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GCCL Infrastructure & Projects Ltd.

BSE: 531375 Sector: Others
NSE: N.A. ISIN Code: INE438F01013
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GCCL Infrastructure & Projects Ltd. (GCCLINFRASTRUCT) - Auditors Report

Company auditors report

To

The members of

GCCL Infrastructure and Projects Limited :

We have audited the attached Balance Sheet of GCCL INFRASTRUCTURE AND PROJECTS LIMITEDas at 31" March 2016 and also the Profit and Loss Account of the Company for the yearended on that date annexed thereto and report that:

1) As required by the Companies (Auditor's Report) Order 2015 issued by the CentralGovernment of India in term of Section 164 of the Companies Act 2013 we enclose in theannexure a statement on the matters specified in paragraphs 3 and 4 of the said order.

2) We conduct our audit in accordance with auditing standards generally accepted inIndia. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. Anaudit includes examining on a test basis evidence supporting the amounts and disclosuresin the financial statements. An audit also included assessing the accounting principlesused and significant estimates made by management as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.

3) Further to our comments in paragraph (1) above:

a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

b) In our opinion The Company has maintained proper books of accounts as required byLaw so far as appears from our examination of those books.

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are inagreement with the books of account.

d) In our opinion the Profit and Loss Account and the Balance Sheet comply with theAccounting Standards referred to in clause 2 of the Companies Act 2013.

e) On the basis of the representations received from the directors of the Company wereport that none of the directors is disqualified from being appointed as a director ofthe Company under section 164 of the Companies Act 2013.

f) Subject to the above in our opinion and to the best of our information andaccording to the explanations given to us the accounts read with the accounting policiesand other notes give the information required by the Companies Act 2013in the manner sorequired and give a true and fair view:-

1. In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch2016 and

2. In the case of the Profit and Loss Account of the profit for the year ended on thatdate.

3. In the case of the Cash flow Statement of the Cash flows for the year ended on thatdate.

For Hiren K. Shah & Co.
(Chartered Accountants)
Place : Ahmedabad Hiren K. Shah
Date : 30.05.2016 (Proprietor)

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF GCCL INFRASTRUCTURE AND PROJECT LTD.(REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

(1) (a)The company has maintained generally proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) As explained to us the Management has physically verified the Company's fixedassets during the year and no material discrepancies were noticed on such verification.

(2) (a) The inventory has been physically verified by the Management during the year.The frequency of such verification is reasonable.

(b) In our opinion the procedures of physical verification of stocks followed by theManagement are reasonable and adequate in relation to the size of the company and thenature of its business.

(c) The discrepancies noticed on such physically verification of stock as compared tobooks records were not material and the same have been properly dealt with in the books ofaccounts.

(3) (a) According to the information and explanations given to us the company hasgranted and taken loans and advances from companies firms or other parties listed in theregisters maintained under section 189 and the companies under the same management. Themaximum amount involved during the year towards loan granted was Nil and towards the loantaken was Rs 61.25 Lacs. The year end balance of loans taken from such parties was Rs 46Lacs and year end balance of loan granted to such party was NIL.

(b) In our opinion the rate of interest and other terms and conditions on which loanshave been taken from / granted to companies firms or other parties listed in theregisters maintained under Section 189 are not prima facie prejudicial to the company.

(c) The company is regular in repaying the principal amounts as stipulated and has beenregular in the payment of interest wherever applicable. The parties have repaid principalamounts as stipulated and have been regular in payment of interest wherever applicable.

(d) There is no overdue amount of loans taken from or granted by the companies firmsor other parties listed in the register maintained under Section of 189 of the CompaniesAct 2013.

(4) In our opinion and according to the information and explanation given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchase of inventories fixed assets and withregard to the sale of goods if any.

(5) According to the information and explanations given to us. We are of the opinionthat the transactions that need to be entered into the register maintained under section189 of the Companies Act 2013 have been so entered.

(6) The company has not accepted deposit from public coming under the purview of clause(11) of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rule 1975.

(7) The company has an internal Audit System Commensurate with the size of the companyand its nature of business.

(8) The Central Government has not prescribed maintenance of the cost records underclause (13) of the Companies Act 2013 in respect of the products manufactured by thecompany.

(9) According to the records of the Company the company is regular in depositing withappropriate authorities undisputed statutory dues. There are no undisputed statutory duesas on the last day of the financial year which are outstanding for more than six monthsfrom the date they become payable except TDS Interest amount.

(10) In our opinion the accumulated losses are not more than fifty percent of its networth.

(11) The company has not defaulted in repayment of dues to financial institutions andbanking institutions.

(12) According to the information and explanations given to us the company has notgranted any loan or advance on the basis of security by way of pledge of shares ordebentures or any other securities.

(13) In our opinion the company has not given any guarantee for loans taken by othersfrom banks or financial institutions and hence the provisions relating to clause 3(x) arenot applicable to the Company.

(14) This clauses is not applicable as no term loans been raised during the year.

(15) According to the information and explanation given to us and on overallexamination of balance sheet of the company. We report that no short term funds have beenused for long term purposes not long term funds are used for short term purposes.

(16) According to the information and explanation given to us the company has not madeany preferential allotment of shares to parties and companies covered in the registermaintained under section 189 of the Act.

(17) No debentures have been issued during the year.

(18) The company has not raised any money by public issue during the year.

(19) According to the information and explanation give to us no fraud on or by thecompany has been noticed or reported during the course of our audit.

For Hiren K. Shah & Co.
(Chartered Accountants)
Place : Ahmedabad Hiren K. Shah
Date : 30.05.2016 (Proprietor)