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Goodluck India Ltd.

BSE: 530655 Sector: Metals & Mining
NSE: GOODLUCK ISIN Code: INE127I01024
BSE 00:00 | 20 Jul 65.40 -2.10
(-3.11%)
OPEN

65.00

HIGH

67.50

LOW

65.00

NSE 00:00 | 20 Jul 66.55 -0.20
(-0.30%)
OPEN

67.55

HIGH

67.90

LOW

65.40

OPEN 65.00
PREVIOUS CLOSE 67.50
VOLUME 671
52-Week high 142.50
52-Week low 64.00
P/E 10.20
Mkt Cap.(Rs cr) 150
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 65.00
CLOSE 67.50
VOLUME 671
52-Week high 142.50
52-Week low 64.00
P/E 10.20
Mkt Cap.(Rs cr) 150
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Goodluck India Ltd. (GOODLUCK) - Auditors Report

Company auditors report

To The Members of GOODLUCK INDIA LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Goodluck IndiaLimited (“the Company”) which comprises the Balance Sheet as at March 31 2017the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone financial statements that give a true andfair view and 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. In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder and the Order under section 143(11) of the Act.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the standalone financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven 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 March 31 2017 and 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 ‘Annexure A' a statement on the matters specified in paragraphs 3and 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 purpose 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 taken on record by the Board of Directors none of the Directors is disqualified ason 31st March 2017 from being appointed as a Director in terms of Section 164 (2) of theAct.

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” to this report.

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) Rules2014 in our opinionand to the best of our information and according to the explanations given to us :

(i) The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements.

(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

(iii) There has been no delay in transferring amount required to be transferred tothe Investor Education and Protection Fund by the Company

(iv) The company has provided requisite disclosures in the standalone financialstatements as regards its holding and dealing in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated November 8 2016 of the Ministry of Finance during theperiod from November 8 2016 to December 30 2016. Based on our audit procedures performedand the representations provided to us by the management we report that the disclosuresare in accordance with the books of account maintained by the Company and as produced tous by the Management. Refer to Note 34 to the standalone financial statements.

For SANJEEV ANAND & ASSOCIATES
Chartered Accountants
Firm Reg. No. 007171C
(S. AGARWAL)
Place : GHAZIABAD Partner
Date : 29th May 2017 M.NO. 072907

ANNEXURE ‘A' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and Requirement' sectionof our report of even date)

Report on Companies (Auditor's Report) Order 2016 (“the Order”) issued bythe Central Government of India in terms of section 143(11) of the Companies Act 2013(‘the Act') of Goodluck India Limited (“the Company”):

1. In respect of fixed assets of the Company:

a. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

c. According to the information and explanations given to us and the record examined byus and based on the examination of registered sales deed/ conveyance deed / Court orderapproving scheme of amalgamation provided to us we report that the title deeds ofimmovable properties are held in the name of Company except leasehold/ freehold land andbuilding structure thereon pertaining to the subsidiary company amalgamated during theyear having gross block amounting to Rs. 425.95 Lakhs.

2. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on suchverification.

3. According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theAct.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of Sections 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

5. The company has not accepted any deposits during the year and does not have anyunclaimed deposits as on 31st March 2017.

6. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules made by the Central Government for the maintenance of cost records under section148(1) of the Companies Act 2013 and are of the opinion that prima facie the specifiedaccounts and records have been made and maintained. We have not however made a detailedexamination of the same.

7. According to the information and explanations given to us in respect of statutorydues:

a. The Company has generally been regular in depositing undisputed statutory duesincluding provident fund employees' state insurance Income tax sales tax service taxvalue added tax duty of customs duty of excise cess and any other material statutorydues applicable to it with appropriate authorities.

b. There were no undisputed amounts payable in respect of provident fund employees'state insurance Income tax sales tax service tax value added tax duty of customsduty of excise cess and any other material statutory dues in arrears as at 31st March2017 for a period of more than six months from the date they became payable.

c. According to the records of the Company the dues outstanding of income-taxsales-tax service tax duty of custom duty of excise value added tax and cess onaccount of any dispute are as follows:

Name of the Statute Forum where dispute is pending Financial Year to which the amount relates Total Amt. (Rs. In Lacs)
Central Excise Act CESTAT 2009-10 2012-13 2013-14 20.08
Central Excise Act Commissioner(Appeals) 2014-15 1.11

8. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of loans or borrowings to the banks. The Companydoes not have any outstanding dues in respect of financial institutions and debentureholders during the year.

9. Based on the information and explanations given to us by the management term loanwas applied for the purpose the loan was raised. The Company has not raised any money byway of initial public offer or further public offer (including debt instrument).

10. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanations given to us the management has paidmanagerial remuneration in accordance with the provisions of section 197 read withSchedule V to the Companies Act 2013.

12. In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable.

13. According to the information and explanations given to us the transactions withthe related parties are in compliance with Section 177 and 188 of the Companies Act 2013where applicable and details have been disclosed in the notes to the standalone financialstatements as required by the applicable accounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures hence reporting under clause3(xiv) of the order is not applicable to the Company.

15. According to the information and explanations given to us the company has notentered in to any non-cash transaction with the director or persons connected with him asreferred to in section 192 of the Companies Act 2013.

16. According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For SANJEEV ANAND & ASSOCIATES
Chartered Accountants
Firm Reg. No. 007171C
(S. AGARWAL)
Place : GHAZIABAD Partner
Date : 29th May 2017 M.NO. 072907

ANNEXURE ‘B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to paragraph 2(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Control Over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of GoodluckIndia Limited (“the Company”) as on March 31 2017 in conjunction with our auditof the standalone financial statements of the company for the year ended and as on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal controls over financial reporting criteriaestablished by the company considering essential components of internal control stated inthe Guidance Note on Audit of Internal Financial Controls over Financial Reporting issuedby the Institute of Chartered Accountants of India (the ‘Guidance Note'). Thesesresponsibilities 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 asset the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of the reliablefinancial information as required under the Act.

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 Standards on Auditing prescribed under Section 143(10) of the Act and theGuidance Note to the extent applicable to an audit of internal financial controls. Thosestandards and the Guidance Note require that we comply with the 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 control 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 standalone financial statements whether due to fraud orerror.

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 andpreparation 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 controlsover 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 March 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For SANJEEV ANAND & ASSOCIATES
Chartered Accountants
Firm Reg. No. 007171C
(S. AGARWAL)
Place : GHAZIABAD Partner
Date : 29th May 2017 M.NO. 072907