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Gowra Leasing & Finance Ltd.

BSE: 530709 Sector: Financials
NSE: N.A. ISIN Code: INE225G01012
BSE LIVE 15:23 | 23 Aug 23.80 -1.00
(-4.03%)
OPEN

23.80

HIGH

23.80

LOW

23.80

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 23.80
PREVIOUS CLOSE 24.80
VOLUME 50
52-Week high 28.40
52-Week low 13.22
P/E 7.26
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 23.80
Sell Qty 50.00
OPEN 23.80
CLOSE 24.80
VOLUME 50
52-Week high 28.40
52-Week low 13.22
P/E 7.26
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 23.80
Sell Qty 50.00

Gowra Leasing & Finance Ltd. (GOWRALEASING) - Auditors Report

Company auditors report

To

The Members

Gowra Leasing and Finance Limited

Secunderabad

Report on the financial statements

We have audited the accompanying financial statements of Gowra Leasing and FinanceLimited ("the Company") which comprise the Balance Sheet as at March 312015 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial 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 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 accounting recordsrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement 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 Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures 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 a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of 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 auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion 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 31stMarch 2015 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 2015 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the CompaniesAct 2013 based on such checks as we considered appropriate and according to theinformation and explanations given to us we state that:

i. a) The company has maintained adequate records of fixed assets with full particularsincluding quantity and location.

b) The fixed assets have been physically verified by the management during the yearwhich in our opinion is reasonable having regard to the size of the company and thenature of its assets and no material discrepancies have been noticed on such verification.Hence the question of dealing with such discrepancies in the books of account does notarise.

ii. As the company has not purchased/ sold goods during the year nor are there anyopening stocks requirement of reporting on physical verification of stocks or maintenanceof inventory records in our opinion does not arise.

iii. a) The company has given loan to one company covered in the register maintainedunder section 189 of the Act.

b) The party has repaid the principal amount as stipulated and has been regular in thepayment of interest.

c) There is no overdue amount of loan granted to such company listed in the registermaintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchase of fixed assets and with regard to the saleof services. During the course of our audit we have not observed any continuing failureto correct major weaknesses in internal control system.

v. In our opinion and according to the information and explanations given to us by themanagement the company has not accepted any deposits from public and the Board ofDirectors of the company has passed a resolution for the non-acceptance of any deposits.The Company has complied with the directions issued by the Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under as per clause (v) of the Order.

vi. According to the information and explanations provided by the management thecompany is not engaged in production of any such goods or provision of any such servicesfor which the Central Government has prescribed particulars relating to utilisation ofmaterial or labour or other items of cost. Hence the provisions of section 148(1) of theAct do not apply to the company and in our opinion no comment on maintenance of costrecords under section 148(1) of the Act is required to be given.

vii. (a) According to the records of the Company the company is regular in depositingwith the appropriate authorities undisputed statutory dues including Provident FundEmployees’ State Insurance Income Tax Sales Tax Wealth Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax Cess and other material statutory dues to theextent applicable to it.

(b) According to the information and explanations given to us and based on the recordsverified by us we state that there were no undisputed amounts payable in respect ofIncome Tax Wealth Tax Service Tax Sales Tax Value Added Tax Duty of Customs Duty ofExcise or Cess which have remained outstanding as at 31st March 2015 for a period of morethan six months from the date they became payable.

(c) According to the information and explanation given to us there are no dues ofIncome tax Wealth tax Sales tax Value Added Tax Service Tax Duty of Customs Duty ofExcise or Cess which have not been deposited on account of any dispute.

(d) The company has transferred the amounts due to be remitted to Investors Educationand Protection Fund with in the due dates under relevant provisions of The Companies Act1956 and Rules framed there under.

viii. The company has not incurred cash loss during the financial year covered by ouraudit as well as in the immediate previous financial year and has no accumulated losses asat the end of the financial year.

ix. According to the records of the company the company has not borrowed any fundsfrom financial institutions or banks nor has issued debentures till 31st March 2015.Hence in our opinion the question of reporting on defaults in repayment of dues tofinancial institutions or banks or debentures does not arise.

x. As informed to us the Company has not given guarantees for loans taken by othersfrom banks or financial institutions.

xi. The company has not raised any term loans from Banks or Financial Institutionsduring the year under audit. Hence the question of application of loan funds for thepurpose for which they were obtained does not arise.

xii. Based on the audit procedures performed and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit.

2) As required by Section 143(3) of the Act we report that

i. 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;

ii. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

iii. The Balance Sheet Profit and Loss Statement and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

iv. 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;

v. On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section 164(2) theAct.

vi. With respect to the other matters to be included in the Auditor's Report inaccordance with the Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us

a) The Company does not have any pending litigations which would impact its financialposition

b) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses

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

For Dagliya and Co.
Chartered Accountants
FRN: 00671S
Sd/-
Place : Secunderabad Jitendra Kumar Jain
Date : 25-05-2015 (Partner) M No.: 018398