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Suchitra Finance & Trading Company Ltd.

BSE: 538714 Sector: Financials
NSE: N.A. ISIN Code: INE475D01010
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NSE 05:30 | 01 Jan Suchitra Finance & Trading Company Ltd
OPEN 62.00
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VOLUME 57
52-Week high 70.35
52-Week low 31.00
P/E
Mkt Cap.(Rs cr) 58
Buy Price 63.20
Buy Qty 1.00
Sell Price 61.90
Sell Qty 33.00
OPEN 62.00
CLOSE 62.00
VOLUME 57
52-Week high 70.35
52-Week low 31.00
P/E
Mkt Cap.(Rs cr) 58
Buy Price 63.20
Buy Qty 1.00
Sell Price 61.90
Sell Qty 33.00

Suchitra Finance & Trading Company Ltd. (SUCHITRAFINANCE) - Auditors Report

Company auditors report

TO

THE MEMBERS OF SUCHITRA FINANCE & TRADING COMPANY LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of SuchitraFinance & Trading Company Limited ("the Company") which comprise theBalance Sheet as at March 31 2018 the Statement of Profit and Loss the Cash FlowStatement for the year then ended and a summary of the significant accounting policiesand other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these financial statements to give a true and fair view of thefinancial position financial performance & cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of these financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financialstatements based on our audit.

4. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder and the Order under Section143(11) of the Act.

5. We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act and other applicable authoritativepronouncements issued by the Institute of Chartered Accountants of India. Those Standardsand pronouncements require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.

6. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the 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 financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

8. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its profit and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2016 issuedby the Central Government of India in terms of subsection (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure "A" astatement on the matters specified in paragraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid 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 thedirectors as on 31 March 2018 taken on record by the

Board of Directors none of the directors is disqualified as on 31March 2018 from being appointed as a director in terms of section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in Annexure "B" .

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our knowledge and belief and according to the informationand explanations given to us:

i. The Company does not have any pending litigation which would impactits financial position in its financial statements.

ii. The Company did not have any long-term contracts includingderivative contracts as at 31 March 2018.

iii. There has not been an occasion in case of the Company during theyear under report to transfer any amounts to the Investor Education & Protection Fundand therefore the question of delay in transferring such amounts does not arise.

For S. S. Rathi & Co Chartered Accountants (Firm Regn. No.108726W)

D. P. Rathi Partner M.No. 042068

Place: Mumbai

Date: 30 May 2018

ANNEXURE "A" TO INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph (9) of our Report of even date)

1. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) As explained to us the Management has physically verified fixedassets during the year and no discrepancies have been noticed. In our opinion thefrequency of physical verification of fixed assets is reasonable.

(c) Reporting under clause 3(i)(c) of the Order is not applicable asthe Company does not own any immovable property.

2. The Company does not have any inventories. Hence reporting underclause 3(ii) of the Order is not applicable to the Company.

3. As informed to us the Company has not granted any loans secured orunsecured to companies firms limited liability partnerships or other parties covered inthe register maintained under section 189 of the Companies Act 2013. Therefore thereporting under Clause 3(iii)(a)(iii)(b) and (iii)(c) of the said Order are notapplicable to the Company.

4. In our opinion and according to the information and explanationsgiven to us the provisions of section 185 of the Act are not applicable to the Company.The Company has complied with the provisions of section 186 of the Act to the extentapplicable.

5. The Company has not accepted any deposits from the public within themeaning of Sections 73 to 76 of the Act and the Rules framed thereunder to the extentnotified.

6. Reporting under clause 3(vi) of the Order is not applicable as theCompany's business activities are not covered by the Companies (Cost Records and Audit)Rules 2014.

7. (a) According to the information and explanations given to us andthe records of the Company examined by us in our opinion the Company has been regular indepositing undisputed statutory dues applicable to it.

(b) According to the information and explanations given to us and therecords of the Company examined by us there are no dues of Income Tax Sales Tax ServiceTax Customs Duty Excise Duty & Value Added Tax that have not been deposited with theappropriate authorities on account of any dispute.

8. According to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowings to financial institution.The Company has not taken any loans or borrowings from Bank and Government nor has itissued any debentures as at the balance sheet date.

9. The Company has not raised any moneys by way of initial public offeror further public offer (including debt instruments). The term loan raised by the Companyin the preceding year were for the purpose of advancing loans interalia to M/s KalyanSangam Infratech Ltd which though initially advanced to the said Company the major partof the said advances has been received back and advanced to other company during the year.There is no delay or defaults in respect of the term loan so availed by the Company.

10. During the course of our examination of the books and records ofthe Company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the Management.

11. The Company has neither paid nor provided for any managerialremuneration. Accordingly the provisions of clause 3(xi) of the Order are not applicableto the Company.

12. In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company.

Accordingly the provisions of clause 3(xii) of the Order are notapplicable to the Company.

13. The Company has not entered into any transactions with relatedparties during the financial year as defined under section 188 of the Act. Accordinglythe provisions of clause 3(xiii) of the order are not applicable to the Company.

14. According to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year. Accordingly the provisions of clause3(xiv) of the Order are not applicable to the Company.

15. According to the information and explanations given to us theCompany has not entered into any non-cash transactions with its directors or personsconnected with him. Accordingly the provisions of clause 3(xv) of the Order are notapplicable to the Company.

16. On examination of relevant records and according to the informationand explanations given to us the Company is required to be registered under section 45-IAof Reserve Bank of India Act 1934 and holds a valid certificate of registration under thesame.

For S. S. Rathi & Co Chartered Accountants (Firm Regn. No.108726W)

D. P. Rathi Partner M.No. 042068

Place: Mumbai

Date: 30 May 2018

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 10(f) of the Independent Auditor's Report ofeven date to the members of Suchitra Finance & Trading Company Limited on thefinancial statements for the year ended 31st March 2018

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. We have audited the internal financial controls over financialreporting of Suchitra Finance & Trading Company Limited ("the Company") asof March 31 2018 in conjunction with our audit of the financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India (the"Guidance Note"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Standards on Auditing prescribed under section 143(10) of Actand the Guidance Note to the extent applicable to an audit of internal financialcontrols. 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.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FinancialReporting

7. Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at March 312018 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote.

For S. S. Rathi & Co

Chartered Accountants

(Firm Regn. No.108726W)

D. P. Rathi

Partner

M.No. 042068

Place: Mumbai

Date: 30 May 2018