You are here » Home » Companies » Company Overview » Gaurav Mercantiles Ltd

Gaurav Mercantiles Ltd.

BSE: 539515 Sector: Others
NSE: N.A. ISIN Code: INE641R01017
BSE 00:00 | 08 Jun 20.75 0
(0.00%)
OPEN

20.75

HIGH

20.75

LOW

20.75

NSE 05:30 | 01 Jan Gaurav Mercantiles Ltd
OPEN 20.75
PREVIOUS CLOSE 20.75
VOLUME 500
52-Week high 39.45
52-Week low 20.00
P/E 17.58
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 20.75
CLOSE 20.75
VOLUME 500
52-Week high 39.45
52-Week low 20.00
P/E 17.58
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gaurav Mercantiles Ltd. (GAURAVMERCANT) - Auditors Report

Company auditors report

To the Members of Gaurav Mercantiles Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Gaurav Mercantiles Limited("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss the Cash Flow Statement and a summary of the significantaccounting policies and other explanatory information for the year then ended.

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 (‘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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of these financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's responsibility

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 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. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

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 March31 2017 and its profit and its cash flows for the year ended on that date.

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 Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that:

i. 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.

ii. 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. iii. The Balance Sheetthe Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report arein agreement with the books of account. iv. In our opinion the aforesaid financialstatements comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014. v. On the basis of the writtenrepresentations received from the directors as at 31st March 2017 and taken on record bythe Board of Directors none of the directors is disqualified as at 31st March 2017 frombeing appointed as a director in terms of Section 164 (2) of the Act. vi. With respect tothe adequacy of the internal financial controls over financial reporting of the Companyand the operating effectiveness of such controls refer to our separate Report in"Annexure B". vii. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us: a. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements. b. The Company did not have any long-termcontracts including derivatives contracts for which there were any material foreseeablelosses. c. There has been no delay in transferring amounts required to be transferred tothe investor education and protection fund by the Company. d. The Company has providedrequisite disclosures in the financial statements as to holdings as well as dealings inSpecified Bank Notes during the period from 8th November 2016 to 30th December 2016.Based on audit procedures and relying on the management representation we report that thedisclosures are in accordance with books of account maintained by the Company and asproduced to us by the Management – Refer Note No.

20 to the financial statements.

For G.P. Agrawal & Co.

Chartered Accountants Firm's Registration No. - 302082E

(CA. Pradeep Samal)

Place of Signature: Mumbai Partner Date: 29th May 2017 Membership No. 61353

"Annexure A" to the Auditor's Report

Statement referred to in paragraph ‘Report on Other Legal and RegulatoryRequirements' of our report of even date to the members of Gaurav Mercantile Limited onthe financial statements for the year ended 31st March 2017.

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets were physically verified during the year by the management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals.

According to the information and explanations given to us no material discrepancieswere noticed on such verification.

(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) As explained to us the company does not have any inventory in the currentfinancial year. As there is no inventory of the company during the year the procedures ofphysical verification of inventories is not applicable to the company.

(iii) The Company has not granted any loan secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Act.Therefore clauses (iii) (a) and (iii)(b) of paragraph 3 of the said order are notapplicable to the Company.

(iv) In our opinion and according to the information and explanations given to usthere are no guarantees and securities granted in respect of which provisions of Section185 and 186 of the Companies Act 2013 are applicable. Based on our audit proceduresperformed and according to information and explanations given by the management theCompany has complied with provisions of Section 186 of the Act in respect of loans grantedand investments.

(v) The Company has not accepted any deposit within the meaning of section 73 to 76 orany other relevant provisions of the Act and the rules framed there under. The directivesissued by the Reserve Bank of India are not applicable to the Company.

(vi) The provisions of clause 3 (vi) of the Order are not applicable to the Company asthe Company is not required to maintain cost records as specified by the CentralGovernment under sub-section (1) of section 148 of the Companies Act 2013.

(vii) (a) According to the information and explanations given to us and on the basis ofrecords produced before us the Company is generally regular in depositing withappropriate authorities undisputed statutory dues including investor education protectionfund employee's state insurance income tax TDS wealth tax custom duty cess and othermaterial statutory dues applicable to it. According to the information and explanationsgiven to us there are no undisputed arrears of statutory dues which was outstanding as atMarch 31 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 are no dues ofsales tax income tax custom duty wealth tax excise duty cess which have not beendeposited on account of any dispute.

(viii) The Company has not defaulted in repayment of loans or borrowings to financialinstitutions or banks or Government.

The Company has not issued any debentures.

(ix) The Company has not raised any money by way of initial public offer furtherpublic offer (including debt instruments) or taken any term loan during the year. Hencethe provisions of clause 3 (xi) of the Order are not applicable to the Company.

(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 year.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion the Company is not a Nidhi Company. Therefore clause (xii) ofparagraph 3 of the said order are not applicable to the Company.

(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 fully or partly convertible debentures duringthe year.

(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 during the year under theprovisions of Section 192 of the Act. Accordingly clause (xv) of paragraph 3 of the saidorder is not applicable to the Company.

(xvi) According to the information and explanations given to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For G.P. Agrawal & Co.

Chartered Accountants Firm's Registration No. - 302082E

(CA. Pradeep Samal)

Place of Signature: Mumbai Partner Date: 29th May 2017 Membership No. 61353

"Annexure B" to the Independent Auditor's Report of Even Date on theFinancial Statements of Gaurav Mercantiles 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 GauravMercantiles Limited ("the Company") as of March 31 2017 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 Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the 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(the "Guidance Note") and the Standards on Auditing to the extent applicable toan audit of internal financial controls both issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting were established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness. Our audit of internal financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto 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 financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany's assets that 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 the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the 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 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For G.P. Agrawal & Co.

Chartered Accountants Firm's Registration No. - 302082E

(CA. Pradeep Samal)

Place of Signature: Mumbai Partner Date: 29th May 2017 Membership No. 61353