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Goldcoin Health Foods Ltd.

BSE: 538542 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE634J01019
BSE LIVE 13:05 | 12 Oct 13.78 -0.72
(-4.97%)
OPEN

13.78

HIGH

13.78

LOW

13.78

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.78
PREVIOUS CLOSE 14.50
VOLUME 2000
52-Week high 20.45
52-Week low 9.06
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 13.78
Sell Qty 1390.00
OPEN 13.78
CLOSE 14.50
VOLUME 2000
52-Week high 20.45
52-Week low 9.06
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 13.78
Sell Qty 1390.00

Goldcoin Health Foods Ltd. (GOLDCOINHEALTH) - Auditors Report

Company auditors report

To

The Members of GOLDCOIN HEALTH FOODS LIMITED

Report on Standalone Financial Statement

We have audited the accompanying Standalone financial statements of "GOLDCOINHEALTH FOODS LIMITED"which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss for the year then ended Cash flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Managements’ Responsibility for 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 the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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;anddesign implementation and maintenance of adequate internalfinancial 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.

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 specified underSection143(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 materialmisstatement.

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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating 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 Standalone financial statement.

Opini on

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: a) In the case of the Balance Sheet of the stateof affairs of the Company as at 31st March2016; b) In the case of the Statement of Profitand Loss of the profit/ loss for the year ended on that date; and c) In the case of CashFlow Statement for the year ended 31st March 2016.

Report on Other Legal and Regulatory Requirements.

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11)ofsection 143 of the Act we give in the "Annexure A" statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that: a) We have obtained allthe information and explanations which to the best ofour knowledge and belief werenecessary for the purpose of our audit; b) In our opinion proper books of account asrequired by law have been keptby the Company so far as appears from our examination ofthose books; c) The Balance Sheet the Statement of Profit and Loss and Cash FlowStatement dealt with by this Report are in agreement with the books of account. d) In ouropinion the aforesaid standalone 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 thedirectors as on March 31 2016 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2016 from being appointed as a director interms of sub-section (2) of section 164 of the Companies Act 2013. f) With respect to theadequacy of the internal financial controls over financial reporting of the company andthe operating effectiveness of such controls refer to our separate Report in"Annexure B". g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us: (i) The Company does not have any pending litigations which would impact itsfinancial position.

(ii) The Company did not have any long-term contracts including derivative contractsfor which they were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Vishves A. Shah & Co.
Date : 30th May 2016 Chartered Accountants
Place : Ahmedabad Firm No.121356w
(Vishves A. Shah)
Proprietor
M. No. 109944

GOLDCOIN HEALTH FOODS LIMITED

Annexure referred to in paragraph 1 of our report even date.

Referred to in paragraph 1 under the heading 'Report on other Legal & RegulatoryRequirement' of our report of even date to the financial statements of the company for theyear ended March 31 2016: (i) In Respect of the Fixed Assets: a) The Company hasmaintained proper records showing full particulars including quantitative details andsituation of fixed assets; b) The Fixed Assets have been physically verified by themanagement in a phased manner designed to cover all the items over a period of threeyears which in our opinion is reasonable having regard to the size of the company andnature of its business. Pursuant to the program a portion of the fixed asset has beenphysically verified by the management during the year and no material discrepanciesbetween the books records and the physical fixed assets have been noticed. c) The titledeeds of immovable properties are held in the name of the company.

(ii) In respect of its Inventories:

a) There is No Inventories during the year.

(iii) The Company has not granted loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.

(v) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

(vi) As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

(vii) In Respect of Statutory Dues: a) According to information and explanations givento us and on the basis of our examination of the books of account and records theCompany has been generally regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Income-Tax Sales tax Service Tax Duty ofCustoms Duty of Excise Value added Tax Cess and any other statutory dues with theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the above were in arrears as at March 31 2016fora period of more than six months from the date on when they become payable except thedefault in TDS for late filling of TDS return of Rs. 20000/-. b) According to theinformation and explanation given to us there are no dues of income tax sales taxservice tax duty of customs duty of excise value added tax outstanding on account ofany dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to banks.

(ix) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

(x) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

(xi) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act; (xii) In our opinion the Company is not a NIDHICompany. Therefore the provisions of clause 4 (xii) of the Order are not applicable tothe Company.

(xiii) In our opinion No any transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(xiv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

(xv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

(xvi) In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the Company and hence not commented upon.

For Vishves A. Shah & Co.
Date : 30th May 2016 Chartered Accountants
Place : Ahmedabad Firm No.121356w
(Vishves A. Shah)
Proprietor
M. No. 109944

"Annexure B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of GOLDCOIN HEALTH FOODS LIMITED.

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 "GOLDCOINHEALTH FOODS LIMITED"("the Company") as of March 31 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear 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. 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. 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 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 accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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.

Opini on

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 2016 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 Vishves A. Shah & Co.
Place : Ahmedabad Chartered Accountants
Date : 30th May 2016 Firm No.121356w
(Vishves A. Shah)
Proprietor
M. No. 109944