You are here » Home » Companies » Company Overview » Grandeur Products Ltd

Grandeur Products Ltd.

BSE: 539235 Sector: Others
NSE: N.A. ISIN Code: INE545R01010
BSE 00:00 | 10 Aug 229.85 0
(0.00%)
OPEN

229.85

HIGH

229.85

LOW

229.85

NSE 05:30 | 01 Jan Grandeur Products Ltd
OPEN 229.85
PREVIOUS CLOSE 229.85
VOLUME 24
52-Week high 229.85
52-Week low 30.50
P/E
Mkt Cap.(Rs cr) 513
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 229.85
CLOSE 229.85
VOLUME 24
52-Week high 229.85
52-Week low 30.50
P/E
Mkt Cap.(Rs cr) 513
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Grandeur Products Ltd. (GRANDEURPRODUCT) - Auditors Report

Company auditors report

Independent Auditor's Report

To the Members

GRANDEUR PRODUCTS LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of GRANDEUR PRODUCTS LIMITED("the Company") which comprise the Balance Sheet as atMarch312017theStatementProfit and Loss Cash Flow Statement for the year then ended andsummaryofsignificantaccounting policies and other explanatory in -formation.

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 under133 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 statements thatgive a true and fair view and are free from material whether due to fraud 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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including 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 financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the financialstatements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide 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 March31 2017 and its Profit and its Cash Flow 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")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "An-nexure A" a statement on the mattersspecified in paragraphs 3 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 knowl- edge 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 financialstatements 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 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 March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

f. with respect to the adequacy of the internal financialcontrols over financialreporting of the Com - pany 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 in our opinionand to the best of our infor- mation and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact itsfinancialposi - tion.

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 its financial statement as towell as dealing in Specified Bank Notes during the period 8th November 2016 to 30th De-cember 2016. Based on the audit procedures and relying on the management representa- tionwe report that the disclosures are in accordance with books of account maintained by theCompany and as produced to us by the Management - Refer note 12 of the financialstatements.

For Ramasamy Koteswara Rao & Co
Chartered Accountants
Firm Registration Number: 010396S
(C V Koteswara Rao)
Place: Hyderabad Partner
Date: 30-05-2017 Membership No.028353

Annexure-A to the Auditors' Report (referred to in paragraph 1 of our Report of evendate to the Members of "GRANDEUR PRODUCTS LIMITED" for the year ended March 312017)

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that;

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

(b) All fixed assets have been physically verified by the management during the year inaccordance with a phased program of verification which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets. According to theinformation furnished to us no material discrepancies have been noticed on suchverification.

(c) The Company does not have any immovable property.

ii. The Company doesn't have Inventory; hence the Disclosure Requirements under thisClause are not applicable.

iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.

iv. The company has neither granted loans nor made investments. Hence the provisions ofSections 185 and 186 of Companies Act 2013 are not applicable. Thus paragraph 3(iv) of theorder is not applicable to the company.

v. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

vi. The maintenance of cost records under section 148(1) of the Companies Act 2013 isnot applicable to the company.

vii. (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Value added Tax Cess and any otherstatutory dues with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of the above were in arrears as at March 31 2017 for a period of morethan six months from the date on when they become payable.

(b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax value added tax outstanding on account of any dispute.

viii. The Company has not defaulted in any repayment of loans or borrowings from anyfinancialinstitution banks government or debenture holders during the year. The Companyhas issued debentures during the year. ix. Based upon the audit procedures performed andthe information and explanations given by the management the company has not raisedmoneys by way of initial public offer or further public offer including debt instrumentsand term Loans. Accordingly the provisions of clause 3 (ix) of the Order are notapplicable to the Company and hence not commented upon.

x. Based upon the audit procedures performed and the information and explanations givenby the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year. xi. According to theinformation and explanations given by the management the managerial remuneration has beenpaid / provided in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

xii. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

xiii. In our opinion all transactions with the related parties are in compliance withsection 188 of Companies Act 2013 and the details have been disclosed in the FinancialStatements as required by the applicable accounting standards.

xiv. The Company has made a preferential allotment of equity shares and fullyconvertible debentures during the year. In respect of the same in our opinion theCompany has complied with the requirement of section 42 of the Act and the amounts raisedhave been used for the purposes for which the funds were raised.

xv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon. xvi. In ouropinion the company is not required to be registered under section 45 IA of the ReserveBank of India Act 1934 .Thus paragraph 3(iv) of the order is not applicable to thecompany.

For Ramasamy Koteswara Rao & Co
Chartered Accountants
Firm Registration Number: 010396S
(C V Koteswara Rao)
Place: Hyderabad Partner
Date: 30-05-2017 Membership No.028353

"Annexure B" to the Independent Auditor's 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 GRANDEURPRODUCTS ("the Company") as of March 31 2017 in conjunction with our audit ofthe 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 internalfinancialcontrols based on the internal control over financial reporting criteriaestablished by the Company components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial

Reporting issued by the Institute of Chartered Accountants of India. 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 ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 judgement 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 assurance regarding the reliability of financial reporting and the preparationof financial purposes in accordance with generally accepted accounting principles. Acompany's internal financial control over financial reporting includes those policies andprocedures that (1) pertain to the maintenance of records that inreasonabledetailaccuratelyandfairlyreflectthe transactions and dispositions of the assetsof the company; (2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 March 31 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 CharteredAccountants of India.

For Ramasamy Koteswara Rao & Co
Chartered Accountants
Firm Registration Number: 010396S
(C V Koteswara Rao)
Place: Hyderabad Partner
Date: 30-05-2017 Membership No.028353