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Goenka Business & Finance Ltd.

BSE: 538787 Sector: Financials
NSE: N.A. ISIN Code: INE997C01015
BSE LIVE 10:57 | 07 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 84.25
PREVIOUS CLOSE 84.25
VOLUME 65
52-Week high 176.40
52-Week low 84.25
P/E 1203.57
Mkt Cap.(Rs cr) 110
Buy Price 0.00
Buy Qty 0.00
Sell Price 84.25
Sell Qty 114123.00
OPEN 84.25
CLOSE 84.25
VOLUME 65
52-Week high 176.40
52-Week low 84.25
P/E 1203.57
Mkt Cap.(Rs cr) 110
Buy Price 0.00
Buy Qty 0.00
Sell Price 84.25
Sell Qty 114123.00

Goenka Business & Finance Ltd. (GOENKABUSINESS) - Auditors Report

Company auditors report

To

The Shareholders of

GOENKA BUSINESS AND FINANCELIMITED

Report on Financial Statements

We have audited the accompanying financial statements of GOENKA BUSINESS ANDFINANCELIMITED which comprise the Balance Sheet as at 31st March 2016 and theStatement of Profit and Loss 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 Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance 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 appropriateaccounting policies; making judgments and estimates that arereasonable and prudent; and designimplementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to thepreparation and presentation of thefinancial statements that give a true and fair view and are free frommaterialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 there under.

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 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 but not for the purpose of expressing anopinion on whether the Company has in place the adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness 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 financial statements.

Opinion

In our opinion and to the best of our information and the explanations given to us thefinancial statementsgive the information required by the Act in the manner so required andgive a true and fair view in conformity with accounting principles generally accepted inIndia

i) In case of Balance Sheet of the state of affairs of the company as at 31stMarch 2016;

ii) In case of Statement of Profit & Loss of the profit for the year ended on thatdate; and

iii) In case of Cash Flow Statement of the cash flowsfor the year ended on that date.Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (the Order) asamendedissued 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 in paragraphs 3and 4 of the said 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) The observation of financial transactions does not reveal any matter which has anyadverse effect on the functioning of the company.

f) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

g) 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".

h) 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) The Company does not have any pending litigations in its financial statements;

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses. However company does not enter into anylong-term contracts including derivative during the specified period;

iii) The Company is not required to transfer any amount to the Investor Education andProtection Fund.

ForAlok Sinhal & Co.

Chartered Accountants

Firm Regn. No. 013811N

Sd/-

Shailendra Kumar Mishra

Partner

Membership No. 517253

Place: New Delhi

Date: 12/08/2016

"ANNEXURE A" TO THE INDEPENDENT AUDITOR'S REPORT

(As referred in paragraphs of our report)

(i) In respect of fixed assets: -

a. As per information and explanation given to us the Company has maintained properrecords showing full particulars including quantitative details and situation of fixedassets;

b. According to information and explanation given to us fixed assets of the Companyhas been physically verified by its management once during the year which is reasonablehaving regard to size of business and nature of fixed assets. We have been informed thatno material discrepancies have been noticed by the management on such verification.

c. According to information and explanation given to us the company does not hold anyimmovable property during the period dealt with by this report.

(ii) As per information and explanation given to us physical verification ofinventories has been conducted once at the end of year which in our opinion is reasonablehaving regard to size and nature of business and we have been informed that no materialdiscrepancy was noticed on physical verification.

(iii) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties covered in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of clauses 3(iii)(a)to (c) of the order are not applicable to the Company.

(iv) According to information and explanations given to us the Company has compliedwith the provisions of Section 185 of the Companies Act 2013. However the company hasnot passed special resolution of members in respect of loans investments guarantees andsecurity given above the limit as prescribed under section 186 of the Companies Act 2013and accordingly has not complied with such provisions;

(v) According to information and explanations given to us the Company has notaccepted public deposits and hence the provision of section 73 to 76 or other relevantprovisions of the Companies Act 2013 and the Companies (Acceptance of Deposit) Rules2015 with regard to the deposits accepted from the public are not applicable;

(vi) According to information and explanations given to us the Company is not liableto maintain cost records as prescribed under section 148(1) of the Companies Act 2013;

(vii) In respect of timely deposit of statutory dues as applicable to Company: -

a. The company is generally regular in payment of its undisputed statutory dues such asIncome Tax Provident Fund Wealth Tax Service Tax and other statutory dues asapplicable to the appropriate authorities. There are no statutory dues outstanding as atMarch 31 2016 for a period of more than six months from the date on when they becamepayable; and

b. According to information and explanations given to us there is no outstandingstatutory dues on the part of Company which is not deposited on account of dispute.

(viii) According to information and explanation given to us the company hasnotdefaulted in repayment of loans or borrowings to any bankgovernment or dues todebenture-holders;

(ix) According to information and explanation given to us the company has not raisedany money by way of initial public offer during the period covered by this report. Hencerequirement of sub- clause (ix) of the order are not applicable;

(x) During the course of our examination of books of accounts and accordingtoinformation and explanation given to us no fraud on or by the company has been noticedor informed during the year.

(xi) According to information and explanations given to us the Company has not paidany managerial remuneration during the year;

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(xiv) According to information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review;

(xv) According to information and explanations given to us the Company has not enteredinto non- cash transactions with directors or persons connected with him;

(xvi) In our opinion the company is registered under section 45 IA of the Reserve Bankof India Act 1934 and accordingly the provisions of sub- clause (xvi) of the Order areapplicable to the Company.

Signed for the purpose of identification

ForAlok Sinhal & Co.

Chartered Accountants

Firm Regn. No. 013811N

Sd/-

Shailendra Kumar Mishra

Partner

Membership No. 517253

Place: New Delhi

Date: 12/08/2016

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT

(As referred in paragraphs of our report)

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

We were engaged to audit the internal financial controls over financial reporting ofGoenka Business and Finance Limited ("the Company") as of March 31 2016 inconjunction with our audit of the financial statements of the Company for the year endedon 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 conducted in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") and the Standards on Auditing to the extent applicable to anaudit of internal financial controls both issued by the Institute of CharteredAccountants of India.

Because of the matter described in Disclaimer of Opinion paragraph below we were notable to obtain sufficient appropriate audit evidence to provide a basis for an auditopinion on internal financial controls system over financial reporting of the Company.

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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Disclaimer of Opinion

According to the information and explanation given to us the Company has notestablished its internal financial control over financial reporting on criteria based onor considering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India. Because of this reason we are unable to obtain sufficientappropriate audit evidence to provide a basis for our opinion whether the Company hadadequate internal financial controls over financial reporting and whether such internalfinancial controls were operating effectively as at March 31 2016.

We have considered the disclaimer reported above in determining the nature timing andextent of audit tests applied in our audit of the standalone financial statements of theCompany and the disclaimer does not affect our opinion on the standalone financialstatements of the Company.

ForAlok Sinhal & Co.

Chartered Accountants

Firm Regn. No. 013811N

Sd/-

Shailendra Kumar Mishra

Partner

Membership No. 517253

Place: New Delhi

Date: 12/08/2016