TO THE MEMBERS OF GOGIA CAPITAL SERVICES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of GOGIA CAPITAL SERVICES LIMITED("the company').which compnse the Balance Sheet as at 31" March 2017. theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof 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 incuding the Accounting Standardsspecified under Section 133 of the Act. read with Rule 7 of the Companies (Accounts)Rules. 2014 This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls and ensuring their operating effectiveness and the accuracyand completeness of the accounting records relevant to the preparation and presentationof the financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
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 thereunder.
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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant tc the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall 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.
In our opinion and to the best of our information and according to the explanationsgiven to us. the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31. 2017 its profit and its cash flows for the year ended on that date
Report on other Legal and Regulatory Requirements
1 As required by the Companies (Auditor's Report) Order. 2015 ("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 statement on the matters Specified in paragraphs 3 and4 of the Order. to the extent applicable. The Order is yet to be notified in the Gazetteof India.
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 Cash Flow Statement dealtwith 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) On the basis of written representations received from the directors as on 31"March.2016. taken cn record by the Board of Directors none of the directors isdisqualified as on 31" March. 2017. from being appointed as a director in terms ofSection 164(2) of the Act and;
(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rue 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 has disclosed the impact of pending litigations on its financialposition in its financial statements refer note 23.1 on Contingent Liabilities to thefinancial statement.
(ii) The Company did not have any long-term contracts including derivative contractshence the quest o' any material foreseeable losses does not arise
(iii) There has been no delay in transfernng amounts required to be transferred tothe Investor Education and Protection Fund by the
| ||For Sunil Kulshreshtha & Associates |
|Place: New Delhi ||Chartered Accountants |
|Date: 31/05/2017 ||No. 084250 |
Annexure to the Auditors* Report
Annexure A' referred to In paragraph 1 under the heading "Report on OtherLegal and Regulatory Requirements" of the Independent Auditor's Report of even dateto the members of Gogia Capital Services Limited on the standalone financial Statements asof and for the year ended 31*'March.2017
i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situatioi of fixed assets
(b) As explained to us. fixed assets have been physically verified by the Management atreasonable intervals and no material discrepancies were noticed on such verification
(c) The title-deeds of the immovable properties are held in the name of the Company.
ii. The Company's business does not involve inventories and accordingly therequirements paragraph 4(ii) of the Order are not applicable to the Company and hence notbeen commented upon.
iii. According to the information and explanations given to us. the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act. 2013. Accordingly theprovisions of clause 3 (iii) (a) (b) and (c) of the Order are not applicable to theCompany and hence not commented upon
iv. In our opinion and according to the information and explanations given to us. thereare no loans investments guarantees and securities granted in respect of whichprovisions of section 185 and 186 of the Act are applicable and hence not commented upon
v The Company has not accepted any deposits from the public.
vi Maintenance of cost records has not been prescribed to the company by the CentralGovernment under Section 148(1) of the Companies Act. 2013
vii. a) The Company is regular ir depositing with appropriate authorities undisputedstatutory dues including income-tax. anc other material statutory dues applicable to it
b) According to the information and explanations given to us. no undisputed amountspayable in respect of income-tax. and other material statutory dues were outstanding atthe year end. for a period of more than six months from the date they became payable.
c) According to the information and explanations given to us. there are no dues ofincome tax. which have not been deposited on account of any dispute.
viii. The Company did not have any outstanding dues from banks financial institutionsdebenture holders or government.
ix. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not raised any money way of initial public offer/ further public offer) and term loans hence eport.ng under clause (ix) of the order rsnot applicable to the Company and hence not commented upon
x Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiver by the management we report that no fraud by the company or on the Company by theofficers and employees of the Company has been noticed O' reported during the year.
xi. The provisions of section 197 read with Schedule V to the Companies Act. 2013 arenot applicable to the Company. Thereore. the requirements under paragraph 3(xi) of theOrder are not applicable to the Company and hence not commented upon.
xii In our opinion the Company is not a mdhi Company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon
xiii. According to the information and explanations given by the management there areno transactions with the related parties during '.he year under audit and accordinglyreporting under clause 3(xiii) insofar as it relates to section 188 of the Act is notapplicable to the Company and hence not commented upon The provisions of section 177 arenot applicable to the company and accordingly reporting under clause 3(xni) insofar as itrelates to section 177 of the Act is not applicable to the Company and hence not commentedupon
xiv According to the information and explanations given to us and on an overallexamination of the balance sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder audit and hence provisions of clause 3(xiv) are not applicable and not commentedupon
xv Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him.
xvi. According to the information and explanations given to us. the provisions ofsection 45-IA of the Reserve Bank of India Act. 1934 are not applicable to the Company
| ||For and on behalf of |
| ||M/s Sunil Kulshreshtba ^Associates |
| ||Chartered Accountants |
| ||NSunilKtf^ar F.C.A.) |
|Place: New Delhi ||M. No. 084250 |
|Date: 31/05/2017 || |