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Trinity League India Ltd.

BSE: 531846 Sector: Financials
NSE: N.A. ISIN Code: INE884X01011
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NSE 05:30 | 01 Jan Trinity League India Ltd
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VOLUME 189
52-Week high 13.53
52-Week low 6.97
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.00
CLOSE 9.00
VOLUME 189
52-Week high 13.53
52-Week low 6.97
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Trinity League India Ltd. (TRINITYLEAGUE) - Auditors Report

Company auditors report

To

The Members

Trinity League India Limited

Report on the audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Trinity LeagueIndia Limited ("the Company") which comprise the Standalone Balance Sheet as atMarch 31 2020 the Standalone Statement of Profit and Loss (including other comprehensiveincome) for the year ended Standalone Statement of Changes in Equity and StandaloneStatement of Cash Flows for the year then ended and summary of significant accountingpolicies and other explanatory information (hereinafter referred to as the"standalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at March 31 2020 its loss and other comprehensiveincome its changes in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs")specified under section 143(10) of the Act. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the standalonefinancial statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules thereunderand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those that in our professional judgement were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide opinionon these matters. Since the company's operations are limited we have not determined anykey audit matters for reporting.

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

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Annual Reportbut does not include the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed on the other information obtained prior to thedate of this auditor's report we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Management Responsibilities for the standalone financial statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone 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 implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statement that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's responsibilities 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 decisions of userstaken on the basis of these standalone financial 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 standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

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

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 standalonefinancial statements including the disclosures and whether the standalone financialstatements represent 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 standalone financial statements may be influenced. Weconsider quantitative materiality and qualitative factors in (i) planning the scope of ouraudit work and in evaluating the results of our work; and (ii) to evaluate the effect ofany identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify 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

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 "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income the standalone statement of changes in equity and thestandalone statement of cash flow dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 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 with reference tostandalone financial statements of the Company and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure B".

g) With respect to matter to be included in the Auditors' Report under section 197(16)of the Act:

Since there is no remuneration paid by the Company to its directors during the year andtherefore the requirements of section 197(16) of the Act are not applicable.

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 of pending litigations on its financialposition in the Note No. 2.22 of standalone Financial Statements.

(ii) The company does not have any foreseeable losses on long-term contracts includingfor derivative contracts if any in respect of which any provision is required to be madeunder the applicable law and Indian Accounting Standards.

(iii) There were no amounts which were required to be transferred during the year tothe Investor Education and Protection Fund by the company.

For S. K. Mehta & Co.
Chartered Accountants
(Firm Reg. No. 000478N)
Place: Noida Sd/-
Date: 26th June 2020 CA Rohit Mehta
(Partner
M. No. 091382
UDIN: 20091382AAAAIM9610

Annexure A to the Independent Auditors' Report on the Standalone financial statements

Referred to in the Independent Auditors' Report of even date to the members of TrinityLeague India Limited ("the Company") on the standalone financial statements asof and for the year ended March 31 2020

(i) Fixed Assets

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

(b) The Company has a regular programme of physical verification by which fixed assetsare verified in phased manner which in our opinion is reasonable having regard to thesize of the Company and nature of its assets. No material discrepancy was noticed on suchphysical verification.

(c) There is no immovable property held by the company so this clause is notapplicable.

(ii) The company is a service company. Accordingly it does not hold any physicalinventories. Thus paragraph 3(ii) of the order is not applicable to the company.

(iii) As per the information and explanations given to us the Company has not grantedany loans secured or unsecured to companies firms limited liability partnerships orother parties covered in the Register maintained under section 189 of the Companies Act2013. Accordingly the clauses (iii) (a) (iii) (b) & (iii) (c) of the report are notapplicable.

(iv) As per the information and explanations given to us the Company has compiled withthe provisions of Section 185 & 186 of the Companies Act 2013 in respect of loansmaking investments and providing guarantees and securities as applicable.

(v) The Company has not accepted any deposits from the public. Accordingly thedirectives issued by RBI and the provisions of section 73 to 76 or any other relevantprovisions of the Companies Act 2013 & the rules framed there under are notapplicable to the company.

(vi) The Company is not required to maintain cost records. Accordingly the Rules madeby Central Government for maintenance of cost records prescribed under Section 148(1) ofthe Companies Act 2013 are not applicable to the Company.

(vii) (a) According to the information and explanation given to us the Company isregular in depositing undisputed statutory dues with appropriate authorities includingProvident Fund Income Tax Sales Tax Service Tax Custom Duty Excise duty Cess andother statutory dues applicable to the company and that there are no undisputed statutorydues outstanding as on 31st March 2019 for a period more than six months from the datethey became payable.

(b) According to information and explanation given to us there are no dues on accountof Income Tax and Service Tax which have not been deposited due to dispute pending in theappeal.

(viii) As per the information and explanations given to us the Company has notdefaulted in the repayment of loans or borrowings to financial institutions banks orGovernment. Company has so far not issued any debentures.

(ix) The Company has not raised any money by way of Initial Public Offer or furtherPublic Offer. The company also has not been taken any term loan and hence reporting underclause 3(ix) of the order is not applicable to the company.

(x) According to the information and explanations given to us no fraud on or by theCompany by its officers or employees has been noticed or reported during the year underreview.

(xi) Since there is no Managerial Remuneration paid during the year and hence reportingclause 3(x) of the order is not applicable to the company.

(xii) The Company is not a Nidhi Company and as such this clause is not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance withSection 177 and 188 or the Companies Act 2013 and the necessary details have beendisclosed in the financial statements as required by the applicable Accounting Standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with Directors or persons connected with him.

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

For S.K. MEHTA & CO.
Chartered Accountants
Firm Registration No. 000478N
Sd/-
CA Rohit Mehta
(Partner)
M. No. 091382
UDIN: 20091382AAAAIM9610
Place: Noida
Date: 26th June 2020

Annexure B to the Independent Auditors' Report on the Standalone financial statements

[Annexure to the Independent Auditor's Report referred to in paragraph under theheading "Report on other legal and regulatory requirements" of our report ofeven date on the financial statements of Trinity League India Limited for year ended March31 2020.]

Report on the Internal Financial Controls with reference to standalone financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls with reference to standalone financialstatements of Trinity League India Limited (‘the Company') as of March 31 2020 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 with reference to standalone financialstatements 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 (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to these standalone financial statements based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting (the "Guidance Note") and the Standards onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of the Act tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to these standalone financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to these standalone financial statements included obtaining anunderstanding of internal financial controls with reference to financial reportingassessing the risk that 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 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 qualified audit opinion on the Company's internal financialcontrols system with reference to these standalone financial statements.

Meaning of Internal Financial Controls with reference to these standalone financialstatements

A company's internal financial control with reference to these standalone financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of the standalone financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sinternal financial control over financial reporting includes those policies and proceduresthat (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) providereasonable assurance that transactions are recorded as necessary to permit preparation ofthe Standalone 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 theStandalone financial statements.

Inherent Limitations of Internal Financial Controls with reference to these standalonefinancial statements

Because of the inherent limitations of internal financial controls with reference tothese financial statements 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 withreference to these standalone financial statements to future periods are subject to therisk that the internal financial controls with reference to these financial statements maybecome inadequate because of changes in conditions or that the degree of compliance withthe policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting with reference to these standalonefinancial statement and such internal financial controls over financial reporting withreference to these standalone financial statement were operating effectively as at 31stMarch 2020 based on the internal control over financial reporting 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.

For S.K. MEHTA & CO.
Chartered Accountants
Firm Registration No. 000478N
Sd/-
CA O P Gupta
(Partner)
M. No. 091382
UDIN: 20091382AAAAIM9610
Place: Noida
Date:26th June 2020

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