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Tinna Trade Ltd.

BSE: 541741 Sector: Others
NSE: N.A. ISIN Code: INE401Z01019
BSE 00:00 | 20 Mar 21.35 -1.10
(-4.90%)
OPEN

21.35

HIGH

22.35

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21.35

NSE 05:30 | 01 Jan Tinna Trade Ltd
OPEN 21.35
PREVIOUS CLOSE 22.45
VOLUME 1847
52-Week high 98.00
52-Week low 19.00
P/E 1.46
Mkt Cap.(Rs cr) 18
Buy Price 21.40
Buy Qty 100.00
Sell Price 23.55
Sell Qty 100.00
OPEN 21.35
CLOSE 22.45
VOLUME 1847
52-Week high 98.00
52-Week low 19.00
P/E 1.46
Mkt Cap.(Rs cr) 18
Buy Price 21.40
Buy Qty 100.00
Sell Price 23.55
Sell Qty 100.00

Tinna Trade Ltd. (TINNATRADE) - Auditors Report

Company auditors report

To The Members Of M/s. TINNA TRADE LIMITED

Tinna House

No. 6 Sultanpur (Mandi Road) Mehrauli Delhi-110030

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of TINNA TRADELIMITED ("the Company") which comprise the Balance Sheet as at March 31 2018the Statement of Profit and Loss including the statement of Other Comprehensive Incomethe Cash Flow Statement and the Statement of Changes in Equity for ten months then endedand a summary of signi cant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash owsand change in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) speci ed underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 and theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on 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 conductedour audit of the standalone Ind AS financial statements in accordance with the Standardson Auditing issued by the Institute of Chartered Accountants of India as speci ed 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 misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in thestandalone financial statements. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thestandalone Ind AS 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 accounting policies used and the reasonableness of theaccounting estimates made by Company's Directors as well as evaluating the overallpresentation of the standalone Ind AS financial statements. We believe that the auditevidence we have obtained is suf cient and appropriate to provide a basis for our auditopinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone Ind AS financial statements give the information required bythe 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 March 31 2018 and its loss total comprehensive income its cash ows and thechanges in equity for the year ended on that date.

Emphasis of Matter

We draw attention to Note No. 29(2)(iv) of the accompanying Standalone Ind AS FinancialStatements whereby the Company has recognized goodwill on demerger aggregating toRs.642.20 lakhs in accordance with the composite scheme of arrangement approved by theNational Company Law Tribunal. The same has been amortized over a period five years inaccordance with the accounting method and accounting treatment prevailing as on theappointed date i.e. 31st March 2016. This treatment is different from that prescribedunder Indian Accounting Standard (IND AS) 103 Business Combinations in case of commoncontrol business combinations as is more fully described in the aforesaid note. Ouropinion is not quali ed in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's report) Order 2016 (''the Order'') issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe give in the Annexure 'A' a statement on the matters speci ed in paragraphs 3 and 4 ofthe Order to the extent applicable.

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;

(c) The Balance Sheet the Statement of Profit and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards speci ed under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and Companies (Indian Accounting Standards) Rules 2015as amended;

(e) On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disquali edas on March 31 2018 from being appointed as a director in terms of Section 164(2) ofthe Act;

(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 ourseparate report in Annexure 'B' to this report;

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

1. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements Refer Note No. 28(A)(b) to thestandalone Ind AS financial statements;

2. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

For V. R. Bansal & Associates
Chartered Accountants
Firm Registration No.: 016534N
(Rajan Bansal)
Partner
Membership No.: 093591
Place: Delhi
Dated: 12/06/2018

ANNEXURE-A REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE

Re: Tinna Trade Limited (the Company)

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a phased periodical programme of physical verification of all xedassets which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. No material discrepancies have been noticed on suchverification.

(c) The Company has no immovable property as per the book records; therefore clause1(c) is not applicable to the Company.

2. As per explanations given to us inventories have been physically verified by themanagement at reasonable intervals. In our opinion the frequency of the verification isreasonable. The discrepancies noticed on physical verification of inventories as comparedto book records were not material and have been properly dealt with in the books ofaccounts.

3. The Company had granted unsecured loans to three parties aggregating to Rs. 1246.00lakhs during the period covered in the register maintained under section 189 of theCompanies Act 2013. The said parties have an outstanding balance of Rs. 430.02 lakhs asat the end of the period.

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the bodies corporate listed in the register maintained undersection 189 of the Act were not prima facie prejudicial to the interest of the Company.

(b) In the case of the loans granted to the bodies corporate listed in the registermaintain under section 189 of the Act the borrowers have been regular in the payment ofthe principal and interest as stipulated..

(c) There is no overdue amount for more than ninety days as at the end of the period.

4. In our opinion and as per information and explanations given to us the company hascomplied with the provisions of sections 185 and 186 of the companies Act 2013 in respectof loans investment guarantees and securities granted.

5. According to the information and explanation given to us the Company has notaccepted any deposits as per the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed there under.

6. In our opinion cost records as speci ed by the Central Government under section148(1) of the companies Act 2013 are not required to be maintained by the Company.

7. (a) The Company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income-Tax Sales-Tax Service taxDuty of Customs Duty of Excise Value Added Tax Goods and Service Tax Cess and anyother statutory dues with the appropriate authorities however with some delays. There areno arrears of outstanding statutory dues as at March 31 2018 concerned for a period ofmore than six month from the date they becomes payable.

(b) According to the information and explanation given to us there are no disputedamounts payable in respect of income tax sales tax service tax duty of customs duty ofexcise value added tax and goods and service tax except the following:

Nature of Statute Nature of Dues Amount (in Rs.) Period to which amount relates Forum where dispute is pending
Income Tax Act 1961 Disallowances and additions to taxable income Rs.194.60 lakhs AY 2010-11 Income Tax Appellate Tribunal New Delhi

8. Based on the information and explanations given by the management the Company hasnot defaulted in repayment of loans or borrowing to a Financial Institution BankGovernment or dues to debenture holders wherever applicable.

9. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company did not raised any money by way ofinitial public offer/ further public offer (including debt instruments) and has not takenany term loan; therefore clause (9) is not applicable to the Company.

9. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the company or no fraud/ materialfraud on the company by the officers and employees of the Company has been noticed orreported during the period.

10. In our opinion and according to the information and explanation given to us themanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013. 11. In our opinion the Company is not a Nidhi Company. Therefore theprovisions of this clause 3(12) of the order are not applicable to the Company and hencenot commented upon.

12. As per the information given to us all transactions with the related parties arein compliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the Financial Statements etc as required by the applicableaccounting standards. 13. According to the information and explanations given to us and onan overall examination of the balance sheet the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review and hence reporting requirements under clause 3(14) are notapplicable to the company and not commented upon.

14. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transaction with directors or persons connectedwith him.

15. The Company is not required to be registered under sections 45-IA of the ReserveBank of India Act 1934.

For V. R. Bansal & Associates
Chartered Accountants
Firm Registration No.: 016534N
(Rajan Bansal)
Partner
Membership No.: 093591
Place: Delhi
Dated: 12/06/2018

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of TINNA TRADELIMITED ("the Company") as of March 31 2018 in conjunction with our audit ofthe financial statements of the Company for the period 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'). 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

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 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 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 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 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 March 31 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 V. R. Bansal & Associates
Chartered Accountants
Firm Registration No.: 016534N
(Rajan Bansal)
Partner
Membership No.: 093591
Place: Delhi
Dated: 12/06/2018