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GKW Ltd.

BSE: 504704 Sector: Others
NSE: GKWLIMITED ISIN Code: INE528A01020
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GKW Ltd. (GKWLIMITED) - Auditors Report

Company auditors report

TO THE MEMBERS OF GKW LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of GKW Limited("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 7 of Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' 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 as 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 theauditors' 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 control 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 31st March 2017 its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and according to the information and explanations given to us and also on thebasis of such checks as we considered appropriate we give in the Annexure "A" astatement on the matters specified in paragraphs 3 and 4 of the Order.

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 purpose 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 and the Cash Flow Statementdealt with by this report are in agreement with the books of account;

d) In 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.

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 the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g) 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. As per the representation received from the management pending litigations (otherthan those already recognised in the financial statements) having material impact on thefinancial position of the Company have been disclosed in the financial statements asrequired in terms of relevant accounting standards and provisions of the Act (Note 23) ofthe financial statements;

ii. The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses;

iii. There were no delay in transferring amounts to the Investor Education andProtection Fund by the Company;

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes (Bank notes of denominations of fivehundred and one thousand rupees) during the period from 8th November 2016 to 30thDecember 2016. Based on audit procedures and relying on the management representation wereport that the disclosures are in accordance with books of account maintained by theCompany and as produced to us by the Management.

For Lodha& Co.
Chartered Accountants
Firm's ICAI Registration No.:301051E
R P Singh
Place: Kolkata Partner
Dated : 19th May 2017 Membership No. 052438

Annexure "A" referred to in our report of even date

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

(b) During the year fixed assets have been physically verified by the managementaccording to a regular program of verification which in our opinion is reasonable havingregard to the size of the company and nature of its assets. As informed no materialdiscrepancies in respect of assets verified were noticed with respect to the book records.

(c) According to the information explanations and representations provided to us andbased on the documents produced to us for our verification in our opinion the titledeeds of the aforesaid purpose land deed/lease deed has been taken as the basis forverificationof self constructed building thereupon.

ii) The company has no inventory as at the year end and accordingly the provisions ofClause 3(ii) of the Order are not applicable to the Company.

iii) According to the information and explanations given to us the Company has notgranted any loans secured and unsecured to any company firms limited liabiltypartnership or other parties covered in the register maintained under section 189 of theAct. Accordingly the provisions of Clause 3 (iii) of the Order are not applicable to theCompany.

iv) According to the information and explanations given to us the Company has notgranted any loans or provided any guarantees or security to the parties covered undersection 185 of the Act. The company has complied with the provisions of section 186 of theAct in respect of investments made.

v) The Company has not accepted any deposits from the public and accordingly theprovisions of Section 73 to 76 or any other relevant provisions of the Act are notapplicable.

vi) According to the information and explanations given to us the maintenance of costrecords under Section 148(1) of the Act has not been specified and accordingly theprovisions of Clause 3(vi) of the Order are not applicable to the Company.

vii) (a) According to the information and explanations given to us the Company isregular in depositing with the appropriate authorities undisputed statutory dues includingProvident Fund Employee's State Insurance Income Tax Service Tax Sales Tax. CustomsDuty Excise Duty Value Added Tax Cess and other material statutory dues applicable toit. According to the information and explanations given to us there are no undisputedamounts payable in respect of aforesaid dues for a period of more than six months from thedate they become payable.

(b) According to the information and explanations given to us there are no amounts ofIncome Tax Sales Tax Service Tax Customs Duty Excise Duty and Value Added Tax whichhave not been deposited on account of dispute except as given below:

Statute Nature of Tax Forum where Dispute is pending Amount (Rs. in Lacs) Period to which amount relates
The Central Sales Tax Act 1956 Central Sales Tax CTO 35.70 1994-95
Bengal Finance (Sales Tax) Act1941 Sales tax CTO 21.34 1994-95
Central Excise Act 1944 Excise Duty Commissioner (Appeals) 111.39 1994-1999
Appellate Tribunal 23.99 1995-1996
Customs Act 1962 Customs Duty High Court 9.37 1981 and 1990

viii) According to the information and explanations given to us the company has nottaken any loans or borrowing from financial institutions banks government or debentureholders during the year and accordingly the provisions of Clause 3 (viii) of the Orderare not applicable to the Company.

ix) The Company has not raised monies by way of public offer or term loans during theyear and accordingly the provisions of Clause 3(ix) of the Order are not applicable tothe Company.

x) During the course of our examination of the books of account carried out inaccordance with the generally accepted auditing practices in India we have neither comeacross any incidence of fraud on or by the Company nor have we been informed of such caseby the management.

xi) According to the information and explanations given to us the managerialremuneration paid or provided during the year was in accordance with provisions of Section197 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 and accordingly the provisions of Clause 3(xii) of theOrder are not applicable to the company.

xiii) According to the information and explanations given to us the Company is incompliance with Section 188 and 177 of the Act where applicable for all transactionswith the related parties and the details of related party transactions have been disclosedin Note 26 to the financial statements in the financial statements as required by theapplicable accounting standards.

xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

xv) According to the information and explanations given to us during the year theCompany has not entered into any non-cash transactions with directors/persons connectedwith the directors and accordingly the provisions of Clause 3(xv) of the Order are notapplicable to the Company.

xvi) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934 andaccordingly the provisions of Clause 3(xvi) of the Order are not applicable to theCompany.

For Lodha & Co.
Chartered Accountants
Firm's ICAI Registration No.:301051E
R P Singh
Place: Kolkata Partner
Dated : 19th May 2017 Membership No. 052438

‘Annexure B' referred to in our report of even date

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 GKW Limited("the Company") as at March 31 2017 in conjunction with our audit of thestandalone financial statements of the Company 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) ("the GuidanceNote"). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andif 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 auditor's 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 principles and that receipts and expenditures of thecompany are being made only in accordance with authorisations of management and directorsof the company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorised acquisition use or disposition of the company's assets thatcould 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 collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting to futureperiods are subject to the risk that the internal financial control over financialreporting may become inadequate because of in conditions or that the degree of compliancewith 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 March 31 2017 based on theinternal control over financial reporting criteria established components of internalcontrol stated in the Guidance Note.

For Lodha & Co.
Chartered Accountants
Firm's ICAI Registration No.:301051E
R P Singh
Place: Kolkata Partner
Dated : 19th May 2017 Membership No. 052438