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Golden Goenka Fincorp Ltd.

BSE: 530579 Sector: Financials
NSE: N.A. ISIN Code: INE152C01025
BSE LIVE 11:39 | 24 Aug 6.83 -0.02
(-0.29%)
OPEN

6.63

HIGH

6.85

LOW

6.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.63
PREVIOUS CLOSE 6.85
VOLUME 24746
52-Week high 9.28
52-Week low 3.00
P/E 10.35
Mkt Cap.(Rs cr) 130
Buy Price 6.55
Buy Qty 2000.00
Sell Price 6.84
Sell Qty 200.00
OPEN 6.63
CLOSE 6.85
VOLUME 24746
52-Week high 9.28
52-Week low 3.00
P/E 10.35
Mkt Cap.(Rs cr) 130
Buy Price 6.55
Buy Qty 2000.00
Sell Price 6.84
Sell Qty 200.00

Golden Goenka Fincorp Ltd. (GOLDENGOENKA) - Auditors Report

Company auditors report

TO THE MEMBERS OF "GOLDEN GOENKA FINCORP LIMITED"

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Golden GoenkaFincorp Limited (‘the Company’) which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgements and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement 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 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 judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas 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 statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order.

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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. 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;

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"; and

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 does not have any pending litigations that needs to be disclosed in itsfinancial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there 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 Das & Prasad
Chartered Accountants
(Firm’s Registration No.303054E)
Anil Kumar Agarwal
Place: Kolkata (Partner)
Date: 25th May 2016 (Membership No. 062368)

Annexure - A to the Auditors’ Report

The Annexure referred to in Independent Auditors’ Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2016 we reportthat:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.;

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on thesuch verification;

(c) As per information and explanation given to us by the management and the recordsverified by us and based on the examination of the registered title deed provided to uswe report that all the immovable properties are held in the name of the Company as at thebalance sheet date.

(ii) In our opinion the stock for trade were physically verified during the year by theManagement at reasonable intervals and as explained to us no material discrepancies werenoticed on physical verification.

(iii) In respect of loans secured or unsecured granted by the Company to companiesfirms Limited Liability Partnerships or other parties covered in the register maintainedunder section 189 of the Act the Company has given loans to its wholly ownedsubsidiaries.

(a) The interest free loan has been granted to its wholly owned subsidiaries howeverother terms and conditions on which the loans had been granted to the aforesaid partieslisted in the register maintained under Section 189 of the Act were not prima facieprejudicial to the interest of the Company.

(b) In the case of the loans granted to the aforesaid parties listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe principal. As the loan is interest free the question of interest does not arise.

(c) There are no overdue amounts in respect of the loan granted to the aforesaid listedin the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments made and guarantees given.

(v) The Company has not accepted any deposit from the public covered under Section 73to 76 of the Companies Act 2013. Therefore the provisions of paragraph 3(v) of the Orderis not applicable to the Company.

(vi) Being a Non-Banking Financial Company the provisions of paragraph 3(vi) of theOrder is not applicable to the Company

(vii) (a) According to the records of the Company undisputed statutory dues includingProvident Fund Income Tax Service Tax cess or other material statutory dues have beengenerally regularly deposited during the year by the Company with appropriate authorities.According to the information and explanation given to us no undisputed statutory duesincluding Provident Fund Income Tax Service Tax Value Added Tax cess or other materialstatutory dues were in arrears as at 31st March 2016 for a period of more thansix months from the date they become payable.

(b) According to the information and explanation given to us there were no disputeddues which have not been deposited by the company on account of dispute as at 31stMarch 2016:

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordinglyparagraph 3(viii) of the Order is not applicable.

(ix) According to information and explanation given to us the Company has not raisedmoneys by way of initial public offer or further public offer (including debt instruments)and term loans during the year. Accordingly paragraph 3(ix) of the Order is notapplicable.

(x) Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

(xi) According to information and explanation given to us the Company has paid orprovided managerial remuneration in accordance with the provisions of section 197 readwith Schedule V to the Act.

(xii) In our opinion and according to the information and explanation given to us theCompany is not a Nidhi Company and hence the paragraph 3(xii) is not applicable.

(xiii) In our opinion and on the basis of information and explanation given to us bythe management all the transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards. (xiv) According to information and explanation given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review.

(xv) According to information and explanation given to us the Company has not enteredinto any non-cash transactions with directors or persons connected with him. Accordinglythe paragraph 3(xv) is not applicable to the Company; (xvi) In our opinion and on thebasis of information and explanation given to us by the management the Company isrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934 andthe company has obtained the necessary registration.

For Das & Prasad
Chartered Accountants
(Firm’s Registration No.303054E)
Anil Kumar Agarwal
Place: Kolkata (Partner)
Date: 25th May 2016 (Membership No. 062368)

Annexure - B to the Auditors’ Report

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 GoldenGoenka Fincorp Limited ("the Company") as of 31 March 2016 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the 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 judgement 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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.

Opinion

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 31 March 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 Das & Prasad
Chartered Accountants
(Firm’s Registration No.303054E)
Anil Kumar Agarwal
Place: Kolkata (Partner)
Date: 25th May 2016 (Membership No. 062368)