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GTV Engineering Ltd.

BSE: 539479 Sector: Engineering
NSE: N.A. ISIN Code: INE910R01016
BSE 00:00 | 28 Sep 27.20 -1.30
(-4.56%)
OPEN

28.50

HIGH

28.50

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27.10

NSE 05:30 | 01 Jan GTV Engineering Ltd
OPEN 28.50
PREVIOUS CLOSE 28.50
VOLUME 4108
52-Week high 39.55
52-Week low 19.90
P/E 13.47
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 28.50
CLOSE 28.50
VOLUME 4108
52-Week high 39.55
52-Week low 19.90
P/E 13.47
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

GTV Engineering Ltd. (GTVENGINEERING) - Auditors Report

Company auditors report

TO THE MEMBERS OF

GTV ENGINEERING LTD.

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of GTV EngineeringLimited ("the Company") which comprise the Balance Sheet as at March 312020 the Statement of Profit and Loss and Cash Flow Statement for the year ended on thatdate and a summary of significant accounting policies and other explanatory information(hereinafter referred to as "the standalone financial statements").

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 Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Accounting Standards prescribed under section 133 ofthe Act and other accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2020 and its profits and its cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the auditor's responsibilities for the audit of the financial statementssection of our report. We are independent of the Company in accordance with the code ofethics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the code of ethics:

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Reporting of key audit matters as per SA 701 Key Audit Matters are not applicable tothe Company as it is an unlisted company.

Information Other than the Standalone Financial Statements & Auditor's ReportThereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

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 financial statements that give a true and fair view of the financial.position financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the 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 financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to

going concern and using the going concern basis of accounting unless management eitherintends to liquidate the Company or to cease operations or has no realistic alternativebut to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditors' Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143 (3) of the Act based on our audit 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with relevant ruleissued thereunder.

e. On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in terms of Section164 (2) of the Act.

juacy of the internal financial controls over financial reporting or me company and theoperating effectiveness of such controls refer to our separate report in "AnnexureA". Our report expresses an unmodified opinion on the adequacy and operatingeffectiveness of the Company's internal financial controls over financial reporting.

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 information and according to the explanations given to us:

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

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

iii. There were no amounts which were required to be transferred to Investor Education& Protection fund by the company.

2. 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 (3) ofthe Act We give in the "Annexure B" statement on the matters specified in theParagraph 3 & 4 of the order to the extent applicable .

Place: Bhopal For PATEL VARMA & ASSOCIATES
Date: 30th June 2020 Chartered Accountants
FRN:009108C
Navanit Vanna
(Partner)
M.No.078300
UDIN-20078300AAAAB06786

Annexure- A to the Independent Auditors' Report of even date on the Standalonefinancial statement of GTV Engineering Limited

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 GTVEngineering Limited ("the Company") as of 31 March 2020 in conjunction withour audit of the standalone financial statements of the Company for the year ended on 31stMarch 2020.

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 (TCAf). 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 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 judgment 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 system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2020 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.

Place: Bhopal For PATEL VARMA & ASSOCIATES
Date: 30th June 2020 Chartered Accountants
FRN:009108C
Navanit Varma
(Partner)
M.No.078300
UDIN -20078300AAAAB06786

ANNEXURE- A TO THE AUDITORS' REPORT

The Armexure referred to in our Independent Auditor's report to the members of thecompany on the Standalone Financial Statements for the year ended 31st March2020 we report that

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) All the assets have been physically verified by the management during the year according to programmers of periodic verification no material discrepancies were noticed on such verification in our opinion this periodicity of physical verification is reasonable having regard to the size of company and the nature of its assets.
(c) According to the information and explanations given to us and on the basis of our examination of records of the company the title deeds of immovable property are held in name of the company.
(ii) (a) The inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable. The procedures of verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. No discrepancies are noticed during physical verification.
(iii) The Company has not granted Loans secured or unsecured to Companies firms or others covered by clause (76) of section 2 of the Companies Act2013. (a) As the company has not granted any loans and advances so there is no question of terms and conditions to be prejudicial to the interest of the Company. (b) The question of receipt of the principal amount and interest are regular or not is not applicable to the company (c) As the company has not granted any loans and advances hence there is no question of overdue amount of more than Rs.5.00 Lacs
(iv) In our opinion and according to the information and explanations given to us the company has complied with the requirements of section 185 & 186 of the act with respect to loans & investments made.
(v) According to the information and explanations given to us the company has not accepted any deposit from the Public during the year under audit.
(vi) The Company has not defaulted in repayment of dues to the financial institutions or Banks or debenture holders.
(vii) The provisions of maintenance of cost records under section 148 (1) of the Companies Act 2013 are not applicable to the company.
(viii) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund investors' education protection funds employees1 state insurance income tax sales tax wealth tax custom duty excise duty cess and other material statutory dues applicable to it. According to the information and explanations given to us no undisputed amounts payable in respect of the above were in arrears as at March 31 2018 for a period of more than six months from the date on when they become payable.
(b) According to the information and explanations given to us there were no dues of sales tax income tax service tax custom duty excise duty value added tax which have not been deposited on account of any dispute.
(ix) In our opinion and according to the information and explanations given to us the company has not defaulted in repayment of dues to bank. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
(X) The company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly paragraph 3(ix) of the order is not applicable.
(xi) According to the information and explanations given to us no fraud on or by the company by its officers or employees has been noticed or reported during the course of our audit.
(xii) According to the information & explanations given to us and based on our examination of the records of the company the company has paid or provided for managerial remuneration in accordance with requisite approvals mandated by the provisions of section 197 read with Schedule V to the act.
(xiii) In our opinion and as per information & explanations given to us the company is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is not applicable to the company.
(xiv) According to information & explanations given to us and based on our examination of records of the company transactions with related parties are in compliance with section 177 & 188 of the act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(XV) According to information & explanation given to us and based on our examination of records of the company the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xvi) According to information & explanations given to us and based on our examination of the records of the company the company has not entered into non cash transactions with directors or persons connected with him. Accordingly paragraph 3(xv)of the order is not applicable.
(xvii) In pur opinion company is not required to be registered under section 45 IA of Reserve Bank of India Act 1934. Accordingly paragraph 3(xvi) of the Order is not applicable to the company.

 

Place: Bhopal For PATEL VARMA & ASSOCIATES
Date: 30th June 2020 Chartered Accountants
FRN:009108C
Navanit Varma
(Partner)
M.No.078300
UDIN -20078300AAAAB06786

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