To The Members of
G G Engineering Private Limited
Report on the Financial Statements
1. We have audited the accompanying financial statements of G G Engineering PrivateLimited ("the Company") which comprise the Balance Sheet as at 31 March2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.
Management's Responsibility for the Financial Statements
2. 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (asamended). This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act; safeguarding the assets of the Company;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.
3. Our responsibility is to express an opinion on these financial statements based onour audit.
4. 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.
5. 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.
6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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 controls 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.
7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2017 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. 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 paragraphs 3 and 4 of theOrder.
10. As required by Section143(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 it appears from our examination of those books;
c. the financial statements dealt with by this report are in agreement with the booksof account;
d. in our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (as amended);
e. on the basis of the written representations received from the directors as on 31March 2017and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017from being appointed as a director in terms ofSection164(2) of the Act;
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:
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 were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
iv. the company as detailed in Note 28 to the financial statements has made requisitedisclosures in these financial statements as to holdings as well as dealings in SpecifiedBank Notes during the period from 8 November 2016 to 30 December 2016. As stated in notes28 to the financial statements amounts aggregating Rs.5466500 are from transactionswhich are not permitted; based on the audit procedures performed and taking intoconsideration the information and explanations given to us in our opinion these are inaccordance with the books of account maintained by the company.
For Goyal & Dedania
Firm's Registration No.: 127312W
Nishant Goyal Partner
Membership No.: 111250
Place: Mumbai Date: July 4 2017
Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management during the yearand no material discrepancies were noticed on such verification. In our opinion thefrequency of verification of the fixed assets is reasonable having regard to the size ofthe Company and the nature of its assets.
(c) The title deeds of all the immovable properties are held in the name of theCompany.
(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies between physical inventory andbook records were noticed on physical verification/ material discrepancies noticed onphysical verification have been properly dealt with in the books of account.
(iii) The Company has not granted any loan secured or unsecured to companies firmsLimited Liability Partnerships (LLPs) or other parties covered in the register maintainedunder Section 189 of the Act. Accordingly the provisions of clauses 3(iii)(a) 3(iii)(b)and 3(iii)(c) of the Order are not applicable.
(iv) In our opinion the company has complied with the provisions of sections 185 and186 of the Act in respect of loans investments guarantees and security.
(v) In our opinion the Company has complied with the directives issued by the ReserveBank of India the provisions of Sections 73to 76 and other relevant provisions of the Actand the Companies (Acceptance of Deposits) Rules 2014 (as amended) as applicable withregard to the deposits accepted. According to the information and explanations given tous no order has been passed by the Company Law Board or National Company Law Tribunal orReserve Bank of India or any Court or any other Tribunal in this regard.
(vi) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany's products. Accordingly the provisions of clause 3(vi) of the Order are notapplicable.
(vii)(a) Undisputed statutory dues including income-tax sales-tax service tax dutyof customs duty of excise value added tax cess and other material statutory dues asapplicable have generally been regularly deposited to the appropriate authorities thoughthere has been a slight delay in a few cases. Further no undisputed amounts payable inrespect thereof were outstanding at the year-end for a period of more than six months fromthe date they became payable.
(b) There are no dues in respect of income-tax sales-tax service tax duty ofcustoms duty of excise and value added tax that have not been deposited with theappropriate authorities on account of any dispute.
(viii) In our opinion the Company has not defaulted in repayment of loans orborrowings to any financial institution or a bank or government or any dues todebenture-holders during the year.
(ix) The Company did not raise moneys by way of initial public offer or further publicoffer (including debt instruments) and did not have any term loans outstanding during theyear. Accordingly the provisions of clause 3(ix) of the Order are not applicable.
(x) No fraud by the Company or on the company by its officers or employees has beennoticed or reported during the period covered by our audit.
(xi) In our opinion managerial remuneration has been paid in accordance with therequisite approvals mandated by the provisions of section 197 of the Act read withSchedule V to the Act.
(xii) In our opinion the Company is not a Nidhi Company. Accordingly clause 3(xii) ofthe Order is not applicable.
(xiii) In our opinion all transactions with the related parties are in compliance withsections 177 and 188 of Act where applicable and the requisite details have beendisclosed in the financial statements etc. as required by the applicable accountingstandards.
(xiv) During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.
(xv) The company has not entered into any non-cash transactions with directors orpersons connected with them.
(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
For Goyal & Dedania
Firm's Registration No.: 127381W
Nishant Goyal Partner
Membership No.: 111250
Place : Mumbai
Date : July 4 2017