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Gabriel India Ltd.

BSE: 505714 Sector: Auto
NSE: GABRIEL ISIN Code: INE524A01029
BSE LIVE 15:42 | 17 Oct 202.50 2.70
(1.35%)
OPEN

200.35

HIGH

207.00

LOW

198.00

NSE 15:58 | 17 Oct 201.45 0.50
(0.25%)
OPEN

201.50

HIGH

206.20

LOW

197.55

OPEN 200.35
PREVIOUS CLOSE 199.80
VOLUME 14247
52-Week high 222.70
52-Week low 99.60
P/E 34.67
Mkt Cap.(Rs cr) 2,908
Buy Price 0.00
Buy Qty 0.00
Sell Price 202.00
Sell Qty 58.00
OPEN 200.35
CLOSE 199.80
VOLUME 14247
52-Week high 222.70
52-Week low 99.60
P/E 34.67
Mkt Cap.(Rs cr) 2,908
Buy Price 0.00
Buy Qty 0.00
Sell Price 202.00
Sell Qty 58.00

Gabriel India Ltd. (GABRIEL) - Auditors Report

Company auditors report

TO THE MEMBERS OF GABRIEL INDIA LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of Gabriel India Limited("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. 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 to give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the 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 (asamended).

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 accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner 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 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of Section 143 of the Act (hereinafterreferred to as the "Order") and on the basis of such checks of the books andrecords of the Company

as we considered appropriate and according to the information and explanations given tous we give in the Annexure "I" statement on the matters specified in paragraphs3 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 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 and the Cash Flow Statementdealt with by 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 (as amended).

(e) On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) ofthe Act.

(f) With respect to the adequacy of internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure II.

(g) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i The Company has disclosed the impact of pending litigations as at March 31 2017 onits financial position in its financial statements - Refer Note "28" to thefinancial statements;

ii. The Company has long term contracts including derivative contracts as at March 312017 for which there are no material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312017.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from November 082016 to December 30 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us - Refer Note "48" to thefinancial statements.

For B. K. Khare & Co
Chartered Accountants
Firm Registration Number: 105102W
Ravi Kapoor
Place: New Delhi Partner
Dated: May 15 2017 Membership Number 040404

Annexure "I" to Independent Auditors Report

as referred to in paragraph 9 of the of even date to the members of Gabriel IndiaLimited on the financial statements as of and for the year ended March 31 2017

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

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the Management during the year and no material discrepancies have been noticedon such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties asdisclosed in Schedule ‘11'are held in the name of the Company.

2. The physical verification of inventory has been conducted at reasonable intervals bythe Management during the year. In respect of inventory lying with third parties thesehave substantially been confirmed by them. The discrepancies noticed on physicalverification of inventory as compared to book records been appropriately dealt with in thebooks of accounts. In our opinion the frequency of verification is reasonable.

3. According to the information and explanations given to us and to the best of ourknowledge and belief the Company has not granted any loans secured or unsecured tocompanies firms limited liability partnerships or other parties covered in the registermaintained under Section 189 of the Act. Therefore the provisions of para 3(iii)(iii)(a) (iii)(b) and (iii)(c) of the said Order are not applicable to the Company.

4. According to the information and explanations given to us and to the best of ourknowledge and belief the Company has not granted any loans or made any investments orprovided any guarantees or security to the parties covered under Section 185 and 186.Therefore the provisions of para 3(iv) of the said Order are not applicable to theCompany.

5. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 73 74 75 and 76 or any otherrelevant provisions of the Act and the Rules framed thereunder to the extent notifiedwith regard to the deposits accepted from the public. According to the information andexplanations given to us no order has been passed by the Company Law Board or NationalCompany Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on theCompany in respect of the aforesaid deposits.

6. The Central Government of India has not specified the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.Therefore the provisions of para 3(vi) of the said Order are not applicable to theCompany.

7. (a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the

Company is generally regular in depositing the undisputed statutory dues includingprovident fund employees' state insurance income tax sales tax service tax customsduty excise duty value added tax cess and other material statutory dues as applicablewith the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income tax sales taxexcise duty service tax customs duty value added tax and any other applicable statutorydues that were outstanding at the year-end for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us the particulars of dues of income tax sales tax service taxduty of customs and duty of excise duty value added tax as at March 31 2017 which havenot been deposited on account of a dispute are as follows:

Name of the statute Nature of dues Amount (' Million) Period to which amount relates Forum where the dispute is pending
Income Tax Act 1961 Income Tax 4.75 FY 2012 -2014 Appellate Authority - Upto Commissioner's / Revisional Authorities Level
29.29 FY 2009-2011 Appellate Authority - Tribunal
12.26 FY 2001-2002 High Court
Tax Deducted at Source 19.41 FY 2008 - 2017 Income tax officer
Sales Tax & Value Added Tax Sales Tax & VAT 133.79 FY 2003-2016 Appellate Authority - Upto Commissioner's/ Revisional Authorities Level
2.43 FY 2005-2008 Appellate Authority - Tribunal
Entry Tax 26.25 FY 2012-2017 High Court

as referred to in paragraph 9 of the of even date to the members of Gabriel IndiaLimited on the financial statements as of and for the year ended March 31 2017

Name of the statute Nature of dues Amount (' Million) Period to which amount relates Forum where the dispute is pending
Central Excise Act 1944 Excise Duty 1.35 FY 2010-2011 Appellate Authority - Upto Commissioner's/ Revisional Authorities Level
43.50 FY 2003-2007 Appellate Authority - Tribunal
Finance Act 1994 Service Tax 12.66 FY 2004-2016 Appellate Authority - Upto Commissioner's/ Revisional Authorities Level
2.08 FY 2007-2011 Appellate Authority - Tribunal

8. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government during the year. The Company has notissued any debentures as at the balance sheet date.

9. The Company has not raised any moneys by way of initial public offer further publicoffer (including debt instruments) and term loans. Accordingly the provisions of para3(ix) of the Order are not applicable to the Company.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor we have been informed of any such case by theManagement.

11. Based on the records examined by us and according to the information andexplanations given to us the Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly the provisions of para 3(xii) of the saidOrder is not applicable.

13. Based on the records examined by us and according to the information andexplanations given to us the Company has entered into transactions with related partiesin compliance with the provisions of Sections 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the financial statements as requiredunder Accounting Standard (AS) 18 Related Party Disclosures specified under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

14. Based on the records examined by us and according to the information andexplanations given to us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.Accordingly the provisions of para 3(xiv) of the Order are not applicable to the Company.

15. Based on the records examined by us and according to the information andexplanations given to us the Company has not entered into noncash transactions with thedirectors or persons connected with him. Accordingly the provisions of para 3(xv) of theOrder is not applicable.

16. In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934. Accordingly the provisions of para 3(xvi) of the Order are not applicable tothe Company.

For B. K. Khare & Co
Chartered Accountants
Firm Registration Number: 105102W
Ravi Kapoor
Place: New Delhi Partner
Dated: May 15 2017 Membership Number 040404

Annexure II to Independent Auditors Report

of even date on the financial statements of Gabriel India Limited

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

We have audited the internal financial controls over financial reporting of GabrielIndia Limited ("the Company") as of March 31 2017 in conjunction with our auditof the financial statements of the Company for the period from April 01 2016 to March 312017.

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatoperate effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 ("the Act").

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 the Institute ofChartered Accountants of India ("ICAI") and deemed to be prescribed undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a 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 judgement including the assessment of the risks ofmaterial misstatement 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 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 2017 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 ICAI.

For B. K. Khare & Co
Chartered Accountants
Firm Registration Number: 105102W
Ravi Kapoor
Place: New Delhi Partner
Dated: May 15 2017 Membership Number 040404