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. () - Auditors Report

Company auditors report

To the Members of Geologging Industries Limited Report on the Standalone FinancialStatements

We have audited the accompanying standalone financial statements of GeologgingIndustries Limited. which comprise the Balance Sheet as at 31st March 2017the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofthe financial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the

appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationgiven to us the aforesaid standalone financial statements give the information requiredby the 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 2017 and its profit and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report] Order2016 ("the Order"]issued by the Central Government of India in terms of Section 143(11] of the Act we givein the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Orderto 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 account.

d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts] Rules 2014.

e. On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164(2] of theAct.

f. The Company has an adequate Internal Financial Control System and it is operatingeffectively.

g. With respect to the other matters to be included in the Auditors' 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 is not required to make any provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Hemant Mhambrey Associates. Chartered Accountants

Firm's Registration Number. 103645W

C A Hemant Mhambrey Proprietor

Membership Number: -38238

Place :- Mumbai
Date :- 1st June 2017

ANEXURE TO AUDITOR'S REPORT Referred To In Paragraph 1 Of My Report Of Even Date.

i) On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that:-

a The records of quantitative details and situation of Fixed Assets could not beverified as the Company has not provided us with the same.

b. As explained to us fixed assets according to the practice of the Company havebeen physically verified by the Management at reasonable intervals which in our opinionis reasonable having regard to the size of the Company and the nature of its businessduring the year. According to the information and explanations given to us no materialdiscrepancies were noticed on physical verification of assets.

c According to the information and explanations given to us and the records examined byus And based on the examination of the registered sale deed provided to us we reportthat the title deeds comprising all the immovable properties of land and buildings whichare Freehold are held in the name of the Company as at the balance sheet date.

ii)

a Physical verification of inventory has been conducted at reasonable intervals by themanagement.

b. The procedure and interval of physical verification of inventory followed by themanagement are reasonable and adequate in relation to the size of the company and thenature of its business.

c The company is maintaining proper records of inventory. No discrepancies were noticedon verification between the physical stock and book record.

iii)

a) The Company has granted unsecured loan to its associate concern M/s. Mono AcriglassIndustries Ltd amounting to Rs.219.48 lakh. There are no terms and conditions which wereagreed upon at the time of the grant of the loan.

b) There is no stipulation as to the repayment of the principal or the interest on theabove loans.

c) Neither the principal amount nor the interest has been repaid by the associate M/s.Mono Acriglass Industries Ltd. A sum of Rs.219.48 Lakh is overdue for more than 90 days.The associate Company M/s. Mono Acriglass Industries Ltd has been declared sick by theBIFR and the matter is pending in the Honourable High Court.

iv) In our opinion and according to the information and explanations given to usthe Company has not entered into any transaction covered by sections 185 and 186 of theCompanies Act2013 in respect of grant of loans making investments and providingguarantees and securities as applicable.

v) According to the information and explanation given to us the Company has notaccepted any deposits from the public.

vi) The Central Government has not prescribed the maintenance of cost records undersub-section (1) of Section 148 of the Companies Act 2013 for the Company.

vii) [a] According to the records of the Company the Company is irregular indepositing with appropriate authorities undisputed statutory dues. The following dues areoutstanding as at the last day of the financial year concerned for a period of more than 6months from the day they become payable. Service Tax Rs.2609042/- Central Sales Tax Rs.120893/-

[b] According to the information and explanations given to us and the records of theCompany examined by us there are no statutory dues outstanding due to pending disputes.

viii) Based on our audit procedure and on the information and explanation given bythe management we are of the opinion that the company has not defaulted in repayment ofdues to a financial institution bank or debenture holders.

ix) The term loans obtained by the company have been applied for the purpose forwhich they were raised.

x) According to the information and explanations given to us and to the best ofour knowledge and belief no fraud on or by the Company has been noticed or reported bythe Company during the year.

xi) In our opinion and according to the information and explanations given to usthe Company has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of the erstwhile Companies Act 1956 and Section 197read with Schedule V to the Act.

xii) The Company is not a Nidhi Company and hence reporting under clause (xii) ofthe Order is not applicable.

xiii) In our opinion and according to the information and explanations given to usthe Company is in compliance with Section 188 and 177 of the Act where applicable forall transactions with the related parties and the details of related party transactionshave been disclosed in the Financial statements etc. as required by the applicableaccounting standards.

xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of Order is not applicable to the Company.

xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence provisions of section 192 of the Act arenot applicable.

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

For Hemant Mhambrey Associates. Chartered Accountants

Firm's Registration Number. 103645W

C A Hemant Mhambrey Proprietor

Membership Number: -38238

Place Mumbai
Date 1st June 2017