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Goodluck India Ltd.

BSE: 530655 Sector: Metals & Mining
NSE: GOODLUCK ISIN Code: INE127I01024
BSE LIVE 15:40 | 25 Sep 83.55 -1.60
(-1.88%)
OPEN

85.55

HIGH

86.65

LOW

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NSE 15:43 | 25 Sep 83.40 -1.85
(-2.17%)
OPEN

85.25

HIGH

86.60

LOW

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OPEN 85.55
PREVIOUS CLOSE 85.15
VOLUME 15855
52-Week high 121.00
52-Week low 78.00
P/E 10.28
Mkt Cap.(Rs cr) 184
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 85.55
CLOSE 85.15
VOLUME 15855
52-Week high 121.00
52-Week low 78.00
P/E 10.28
Mkt Cap.(Rs cr) 184
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Goodluck India Ltd. (GOODLUCK) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS’ REPORT

To The Members of

GOOD LUCK STEEL TUBES LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Good Luck SteelTubes Limited ("the Company") which comprises the Balance Sheet as at March 312016 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of 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 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 financialstatements that give a true and fair view and are free frommaterialmisstatement whether due to fraud or error.

Auditor’s 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 there under and the Order under section 143(11)of the Act.

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 anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

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 of the state of affairs of the Company as at March31 2016 and its profit 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in ‘Annexure A’ 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 sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c. The Balance Sheet The Statement of Profit and Loss andThe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount. 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 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 31st March 2016 from being appointed as a Director interms of Section 164 (2) of the Act. f. With respect to the adequacy of the internalfinancial controls over financial reporting of the company and the operating effectivenessof such controls refer to our separate report in "Annexure B" to this report.

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) Rules2014 in our opinionand to the best of our information and according to the explanations given to us : (i) TheCompany has disclosed the impact of pending litigations on its financial position in itsstandalone financial statements.

(ii) The Company did not have any long term contracts including derivatives contractsfor which they have any material foreseeable losses; (iii) There were no amounts whichrequired to be transferred by the company to the Investor Education and Protection Fund.

For SANJEEV ANAND & ASSOCIATES
Chartered Accountants
Firm Reg. No. 007171C
(S. AGARWAL)
Partner
Place : GHAZIABAD M.NO. 072907
Date : 24th May 2016

ANNEXURE ‘A’ TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and Requirement’section of our report of even date)

Report on Companies (Auditor’s Report) Order 2016 ("the Order") issuedby the Central Government of India in terms of section 143(11) of the Companies Act 2013(‘the Act’) of Good Luck Steel Tubes Limited("the Company"):

1. In respect of fixed assets of the Company: a. The company has maintained properrecords showing full particulars including quantitative details and situation of fixedassets. b. The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification. c. According to the information and explanations given to us and the recordsexamined by us we report that the immovable properties disclosed as fixed assets in thefinancial statements are held in the name of the company.

2. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on suchverification.

3. According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theAct.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

5. The company has not accepted any deposits during the year and does not have anyunclaimed deposits as on 31st March 2016.

6. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the CentralGovernment for the maintenance of cost records under section148(1) of the Companies Act 2013 and are of the opinion that prima facie the specifiedaccounts and records have beenmade and maintained. We have not however made a detailedexamination of the same.

7. According to the information and explanations given to us in respect of statutorydues: a. The Company has generally been regular in depositing undisputed statutory duesincluding provident fund employees’ state insurance Income tax sales tax servicetax value added tax duty of customs duty of excise cess and any other materialstatutory dues applicable to it with appropriate authorities. b. There were no undisputedamounts payable in respect of provident fund employees’ state insurance Income taxsales tax service tax value added tax duty of customs duty of excise cess and anyother material statutory dues in arrears as at 31st March 2016 for a period of more thansix months from the date they became payable. c. According to the records of the Companythe dues outstanding of income-tax sales-tax service tax duty of custom duty ofexcise value added tax and cess on account of any dispute are as follows:

Name of the Statute Forum where dispute is pending Financial Year to which the amount relates Total Amt. (Rs. In Lacs)
Central Excise Act CESTAT 2006-07 2009-10 2010-11 125.22
2011-12 2013-14
Central Excise Act Commissioner (Appeals) 2011-12 2012-13 2014-15 13.24
Commercial Tax U.P. Commissioner (Appeals) 2011-12 2014-15 297.62

8. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of loans or borrowings to the banks. The Companydoes not have any outstanding dues in respect of financial institutions and debentureholders during the year.

9. Based on the information and explanations given to us by the management term loanwas applied for the purpose the loan was raised. The Company has not raised any money byway of initial public offer or further public offer (including debt instrument).

10. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit. 11. According to the information and explanations given to usthe management has paid managerial remuneration in accordance with the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

12. In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable.

13. According to the information and explanations given to us the transactions withthe related parties are in compliance with Section 177 and 188 of the Companies Act 2013where applicable and details have been disclosed in the notes to the financial statementsas required by the applicable accounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures hence reporting under clause3(xiv) of the order is not applicable to the Company.

15. According to the information and explanations given to us the company has notentered in to any non-cash transaction with the director or persons connected with him asreferred to in section 192 of the Companies Act 2013.

16. According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For SANJEEV ANAND & ASSOCIATES
Chartered Accountants
Firm Reg. No. 007171C
(S. AGARWAL)
Partner
Place : GHAZIABAD M.NO. 072907
Date : 24th May 2016

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

Report on the Internal Financial Control Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies act 2013 (‘the Act’)

We have audited the internal financial controls over financial reporting of Good LuckSteel Tubes Limited ("the Company")as onMarch 31 2016 in conjunction with ouraudit of the financial statements of the company for the year ended and as 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 controls over financial reporting criteriaestablished by the company considering essential components of internal control stated inthe Guidance Note on Audit of Internal Financial Controls over Financial Reporting issuedby the Institute of Chartered Accountants of India (the ‘Guidance Note’). Thesesresponsibilities 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 asset the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of the reliablefinancial information as required under the Act.

Auditor’s 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 Standards of Auditing prescribed under Section 143(10) of the Act and theGuidance Note to the extent applicable to an audit of internal financial controls. Thosestandards and the Guidance Note require that we comply with the ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control 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 standalone financial statements whether due to fraud orerror.

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 preparation 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 controlsover 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For SANJEEV ANAND & ASSOCIATES
Chartered Accountants
Firm Reg. No. 007171C
(S. AGARWAL)
Partner
Place : GHAZIABAD M.NO. 072907
Date : 24th May 2016