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GRP Ltd.

BSE: 509152 Sector: Others
NSE: GRPLTD ISIN Code: INE137I01015
BSE LIVE 15:21 | 18 Aug 1350.00 45.00
(3.45%)
OPEN

1322.10

HIGH

1368.00

LOW

1322.10

NSE 15:31 | 18 Aug 1337.90 12.90
(0.97%)
OPEN

1364.80

HIGH

1438.00

LOW

1325.10

OPEN 1322.10
PREVIOUS CLOSE 1305.00
VOLUME 538
52-Week high 1802.00
52-Week low 1300.05
P/E 21.47
Mkt Cap.(Rs cr) 180
Buy Price 1350.00
Buy Qty 148.00
Sell Price 1369.00
Sell Qty 1.00
OPEN 1322.10
CLOSE 1305.00
VOLUME 538
52-Week high 1802.00
52-Week low 1300.05
P/E 21.47
Mkt Cap.(Rs cr) 180
Buy Price 1350.00
Buy Qty 148.00
Sell Price 1369.00
Sell Qty 1.00

GRP Ltd. (GRPLTD) - Auditors Report

Company auditors report

To the Members of GRP Limited

Report on the Standalone Financiazl Statements

1. We have audited the accompanying standalone financial statements of GRP Limited("the Company") which comprise the balance sheet as at 31st March 2017 thestatement of profit and loss and the cash flow statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these standalone financial statements that give a true andfair view of the financial position financial performance and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our 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 thereunder. 5. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act andother applicable authoritative pronouncements issued by the Institute of CharteredAccountants of India. Those Standards and pronouncements require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s directors as well as evaluating theoverall presentation of the financial statements. 7. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe standalone financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India a) In the case of the Balance Sheet ofthe state of affairs of the Company as at 31st March 2017 b) In case of the Statement ofProfit and Loss of the profit for the year ended on that date; and c) In the case of theCash Flow Statement of the cash flows for the year ended.

Report on Other Legal and Regulatory Requirements

9. 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 ("the Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure "A" astatement on the matters specified in the paragraph 3 and 4 of the order. 10. As requiredby Section 143 (3) of the Act we report that: (a) We have sought and obtained all theinformation and explanations which to the best of our knowledge and belief were necessaryfor the purposes of our audit. (b) In our opinion proper books of account as required bylaw have been kept by the

Company 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014; (e) On the basis of the written representations receivedfrom the directors as on 31st March 2017 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2017 from being appointed as a directorin terms of Section 164 (2) of the Act; (f) With respect to the adequacy of the internalfinancial controls over the financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate 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 knowledge and belief and information and explanations given to us:i. The Company has disclosed the impact of pending litigations as at March 31 2017 on itsfinancial position in its financial statement- Refer Note 29 ii. The Company has madeprovision as at March 31 2017 as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended March 31 2017. iv. The Company has provided requisite disclosures in the standalonefinancial statements as to holding as well as dealings in Specified Bank Notes during theperiod from 8th November 2016 to 30th December 2016 on the basis of informationavailable with the Company. Based on audit procedure and relying on management’srepresentation we report that disclosures are in accordance with the books of accountsmaintained by the Company and as produced to us by the Management.- Refer Note 17 of Notesto Financial Statements.

For A. B. Modi & Associates
Chartered Accountants
ICAI Firm’s Registration No.106473W
Rajesh S Shah
Place : Mumbai Partner
Mumbai : 30th May 2017 Membership No 017844

Annexure –"A" to the Auditors’ Report

Annexure referred to an Independent Auditors’ Report of even date to the membersof GRP Limited on Standalone financial statements for the year ended 31st March 2017.

We report that :

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased 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. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets. (c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company. (ii) As explained to us the inventory(excluding stocks lying with third parties) has been physically verified by the Managementduring the year. In respect of inventory lying with third parties these havesubstantially been confirmed by them. In our opinion the frequency of verification isreasonable.The discrepancies noticed on physical verification of inventory as compared tobook records were not material and have been dealt with in the books of account.

(iii) The Company has granted unsecured loan to a subsidiary company which is coveredin the register maintained under Section 189 of the Act. The Company has not granted anysecured / unsecured loans to firms or limited liability partnership or other partiescovered in the register maintained under Section 189 of the Act. a) In respect of theaforesaid loan the terms and conditions of granting of loan are not prejudice to theinterest of the company. b) In respect of the aforesaid loan there was no amount dueduring the year. c) In respect of the aforesaid loan there was no overdue amount duringthe year.

(iv) In our opinion and according to the information and explanation given to us theCompany has complied with the provisions of S.185 and S.186 of the Companies Act 2013 inrespect of the loan and investments made. We are informed that the Company has notprovided any guarantee or securities during the year.

(v) The Company has not accepted any deposits from the public within the meaning ofsections 73 to 76 of the Companies Act and rules framed there under to the extentnotified. We are informed that no order has been passed by the Company Law Board orNational Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.

(vi) Pursuant to the rules made by the Central Government of India the Company isrequired to maintain cost records as specified under Section 148 (1) of the Act. inrespect of its products. We have broadly reviewed the same and are of the opinion thatprima facie the prescribed accounts and record have been made and maintained. We havenot however made a detailed examination of the records with a view to determine whetherthey are adequate or complete.

(vii) (a) According to the information and explanations given to us and the records ofthe company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues including provident fund employees’ state insuranceincome tax sales tax wealth tax service tax duty of customs duty of excise valueadded tax and other material statutory dues as applicable with the appropriateauthorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us the particulars of dues of income tax sales- tax including valueadded tax duty of customs and duty of excise as at 31st March 2017 which have not beendeposited on account of a dispute are as follows :

Name of The Statute Nature of Dues Period to which the amount relates Amount Forum Where Dispute is pending
(Rs in lakhs)
G.VAT Sales Tax April 2006 to June 2013 0.02 Department Authorities
Income Tax Act 1961 Income Tax F.Y.2008-09 13.96 CIT(A)- Mumbai
Income Tax Act 1961 Income Tax F.Y.2010-11 23.54 CIT(A)- Mumbai
Income Tax Act 1961 Income Tax F.Y.2014-15 32.78 Jurisdiction Assessing Officer Mumbai
Income Tax Act 1961 Income Tax F.Y.2015-16 20.55 Jurisdiction Assessing Officer Mumbai
The Central Excise Act 1944 Central Excise January 2005 to March 2012 131.85 CESTAT
The Central Excise Act 1944 Central Excise July 2012 to Sept 2016 13.03 Department Authorities

(viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues to bank. Thecompany does not have any loans or borrowings from any financial institution or Governmentnor it has issued any debentures as at the balance sheet date.

(ix) In our opinion and according to the information and explanations given to us theterm loans have been applied on an overall basis for the purposes for which they wereobtained. The Company has not raised money by way of initial public offer or furtherpublic offer during the year.

(x) During the course of our examination of the books and records of the companycarried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have not come across anyinstances of frauds by the Company or any material fraud on the company by its officer oremployees nor have any instances of material fraud been reported to us by the managementduring the year.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the company the company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us thecompany is not a nidhi company. Accordingly Clause 3(xii) of the order is not applicableto the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of the act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableAccounting Standards. (xiv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review. Accordingly Clause 3(xiv) of the order is notapplicable to the Company.

(xv) 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 person connected with them. Accordingly Clause 3(xv) of theorder is not applicable to the Company.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly Clause 3(xvi) of the order is not applicable to theCompany.

For A. B. Modi & Associates
Chartered Accountants
ICAI Firm’s Registration No.106473W
Rajesh S Shah
Place : Mumbai Partner
Mumbai : 30th May 2017 Membership No 017844

Annexure – "B" to the Auditors’ Report

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

We have audited the internal financial controls over financial reporting of GRP Limited("the Company") as of 31st March 2017 in conjunction with our audit of thestandalone financial statements of the Company for the year ended 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 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"). Theseresponsibilities 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 assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 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 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 31st March 2017 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 A. B. Modi & Associates
Chartered Accountants
ICAI Firm’s Registration No.106473W
Rajesh S Shah
Place : Mumbai Partner
Mumbai : 30th May 2017 Membership No 017844