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Gujarat Intrux Ltd.

BSE: 517372 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE877E01015
BSE LIVE 15:40 | 24 Nov 104.65 3.55
(3.51%)
OPEN

98.30

HIGH

104.70

LOW

98.30

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 98.30
PREVIOUS CLOSE 101.10
VOLUME 282
52-Week high 108.00
52-Week low 55.25
P/E 19.90
Mkt Cap.(Rs cr) 36
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 98.30
CLOSE 101.10
VOLUME 282
52-Week high 108.00
52-Week low 55.25
P/E 19.90
Mkt Cap.(Rs cr) 36
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gujarat Intrux Ltd. (GUJINTRUX) - Auditors Report

Company auditors report

To

The Members

GUJARAT INTRUX LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of GUJARAT INTRUX LIMITED whichcomprise the Balance Sheet as at 31st March 2016 the Statement of Profit andLoss and the Cash Flow Statement for the year ended and a summary of significantaccounting polices 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 preparation ofthese standalone Financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with 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 safeguardingof the 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

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 theprovision of the Act and the Rules made thereunder.

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 andthe 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 of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of the 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 of the state of affairs of the Companyas at 31st March 2016 and its profits and its cash flows for the year ended onthat date.

Report on Other legal and Regulatory Requirements

1. As required by Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of Section 143(11) of the Act we annex hereto a statement inAnnexure A on the matters specified in paragraphs 3 and 4 of the said order.

2. 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 purposes 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account of the Company.

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 written representations received from the directors as on 31stMarch 2016 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 termsof Section 164(2) of the Act.

f) With respect to the adequacy of internal financial controls over financial reportingof the Company and the operating effectiveness of such controls please refer to ourseparate 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 information and according to the explanations given to us:

i. The company does not have any pending litigations which would impact its financialposition.

ii. The company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on the long term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Chandabhoy & Jassoobhoy
Chartered Accountants
Partner
Place : Ahmedabad Membership No. 100932
Date : 28th May 2016 Firm Regn. No. 101648W

"ANNEXURE A" REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF GUJARATINTRUX LIMITED FOR THE YEAR ENDED 31ST MARCH 2016

i. The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets. The management has certified thephysical verification of the fixed assets at reasonable intervals. No significantdiscrepancy was noticed on such verification. The title deeds of the immovable propertiesare held in the name of Company.

ii. The stock of goods has been physically verified during the year at reasonableintervals by the management. The discrepancies noticed on verification between thephysical stocks and the book records were not material and have been properly dealt within the books of account.

iii. The Company had not granted any loans to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013.

iv. In respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

v. The Company has not accepted any deposits within the meaning of section 73 to 76 orany other relevant provisions of the Companies Act 2013.

vi. The maintenance of cost records has not been specified by the Central Governmentunder sub section (1) of section 148 of the Companies Act 2013.

vii. To the best of our knowledge and according to the information and explanationsgiven to us the Company has been regular in depositing the undisputed statutory duesconsisting of Provident fund Employees' state insurance income tax sales tax servicetax customs duty excise duty value added tax cess and other statutory dues with theappropriate authorities. There are no dues in respect of income tax sales tax servicetax customs duty excise duty or value added tax which have not been deposited on accountof any dispute.

viii. The Company has not defaulted in repayment of loans or borrowings to a financialinstitutions bank Government or dues to debenture holders.

ix. In our opinion the money raised by way of initial pubic offer or further publicoffer (including debt instruments) and term loans were applied for the purpose for whichthose were raised.

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or any fraud on the Company by its officers and employeeshas been noticed or reported during the year.

xi. The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act 2013.

xii. The Company is not a Nidhi Company as defined in section 406 of the Companies Act2013.

xiii. In our opinion all transactions with the related parties are in compliance withsections 177 and 188 of the Companies Act 2013 and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

xv. In case of non-cash transactions with directors or persons connected with him ifany the provisions of section 192 of the Companies Act 2013 have been complied with.

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

For Chandabhoy & Jassoobhoy
Chartered Accountants
Partner
Place : Ahmedabad Membership No. 100932
Date : 28th May 2016 Firm Regn. No. 101648W

"ANNEXURE B" REFERRED TO IN THE AUDITORS REPORT TO THE MEMBERS OF GUJARATINTRUX LIMITED FOR THE YEAR ENDED 31ST MARCH 2016

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 GUJARATINTRUX LIMITED ("the Company") as of 31st March 2016 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation 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 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 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Chandabhoy & Jassoobhoy
Chartered Accountants
Partner
Place : Ahmedabad Membership No. 100932
Date : 28th May 2016 Firm Regn. No. 101648W