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Grovy India Ltd.

BSE: 539522 Sector: Infrastructure
NSE: N.A. ISIN Code: INE343C01012
BSE LIVE 13:49 | 11 May Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 24.05
PREVIOUS CLOSE 25.30
VOLUME 619
52-Week high 42.35
52-Week low 24.05
P/E 150.31
Mkt Cap.(Rs cr) 3
Buy Price 24.05
Buy Qty 22.00
Sell Price 0.00
Sell Qty 0.00
OPEN 24.05
CLOSE 25.30
VOLUME 619
52-Week high 42.35
52-Week low 24.05
P/E 150.31
Mkt Cap.(Rs cr) 3
Buy Price 24.05
Buy Qty 22.00
Sell Price 0.00
Sell Qty 0.00

Grovy India Ltd. (GROVYINDIA) - Auditors Report

Company auditors report

TO THE MEMBERS OF

GROVY INDIA LIMITED

NEW DELHI

Report On the Financial Statements

We have audited the attached financial statements of GROVY INDIA LIMITEDcomprising of the Balance Sheet as at 31st March 2016 the Statement of Profit and Lossand the Cash Flow Statement for the year ended along with the Significant AccountingPolicies and other explanatory information forming an integral part thereof.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the Accounting Standardsreferred to in Section 133 of the Companies Act 2013 (hereinafter referred to as theAct) read with Rule 7 of the Companies (Accounts) Rules 2014 and in accordance with theaccounting principles generally accepted in India. This responsibility also includes themaintenance of adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets of the Company and for preventing and detecting the frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial 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 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 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 Company’s Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a reasonable 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 correct view in conformity with the accountingprinciples generally accepted in India.

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016.

(b) In the case of statement of Profit and Loss Account of the profit for the yearended on that date.

(c) In the case of the statement of cash flow of the company for the year ended on thatdate.

Report On Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 issued by theCentral Government of India in terms of sub-section (11) of Section 143 of the Act weenclose in the Annexure A a statement on the matters specified in paragraph 3 and 4 ofthe said Order to the extent applicable to the Company during the year under review.

2. Further to our comments in the Annexure referred to in 1 above as per therequirements of Section 143(3) of the Act we report as follows:

(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 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 Balance Sheet Statement of Profit and Loss and the Cash FlowStatement dealt with by this report comply with the Accounting Standards referred to inSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014;

(e) On the basis of written representations received from the respective directors ason 31st March 2016 and 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 sub-section (2) of Section 164 of the Act;

(f) With respect to adequacy of internal financial controls over financial reporting ofthe company and operating effectiveness of such controls refer to our separate report inAnnexure B and (f) With respect to the other matters to be included in the Auditor’sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous;

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

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

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Wadhwa & Co

Chartered Accountants

(Firm Registration No.021821N)

FCA Sushil Wadhwa

Prop.

Membership No. 091435

Place: New Delhi

Date: 28.05.2016

Annexure A to the Auditors’ Report

(Referred to in paragraph of our report of even date)

In terms of the information and explanations given to us and the books and recordsexamined by us and on the basis of such checks as we considered appropriate we furtherreport as under:

1. a) The Company has maintained proper records showing full particulars includingQuantitative Details and the situation of the fixed assets.

b) The company has a regular programme of physical verification of fixed assets bywhich fixed assets are verified in a physical manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification.

2. a) In our opinion physical verification of inventory has been conducted atreasonable intervals by the management and the procedures of such verification followed bythe management are both reasonable and adequate in relation to the size of the Company andnature of the business.

b) The Company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification of the said inventory.

3. During the year the Company has not granted any loans secured or unsecured to theparties covered in the register maintained under Section 189 of the Act.

4. 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 Companies Act 2013in respect of grant of loans making investments and providing guarantees and securitiesas applicable.

5. According to the information and explanations given to us the Company has notaccepted any deposits from the public and hence reporting under clause (v) of the CARO2016 is not applicable.

6. The maintenance of cost records as specified by the Central Government under section148(1) of the Companies Act 2013 are not applicable on the company.

7. According to information and explanations to us in respect of statutory dues

a. The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees’ State Insurance Income Tax Sales Tax Service Tax ValueAdded Tax Excise Duty Customs Duty Cess and other material statutory dues applicable toit with the appropriate authorities.

b. There are no undisputed amounts payable in respect of Provident FundEmployees’ State Insurance Income Tax Sales Tax Service Tax Value Added TaxExcise Duty Customs Duty Cess and other material statutory dues in arrears as at 31March 2016 for a period of more than six months from the date they became payable.

8. In our opinion and according to information and explanation given to us during theyear Company has not defaulted in repayment of secured loans taken from FinancialInstitutions/Banks. The company has not issued any debentures.

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instrument) or term loans and hence reporting under clause (ix) ofthe CARO 2016 is not applicable.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.

11. In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

12. The Company is not a Nidhi Company and hence reporting under clause (xii) of theCARO 2016 Order is not applicable.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 188 and 177 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations given to us and based on theexamination of records of the company the Company has not made any preferential allotmentor private placement of shares during the year under review.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence provisions of section 192 of theCompanies Act 2013 are not applicable.

16. The Company is not required to be registered under section 45-IA of the Reservebank of India Act 1934.

For Wadhwa & Co

Chartered Accountants

(Firm Registration No.021821N)

FCA Sushil Wadhwa

Prop.

Membership No. 091435

Place: New Delhi

Date: 28.05.2016