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Generic Engineering Construction & Projects Ltd.

BSE: 539407 Sector: Infrastructure
NSE: N.A. ISIN Code: INE854S01022
BSE 00:00 | 14 Nov 150.65 0.60
(0.40%)
OPEN

150.00

HIGH

151.85

LOW

144.70

NSE 05:30 | 01 Jan Generic Engineering Construction & Projects Ltd
OPEN 150.00
PREVIOUS CLOSE 150.05
VOLUME 20622
52-Week high 194.40
52-Week low 67.50
P/E 46.93
Mkt Cap.(Rs cr) 581
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 150.00
CLOSE 150.05
VOLUME 20622
52-Week high 194.40
52-Week low 67.50
P/E 46.93
Mkt Cap.(Rs cr) 581
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Generic Engineering Construction & Projects Ltd. (GENERICENGINEER) - Auditors Report

Company auditors report

To the Members of

GENERIC ENGINEERING CONSTRUCTION AND PROJECTS LTD

{formerly known as WELPLACE PORTFOLIO AND FINANCIAL CONSULTANCY SERVICES LIMITED}Report on the Financial Statements

We have audited the accompanying financial statements of GENERIC ENGINEERINGCONSTRUCTION AND PROJECTS LIMITED {formerly known as WELPLACE PORTFOLIO AND FINANCIALCONSULTANCY SERVICES LIMITED} which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theCash flow statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as ‘financial statement').

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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the 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 the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement 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 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 of the Ind AS financial statement in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Ind AS financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the 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 Companyas at 31st March 2018 and its profit (including other comprehensive income)its cash flows and the changes in equity 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 in the paragraph3 and 4 of the order.

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 Sheetthe Statement of Profit and Loss the Cash flow Statement and Statement of Changes inEquity dealt with by this Report are in agreement with the books of account; (d) in ouropinion the aforesaid Ind AS financial statements comply with the Indian AccountingStandards specified under Section 133 of the Act.

(e) on the basis of the written representations received from the Directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof Section 164 (2) of the Act; (f) with respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate report in "Annexure B"; and (g) with respect tothe other matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: (i) the Company does not haveany pending litigations which would impact its financial position.

(ii) the Company did not have any long term contracts including long term contracts forwhich they were any material foreseeable losses.

(iii) There were no amount which required to be transferred to the Investor Educationand Protection Fund by the Company.

For SDA & Associates Chartered Accountants Firm Registration No. 120759W

SD/-Shrawan Kumar Roy Partner Membership No. 113842

Place: - Mumbai

Dated: 19th May 2018

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of GENERICENGINEERING CONSTRUCTION AND PROJECTS LIMITED {formerly known as WELPLACE PORTFOLIOAND FINANCIAL CONSULTANCY SERVICES LIMITED} ("the Company") on the financialstatements for the year ended 31st March 2018 we report that:

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

(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable having regardto the size of the company and nature of its assets. No material discrepancies werenoticed on such physical verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company does not hold any immovableproperty. Accordingly clause 1 (c) of the order in not applicable.

(ii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the inventories have been physically verifiedduring the year by the management at reasonable intervals and as explained to us nomaterial discrepancies were noticed on physical verification.

(iii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not granted any loans securedor unsecured to companies firms limited liability partnerships or other parties coveredin the register maintained under Section 189 of the Act 2013.

(iv) According to the information and explanations given to us the Company has notmade any loans which require compliance with the provisions of section 185. However theCompany has complied with the provisions of s.186 of the Act with respect to loans andinvestments made.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(vii) (a) According to the information and explanation given to us wealth tax duty ofcustoms duty of excise are not applicable to the company. The Company is regular indepositing undisputed statutory dues including Provident Fund Employee State InsuranceSale tax income tax value added tax Goods and Service Tax employees state insuranceProfession tax and other statutory dues with the appropriate authorities during the year.

According to the information and explanation given to us no undisputed amounts payablewere in arrears as at 31st March 2018 for the period of more than six monthsfrom the date they became payable.

(b) According to the information and explanation given to us there were no dues ofincome tax or sales-tax or duty of customs or duty of excise or value added tax which havenot been deposited with the appropriate authorities on account of any dispute.

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowings to any financial institution or banks as atthe Balance Sheet date. The company has not borrowed any loans from government and notissued any debentures.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

(xi) According to the information and explanations given 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 and according to the information and explanations given to us theCompany is not a nidhi company.

Accordingly paragraph 3(xii) of the Order is not applicable.

(xiv) 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 under Indianaccounting standard (Ind AS) 24 Related Party disclosures specified u/s 133 of the Actread with Rule 7 of the Company (Accounts) Rules 2014.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has made private placement ofshares during the year and has complied with the requirement of s.42 of Companies Act2013. The amount raised have been utilized for the purposes for which it was intended tobe raised. (xvi) According to the information and explanations given to us and based onour examination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvii) The Company is not required to be registered under section 45 -IA of the ReserveBank of India Act 1934.

For SDA & Associates Chartered Accountants Firm Registration No. 120759W

SD/-Shrawan Kumar Roy Partner Membership No. 113842

Place: - Mumbai

Dated: 19th May 2018

Annexure - B to the Auditors' Report

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 GENERICENGINEERING CONSTRUCTION AND PROJECTS LIMITED {formerly known as WELPLACE PORTFOLIOAND FINANCIAL CONSULTANCY SERVICES LIMITED} ("the Company") as of 31stMarch 2018 in conjunction with our audit of the financial statements of the Company forthe 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 issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform 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 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 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 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 31 March 2018 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 Institute of CharteredAccountants of India.

For SDA & Associates Chartered Accountants Firm Registration No. 120759W

SD/-Shrawan Kumar Roy Partner Membership No. 113842

Place: - Mumbai

Dated: 19th May 2018