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Grovy India Ltd.

BSE: 539522 Sector: Infrastructure
NSE: N.A. ISIN Code: INE343C01012
BSE 00:00 | 19 Mar 20.70 0
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20.60

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20.70

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20.60

NSE 05:30 | 01 Jan Grovy India Ltd
OPEN 20.60
PREVIOUS CLOSE 20.70
VOLUME 700
52-Week high 31.50
52-Week low 17.35
P/E 295.71
Mkt Cap.(Rs cr) 5
Buy Price 20.00
Buy Qty 25.00
Sell Price 20.00
Sell Qty 20.00
OPEN 20.60
CLOSE 20.70
VOLUME 700
52-Week high 31.50
52-Week low 17.35
P/E 295.71
Mkt Cap.(Rs cr) 5
Buy Price 20.00
Buy Qty 25.00
Sell Price 20.00
Sell Qty 20.00

Grovy India Ltd. (GROVYINDIA) - Auditors Report

Company auditors report

TO THE MEMBERS OF GROVY INDIA LIMITED

Report On the Financial Statements

We have audited the accompanying standalone Ind AS financial statements of Grovy IndiaLimited which comprise the Balance Sheet as at March 31 2019 the Statement of Profit andLoss including the statement of Other Comprehensive Income the Cash Flow Statement andthe Statement of Changes in Equity for the year then ended and a summary of significantaccounting 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 standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under. We conductedour audit of the standalone Ind AS financial statements in accordance with the Standardson Auditing issued by the Institute of Chartered Accountants of India as 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the standaloneInd AS 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 Ind AS financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS financial statements give the information required by the Act inthe manner so required and give a true and correct view in conformity with the accountingprinciples generally accepted in India.

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2018.

(b) In the case of statement of Profit and Loss Account of the profit including othercomprehensive income for the year ended on that date.

(c) In the case of the statement of cash flow of the company for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements:-

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of subsection (11) of Section 143 of the Act we enclose inthe Annexure A a statement on the matters specified in paragraph 3 and 4 of the saidOrder to the extent applicable to the Company during the year under review.

2. Further to our comments in the Annexure referred to in 1 above as per therequirements of Section 143(3) of the Act we report as follows:

(i) 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;

(ii) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

(iii) The Balance Sheet Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;

(iv) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(v) On the basis of written representations received from the respective directors ason 31st March 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms ofsub-section (2) of Section 164 of the Act;

(vi) With respect to adequacy of internal financial controls over financial reportingof the company and operating effectiveness of such controls refer to our separate reportin Annexure B and

(vii) 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 information 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; and

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

For Nitin K Kumar & Co.

Chartered Accountants

(Firm Registration No.029517N)

Sd/-

Signature

ACA Nitin Kumar

Prop.

(Membership No. 512144)

Place: New Delhi

Date: 09.05.2019

GROVY INDIA LIMITED

Annexure A to the Auditors' Report

(Referred to in paragraph of our report of even date)

In terms of the information and explanations given to us and the books and recordsexamined by us and on the basis of such checks as we considered appropriate we furtherreport as under:

(i) a) The Company has maintained proper records showing full particulars includingQuantitative Details and the situation of the fixed assets.

b) The company has a regular programme of physical verification of fixed assets bywhich fixed assets are verified in a physical manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year.

c) No material discrepancies were noticed on such verification.

(ii) a) In our opinion physical verification of inventory has been conducted atreasonable intervals by the management and the procedures of such verification followed bythe management are both reasonable and adequate in relation to the size of the Company andnature of the business.

b) The Company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification of the said inventory.

(iii) During the year the Company has not granted any loans secured or unsecured tothe parties covered in the register maintained under Section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of grant of loans making investments and providing guarantees and securitiesas applicable.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public and hence reporting under clause (v) of the CARO2016 is not applicable.

(vi) The maintenance of cost records as specified by the Central Government undersection 148(1) of the Companies Act 2013 are not applicable on the company.

(vii) According to information and explanations to us in respect of statutory dues

a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax GST Service Tax ValueAdded Tax Excise Duty Customs Duty Cess and other material statutory dues applicable toit with the appropriate authorities.

b) There are no undisputed amounts payable in respect of Provident Fund Employees'State Insurance Income Tax Sales Tax Service Tax Value Added Tax Excise Duty CustomsDuty Cess and other material statutory dues in arrears as at 31st March 2019for a period of more than six months from the date they became payable.

(viii) In our opinion and according to information and explanation given to us duringthe year Company has not defaulted in repayment of secured loans taken from FinancialInstitutions/Banks. The company has not issued any debentures.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instrument) or term loans and hence reporting under clause (ix) ofthe CARO 2016 is not applicable.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theCARO 2016 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 Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on theexamination of records of the company the Company has not made any preferential allotmentor private placement of shares during the year under review.

(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 theCompanies Act 2013 are not applicable.

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

For Nitin K Kumar & Co.

Chartered Accountants

(Firm Registration No. 029517N)

Sd/-

Signature

ACA Nitin Kumar

Prop.

(Membership No. 512144)

Place: New Delhi

Date: 09.05.2019

GROVY INDIA LIMITED

Annexure B to the Auditors' Report

(Referred to in paragraph of our report of even date)

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 Grovy IndiaLimited ("the Company") as of March 31 2019 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 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 Reportingissued by the Institute of Chartered Accountants of India(ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 to the extent applicable toan audit of internal financial controls both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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 systems over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2019 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 Nitin K Kumar & Co.

Chartered Accountants

(Firm Registration No. 029517N)

Sd/-

Signature

ACA Nitin Kumar

Prop.

(Membership No. 512144)

Place: New Delhi

Date: 09.05.2019.