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GCM Commodity & Derivatives Ltd.

BSE: 535917 Sector: Financials
NSE: N.A. ISIN Code: INE200P01016
BSE LIVE 10:01 | 07 Dec 3.77 -0.41
(-9.81%)
OPEN

3.77

HIGH

3.77

LOW

3.77

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.77
PREVIOUS CLOSE 4.18
VOLUME 6000
52-Week high 4.95
52-Week low 1.95
P/E 75.40
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.77
Sell Qty 6000.00
OPEN 3.77
CLOSE 4.18
VOLUME 6000
52-Week high 4.95
52-Week low 1.95
P/E 75.40
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.77
Sell Qty 6000.00

GCM Commodity & Derivatives Ltd. (GCMCOMMODITY) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

To the Members of GCM COMMODITY & DERIVATIVES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of the GCM COMMODITY &DERIVATIVES LIMITED which comprise the Balance Sheet as at 31st March 2014 theStatement of Profit and Loss and the cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified underthe Companies Act 1956 (the Act) read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea 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 conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. 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 judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal control relevant to the Company’spreparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the Companys internal Control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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:

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2014;

(ii) in the case of the Profit and Loss Account of the profit for the year ended onthat date; and

(iii) in the case of the Cash Flow Statement of cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2003 ("theOrder") issued by the Central Government in terms of Section 227(4A) of the Act wegive in the Annexure a Statement on the matters specified in paragraphs 4 and 5 of theOrder.

1. As required by the Companies (Auditor’s Report) Order 2003("theOrder") issued by the Central Government of India in terms of sub-section (4A) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act we report that:

(a) We have obtained all the information and explanations which to the best of ourknowledge 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 Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

(d) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards notified under the Act read with theGeneral Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairsin respect of Section 133 of the Companies Act 2013.

(e) On the basis of the written representations received from the directors as on March31 2014 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of Section 274(1)(g) ofthe Act.

For Bharat D. Sarawgee & Co.
Chartered Accountants
Place : Kolkata Bharat D. Sarawgee
Date : May 29 2014 Partner
Membership No. 061505
FRN: 326264E

ANNEXURETO THE AUDITORS’ REPORT

(Referred to in Paragraph 1 of our report of even date)

1. The Company has maintained proper records showing full particulars includingquantitative details and situations of fixed assets. We are informed that all the fixedassets have been physically verified by the management during the year and nodiscrepancies have been noticed on such verification. No Disposal of any substantial partsof the fixed assets of the Company has taken place during the year.

2. The stock in trade has been physically verified during the year by the management.In our opinion the frequency of verification is reasonable. The procedure of physicalverification of stock followed by the management is reasonable and adequate in relation tothe size of the Company and the nature of the business. The Company is maintaining properrecords of stocks. No discrepancies noticed on verification between the physical stocksand the book records.

3. The Company has not taken or granted any loans secured or unsecured to or from anyCompanies firms or other parties listed in the Registered Maintained under Section 301 ofthe Companies Act 1956.

4. The Company has adequate internal control procedures commensurate with the size ofthe Company and nature of its business. We have not come across any weaknesses in internalcontrol.

5. In our opinion and according to the information and explanations given to us thetransactions that need to be entered into the register maintained under Section 301 of theCompanies Act 1956 is entered.

6. The Company has not accepted any deposits from the public.

7. In our opinion the Company has an internal audit system commensurate with its sizeand nature of the business.

8. The Company is regular in depositing undisputed statutory dues including providentFund Investor Education Protection Fund Employees State Insurance Income Tax SalesTax Wealth Tax Service Tax Customs Duty Excise Duty Cess and other statutory dueswith the appropriate authorities. According to the information and explanations given tous no undisputed amount payable in respect of income tax wealth tax service tax salestax custom duty excise duty and cess were in arrears as at 31st March 2014 for aperiod of more than six months from the date they became payable. According to theinformation and explanations given to us there are no dues of income tax wealth taxservice tax sales tax custom duty excise duty and cess which have not been deposited onaccount of any dispute.

9. The Company has no accumulated losses in the current financial year as well as inthe immediately preceding Financial Year and has not incurred cash losses in the Currentand immediately preceding financial year.

10. The Company has not granted loans and advances on the basis of security by way ofpledge of shares debentures and other securities.

11. The Company has not given any guarantee for loans taken by others from Banks orFinancial Institutions.

12. In our opinion and according to the information and explanations given to us thenature and activities of the Company does not attract any special statute applicable tochit fund and nidhi /mutual benefit fund/ societies.

13. In respect of dealing in shares securities and other investments in our opinionand according to the information and explanation given to is proper records have beenmaintained of the transactions and contracts and timely entries have been made therein.The shares and securities and other investments have been held by the Company in its ownname.

14. The Company has not issued any preferential allotment to parties and Companiescovered in the register maintained under section 301 of the Companies Act 1956.

15. The Company has not raised any money during the year through public issue althoughallotment was done in the month of April 2013 for Public issue pertaining to financialyear 2013-2014. Further the management has disclosed the end uses of fund raised and havebeen verified by us.

16. No fraud on or by the Company has been noticed or reported during the course of ouraudit.

17. The other provisions of the Order do not appear to be applicable for the year underreport.

For Bharat D. Sarawgee & Co.
Chartered Accountants
Place : Kolkata Bharat D. Sarawgee
Date : May 29 2014 Partner
Membership No. 061505
FRN: 326264E