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G S Auto International Ltd.

BSE: 513059 Sector: Engineering
NSE: N.A. ISIN Code: INE736H01024
BSE LIVE 19:20 | 19 Oct 11.91 -0.89
(-6.95%)
OPEN

11.91

HIGH

11.91

LOW

11.91

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.91
PREVIOUS CLOSE 12.80
VOLUME 5
52-Week high 19.45
52-Week low 11.00
P/E
Mkt Cap.(Rs cr) 17
Buy Price 11.91
Buy Qty 95.00
Sell Price 12.80
Sell Qty 1000.00
OPEN 11.91
CLOSE 12.80
VOLUME 5
52-Week high 19.45
52-Week low 11.00
P/E
Mkt Cap.(Rs cr) 17
Buy Price 11.91
Buy Qty 95.00
Sell Price 12.80
Sell Qty 1000.00

G S Auto International Ltd. (GSAUTOINTL) - Auditors Report

Company auditors report

To the Members of G.S. Auto International Limited

Report on the Financial Statements

We have audited the accompanying financial statements of G.S. Auto InternationalLimited ("the Company") which comprise the Balance Sheet as at March 31 2015and the Statement of Profit & Loss and Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

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 flows of the Company in accordance with 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent :andthe design implementation and maintenance of adequate internal control 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 financial statements based on ouraudit. We 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 theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing issued by the Institute of Chartered Accountants of Indiaas specified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company’s Directors as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on financial statement.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2015 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 2015 ("theorder") issued by the Central Governments of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure 1 a statement on the matters specified inparagraphs 3 and 4 of the Order.

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 purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account;

(d) In our 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 March312015 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312015 from being appointed as a director in terms of section164 (2) of the Act.

(f) 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 its financial Statements - Refer Note 34 to the financial statements.

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.

For NANDA & BHATIA
Chartered Accountants
ICAI Firm Registration Number: 004342N
Sd/-
P.C.S. VIRDI
Ludhiana: 14th August 2015 Partner
Membership Number: 17056

Annexure 1 referred to in paragraph 1 under the heading "Report on other legal andregulatory requirements" of our report of even date:

Re: G.S. Auto International Limited ("the Company")

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

b) The fixed assets of the Company have been physically verified by the Management inaccordance with a planned program of physical verification which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. Thediscrepancies noticed on such verification were not material and have been properly dealtwith in the books of accounts. In our opinion the frequency of physical verification isreasonable.

(ii) a) The inventory of the Company has been physically verified by the managementduring the year. In our opinion the frequency of the verification is reasonable.Inventories lying with outside parties have been confirmed by them as at year end.

b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) The Company is maintaining proper records of inventory. Discrepancies noticed onphysical verification of Inventories were not material and have been properly dealt within the books of accounts.

(iii) The Company has not granted any loans secured or unsecured to any of thecompanies firms or other parties covered in the register maintained under section 189 ofthe Act. Therefore the provisions of the clause 3(iii) (a) and (b) of the said order arenot applicable to the Company.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for thesale of goods & services. During the course of our audit we have not observed anymajor weakness or continuing failure to correct any major weakness in the internal controlsystem of the Company in respect of these areas.

(v) The Company has not accepted any deposits with in the meanings of Section 73 of theAct and rules framed there under.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 related to the manufacture of auto componentsand are of the opinion that prima facie the prescribed accounts and records have beenmade and maintained. We have not however made a detailed examination of the recordsmaintained as aforesaid.

(vii) a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome Tax Wealth tax Service tax Customs Duty Excise Duty Value Added Tax Cess andother material statutory dues applicable to it.

b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees’ state insurance income tax salestax wealth tax service tax Sales Tax customs duty excise duty Value Added Tax cessand other material statutory dues were outstanding at the year end for a period of morethan six months from the date they became payable. . c) According to the records of theCompany the dues outstanding of the Income Tax on account of any dispute are asfollows:-

Name of the Statute Nature of the dues period to which it relates Amount (Rs.in Lacs) Forum where dispute is pending
Income Tax Act 1961 Income Tax Including interest as applicable 2009-10 342.89 Commissioner (Appeals)
Income Tax Act 1961 Income Tax Including interest as applicable 2009-10 12.20 Commissioner (Appeals)

d) There are no amounts that are due to be transferred to the Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and Rules made there under.

viii. The Company has no accumulated losses at the end of the financial year and theCompany has incurred cash losses during the current financial year but has not incurredany cash loss during the immediately preceding financial year.

ix. Based on our audit procedures and as per the information and explanation given bythe management we are of the opinion that the Company has not defaulted in repayment ofdues to any financial institution or bank.

x. According to the information and explanations given to us the Company has givencounter guarantees/corporate guarantees on behalf of its group companies to the banks orfinancial institutions during the year. The terms and conditions whereof in our opinionare not prima facie prejudicial to the interest of the Company.

xi. Based on the information and explanations given to us by the management term loanswere applied for the purposes for which the loans were obtained.

xii. Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanations giveby the management we report that no fraud on or by the Company has been noticed orreported during the year.

For NANDA & BHATIA
Chartered Accountants
ICAI Firm Registration Number: 004342N
Sd/-
P.C.S. VIRDI
Ludhiana: 14th August 2015 Partner
Membership Number: 17056