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GBL Industries Ltd.

BSE: 539009 Sector: Industrials
NSE: N.A. ISIN Code: INE003Q01012
BSE 00:00 | 17 Oct 1.98 -0.04
(-1.98%)
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NSE 05:30 | 01 Jan GBL Industries Ltd
OPEN 1.98
PREVIOUS CLOSE 2.02
VOLUME 560
52-Week high 101.00
52-Week low 1.98
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.98
Buy Qty 12.00
Sell Price 1.98
Sell Qty 1042.00
OPEN 1.98
CLOSE 2.02
VOLUME 560
52-Week high 101.00
52-Week low 1.98
P/E
Mkt Cap.(Rs cr) 1
Buy Price 1.98
Buy Qty 12.00
Sell Price 1.98
Sell Qty 1042.00

GBL Industries Ltd. (GBLINDUSTRIES) - Auditors Report

Company auditors report

To

The Members of

GBL Industries Limited

Report on the Standalone Indian Accounting Standards (Ind AS) Financial Statements

We have audited the accompanying Ind AS standalone Financial Statements of GBLIndustries Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2018 the Statement of Profit and Loss (including Other Comprehensive Income)the Cash Flow Statement and the Statement of Changes in Equity for the year then endedand a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") withrespect to the preparation of these financial statements that give a true and fair view ofthe financial position financial performance including other Comprehensive Income Cashflows and Changes in Equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2016 as amended. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; design implementation and maintenance of adequate internalfinancial controls that are 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit of theInd AS financial statements in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of theAct. Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom 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 Ind ASfinancial 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 accounting policies used and the reasonableness of the accountingestimates made by the Company's management and Board of Directors as well as evaluatingthe overall presentation of the financial statements. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Ind AS financial statements.

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS Financial Statements give the information required bythe 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 Company as at March 31 2018 and its profitincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we further 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 purpose 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 Sheet Statement of Profit and Loss including other comprehensiveincome Cash Flow Statement and Statement of Changes in Equity dealt with by this Reportare in agreement with the books of account.

(iv) In our opinion the aforesaid Ind AS financial statements comply with theAccounting Standards prescribed under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and the Companies ( Indian Accounting Standards) Rules2016 as amended;

(v) On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164(2) of theAct.

(vi) With respect to 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" and

(vii) With respect to 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:

- The Company has disclosed the impact of pending litigations if any on its financialposition in its Ind AS financial statements.

- The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

- There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

- The reporting on disclosures relating to Specified Bank Notes is not applicable tothe Company for the year ended March 31 2018

For Loonia & Associates
Chartered Accountants
(Registration No.130883W)
SD/-
Hitesh Loonia
Place: Ahmedabad Proprietor
Date: 30th May 2018 Membership No. 135424

Annexure ‘A' to the Independent Auditor's Report

Referred to in paragraph 1 under the heading "Report on Other Legal And RegulatoryRequirements" of Our Independent Audit Report of even date on the FinancialStatements of GBL INDUSTRIES LIMITED for the year ended 31st March 2018.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

(i) In respect of its Property plant and equipments:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property plant and equipment.

(b) As explained to us the management during the year has physically verified theProperty plant and equipments in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such physical verification.

(c) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the title deeds of immovable propertiesincluded in Property plant and equipments are held in the name of the Company.

(ii) As explained to us in our opinion the management has physically verifiedinventories at reasonable intervals during the year and there was no materialdiscrepancies noticed on such physical verification as compared to the book records.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the CompaniesAct 2013 and hence paragraph 3(iii) of the Order is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has not given any loans investments guarantees and security in terms of section185 and 186 of the Companies Act 2013.

(v) The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

(vi) According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under sub-section (1) of section 148 ofthe Companies Act 2013 in respect of products of the Company. Accordingly paragraph3(vi) of the Order is not applicable

(vii) In respect of statutory dues:

(a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues in respect of goods and service tax with effect from July 12017 and is regular in depositing undisputed statutory dues including Provident FundEmployees' State Insurance Income Tax Sales Tax Service Tax Customs Duty Excise DutyValue Added Tax Cess and other material statutory dues as applicable with theappropriate authorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income Tax Sales TaxService Tax Goods and Services Tax Customs Duty Excise Duty Value Added Tax Cess andother material statutory dues were in arrears as at 31 March 2018 for a period of morethan six months from the date they become payable.

(c) According to the information and explanation given to us and the records of theCompany examined by us there are no particular of dues of Value Added Tax sates tax andIncome Tax as at March 31 2018 or any other tax which have not been deposited on accountof a dispute

(viii) According to the records of the Company examined by us and the information andexplanation given to us the Company has not taken any Term loan and therefore Clause(viii) not applicable.

(ix) According to information and the explanations given by the management the Companyhas not raised any money by way of initial public offer or further public offer (includingdebt instruments) and term loans during the year. Accordingly paragraph 3(ix) of theOrder is not applicable.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud by the Company or by its officers or employeeson it has been noticed or reported during the course of our audit nor have we beeninformed of any such instance by the Management.

(xi) According to the information and explanation given by the management themanagerial remuneration has been paid/ provided in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion and according to information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to information and explanations given to us and based on ourexamination of the records of the Company in our opinion all the transactions enteredwith the related parties are in compliance with sections 177 and 188 of the Act and thedetails of such transactions have been disclosed in the Financial Statements as requiredby the applicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under Clause 3 (xiv) are not applicable tothe Company and not comment upon.

(xv) According to information and explanations given to us and based on our examinationof the records of the Company the company has not entered into any non-cash transactionswith directors or persons connected with directors. Accordingly paragraph 3(xv) of theOrder is not applicable.

(xvi) According to the information and explanations given to us and the records of theCompany examined by us the company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934. Accordingly the reporting requirement underclause 3(xvi) of the Order is not applicable

For Loonia & Associates
Chartered Accountants
(Registration No.130883W)
SD/-
Hitesh Loonia
Place: Ahmedabad Proprietor
Date: 30th May 2018 Membership No. 135424

Annexure - B to the Independent Auditors' Report

Referred to in paragraph 2(F) under the heading "Report on Other Legal AndRegulatory Requirements" of Our Independent Audit Report of even date on theFinancial Statements of GBL INDUSTRIES LIMITED for the year ended 31st March 2018.

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 GBLIndustries Limited ("the Company") as of 31 March 2018 in conjunction with ouraudit of the Ind AS 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').

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing 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 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31 March 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Loonia & Associates
Chartered Accountants
(Registration No.130883W)
SD/-
Hitesh Loonia
Place: Ahmedabad Proprietor
Date: 30th May 2018 Membership No. 135424