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Gujarat Metallic Coal & Coke Ltd.

BSE: 531881 Sector: Others
NSE: N.A. ISIN Code: INE146F01020
BSE LIVE 15:14 | 22 Aug 19.05 -0.90
(-4.51%)
OPEN

19.05

HIGH

19.05

LOW

19.05

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 19.05
PREVIOUS CLOSE 19.95
VOLUME 70
52-Week high 29.45
52-Week low 19.00
P/E 211.67
Mkt Cap.(Rs cr) 4
Buy Price 19.05
Buy Qty 118.00
Sell Price 19.50
Sell Qty 500.00
OPEN 19.05
CLOSE 19.95
VOLUME 70
52-Week high 29.45
52-Week low 19.00
P/E 211.67
Mkt Cap.(Rs cr) 4
Buy Price 19.05
Buy Qty 118.00
Sell Price 19.50
Sell Qty 500.00

Gujarat Metallic Coal & Coke Ltd. (GUJARATMETALLIC) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To the members of

Gujarat Metallic Coal & Coke Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of Gujarat MetallicCoal & Coke Limited ("the Company") which comprise the Balance Sheet asat March 31 2015 the Statement of Profit and Loss and the Cash Flow Statement for sixmonths period then ended and a summary of significant accounting policies and otherexplanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE 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 principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules

2014. 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes 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 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 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

2015 and its profit and its cash flows for six months period ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2015 ("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 statement on the matters specified in paragraphs 3 and4 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 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 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 March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section 164(2) of theAct;

f) 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 wereport as under :

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;

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

For N. C. Banerjee & Co.
Chartered Accountants
Firm Regn. No.302081E
A. Paul
Place : Kolkata Partner
Date : 30th May 2015 Membership No. 06490

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of GujaratMetallic Coal & Coke limited for six months period ended March 31 2015.

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

(b) The fixed assets have been physically verified by the management during the periodin a phased manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. No material discrepancies were noticed on suchverification.

(II) (a) The inventories have been physically verified by the management at reasonableintervals during the period. In

our opinion the frequency of verification is reasonable.

(b) In our opinion the procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of inventory and shortage/excess noticed on physicalverification referred in Note No. 31 as compared to book records have been properlydealt with in the books of account.

(III) The Company has not granted any loans secured or unsecured to companies firmsor other parties except current account transactions covered in the register maintainedunder section 189 of the Companies Act 2013. Accordingly sub-clauses (a) & (b) ofclause (iii) of paragraph 3 of the Order are not applicable to the Company.

(IV) In our opinion and according to the information and explanations given to usthere exists an adequate internal control system commensurate with the size of the Companyand the nature of its business with regard to purchases of inventory and fixed assets andwith regard to sale of goods and services. During the course of our audit we have notobserved any continuing failure to correct major weaknesses in the aforesaid internalcontrol system.

(V) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits. Therefore the directives issued by the ReserveBank of India and the provisions of section 73 to 76 or any other relevant provisions ofthe Companies Act and rules framed thereunder are not applicable to the Company.

(VI) According to the information and explanation given to us maintenance of costrecords have not been prescribed by the Central Government under Section 148 (1) of theCompanies Act 2013 for the business carried on by the Company.

(VII) (a) According to the information and explanations given to us and on the basis ofour examination of the books of account in our opinion the Company has been generallyregular in depositing with the appropriate authorities undisputed statutory dues includingprovident fund employees' state Insurance Income tax sales tax wealth tax servicetax duty of custom duty of excise value added tax cess and other material statutorydues to the extent applicable to it. There is no undisputed amounts payable as at 31stMarch 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there were no dues inrespect of income tax sales tax wealth tax service tax duty of customs duty ofexcise value added tax and cess that have not been deposited with the appropriateauthorities on account of any dispute other than those as mentioned here-in-below:

Name of The statute Nature of dues Amount (Rs. in '000) Period to which the amount relates Forum where the dispute is pending
I.Tax Act 1961 Income Tax 263 FY:2005-06 CIT (Appeals)
I.Tax Act 1961 Income Tax 7 FY:2004-05 DC Circle-2

(c) According to the information and explanations given to us there has been no delayin transferring amounts required to be transferred to the Investor Education andProtection Fund by the Company.

(VIII) The Company has no accumulated losses as at 31st March 2015 and the Company hasnot incurred cash losses in the financial period covered by our audit report and in theimmediately preceding financial year.

(IX) In our opinion and according to the information and explanations given to us theCompany has defaulted in repayment of dues to financial institutions banks or debentureholders the details are given below:-

Particulars Delays up to 30 days Delays 31-90 days Total
Term Loan from bank 70.00 - 70.00
Interest Liabilities 15.45 14.48 29.93

(X) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

(XI) According to the information and explanations given to us the term loans obtainedby the Company were applied for the purpose for which such loans were obtained.

(XII) Based on the audit procedures and according to the information and explanationsgiven to us no fraud on or by the Company has been noticed or reported during the courseof our audit.

For N. C. Banerjee & Co.
Chartered Accountants
Firm Regn. No.302081E
A. Paul
Place : Kolkata Partner
Date : 30th May 2015 Membership No. 06490