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Gujarat Gas Ltd.

BSE: 539336 Sector: Others
NSE: GUJGASLTD ISIN Code: INE844O01022
BSE LIVE 15:40 | 15 Dec 836.70 7.15
(0.86%)
OPEN

840.00

HIGH

844.55

LOW

827.35

NSE 15:50 | 15 Dec 833.00 6.35
(0.77%)
OPEN

845.50

HIGH

845.50

LOW

825.00

OPEN 840.00
PREVIOUS CLOSE 829.55
VOLUME 5350
52-Week high 973.95
52-Week low 500.00
P/E 47.87
Mkt Cap.(Rs cr) 11,520
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 840.00
CLOSE 829.55
VOLUME 5350
52-Week high 973.95
52-Week low 500.00
P/E 47.87
Mkt Cap.(Rs cr) 11,520
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gujarat Gas Ltd. (GUJGASLTD) - Auditors Report

Company auditors report

To

The Members of Gujarat Gas Limited

(Formerly Known as GSPC Distribution Networks Limited) Report on the Standalone Ind ASFinancial Statements

We have audited the accompanying standalone Ind AS financial statements of GujaratGas Limited (‘the Company') which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information (herein afterreferred to as ‘Standalone Ind AS Financial Statements').

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) specifiedunder Section 133 of the Act read with relevant rules issued thereunder.

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 standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

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 theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder. We conductedour audit in accordance with the Standards on Auditing specified under Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the standalone Ind ASfinancial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in thestandalone Ind AS financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the standaloneInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone Ind AS financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

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 Ind AS of thefinancial position of the Company as at 31st March 2017 and its financial performanceincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date.

Other matter

The Comparative financial information of the Company for the year ended 31st March 2016and the transition date opening balance sheet as at 1st April 2015 included in thesestandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by us for the year ended 31st March 2016 vide report dated 17th May2016 and for the year ended 31st March 2015 vide our report dated 13th August 2015expressed 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.

Our Opinion is not modified in respect of these matters.

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 section 143 (11) of the Act we givein the “Annexure A” a statement on the matters specified in theparagraph 3 and 4 of the order to the extent applicable.

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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books. c) The Balance Sheet the Statement ofProfit and Loss the Cash Flow Statement and the Statement of Changes in Equity dealt withby this Report are in agreement with the books of account. d) In our opinion theaforesaid standalone Ind AS financial statements comply with the Indian AccountingStandards specified under Section 133 of the Act read with relevant rule issuedthereunder. e) As the company is a Government Company in terms of notification no. G.S.R.463(E) dated 5th June 2015 issued by the Ministry of Corporate Affairs the sub-section(2) of section 164 is not applicable to the company. f) With respect to the adequacy ofthe internal financial controls over 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 information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements. Refer Note 43 to the standaloneInd AS financial statements;

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

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

iv. The Company has provided requisite disclosures in the standalone Ind AS financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016. Based on audit procedures and relying on themanagement representation we report that the disclosures are in accordance with the booksof accounts maintained by the Company and as produced to us by the Management. Refer Note52 to the standalone Ind AS financial statements.

3. In terms of section 143 (5) of the Act we give in “Annexure C” astatement on the directions and sub directions issued under the aforesaid section by theComptroller and Auditor General of India.

For Manubhai & Shah LLP
Chartered Accountants
ICAI Firm Regn. No. 106041W/W100136
(G. R. Parmar)
Partner
Membership No. 121462
Place: Ahmedabad
Date: 24 May 2017