To
The Members
SHYAMAL HOLDINGS AND TRADING LIMITED
Report on the Financial Statements
I have audited the accompanying financial statements of SHYAMAL HOLDINGS AND TRADING
LIMITED, (the "Company"), which comprises the Balance Sheet as at March 31,
2017, the Statement of Profit & Loss, the Cash Flow Statement for the year then ended
on March 31, 2017 and a summary of significant accounting policies and other explanatory
information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these financial statements that give a true and fair view of the financial position,
financial performance and Cash Flow of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This
responsibility also includes the maintenance of adequate accounting records in accordance
with the provision of the Act for safeguarding of the assets of the Company and for
preventing and detecting the frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial
control, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditors Responsibility
My responsibility is to express an opinion on these financial statements based on my
audit.
I have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required
to be included in the audit report under the provisions of the Act and the Rules made
there under.
I conducted my audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act. Those Standards require that I comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Companys preparation of the
financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by Companys Directors, as well as evaluating the overall presentation of
the financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to
provide 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 given
to me, the aforesaid financial statements give the information required by the Companies
Act, 2013 in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the company
as 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 (Auditors Report) Order, 2016, ("the order")
issued by the Central Government of India in terms of sub Section (11) of section 143 of
the Companies Act 2013, I give in the Annexure A, a statement on the matters specified
in 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 of
my 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 the
company so far as appears from my examination of those books.
c) The Balance Sheet, Statement of Profit & Loss, and Cash Flow Statement dealt
with by this report are in agreement with the books of account.
d) In my opinion, the aforesaid financial statements comply with the Accounting
Standards 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 31,
2017, taken on record by the Board of Directors, none of the Directors is disqualified as
on March 31, 2017 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 controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to my
separate Report in Annexure B.
g) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit & Auditors) Rules, 2014, in my opinion
and 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 financial
position.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in its financial statements as to
holdings as well as dealings in Specified Bank Notes during the period from 8 November,
2016 to 30 December, 2016 and these are in accordance with the books of accounts
maintained 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 Auditors Report
Referred to in paragraph 1 of Report on other legal and Regulatory requirements of the
Independent Auditors Report of even date to the members of Shyamal Holdings and Trading
Limited 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 by
the Management at reasonable intervals and no material discrepancies were noticed on
physical verification.
(iii) The Company has not granted any secured or unsecured loans to any company or
party covered in the register maintained under section 189 of the Act. Therefore the
requirements of sub-clause (a), (b) and (c) of clause (iii) are not applicable to the
Company.
(iv) In my opinion and according to the information and explanations given to me, the
Company has complied with the provisions of Sections 185 and 186 of the Act in respect of
the 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 as
the 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 in
depositing with appropriate authorities, Undisputed statutory dues including Provident
Fund, Income tax, Sales tax, Wealth tax, Service Tax, Custom duty, Cess and other
statutory dues, applicable to the Company.
According to the information and explanations given to me, no undisputed amounts
payable in respect of such statutory dues were outstanding as at the March 31, 2017 for a
period of more than six months from the date they became payable.
(b) According to the information and explanations given to me, the following dues of
Income 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 |
1,140 |
A.Y. 2007-08 |
Central Processing Centre |
| The Income Tax Act, 1961 |
Income Tax and interest |
2,160 |
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 and
not issued any debentures.
Accordingly, the provisions of clause 3(viii) of the Order are not applicable to the
Company.
(ix) The Company has not raised any money by way of initial public offer or further
public offer (including Debt Instruments) and term loans during the period. Accordingly,
the 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 Company
or on the Company by its officers or employees has been noticed or reported during the
course of my audit.
(xi) According to the information and explanations given to me and based on my
examination of the records, the Company has not paid/provided for managerial remuneration
during the year.
(xii) As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not
applicable 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 are
no transactions with the related parties during the year.
(xiv)The Company has not made any preferential allotment or private placement of shares
or fully or partly convertible debentures during the year under review. Accordingly, the
provisions 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 my
examination of the records, the Company has not entered into non-cash transactions with
directors or persons connected with him.
(xvi)The Company is required to be registered under section 45-IA of the Reserve Bank
of 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 Auditors Report
Report on the Internal Financial Controls under Clause ( i ) of Sub-Section 3 of
Section 143 of the Companies
Act, 2013 ("the Act")
I have audited the internal financial controls over financial reporting of SHYAMAL
HOLDINGS AND TRADING LIMITED ("the Company") as of March 31, 2017 in
conjunction with our audit of the financial statements of the Company for the year ended
on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities
include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to Companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
Auditors Responsibility
My responsibility is to express an opinion on the Companys internal financial controls
over financial reporting based on my audit. I conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the
"Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal
financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
My audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. My audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
I believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on
the Companys internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A Companys internal financial control over financial
reporting includes those policies and procedures that
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and
dispositions of the assets of the Company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Company are being made only in
accordance with authorisations of management and Directors of the Company; and
(3) Provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or
disposition of the Companys assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In my opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31 March 2017, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants 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) |
+91-9892691696
