You are here » Home » Companies » Company Overview » Grand Foundry Ltd

Grand Foundry Ltd.

BSE: 513343 Sector: Metals & Mining
NSE: GRANDFONRY ISIN Code: INE534A01010
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Grand Foundry Ltd. (GRANDFONRY) - Auditors Report

Company auditors report

TO THE MEMBERS OF GRAND FOUNDRY LIMITED MUMBAI.

Report on the Financial Statements

1. We have audited the accompanying financial statements of Grand Foundry Limited("the Company") which comprise the Balance Sheet as at March 31 2015 and theStatements of Profit and Loss and Cash Flow for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. 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 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 (asamended). This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. 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.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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 ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating

effectiveness of such controls. An audit also includes evaluating the appropriatenessof the accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the financialstatements.

7. 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 :

8. 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 March31 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. 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 Act (the"Order") and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure a statement on the matters specified in paragraphs 3and 4 of the Order.

10. 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 purpose 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 dealt with by this Report are inagreement 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 (as amended);

e. On the basis of written representations received from the directors as on March 312015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct;

f. With respect to the other matters in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 (as amended) are not applicable to the company

For Thacker Butala Desal
Chartered Accountants
Firm’s Registration Number 110864W
Kunjan N Gandhi
Partner
Membership Number 039195
Mumbai
Date: September 05 2015

Annexure to the Auditor’s Report referred to in para 9 in our report of even date:

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

(b) The fixed assets have been physically verified by the Management during theyear.'There is a regular programme of verification which in our opinion is reasonablehaving regard to size of the company and nature of its assets.

ii. (a) The management has conducted physical verification of inventory at reasonableintervals. In our opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventory followed by the management were foundreasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) On the basis of our examination of the inventory records in our opinion theCompany is maintaining proper records of inventory. The discrepancies noticed on physicalverification of inventory as compared to book records were not material.

iii. There are no companies firms or other parties covered in the register maintainedunder Section 189 of the Act. Therefore the provisions of Clause 3(iii) of thesaid order are not applicable to the company.

iv. In our opinion and according to the information and explanations given to us theCompany is having an adequate internal control' system commensurate with the size and thenature of its business for the purchase of fixed assets and sale of services. On thebasis of our examination of the books and records of the Company and according to theinformation and explanations given to us we have neither come across nor have we beeninformed of any continuing failure to correct any major weaknesses in the aforesaidinternal control system.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Sections 7374 75 and 76 of the Act and rules framed there under to the extent notified.Consequently no order has been passed by the Company Law Board or National Company LawCommission or Reserve Bank of India or any court or any other tribunal on the Company.

vi. The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.

vii. (a) According to the records of the Company and information and explanations givento us the Company is generally regular in depositing undisputed statutory dues includingProvident fund Employees’ state insurance Income tax Sales tax Service tax dutyof customs value added tax cess and other applicable statutory dues with the appropriateauthorities.

(b) According to the information and explanations given to us and records of theCompany examined by us there are no dues of income tax sales tax wealth tax service-tax duty of excise duty of customs value added tax and cess which have not beendeposited on account of any dispute.

(c) There are no amounts required to be transferred by the Company to the InvestorEducation and Protection Fund in accordance with the provisions of the Companies Act 1956and the rules made thereunder.

viii. The Company neither has accumulated losses as at the end of the current financialyear nor has it incurred cash losses in the current financial year and in the immediatelypreceding financial year.

ix. The Company has not borrowed from financial institutions/through debenture issue.

x. According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from banks or financial institutions during theyear. Accordingly the provisions of clause 3(x) of the Order are not applicable to theCompany.

xi. In our opinion and according to the information and explanations given to usduring the year the term loans have been applied for the purposes for which they wereobtained.

xii. During the course of our examination of the books and records of the Companycarried out in accordance with generally accepted accounting practices and according tothe information and explanations given to us we have neither come across any instance ofmaterial fraud on or by the Company noticed or reported during the year nor have we beeninformed of any such instance by the Management.

For Thacker Butala Desai.
Chartered Accountants
Firm’s Registration Number 110864W
Kunjan N Gandhi
Partner
Membership Number 039195
Mumbai :
Date : September 05 2015