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G K Consultants Ltd.

BSE: 531758 Sector: Financials
NSE: N.A. ISIN Code: INE131D01019
BSE 00:00 | 03 Feb 9.45 -0.05
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NSE 05:30 | 01 Jan G K Consultants Ltd
OPEN 9.45
PREVIOUS CLOSE 9.50
VOLUME 100
52-Week high 12.60
52-Week low 5.07
P/E 23.05
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.45
CLOSE 9.50
VOLUME 100
52-Week high 12.60
52-Week low 5.07
P/E 23.05
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

G K Consultants Ltd. (GKCONSULTANTS) - Auditors Report

Company auditors report

To the Members of G.K. Consultants Ltd.

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statements of G.K. Consultants Ltd.("the Company") which comprises the Balance Sheet as at March 312022 theStatement of Profit and Loss (including Other Comprehensive Income) Statement of Changesin Equity and statement of cash flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation.

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 theCompanies Act 2013 (the 'Act') in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 312022 and profit and other comprehensive incomechanges in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (the TCAI') together withthe ethical requirements that are relevant to our audit of the financial statements underthe provisions of the Actand the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion

Emphasis of matter

We draw attention to Note No 25.30- Impact of CoVID-19 on the Financial Statementswherein the Company has disclosed its assessment of CoVID- 19 pandemic. As mentionedtherein the assessment of the Management does not indicate any material effect on thecarrying value of its assets and liabilities of the Company on the reporting date or anyadverse change in the ability of the Company to continue as a Going Concern. Theassessment of Management is dependent on the circumstance as they evolve considering theuncertainties prevailing in the economic situation. Our opinion is not modified in respectof this matter.

Key Audit Matters

Key Audit Matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole andinforming our opinion thereon and we do not provide a separate opinion on these matters.

Key audit matters How our audit addressed the key audit matter
Compliance with regulations impacting financial
1. The company operates in a highly regulated environment. Being a NonBanking Financial Company RBI provides directives and guidelines in the form of circulars from time to time. Given the pervasive nature of the regulations failure to comply with them could have a material financial impact on the operations of the company. 1. Understood the relevant legal and regulatory framework within which the NBFC Company operates and operation of its key control over this framework.
2. Assessed the compliance strucUire of the company with regard to adherences to various regulation. We understood the process followed by the Compliance Team to obtain and disseminate updates regarding new circulars/notification/ press releases.
3. Assessed that disclosure in the financial statements are in line with the requirement of RBI.
4. Enquired about penalties levied if any on the company for any assessed noncompliance with regulatory requirements.

Management's Responsibility for the Financial Statements

The Company's Management and Board of Directors are responsible for the matters statedin section 134(5) of the Actwith respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income changes in equity and cash flows of the Company in accordancewith accounting principles generally accepted in India including Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statement that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the company's financialreporting process. Auditor's Responsibilities for the Audit of Financial Statement

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part ot an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system with reference to the FinancialStatements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

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 Companies Act 2013 we give in the Annexure A a statement on the matters specifiedin paragraphs 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 accounts.

d) In our opinion the aforesaid financial statements comply with the Indian AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the Internal Financial Control with reference toFinancial Statements of the Company and the operating effectiveness of such controlsrefer 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 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 was no amount which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For VINOD KUMAR GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM'S REGISTRATION NO. 002377C
(CA. NIKHIL GUPTA)
PARTNER
M.No. 403014
ICAI UDIN: 22403014AJYBEO3325
Place: New Delhi
Date: 30.05.2022

"Annexure A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirement' of our report of even date to the financial statements of the Company for theyear ended March 31 2022:

(i) (a) (A) The Company has maintained proper records showing full particularsincluding quantitative details and situation of Property Plant & Equipment.

(B) The Company has maintained proper records showing full particulars of IntangibleAssets.

(b) The Property Plant & Equipment have been physically verified by themanagement. According to the information and explanation given to us no materialdiscrepancies were noticed on such Verification.

(c) The company does not have any immovable property. Therefore the provisions ofClause (i) (c) of paragraph 3 of the order are not applicable to the company.

(d) The company has not revalued its Property Plant & Equipment during the year.Therefore the provisions of Clause (i) (d) of paragraph 3 of the order are not applicableto the company.

(e) There are no proceedings have been initiated or are pending against the company forholding any benami property under the Benami Transactions (Prohibition) Act 1988(45 of1988) and rules made thereunder.

(ii) (a) In our opinion and according to the information and explanations given to ushaving regard to the nature of inventory being securities the physical verification byway of verification of title deeds by the management are at reasonable intervals and nomaterial discrepancies were noticed on physical verification.

(b) During any point of time of the year the company has not been sanctioned anyworking capital limits from banks or financial institutions on the basis of security ofcurrent assets. Therefore the provisions of Clause 3(ii)(b) of the order are notapplicable to the company.

(iii) During the year the company has not provided any guarantee or security orgranted any loans or advances in the nature of loans secured or unsecured to companiesfirms. Limited Liability Partnerships or any other parties covered in the Registermaintained under section 189 of the Act. Accordingly the provision of clause 3(iii)(a) to(c) of the Order are not applicable to the Company and hence not commented upon.

(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 Companies Act2013 to the extent the same are applicable in respect of loans investments guaranteesand security.

(v) In our opinion and according to the information given to us the Company has notaccepted any deposits from the public and hence the directives issued by the Reserve Bankof India and the provisions of Sections 73 to 76 or any other relevant provisions of theAct and the Companies (Acceptance of Deposit) Rules 2014 therefore Clause 3(v) of theOrder is not applicable to the company.

(vi) As informed to us the central government of India has not specified themaintenance of Cost Records under sub-section (1) of Section 148 of the Act in respect ofthe activities carried on by the company. Thus supporting under clause 3 (vi) of theorder is not applicable to the company.

(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding Provident

Fund Employees State Insurance Income tax Sales Tax Wealth tax Service tax Dutyof Customs duty of Excise Value Added Tax GST Cess and other statutory dues with theappropriate authorities to the extent applicable to it. There are no undisputed amountspayable in respect of income tax wealth tax service tax sales tax value added taxduty of customs duty of excise or cess which have remained outstanding as at March 312022 for a period of more than 6 months from the date they became payable.

(b) According to the information and explanations given to us there are not anystatutory dues referred in sub- clause (a) which have not been deposited on account of anydispute. Therefore the provisions of Clause (vii)(b) of paragraph 3 of the order are notapplicable to the Company.

(viii) In our opinion and according to the information and explanations given to usthere were no transaction relating to previously unrecorded income that have beensurrendered or disclosed as income during the year in tax assessments under the Income TaxAct 1961

(ix) (a) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of any loan or other borrowings or any interestdue thereon to any lender.

(b) In our opinion and according to the information and explanations given to us thecompany has not been a declared willful defaulter by any bank or financial institution orother lender.

(c ) In our opinion and according to the information and explanations given to us theloans were applied for the purpose for which the loans were obtained.

(d) In our opinion and according to the information and explanations given to us thereare no funds raised on short term basis which have been utilized for long term purposes.

(e) In our opinion and according to the information and explanations given to us thecompany has not taken any funds from any entity or person on account of or to meet theobligations of its subsidiaries associates or joint ventures.

(f) In our opinion and according to the information and explanations given to us thecompany has not raised loans during the year on the pledge of securities held in itssubsidiariesjoint ventures or associate companies.

(x) (a) The Company has not raised money by way of initial public offer or furtherpublic offer (including debt instruments). Therefore the provisions of Clause (x) (a) ofparagraph 3 of the order are not applicable to the Company.

(b) In our opinion and according to the information and explanations given to us thecompany has not made preferential allotment or private placement of shares or fullypartially or optionally convertible debentures during the year. Therefore the provisionsof Clause (x) (b) of paragraph 3 of the order are not applicable to the Company.

(xi) (a) We have not noticed any case of fraud by the company or any fraud on theCompany by its officers or employees during the year. The management has also not reportedany case of fraud during the year.

(b) During the year no report under sub-section (12) of section 143 of the CompaniesAct has been filed with the Central Government for the period covered

(xii) The Company is not a Nidhi Company. Therefore the provisions of clause 3 (xii)of the Order are not applicable to the Company.

(xiii) As per the information and explanations received to us all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act whereapplicable and the details have been disclosed in the financial statements etc. asrequired by the applicable accounting standards.

Identification of related parties were made and provided by the management of thecompany.

(xiv) The company has an internal audit system commensurate with the size and nature ofits business. The internal audit reports of the Company issued till the date of the auditreport for the period under audit have been considered by us.

(xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him for the year under review. Therefore the provisions of Clause(xv) of paragraph 3 of the order are not applicable to the Company.

(xvi) In our opinion the company is a Non-Banking Financial Company registered withReserve Bank of India vide certificate of registration no B-14-00143 dated 12-09-2001. TheCompany is making compliance of various mle and regulation made by Reserve Bank of Indiafor NBFCs.

(xvii) The company has not incurred cash loss in current financial year as well inimmediately preceding financial year.

xviii) There has been no resignation of the previous statutory auditors during theyear.

(xix) On the basis of the financial ratios ageing and expected dates of realization offinancialassets and payment of financial liabilities other information accompanying thefinancial statements the auditor's knowledge of the Board of Directors and managementplans we are of the opinion that no material uncertainty exists as on the date of theaudit report that company is capable of meeting its liabilities existing at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate.

(xx) There is not liability of the company under the provisions of section 135 of theCompanies Act relating to Corporate Social Responsibility. Therefore the provisions ofClause (xx) of paragraph 3 of the order are not applicable to the Company.

(xxi) The company has no subsidiary company. Therefore the company does not require toprepare consolidated financial statement. Henceforth the provisions of Clause (xxi) ofparagraph 3 of the order are not applicable to the Company

For VINOD KUMAR GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM'S REGISTRATION NO. 002377C
(CA. NIKHIL GUPTA)
PARTNER
M.No. 403014
ICAI UDIN: 22403014AJYBEO3325
Place: New Delhi
Date: 30.05.2022

Annexure B" to the Independent Auditor's Report of even date on the FinancialStatements of G.K. CONSULTANTS LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of G.K.CONSULTANTS LIMITED ("the Company") as of March 31 2022 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the "internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of internal Financial control over Financial Reporting issueby the Institute of Chartered Accountants of India". These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on Hie Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(Hie "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perfomi the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves perfonning procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control

over financial reporting includes those policies and procedure that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect dietransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets diat could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to die risk that die internal financial controlover financial reporting may become inadequate because of changes in conditions or thatdie degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion die Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2022 based on theinternal control over financial reporting criteria established by die Company consideringdie essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For VINOD KUMAR GUPTA & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM'S REGISTRATION NO. 002377C
(CA. NIKHIL GUPTA)
PARTNER
M.No. 403014
ICAIUDIN: 22403014AJYBEO3325
Place: New Delhi
Date: 30.05.2022

 

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