Golden Capital Services Ltd.
|BSE: 539853||Sector: Financials|
|NSE: N.A.||ISIN Code: INE135D01010|
|BSE LIVE 15:17 | 12 Dec||29.95||
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
Golden Capital Services Ltd. (GOLDENCAPITAL) - Auditors Report
Company auditors report
THE MEMBERS OF GOLDEN CAPITAL SERVICES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of GOLDEN CAPITAL SERVICES LIMITED (the Company) which comprise the Balance Sheet as at 31/03/2016 the Statement of Profit and Loss for the year then ended and a summary of the 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 Section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Comapany has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at 31/03/2016 and its Profit for the year ended on that date.
Report on Other Legal and Regulatory Requirements
This report does include a statement on the matters specified in paragraph 3 and 4 of the Companies (Auditor's Report) Order 2016 issued by the Central Government of India in terms of sub section 11 of section 143 of the companies Act 2013 since in Our opinion and according to the information and explanation given to us the said order is not applicable to the company.
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 best of 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 the Company so far as it appears from our examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss and dealt with by this Report are in agreement with the books of account.
(d) In our opinion the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on 31/03/2016 taken on record by the Board of Directors none of the directors is disqualified as 31/03/2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate report in Annexure A.
(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and 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 financial position in its financial statements.
iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)
(1) In Respect of Fixed Assets
(a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management at reasonable intervals; No material discrepancies were noticed on such verification.
(2) In Respect of Inventory
(a) Physical verification of inventory has been conducted at reasonable intervals by the management.
(b) Procedures for physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business. There is no inadequacies in such procedures that should be reported.
(c) Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification.
(3) Loans and advances to parties covered under section 189 N.A
(a) N.A. whether receipt of the principal amount and interest are also regular.
(b) There is no overdue amount of any loans secured or unsecured to companies firms or other parties covered in the register maintained under section 189 of the Companies Act
(4) Internal Control in reference to Purchase of Inventory and Fixed Assets and whether there is continue failure of Internal control
In our opinion and according to the information and explanations given to us there are adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit We have not observed continuing failure to correct major weaknesses in internal control system.
(5) Rules followed while accepting Deposits
No deposits within the meaning of Sections 73 to 76 or any other relevant provision of the Act and rules farmed thereunder have been accepted by the Company.
(6) Maintenance of cost records
To the best of our knowledge and as explained the Central Government has not prescribed maintenance of cost records under sub-section (l) of section 148 of the Companies Act for the products of the company.
(7) According to the information and explanations given to us in respect of statutory dues
(a) The company is regular in depositing the undisputed statutory dues including provident fund employees' state insurance income-tax sales-tax wealth tax service tax duty of customs duty of excise value added tax or cess and any other statutory dues with the appropriate authorities. No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us undisputed dues in respect of including provident fund employees'state insurance income-tax sales-tax wealth tax service tax duty of customs duty of excise value added tax or cess and any other statutory dues with the appropriate authorities and other statutory dues which were outstanding at the year end for a period of more than six months from the date they became payable are as follows:
(8) Company which has been registered for a period less than five years and accumulated losses are more than 50% of Net worth Reporting of cash Losses
The company`s no accumulated losses at the end of the financial year it has not incurred cash losses in the current and immediately preceding financial year.
(9) Default in Repayment of Loans taken from Bank or Financial Institutions
Based on our audit procedures and as per the information and explanations given by the management we are of the opinion that the company has not defaulted in repayment of dues to a financial institution or bank.
(10) Terms for Loans and Advances from Banks or Financial Institutions prejudicial to the interest of the company
According to the information and explanations given to us the company has not given guarantee for loans taken by others from bank or financial institutions the terms and conditions whereof in our opinion are not prima facie prejudicial to the interest of the company.
(11) Application versus purpose for which Loan Granted
The company did not have any term loans outstanding during the year.
(12) Reporting of Fraud During the Year Nature and Amount
Based upon the audit procedures performed for the purpose of recording the true and fair view of the financial statements and as per the information and explanations given by the management we report that no fraud or by the company has been noticed or reported during the course of our audit.