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Goldstone Infratech Ltd.

BSE: 532439 Sector: Telecom
NSE: GOLDINFRA ISIN Code: INE260D01016
BSE 00:00 | 19 Jun 162.05 -8.20
(-4.82%)
OPEN

175.00

HIGH

175.00

LOW

161.75

NSE 00:00 | 19 Jun 161.85 -8.05
(-4.74%)
OPEN

170.00

HIGH

170.00

LOW

161.45

OPEN 175.00
PREVIOUS CLOSE 170.25
VOLUME 5355
52-Week high 248.70
52-Week low 53.25
P/E 91.55
Mkt Cap.(Rs cr) 813
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 175.00
CLOSE 170.25
VOLUME 5355
52-Week high 248.70
52-Week low 53.25
P/E 91.55
Mkt Cap.(Rs cr) 813
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Goldstone Infratech Ltd. (GOLDINFRA) - Auditors Report

Company auditors report

To the Members of

Goldstone Infratech Limited

Report on the Standalone Financial Statements

We have audited the acompanying standalone financial statements of GoldstoneInfratech Limited (“the Company”) which comprises the Balance Sheet as atMarch 31 2017 the

Statement of Profit and Loss and Cash Flow

Statement for the year then ended and a summary of significant accounting policies andother explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 (‘the act') with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the

Accounting Standards specified under Section

133 of the Act read with rule 7 of Companies (Accounts) Rules 2014. Thisresponsibility includes maintenance of adequate accounting records in accordance with theprovisions of the

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 design implementation andmaintenance of adequate internal financial controls that are operating effectively forensuring 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 standalone financial statementsbased on 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 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 ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

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 financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 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 Report) Order 2016 (“the Order”) issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure A a statement on the matters Specified in paragraphs 3 and 4 of theOrder.

2. As required by section 143(3) of the further report that: a) we have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) in our opinion proper books asrequired by law have been kept by the Company so far as appears from our examination ofthose books; c) the Balance Sheet Statement of Profit and Loss and the Cash FlowStatement dealt with by this Report are in agreement with the books of account; d) in ouropinion the aforesaid financial statements comply with the applicable AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 . e) On the basis of written representations received from thedirectors as on March 31 2017 and taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2017 from being appointed as a director interms of Section 164(2) of the Act. f) With respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate report in ‘ Annexure B' and g) With respectto 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 we impact on its financial position. ii. The Companydid not have any long-term contracts including derivative contracts for which there wereany material foreseeable losses. iii. There has been no delay in account transferringamounts required to be transferred to the Investor Education and Protection Fund by theCompany during the year ended 31st March 2017. iv The Company. has provided requisitedisclosures in its Financial Statements (Note No. 40) as to holdings as well as dealingsin

Specified Bank Notes during the period from 8th November 2016 to 30th December 2016and these are in accordance with the books maintained by the Company.

For P. Murali & CO.

Chartered Accountants

Firm Registration No : 007257S

Sd/-

P. Murali Mohana Rao

Partner M.No. 023412

Place: Hyderabad Date : 27.05.2017

ANNEXURE A TO THE AUDITORS REPORT Annexure referred to in Independent Auditors Reportto the Members of Goldstone Infratech Limited on the standalone financial statements forthe year ended 31st March 2017 we report that: i. (a) The Company has maintainedproper records showing full particulars including quantitative details and situation offixed assets.

(b) As explained to us fixed assets have been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification. In our opinion the frequency of verification is reasonable. (c) Accordingto the information and explanations given to us and on the basis of our examination ofrecords of the Company the title deeds of immovable properties are held in the name ofthe Company. ii. The physical verification of been conducted at reasonable intervals bythe management during the year and no material discrepancies were noticed on suchverification. iii. The Company has not granted any secured or unsecured to companiesfirms

Limited Liability partnerships or other parties covered in the register maintainedunder section 189 of the Companies Act 2013. Therefore the provisions of Clause 3(iii)(iii)(a) (iii)(b) and (iii)(c) of the said order are not applicable to the Company. iv.The Company has not granted any or made any Invetments or provided any guarantee orsecurity to the parties covered under section 185 and 186 of the Act. Therefore theprovisions of clause 3(iv) of the said order are not applicable to the Company. v. TheCompany has not accepted any deposits from the public covered under Section 73 to 76 ofthe Companies Act 2013 and rules framed there under to the extent notified. vi. W e havebroadly verified the books of accounts and records maintained by the

Company in respect of products where pursuant to the rules made by the centralgovernment of India the maintenance of cost records has been specified under thesub-section (1) of section 148 of the Companies Act 2013 and are of the opinion thatprima facie the prescribed accounts and records have been made and maintained. We havenot however made a detailed examinations of the records with a view to determine whetherthey are accurate or complete. vii. (a) According to the information and explanationsgiven to us and based on the records of the Company examined by us the Company is regularin depositing the undisputed statutory has dues including Provident Fund Employees'State Insurance Income-tax Service Tax Custom Duty Excise Duty and other materialstatutory dues as applicable with the appropriate loans authorities in India ; (b)There were no undisputed amounts payable in respect of Provident Fund Employees' StateInsurance Income-tax Service Tax Custom Duty Excise

Duty and other material statutory dues in arrears as at 31st March 2017 for a period ofmore than 6 months for the loans date they became payable.

(c) According to the information and explanations given to us and based on the recordsof the Company examined by us there are no dues of Income Tax

Wealth Tax Service Tax Sales Tax Customs Duty and Excise Duty which have not beendeposited on account of any disputes. viii. In our opinion and according information andexplanations given to us the Company has not defaulted in repayment of dues to financialinstitution or banks or Government or dues to debenture holders as at the balance sheetdate. ix. The Company has not raised any by way of initial public officer further publicoffer (including debt instruments) and term loans. Accordingly the provisions of thisclause are not applicable to the Company. x. According to the information and explanationsgiven to us no material fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the course of our Audit. xi. The Company hasmanagerial remuneration in accordance with the requisite approvals mandate by theprovisions of section 197 read with schedule V to the Act. xii. As the Company is not aNidhi Company and the Nidhi Rules 2014 are not applicable to it the Provisions of clause3(xii) of the order are not applicable to the Company. xiii. The Company has entered intowith related parties in compliance with the provisions of section 177 and 188 of the Act.The details of such related party transactions have been disclosed in the financialstatements as required under Accounting standard (AS) 18 related party the disclosuresspecified under section 133 of the Act read with rule 7 of the Companies (Accounts)Rules 2014. xiv. The Company has not made any preferential allotment of private placementof shares or fully or partly convertible debentures during moneys the year under review.Accordingly the provisions of clause 3(xiv) of the Order are not applicable to theCompany. xv. The Company has not entered into non-cash transactions with its directors orpersons connected with him. Accordingly the provisions of clause 3(xv) of the Order arenot applicable to the Company. xvi. The Company is not required to be registered undersection 45-IA of The Reserve Bank of for India Act 1934. Accordingly the provisions ofclause 3(xvi) of the order are not applicable to the Company.

For P. Murali & CO.

Chartered Accountants

Firm Registration No : 007257S

Sd/-

P. Murali Mohana Rao

Partner M.No. 023412

Place: Hyderabad Date : 27.05.2017

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls under clause (i) of the Sub-section 3 of theSection 143 of the Companies Act 2013 (‘The Act')

We have audited the internal financial controls over financial reporting of GoldstoneInfratech Limited (‘the Company') as of 31st march 2017 in conjunction with our auditof standalone 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 Reporting issuedby the Institute of Chartered Accountants of India

(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding 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 Act.

Auditor's 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 deed to be prescribed undersection 143(10) of the Act to the extent applicable to an Audit of Internal Financial

Controls both applicable to an audit of Internal

Financial Controls and both issued by the ICAI.

These standards and guidance note require that we comply with ethical requirements andplan and performed the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch controls operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our Audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theAuditor's Judgment including the assessment of the risk of martial misstatement of thefinancial 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 and the Company's internal financial control 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 these policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detailed 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 principles and that receipts and expenditures of theCompany are being made only in accordance with authorization of management and directorsof the Company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acqusition use or disposition of the Company's assets thatcould have a material effect on the financial statements.

Inherent Limitation of Internal Financial Controls over Financial Reporting

Because of the inherent limitation 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 deducted.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 in adequate 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 31st 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 Institute Of Chartered

Accountants of India.

For P. Murali & CO.

Chartered Accountants

Firm Registration No : 007257S

Sd/-

P. Murali Mohana Rao

Partner M.No. 023412

Place: Hyderabad Date : 27.05.2017