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Gangotri Cement Ltd.

BSE: 518093 Sector: Industrials
NSE: N.A. ISIN Code: INE831P01018
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Gangotri Cement Ltd. (GANGOTRICEMENT) - Auditors Report

Company auditors report

To

The Members of Gangotri Cement Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Gangotri CementLimited ("the Company") which comprise the Balance Sheet as at March 312015 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policiesand other explanatory informationwhich we have signed under reference to this report.

Management’s Responsibility for theStandalone 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate 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 financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures 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 the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

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

Opinion

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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India

Emphasis of Matters

We draw attention to the following matters in the notes to the financial statements:-

a. Note No.26 to the financial statements.

b. Note No.33 to the financial statements which describes regarding certain disclosurerelating to Micro / Small / Medium Enterprises.

c. Note No.34 to the financial statements which describe gratuity calculation is not asprescribed in AS 15.

Our opinion is not qualified / modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the 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) In our opinion the balance sheet the statement of profit and loss and the cashflow statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial st atements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

(f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014::

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note no 36 to the financial statements

(ii) The Company did not have any long-term contracts including derivative contractsincluding derivative contracts for which 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 SUNIL JOHRI & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REG. NO. 005960C
(SUMIT BANERJEE)
PLACE: RAIPUR (C.G.) PARTNER
DATED: 30.05.2015 MEMBERSHIP NO: 411114

ANNEXURE TO THE AUDITORS’ REPORT

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended 31st March’2015 we report that :

i) a) The Company has maintained p roper records showing full particulars includingquantitative details and situation of fixed assets.

b) The major assets have been physically verified by the management on a sample basisduring the year and in our opinion the frequency of verification is reasonable havingregard to the size of the company and the nature of its assets. As informed to us nomaterial discrepancies noticed on such verification.

ii) a) The inventory has been physically verified by the management during the year andin our opinion the frequency of verification is reasonable.

b) In our Opinion and according to the Information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) In our opinion the company has maintained proper records of inventory. Thediscrepancies noticed on verification between physical stocks and book records were notmaterial in relation to the operations of the company and have been properly dealt with inthe books of accounts.

iii) The Company has granted unsecured loan to one company covered in the registermaintained under section 189 of the Companies Act 2013.

a) The Loan granted is Interest Free and repayable on demand.

b) Since the loan granted is repayable on demand hence question of overdue does notarise.

iv) The Company does not have a formal internal audit system. However in our opinionthere are adequate internal control procedures commensurate with the size and nature ofits business.

v) Based on our scrutiny of the company’s records and according to the informationand explanation provided by the management in our opinion the Company has not acceptedany loans or deposits which are ‘deposits’ within the meaning of Rule 2(b) ofCompanies (Acceptance of Deposit’s) Rules2014.

vi) We have broadly reviewed the records maintained by the Company pursuant to therules made by the Central Government for the maintenance of cost records under section148(1) of the Act and we are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. However we have not made a detailed examination ofthe records.

vii) a) On the basis of our examination of records and according to the information andexplanation given to us the company is regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees state insurance income taxsales tax wealth tax service tax custom duty excise duty vat cess and otherstatutory dues with the appropriate authorities except in certain cases where dues havebeen deposited after due date along with Interest charged thereon and there are noundisputed statutory dues as above which are outstanding as at the last day of thefinancial year concerned for a period of six months from the date they become payable.

b) According to the records of the company there are no dues of income-tax Sales TaxService Tax custom duty wealth tax excise duty / cess which have not been deposited onaccount of any dispute.

c) According to information and explanation provided by the management there was noamount required to be transferred to investor education and protection fund in accordancewith relevant provisions of the Companies Act1956(1of 1956) and rules made there under.

viii) The Company accumulated losses at the end of the financial year are less than 50%of its net worth. However it has not incurred cash losses during the financial year andimmediately preceding financial year.

ix) In our opinion and according to the information and explanations given to us and asper the books and records examined by us the company has not defaulted in repayment ofdues to a financial institution or bank.

x) As informed to us by the Management of the Company the company has not given anyguarantee for loans taken by others from banks or financial institutions.

xi) The term loans obtained by the company have been applied for the purpose for whichthey were raised.

xii) 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 we haveneither come across any instance of fraud on or by the Company noticed and reportedduring the year nor have we been informed of such case by the Management.

For SUNIL JOHRI & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REG. NO. 005960C
(SUMIT BANERJEE)
PLACE: RAIPUR (C.G.) PARTNER
DATED: 30.05.2015 MEMBERSHIP NO: 411114