the accompanying Standalone Ind AS Financial Statements of M/S ShreeGlobal Tradefin Limited ("the Company") which comprise the Balance Sheet asat

March 31 2020 the Statement of Profit and Loss (including

Other Comprehensive Income) the Statement of Changes in Equity and the Statement ofCash Flows for the year ended on that date and Notes to the Standalone FinancialStatements including a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as "the Standalone Financial Statements")In our opinion and to the best of our information and according to the explanations givento us the aforesaid Standalone Financial Statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2020 the loss (including othercomprehensive income) its changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the

Act. Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the Standalone Financial Statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the

Standalone Financial Statements of the current period. These matters were addressed inthe context of our audit of the Standalone Financial Statements as a whole and in formingour opinion thereon and we do not provide a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to becommunicated in our report.

Key Audit Matters How our audit addressed the key audit matter
1) Evaluation of Contingent Liabilities
(Refer Note 30 of the Standalone Financial Statements) Our audit procedures include but is not limited to the following:
Claims against the company not acknowledged as debts are disclosed in the notes annexed to the Standalone Financial Statements. The existence of the payments against these claims require management judgment to ensure disclosure of most appropriate values of contingent liabilities. Assessing the appropriateness of the management's judgment in estimating the value of claims against the company not acknowledged as debts. We have obtained details of demands/ claims as at 31 March 2020 from the management.
We assessed the completeness of details of these claims through discussion with senior management personnel.
We have also reviewed the outcome of the disputed cases at various forums.
We have also assessed the appropriateness of presentation of the contingent liabilities in the Standalone Financial Statements.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report CorporateGovernance Report but does not include the Standalone Financial Statements and ourauditor's report thereon. Our opinion on the Standalone Financial Statements does notcover the other information and we do not express any form of assurance conclusionthereon. In connection with our audit of the Standalone Financial Statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

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 of these financial statementsthat give a true and fair view of the financial position financial performance (changesin equity)and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards specified undersection 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the StandaloneFinancial Statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic audit findingsdecisions of users taken on the basis of these financial deficiencies in internal controlthat we statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone FinancialStatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3) (i) ofthe Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial control system in place and the operating effectiveness ofsuch controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Management.

Conclude on the appropriateness of the management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the Standalone FinancialStatements including the disclosures and whether the Standalone Financial Statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (I) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant any significant during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books;

c) The Company has no branch office and hence the company is not required to conductaudit under section 143 (8) of the Act; d) The Balance Sheet the Statement of Profit and

Loss (including Other Comprehensive Income) the Cash flow statement and the Statementof Changes in Equity dealt with by this Report are in agreement with the books of account;e) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014 (as amended).

f) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2020 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 A". Our report expresses an unmodified opinion onthe operating effectiveness of the Company's Internal Financial Controls over FinancialReporting; 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 (asamended):

i. The Company has disclosed the impact of pending litigations on its financialposition as per the Notes to the Financial Statement. (Refer Note 30 of the StandaloneFinancial Statement.)

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. iii. The Company is not required totransfer any amount 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 Companies Act 2013 we give in the ‘Annexure B' a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

For Todarwal & Todarwal LLP
Chartered Accountants
ICAI Reg. No.: W100231
Sd/-
Raunak Todarwal
Partner
M. No.: 165030
Dated: 19th June 2020
Place: Mumbai
UDIN: 20165030AAAAAK8771

Annexure A 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") Opinion

We have audited the internal financial controls over financial reporting of M/sShree Global Tradefin Limited ("the Company") as of 31st March 2020 inconjunction with our audit of the Standalone Financial Statements of the Company for theyear ended on that date.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to Standalone Financial Statements and such internal financialcontrols were operating effectively as at 31st March 2020 based on the internalfinancial controls with reference to Standalone Financial Statements criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India (the "Guidance Note").

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 (hereinafter referred to as"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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those

Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and whethersuch 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 Standalone Financial Statements whether due to fraud orerror.

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 withreference to Standalone Financial Statements.

Meaning of Internal Financial 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 reflecting in 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) providereasonable assurance regarding prevention or timely detection of unauthorized acquisitionuse or disposition of the company's assets that could have a material effect on thefinancial 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.

For Todarwal & Todarwal LLP
Chartered Accountants
ICAI Reg. No.: W100231
Sd/-
Raunak Todarwal
Partner
M. No.: 165030
Dated: 19th June 2020
Place: Mumbai
UDIN: 20165030AAAAAK8771

Annexure - B to Independent Auditor's Report

The ‘Annexure B' referred to in Independent Auditor's Report to the Members of theCompany on the Financial Statements for the year ended 31st March 2020 we report that:(i) (a) According to the information and explanation given to us and based on the recordsproduced before us we are of the opinion that the Company is maintaining proper recordsshowing full particulars including quantitative details and situation of fixed assets.

(b) According to the information and explanation given to us fixed assets werephysically verified by the management according to a 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 company does not possess any immovable property so this clause isnot applicable.

(ii) According to the information and explanation given to us the company has noinventory hence the above clause is not applicable.

(iii) According to the information and explanation given to us the Company has notgranted during the year any unsecured loans. Hence this clause is not applicable to theCompany.

(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 theinformation and explanation given to us the company has not accepted any deposits withinthe meaning of Section 73 to 76 of the Act and the rules framed there under.

(vi) We are informed that maintenance of cost records has not been prescribed by theCentral Government under section 148(1) of the Companies Act 2013 and hence such recordshave 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 Managementrepresentations undisputed statutory dues in respect of Provident fund Employees' StateInsurance Income Tax Custom duty Goods and Services Tax Cess and other statutory duesif any applicable to it has been 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 GST 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 in Lakhs) Period to which the amount relates Forum where the dispute is pending
Income Tax Act 1961 Tax Penalty & Interest 61.29 105.46 AY-2009-10 AY-2010-11 CIT Appeals
28.46 AY-2015-16

(viii) According to the information and explanation given to us and based on therecords before us the company has not availed any loan or financial facilities fromfinancial institutions and banks. Hence this clause is not applicable to company.

(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 the record produced beforeus managerial remuneration has been paid during the year as per the provisions of section197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company as specified in the Nidhi Rules 2014. Hencethe provision of 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 theStandalone Financial Statements as required by the applicable Indian AccountingStandards.

(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.

For Todarwal & Todarwal LLP
Chartered Accountants
ICAI Reg. No.: W100231
Sd/-
Raunak Todarwal
Partner
M. No.: 165030
Dated: 19th June 2020
Place: Mumbai
UDIN: 20165030AAAAAK8771

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