Golden Capital Services Ltd.
|BSE: 539853||Sector: Financials|
|NSE: N.A.||ISIN Code: INE135D01010|
|BSE 14:57 | 13 Dec||Golden Capital Services Ltd|
|NSE 05:30 | 01 Jan||Golden Capital Services Ltd|
|BSE: 539853||Sector: Financials|
|NSE: N.A.||ISIN Code: INE135D01010|
|BSE 14:57 | 13 Dec||Golden Capital Services Ltd|
|NSE 05:30 | 01 Jan||Golden Capital Services Ltd|
THE MEMBERS OF GOLDEN CAPITAL SERVICES LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of GOLDEN CAPITAL SERVICESLIMITED("the Company") which comprise the Balance Sheet as at 31/03/2017the Statement of Profit and Loss the cash flow statement for the year then endedand 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
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 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 an adequate internal financial controls 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.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner 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 31/03/2017and its Profit and it's cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors' Report) Order2016("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Companies Act 2013. We give in the Annexure A statements on the matters specified inparagraphs 3 and 4 of the order to the extent applicable.
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) On the basis of the written representations received from the directors as on 31/03/2017taken on record by the Board of Directors none of the directors is disqualified as 31/03/2017from 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 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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.
ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection 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 during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management.
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 includingquantitative details and situation of fixed assets.
(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.
(2) In Respect of Inventory
(a) Physical verification of inventory has been conducted at reasonable intervals bythe management.
(b) Procedures for physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness. There are no inadequacies in such procedures that should be reported.
(c) Company is maintaining proper records of inventory. No material discrepancies werenoticed on physical verification.
(3) Loans and advances to parties covered under section 189
(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 firmsor 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 whetherthere is continue failure of Internal control
In our opinion and according to the information and explanations given to us there areadequate internal control systems commensurate with the size of the company and the natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. During the course of audit We have not observed continuing failure tocorrect 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 ofthe 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 notprescribed maintenance of cost records under sub-section (l) of section 148 of theCompanies Act for the products of the company.
(7) According to the information and explanations given to us in respect of statutorydues
(a) The company is regular in depositing the undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax wealth tax servicetax duty of customs duty of excise value added tax or cess and any other statutory dueswith the appropriate authorities. No undisputed amounts payable in respect of theaforesaid statutory dues were outstanding as at the last day of the financial year for aperiod of more than six months from the date they became payable.
(b) According to the information and explanations given to us undisputed dues inrespect of including provident fund employees' state insurance income-tax sales-taxwealth tax service tax duty of customs duty of excise value added tax or cess and anyother statutory dues with the appropriate authorities and other statutory dues which wereoutstanding at the year-end for a period of more than six months from the date they becamepayable are as follows:
(8) Company which has been registered for a period less than five years and accumulatedlosses are more than 50% of Net worth Reporting of cash Losses
The company has no accumulated losses at the end of the financial year it has notincurred 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 themanagement we are of the opinion that the company has not defaulted in repayment of duesto a financial institution or bank.
(10) Terms for Loans and Advances from Banks or Financial Institutions prejudicial tothe interest of the company
According to the information and explanations given to us the company has not givenguarantee for loans taken by others from bank or financial institutions the terms andconditions whereof in our opinion are not prima facie prejudicial to the interest of thecompany.
(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 andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud or by the company has been noticed or reportedduring the course of our audit.
"Annexure B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of GOLDEN CAPITAL SERVICES LIMITED Company 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 GOLDENCAPITAL SERVICES LIMITED Company Limited("The Company") as of March 31 2017 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.
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 amount the adequacyof the internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reportingassessing the risk that a material weakness exists and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend upon on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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.
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 issues by the Institute of CharteredAccountants of India.