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Good Value Marketing Company Ltd.

BSE: 500167 Sector: Agri and agri inputs
NSE: GOODVALUE ISIN Code: INE532A01014
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Good Value Marketing Company Ltd. (GOODVALUE) - Auditors Report

Company auditors report

To the Members of Good Value Marketing Company Limited

Report on the Financial Statements

We have audited the financial statements of Good Value Marketing Company Limitedwhich comprise the balance sheet as at 31 March 2016 the statement of profit and loss andthe cash flow statement for the year then ended and a summary of significant accountingpolicies 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 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; and design 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.

Auditors' Responsibility

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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.

Opinion

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 31March 2016 and its loss 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 2016 ("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 a statement on the matters specified in the paragraph3 and 4 of the order.

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 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 31March 2016 taken on record by the Board of Directors none of the directors Isdisqualified as on 31 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*

(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:

(h) The Company does not have pending litigations which would impact its financialposition.

(i) The Company did not have any long-term contracts Including derivative contracts forwhich there we any material foreseeable losses.

(j) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For Batliboi & Purohit
Chartered Accountants
Firm Registration Number: 101048W
Sd/-
R. D. Hangekar
Partner
Membership Number30615
Mumbai
30.05.2016

ANNEXURE-Ato the Audit Report

The Annexure referred to In the Auditors' Report to the members of the company on thefinancial statements for the year ended on March 31 2016 we report that:

(i) (a) The company has maintained proper records showing full particulars. Includingquantitative details and situation of fixed assets.

(b) The management during the year has not physicolly verified the fixed assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of Immovable properties areheld in the name of the Company.

(ii) (a) The inventory hos nof been physically verified during the year by themanagement.

(b) Since the physical verification of the Inventory has not been conducted we can notcomment whether the procedure of physical verification is reasonable and adequate inrelation to the sire of the company.

(c) In our opinion and according to the information and explanations given to us thecompany Is maintaining proper records of inventory but in absence of physicalverification we can not comment on the discrepancies if any between book stock andphysical stock.

(iii) The company has not granted any loans secured or unsecured to companies firms.Limited liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. If so.

(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 and Investments made.

(v) The company has not accepted any deposits from the public within the meaning ofSection 70 to 76 of the Act and Rules framed there under to extent notified.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act. for any of the services rendered by the Company.

(vii) The company is regular In depositing undisputed statutory dues Includingprovident fund employees' state Insurance Income-tax. sales-tax service tax. valueadded tax. cess and any other statutory dues to the appropriate authorities if any

(viii) According to the information and explanations given to us. and the recordsexamined by us there are no dues in respect of sales tax Income tax duty of customswealth-tax service tax entry tax value added tax central sales tax. duty of excisecess as at March 2016 that have not been deposited with the appropriate authority onaccount of any disputes.

(ix) (a) The company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordinglyparagraph 3 (lx) of order is not applicable.

(b) According to the information and explanations given to us the Company has takenInterest free loans amounting to Rs.63259363/-.

(c) As the loan is Interest free and there Is no other terms and conditions attached tothis loan hence we cannot comment on whether they are prima fade projudidal to thecompany. The loan taken is repayable on demand.

(x) The Company did not raise any money by way of initial public offer or furtherpublic offer (induding debt instruments) and term loans during the year. Accordinglyparagraph 3 (lx) of the Order Is not applicable.

(xi) According to the information and explanations given to us no material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

(xii) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act

(xiii) In our opinion and according to the information and explanations given to us.the Company is not a nidhi company. Accordingly paragraph 3(xllj of the Order Is notapplicable.

(xiv) All transactions with the related parties are In compfiance with sections 177 and188 of Companies Act. 2013 where applicable and the details have been disclosed In theFinancial Statements etc. as required by the applicable accounting standards.

(xv) There are accumulated losses at the end of the financial year which exceeds thenet worth of the Company. The company has incurred cash losses during the financial yearcovered by our audit and has also Incurred cash losses during the immediately precedingfinancial year.

(xvi) According to the information and explanations give to us and based on ourexamination of the records or the Company the Company has not.made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year

(xvii) According to the Information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xviil) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Batliboi & Purohit

Chartered Accountants

Firm Registration Number: 101048W

Sd/-

R.D. Hangekar

Partner

Membership Number: 30615

Mumbai

30.05.2016

Annexure - B to the Auditors' Report

Referred In paragraph 2(0 of the Independent Auditors' Report of even date to themembers of Good Value Marketing Company Limited on the financial statements for the yearended 3l" March 2016.

Report on the Internal Financial Controls under Clause (1) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Good ValueMarketing Company 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'). These responsibilitiesinclude the design. Implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial Information asrequired 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 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 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 Batliboi & Purohit

Chartered Accountants

Firm Registration Number: 101048W

Sd/-

R. D Hangekar

Partner

Membership Number:

Mumbai

30.05.2016