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Gokul Agro Resources Ltd.

BSE: 539725 Sector: Industrials
NSE: GOKULAGRO ISIN Code: INE314T01025
BSE 00:00 | 18 Jul 13.85 -0.24
(-1.70%)
OPEN

14.50

HIGH

14.50

LOW

13.84

NSE 00:00 | 18 Jul 13.85 -0.10
(-0.72%)
OPEN

14.00

HIGH

14.65

LOW

13.80

OPEN 14.50
PREVIOUS CLOSE 14.09
VOLUME 437
52-Week high 35.10
52-Week low 13.40
P/E 14.13
Mkt Cap.(Rs cr) 183
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 14.50
CLOSE 14.09
VOLUME 437
52-Week high 35.10
52-Week low 13.40
P/E 14.13
Mkt Cap.(Rs cr) 183
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gokul Agro Resources Ltd. (GOKULAGRO) - Auditors Report

Company auditors report

To

The Members

Gokul Agro Resources Limited

Ahmedabad

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Gokul AgroResources Limited ("the Company") (CIN- L15142GJ2014PLC080010)which comprise the Balance Sheet as at 31st March 2017 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

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 the financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

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 31stMarch 2017 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 in theparagraphs 3 of the Order to 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 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 the 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 termsof Section 164 (2) of the Act.

(f) With respect to the 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".

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 and Companies(Audit and Auditors) Amendment Rules 2017 in our opinion and to the best of ourinformation and according to the explanations given to us:

i. The Company does not have any pending litigation which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes (SBN's) during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedures and relying onthe management representation we report that the disclosures are in accordance with booksof account maintained by the Company and as produced to us by the Management. Refer NoteNo. 41 to the financial statements.

For Surana Maloo & Co.
Chartered Accountants
Firm Registration No: 112171W
Sunil Maloo
Date : May 5 2017 Partner
Place : Ahmedabad Membership No: 138564

Annexure-"A" to the Independent Auditors' Report

A Statement on the matters specified in paragraphs 3 & 4 of the Companies(Auditor's Report) order 2016 ("the Order") issued by the Central Governmentof India in terms of Sub-Section (11) of Section 143 of the Companies Act 2013 of GokulAgro Resources Limited for the year ended on 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 have been physically verified during the year by the Management inaccordance with program of physical verification which in our opinion provides forphysical verification of all fixed assets at a reasonable intervals having regard to sizeof the Company and nature of fixed assets. According to the information and explanationgiven to us no material discrepancies were noticed on such verification.

(c) Based upon the audit procedure performed and according to the records of thecompany title deeds of all the immovable properties transferred to the Company under thescheme of the arrangement as approved by the Hon'ble Gujarat High Court are still in thename of the Demerged Company ‘Gokul Refoils and Solvent Limited' and title deeds arein process of transfer in the name of the Company.

(ii) The Inventories of Raw materials Work in Progress Stock in trade Stores andSpares Finished Goods and other consumables have been physically verified by themanagement. In our opinion the frequency of verification is reasonable. On the basis ofour examination of the records of the inventory we are of opinion that the discrepanciesnoticed on verification between physical stock and book records have been properly dealtwith in the books of account.

(iii) The company has granted unsecured loans to various companies as covered in theregister maintained under Section 189 of the Companies Act 2013.

Sr. No. Name of the parties covered Nature of Transactions
1 Gokul Refoils & Solvent Limited Loan balance transferred to the company on account of demerger scheme approved by the High Court.
2 Gujarat Gokul Power Limited
3 Gokul Overseas

(a) The terms and conditions of the grant of such loans are not prejudicial to thecompany's interest;

(b) The schedule of repayment of principal and payment of interest has been not beenexpressly stipulated as the same is considered to be on mutual demand;

(c) As no repayment schedule is expressly agreed hence no overdue principal andinterest.

(iv) In respect of loans investments guarantees and security provisions of Section185 and 186 of the Companies Act 2013 have been complied with.

(v) According to the information and explanations given to us the Company has notaccepted deposits from the public within the meaning of Sections 73 to 76 of the Act andthe rules framed there under.

Therefore the reporting requirements of paragraph 3 (v) of the Order is notapplicable to the Company.

(vi) The Company has made and maintained the cost records prescribed by the CentralGovernment under Section 148(1) of the Act.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income tax sales tax service tax duty of custom excise duty value addedtax cess and other material statutory dues as applicable have been regularly depositedduring the year by the Company with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect ofprovident fund income tax sales tax service tax value added tax cess and othermaterial statutory dues were in arrears as at 31st March 2017 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of income tax sales tax service tax duty of customs duty of excise value addedtax or cess which have not been deposited with the appropriate authorities on account ofany dispute.

Further as per the scheme of the demerger as approved by the High Court the companyshall be responsible for the any disputed statutory liability of the GandhidhamUndertaking if any payable by the demerged company.

(viii)Based on our audit procedure and the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of loansto banks. The Company has not borrowed or raised any money from debenture holders duringthe year.

(ix) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments). In our opinion and according to the informationand explanation given to us and on examination of the balance sheet of the company theterm loans were applied for the purpose for which the loans were obtained.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe Management we report that no material fraud on or by the Company has been noticed orreported during the year.

(xi) In our opinion the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith schedule V of the Act.

(xii) In our opinion the Company is not a Chit fund or a Nidhi / Mutual Benefit Fund/Society. Therefore the provisions of Clause 3(xii) of the Order are not applicable tothe Company.

(xiii)According to the information and explanation given to us and on the basis of ourexamination of the records of the Company all the transactions with related parties arein compliance with Section 177 and 188 of the Act where applicable and also the detailswhich have been disclosed in the Financial Statements are in accordance with theapplicable Accounting Standard.

(xiv)The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year therefore the reportingrequirement of paragraph 3(xiv) of the Order are not applicable to the Company.

(xv)In our opinion and according to the information and explanations given to us theCompany has not entered into any non cash transactions with directors or persons connectedwith him. Accordingly reporting requirement of paragraph 3(xv) of the order is notapplicable to the Company.

(xvi)According to the information given and as explained to us the company is notrequired to be registered under Section 45 IA of the Reserve Bank of India Act 1934.

For Surana Maloo & Co.
Chartered Accountants
Firm Registration No: 112171W
Sunil Maloo
Date : May 5 2017 Partner
Place : Ahmedabad Membership No: 138564