You are here » Home » Companies » Company Overview » Generic Engineering Construction & Projects Ltd

Generic Engineering Construction & Projects Ltd.

BSE: 539407 Sector: Financials
NSE: N.A. ISIN Code: INE854S01014
BSE 15:40 | 22 Jan 186.95 0.90
(0.48%)
OPEN

183.55

HIGH

187.00

LOW

175.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 183.55
PREVIOUS CLOSE 186.05
VOLUME 29520
52-Week high 187.00
52-Week low 87.70
P/E 45.27
Mkt Cap.(Rs cr) 306
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 183.55
CLOSE 186.05
VOLUME 29520
52-Week high 187.00
52-Week low 87.70
P/E 45.27
Mkt Cap.(Rs cr) 306
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Generic Engineering Construction & Projects Ltd. (GENERICENGINEER) - Auditors Report

Company auditors report

TO

THE MEMBERS

GENERIC ENGINEERING CONSTRUCTION AND PROJECTS LTD

(Formerly known as Welplace Portfolio & Financial Consultancy Services Limited)

MUMBAI

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of GENERICENGINEERING CONSTRUCTION AND PROJECTS LTD ("the Company") which comprisethe Balance Sheet as at March 31 2017 the Statement of Profit and Loss for the year thenended cash flow statement for the year then ended and a summary of the significantaccounting 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 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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a 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 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 issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of theAct. Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom 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 risk assessments theauditor considers internal financial controls 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

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 March 31 2017 and its profit for the year ended on that date.

Report on other legal and regulatory requirements

1. As required by the Companies (Auditor's Report) Order 2017 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraph 3 and 4 of the order.

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. The Balance Sheet the Statement of Profit and Loss dealt with by this Report are inagreement with the books of account;

d. The aforesaid standalone financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with relevant rule issued there under;

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) of theAct;

f. With respect to the adequacy of the Internal financial controls over financialreporting of the Company and operative effectiveness of such controls refer to ourseparate report in "Annexure B" to this report; and

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 information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any outstanding long-term contracts including derivativecontracts as at March 31 2017 for which there were any material foreseeable losses; and

iii. There was no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8 November 2016 to 30 December 2016 and these are in accordance with the books ofaccounts maintained by the Company. Refer Note 30 to the standalone financial statements.

For Koshal & Associates

Chartered Accountants

Firm's Registration No : 121233W

Sd/-

Koshal Maheshwari

Proprietor

Membership No:- 043746

DATE : 29/05/2017

PLACE : MUMBAI

Annexure - A TO THE INDEPENDENT AUDITORS' REPORT

(The Annexure referred to in Independent Auditors' Report to the members of GENERICENGINEERING CONSTRUCTION AND PROJECTS LTD ("the Company") on the financialstatements for the year ended 31 March 2017 we report that:)

i. In respect of Fixed Assets:

a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable having regardto the size of the company and nature of its assets. No material discrepancies werenoticed on such physical verification.

c) As per the information and explanations provided to us the company does not holdany immovable properties.

ii. In our opinion the inventories have been physically verified during the year bythe management at reasonable intervals and as explained to us no material discrepancieswere noticed on physical verification.

iii. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not granted any loans securedor unsecured to companies firms limited liability partnerships or other parties coveredin the register maintained under Section 189 of the Act 2013.

iv. According to the information and explanations given to us the Company has not madeany loans which require compliance with the provisions of section 185. However theCompany has complied with the provisions of s.186 of the Act with respect to loans andinvestments made.

v. According to the information and explanation given to us the company has notaccepted any deposit from the public. Accordingly clause (v) of paragraph 3 of the Orderis not applicable to the Company.

vi. To the best of our knowledge and as explained the maintenance of cost recordsunder sub-section (1) of section 148 of the Act as prescribed by the Central Government isnot applicable to the Company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax value added tax service tax cess and other material statutory dues have beenregularly deposited during the year by the Company with the appropriate authorities. Asexplained to us there were no dues in arrears as at 31st March 2017 for a period of morethan six months from the date they became payable.

(b) According to the information and explanation given to us there no dues of incometax or sales-tax or duty of customs or duty of excise or value added tax which have notbeen deposited with the appropriate authorities on account of any dispute.

viii. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not defaulted in repayment ofloans and borrowing to any bank as at the balance sheet date. The Company does not haveany loans or borrowings from any financial institution government or debenture holdersduring the year.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyclause (ix) of paragraph 3 of the Order is not applicable to the Company.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.

xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly clause (xii) of paragraph 3 of the Order isnot applicable

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has made preferential allotmentduring the year and has complied with the requirement of s.42 of Companies Act 2013. Theamount raised have been utilized for the purposes for which it was intended to be raised.

xv. In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company during the year the Company hasnot entered into non-cash transactions with its directors or persons connected with themand hence provision of section 192 of the Act are not applicable.

xvi. In our opinion and according to information and explanations provided to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For Koshal & Associates

Chartered Accountants

Firm's Registration No : 121233W

Sd/-

Koshal Maheshwari

Proprietor

Membership No:- 043746

DATE : 29/05/2017

PLACE : MUMBAI

Annexure - B TO THE INDEPENDENT AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of GENERICENGINEERING CONSTRUCTION AND PROJECTS LIMITED ("the Company") as of 31stMarch 2017 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date.

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 ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to 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.

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 ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

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 auditors' judgment 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 31st March 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 the Institute of CharteredAccountants of India.

For Koshal & Associates

Chartered Accountants

Firm's Registration No : 121233W

Sd/-

Koshal Maheshwari

Proprietor

Membership No:- 043746

DATE : 29/05/2017

PLACE : MUMBAI