To the Members of
GALORE PRINTS INDUSTRIES LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of GALORE PRINTS INDUSTRIESLTD ("the Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss for the year then ended and a summary of significantaccounting policies and other explanatory information are annexed thereto.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the companies act 2013 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act of the companiesact 2013 read with rule 7 of Companies (Accounts) Rules 2014. 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 prevention 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 control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give true and fairview and are free from material misstatements whether due to fraud and errors.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
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.
We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment 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 but not for the purpose of expressing anopinion on the effectiveness of the entity's internal controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe financial statements
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
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 31/03/2017and its Profit/Loss for the year ended on that date
Report on Other Legal and Regulatory Requirements
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 Companies Act 2013.We give in the Annexure A statements on the matters Specified inparagraphs 3 and 4 of the Order.
As required by section 143(3) of the Act we further 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 appears from our examination of those books.
(c) The Balance Sheet Statement of Profit & Loss Account and dealt with by thisreport are in agreement with the books of 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.
(e) On the basis of written representations received from the Directors as on 31stMarch 2017 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of section164 (2) of the Act.
(f) With respect to the others 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 financialpositions in financial statements.
ii. The company has made provisions as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company. i. The Company has grantedunsecured loans to companies firms Limited Liability partnerships or other partiescovered in the Register maintained under section 189 of the Act. Accordingly theprovisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company andhence not commented upon.
| ||For Prem P.Lamba& Co |
| ||Chartered Accountants |
|Place: New Delhi ||Sd/- |
|Date: 18.08.2017 || |
| ||(Prem P.Lamba) |
| ||Partner |
| ||M.No. 96654 |
| ||Firm Registration No. 004244N |