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Garnet Construction Ltd.

BSE: 526727 Sector: Infrastructure
NSE: N.A. ISIN Code: INE797D01017
BSE LIVE 12:40 | 18 Oct 26.30 -0.70
(-2.59%)
OPEN

27.25

HIGH

27.50

LOW

26.30

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 27.25
PREVIOUS CLOSE 27.00
VOLUME 2200
52-Week high 30.80
52-Week low 11.70
P/E 31.31
Mkt Cap.(Rs cr) 37
Buy Price 26.30
Buy Qty 526.00
Sell Price 27.00
Sell Qty 96.00
OPEN 27.25
CLOSE 27.00
VOLUME 2200
52-Week high 30.80
52-Week low 11.70
P/E 31.31
Mkt Cap.(Rs cr) 37
Buy Price 26.30
Buy Qty 526.00
Sell Price 27.00
Sell Qty 96.00

Garnet Construction Ltd. (GARNETCONSTRUCT) - Auditors Report

Company auditors report

TO THE MEMBERS OF GARNET CONSTRUCTION LIMITED MUMBAI

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of GARNET CONSTRUCTIONLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material 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 of thefinancial statements whether due to fraud or error. In making those riskassessments the 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 i n 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 as well asevaluating 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 of the state of affairs of the Companyas at 31st March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Actwe 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) hi 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) hi our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. Except AS 15 in respect of liabilities for GRATUITY& LEAVE ENCASHMENT which are treated on cash basis.

e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 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 . TheCompany has disclosed the impact of pending litigations of its financial position in itsfinancial statements as of March 312015.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any 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.

For SHANKARLAL JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm RegistrationNo. 109901W
MUKESH SONAVANE
Place: MUMBAI PARTNER
Dated: 30th May 2015 M . No. 143622

ANNEXURE TO AUDITORS REPORT

1. a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The fixed assets of the company have been physically verified during the year by themanagement and no material discrepancies between the book records and the physicalinventory have been noticed.

2. (a)The stocks of goods have been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable in relation to thesize of the company and nature of its business.

(b) In our opinion the procedures for physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the company and thenature of its business.

(c) On the basis of our examination of the records of the company we are of theopinion that the company is maintaining proper records of inventories. The discrepanciesnoticed on verification between the physical and book records were not material.

3. As per the information and explanations given to us the company has not grantedunsecured loans to a company covered in the register maintained under Section 189 of theCompanies Act. Hence relevant clause is not applicable.

4. In our opinion and according to the information and explanation given to us there isadequate internal control system commensurate with the size of the company and nature ofits business with regard to purchases of fixed assets goods and services and sale ofgoods and services. During the course of our audit we have not observed any continuingfailure to correct the major weakness in the internal control system.

5.As per the information and explanations given to us the company has not accepteddeposits from the public within the meanings of Sections 73 to 76 of the Companies Act andthe rules framed there under.

6.1n our opinion and according to information and explanations given to us the CentralGovernment has not prescribed the maintenance of costs records under section 148 of theCompanies Act 2013 for the companies procedures

7. a) According to the information and explanation given to us and based on the booksand records examined by us the Provident Fund Investor Education and Protection FundEmployees' State Insurance Income Tax Sales Tax Wealth Tax Service Tax Custom DutyExcise Duty cess and other statutory dues wherever applicable have been generallydeposited regularly during the year with appropriate authorities. There are no outstandingstatutory dues as on 31st March 2015 for a period of more than six months from the datethey become payable.

b) According to the information and explanation given to us and based on the books andrecords examined by us there are no dues of Income Tax Sales Tax Wealth Tax ServiceTax Custom Duty Excise Duty cess and other statutory dues wherever applicable whichhave not been deposited on account of any dispute.

c) The Company does not have any amount required to be transferred to investoreducation and protection fund in accordance with the relevant provisions of the CompaniesAct 1956 (1of 1956) and rules made there under has been transferred to such fund withintime.

8. The company does not have any accumulated losses at the end of the financial yearand has not incurred cash loss during the financial year and in the preceding year.

9. In our opinion the company has not defaulted in repayment of dues to a financialinstitution or Bank during the year.

10. As per the information and explanation given to us the company has not given anyguarantee for loans taken by others from bank or financial institutions the terms andconditions whereof are prejudicial to the interest of the company.

11. As per the information and explanation given to us the company has utilized theterm loan for the purpose for which it was taken by the company and has not committed anydefault

12. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year.

For SHANKARLAL JAIN & ASSOCIATES
CHARTEREDACCOUNTANTS
Firm Registration No. 109901W
MUKESH SONAVANE
Place: MUMBAI Partner
Dated : 30th May 2015 M . No. 143622