Gujarat State Petronet Limited Gandhinagar
Report on the Standalone Ind AS Financial Statements
Being a Government Company the Comptroller & Auditor General of India has carriedout supplementary audit of your Company pursuant to Provisions of Section 143 (6) of theCompanies Act 2013. The Comptroller & Auditor General has issued provisional commentson Independent auditors report. On considering the comments we here by issuing revisedIndependent auditors report on standalone financial statements hence we are replacing ouroriginal report which was issued vide dated 25th May 2017.
We have audited the accompanying standalone Ind AS financial statements of GujaratState Petronet Limited ("the Company") which comprise the Balance Sheet as at31st March 2017 and the Statement of Profit and Loss (including OtherComprehensive Income) the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and a summary of the significant accounting policies and otherexplanatory information.
Management's Responsibility for the Standalone Ind AS 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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy 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.
Our responsibility is to express an opinion on these standalone Ind AS financialstatements based 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 theprovisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone Ind AS financial statements in accordance withthe 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 standalone Ind AS financial statements are freefrom material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thefinancial position of the Company as at 31st March 2017 and its financialperformance including other comprehensive income its cash flows and the changes in equityfor the year ended on that date.
The comparative financial information of the Company for the year ended 31stMarch 2016 and the transition date opening balance sheet as at 1st April 2015included in these standalone Ind AS financial statements are based on the previouslyissued statutory financial statements prepared in accordance with the Companies(Accounting Standards) Rules 2006 audited by us and the predecessor auditor respectivelycorresponding audit report for the year ended 31st March 2016 and 31stMarch 2015 dated 19th May 2016 and 22nd May 2015 respectivelyexpressed an unmodified opinion on those standalone financial statements as adjusted forthe differences in the accounting principles adopted by the Company on transition to theInd AS which have been audited by us.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in theparagraph 3 and 4 of the 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 the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account.
d) In our opinion the aforesaid Standalone Ind As financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014;
e) As the Company is a Government Company in terms of notification number: G.S.R.463(E) Dated 5th June 2015 issued by Ministry of Corporate Affairs the sub section (2)of section 164 of the Act is not applicable.
f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and
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 has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements - Refer Note 30 to the Ind AS financialstatements.
ii) The Company has made provisions as at 31st March 2017 as required underthe applicable law or Indian Accounting Standards for material foreseeable losses ifany on long-term contracts including derivative contracts.
iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
iv) The Company has provided requisite disclosures in its standalone Ind As financialstatements as to holdings as well as dealing in specified bank notes during the periodfrom 8th November 2016 to 30th December 2016 and these are inaccordance with books of account maintained by company. Refer No : 49 to the StandaloneInd AS financial statements.
3. As required by section 143 (5) of the Act we give in "Annexure C"A statement on matters specified by the Comptroller and Auditor - General of India for theCompany.
| ||For VV. Patel & Co. |
| ||Chartered Accountants |
| ||F. R. No. 118124W |
| ||CA Swapnil K. Bhatt |
|Place: Gandhinagar ||Partner |
|Date : 24th July 2017 ||M. No. 128864 |