You are here » Home » Companies » Company Overview » Gujarat Metallic Coal & Coke Ltd

Gujarat Metallic Coal & Coke Ltd.

BSE: 531881 Sector: Others
NSE: N.A. ISIN Code: INE146F01020
BSE 12:41 | 20 Feb 30.05 -0.60
(-1.96%)
OPEN

30.05

HIGH

30.05

LOW

30.05

NSE 05:30 | 01 Jan Gujarat Metallic Coal & Coke Ltd
OPEN 30.05
PREVIOUS CLOSE 30.65
VOLUME 35
52-Week high 37.20
52-Week low 14.80
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 30.05
Sell Qty 3198.00
OPEN 30.05
CLOSE 30.65
VOLUME 35
52-Week high 37.20
52-Week low 14.80
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 30.05
Sell Qty 3198.00

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

Company auditors report

INDEPENDENT AUDITOR'S REPORT

To

The Members of

Gujarat Metallic Coal & Coke Ltd.

We have audited the accompanying standalone financial statements of Gujarat MetallicCoal & Coke Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

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 flow 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 recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' 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 anddisclosures in the financial statements. The procedures selected depend on the auditors'judgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 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 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 March 31 2017 its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

(1) As required by the Companies (Auditors' 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 inparagraphs 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 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;

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 312017 and taken on record by the Board of Directors none of the directors aredisqualified as on March 312017 from being appointed as a director in terms of Section164 (2) of the Act;

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".

g. With respect to the other matters to be included in the Auditors' 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 does not have any long term contracts including derivative contractsfor which there were any material foreseeable losses;

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

(iv) The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes as defined in the NotificationS.O.3407(E) dated 8thNovember 2016 of the Ministry of Finance during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedures and relying on managementrepresentation we report that the disclosures are in accordance with the books of accountsmaintained by the Company and as produced to us by the Management (Refer Note No.28 of thefinancial statements).

For N. C. Banerjee & Co.
Chartered Accountants
(Firm Regn.No: 302081E)
CA B.Basu
Place : Kolkata Partner
Date : 30th May 2017 Membership No. 012748

ANNEXURE - 'A' TO THE INDEPENDENT AUDITOR'S 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 on the standalone financial statements for the year endedMarch 31 2017]

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its 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 during the year. No materialdiscrepancies were noticed on such verification. In our opinion this periodicity ofphysical 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 on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The inventories have been physically verified by the management at reasonableintervals during the year. In our opinion the frequency of verification is reasonable. Wewere explained that the discrepancies noticed during the physical verification ofinventories were not material and have been properly dealt with in the books of accounts.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLLPs or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly sub-clauses (a) (b) and (c) of clause (iii) ofparagraph 3 of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) The Company has not accepted any deposits from the public; hence the provisions ofclause-(v) of the Order are not applicable.

(vi) In our opinion and according to the information and explanations given to us costrecords as prescribed by the Central Government under Section 148(1) of the Companies Act2013 is not applicable to the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company in our opinion the company has beengenerally regular in depositing with appropriate authorities undisputed statutory duesincluding provident fund employees' state insurance income-tax sales tax duty ofexcise value added tax duty of customs service tax cess and other material statutorydues.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax cess and other material statutory dues were in arrears as at 31March 2017 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 value added tax duty of customs service tax cesswhich have not been deposited with the appropriate authorities on account of any disputeother than those as mentioned here-in-below:

Name of the statute Nature of dues Amount (Rs.in Lacs) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 2.66 FY: 2005-06 CIT (Appeals)
Income Tax Act 1961 Income Tax 53.53 FY: 2011-12 CIT (Appeals)

(viii) In our opinion and according to the information and explanations given to usthe Company has defaulted in repayment of loans and borrowings to bank the details ofwhich are given below:

(Rs. in Lacs)

Particulars Delays upto 30 days 91-180 days Beyond 180 days Total Amount
Term Loan from Bank 70.00 70.00 401.02 541.02
Interest Liabilities - 51.00 225.82 276.82

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. In our opinion and according tothe information and explanations given to us the Company has applied the term loans forthe purposes for which they were raised.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(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 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 paragraph 3(xii) of the Order is notapplicable.

(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 give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or convertible debentures during the year.Accordingly paragraph 3(xiv) of the Order is not applicable.

(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 persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable.

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

For N. C. Banerjee & Co.
Chartered Accountants
(Firm Regn.No: 302081E)
CA B.Basu
Place : Kolkata Partner
Date : 30th May 2017 Membership No.012748