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Shyamal Holdings & Trading Ltd.

BSE: 505529 Sector: Financials
NSE: N.A. ISIN Code: INE481F01013
BSE 05:30 | 01 Jan Shyamal Holdings & Trading Ltd
NSE 05:30 | 01 Jan Shyamal Holdings & Trading Ltd

Shyamal Holdings & Trading Ltd. (SHYAMALHOLDINGS) - Auditors Report

Company auditors report

To

The Members

SHYAMAL HOLDINGS AND TRADING LIMITED

Report on the Financial Statements

I have audited the accompanying financial statements of SHYAMAL HOLDINGS AND TRADINGLIMITED (the "Company") which comprises the Balance Sheet as at March 312017 the Statement of Profit & Loss the Cash Flow Statement for the year then endedon March 31 2017 and a summary of significant accounting policies and other explanatoryinformation.

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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and Cash Flow of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the 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 financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

My responsibility is to express an opinion on these financial statements based on myaudit.

I 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 the provisions of the Act and the Rules madethere under.

I conducted my audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that I comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the financial statements.

Opinion

In my opinion and to the best of my information and according to the explanations givento me the aforesaid financial statements give the information required by the CompaniesAct 2013 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

March 31 2017 and its loss and its Cash Flows for the year ended on 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 Companies Act 2013 I give in the Annexure 'A' a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act I report that:

a) I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit.

b) In my opinion proper books of account as required by law have been kept by thecompany so far as appears from my examination of those books.

c) The Balance Sheet Statement of Profit & Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of account.

d) In my opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the Directors as on March 312017 taken on record by the Board of Directors none of the Directors is disqualified ason March 31 2017 from being appointed as a Director in terms of Section 164(2) of theAct.

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 myseparate Report in Annexure 'B'.

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

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

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 8 November2016 to 30 December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer note no. 8 to the financial statements.

For H.S.Hathi & Co.
Chartered Accountants
(Firm Regn.No.103596W)
Hemant S. Hathi
Place : Mumbai Proprietor
Dated :May 26 2017 (Membership No. 037109)

Annexure A to the Independent Auditor's Report

Referred to in paragraph 1 of Report on other legal and Regulatory requirements of theIndependent Auditors' Report of even date to the members of Shyamal Holdings and TradingLimited on the financial statement for the year ended March 31 2017

(i) (a) The Company is not having any Fixed assets.

(b) As there are no fixed assets the clause is not applicable to the Company.

(c) As there are no fixed assets the clause is not applicable to the Company.

(ii) As explained to me the inventories were physically verified during the year bythe Management at reasonable intervals and no material discrepancies were noticed onphysical verification.

(iii) The Company has not granted any secured or unsecured loans to any company orparty covered in the register maintained under section 189 of the Act. Therefore therequirements of sub-clause (a) (b) and (c) of clause (iii) are not applicable to theCompany.

(iv) In my opinion and according to the information and explanations given to me theCompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofthe loans and investments made and guarantees and security provided by it.

(v) The Company has not accepted any deposits from the public.

(vi) The provisions of clause 3 (vi) of the order are not applicable to the Company asthe Company is not covered by the Companies (Cost Records and Audit) Rules 2014.

(vii) (a) According to the records of the Company the Company has been regular indepositing with appropriate authorities Undisputed statutory dues including ProvidentFund Income tax Sales tax Wealth tax Service Tax Custom duty Cess and otherstatutory dues applicable to the Company.

According to the information and explanations given to me no undisputed amountspayable in respect of such statutory dues were outstanding as at the March 31 2017 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to me the following dues ofIncome Tax Sales Tax Service

Tax and Value Added Tax have not been deposited by the Company on account of disputes.

Name of the Statute Nature of the dues Amount unpaid Period to which the amount relates Forum where dispute is pending
The Income Tax Act 1961 Interest 1140 A.Y. 2007-08 Central Processing Centre
The Income Tax Act 1961 Income Tax and interest 2160 A.Y. 2009-10 Central Processing Centre
The Income Tax Act 1961 Income Tax and interest 362 A.Y. 2009-10 Central Processing Centre

(viii)The Company has not obtained any loans from banks or financial institution andnot issued any debentures.

Accordingly the provisions of clause 3(viii) of the Order are not applicable to theCompany.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including Debt Instruments) and term loans during the period. Accordinglythe provisions of clause 3(ix) of the Order are not applicable to the Company.

(x) According to the information and explanations given to me no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of my audit.

(xi) According to the information and explanations given to me and based on myexamination of the records the Company has not paid/provided for managerial remunerationduring the year.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of Clause

3(xii) of the Order are not applicable to the Company.

(xiii)According to the information and explanations given by the management there areno transactions with the related parties during the year.

(xiv)The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of clause 3(xiv) of the Order are not applicable to the Company.

(xv) According to the information and explanations given to me and based on myexamination of the records the Company has not entered into non-cash transactions withdirectors or persons connected with him.

(xvi)The Company is required to be registered under section 45-IA of the Reserve Bankof India Act 1934 and it has obtained the registration.

For H.S.Hathi & Co.
Chartered Accountants
(Firm Regn.No.103596W)
Place : Mumbai Hemant S. Hathi
Dated : May 26 2017 Proprietor
(Membership No. 037109)

Annexure - B to the Independent Auditor's Report

Report on the Internal Financial Controls under Clause ( i ) of Sub-Section 3 ofSection 143 of the Companies

Act 2013 ("the Act")

I have audited the internal financial controls over financial reporting of SHYAMALHOLDINGS AND TRADING LIMITED ("the Company") as of March 31 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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 responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit. I conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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.

I 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 system over 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 authorisations of management and Directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or

disposition of the Company's assets that could have a material effect on the financialstatements.

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 my 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 H.S.Hathi & Co.
Chartered Accountants
(Firm Regn.No.103596W)
Hemant S. Hathi
Place : Mumbai Proprietor
Dated : May 26 2017 (Membership No. 037109)

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