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GTV Engineering Ltd.

BSE: 539479 Sector: Engineering
NSE: N.A. ISIN Code: INE910R01016
BSE 00:00 | 22 Jun 32.40 0.30
(0.93%)
OPEN

30.50

HIGH

32.45

LOW

30.50

NSE 05:30 | 01 Jan GTV Engineering Ltd
OPEN 30.50
PREVIOUS CLOSE 32.10
VOLUME 1106
52-Week high 40.80
52-Week low 20.05
P/E 17.51
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 30.50
CLOSE 32.10
VOLUME 1106
52-Week high 40.80
52-Week low 20.05
P/E 17.51
Mkt Cap.(Rs cr) 10
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 Financial Statements

We have audited the accompanying standalone financial statements of GTV EngineeringLtd. ("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof 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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition 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 read with Rule 7 of the Companies (Accounts)Rules 2014. 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 design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' 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 thereunder.

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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments; theauditor considers 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 but not for the purpose of expressing an opinionon whether the company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such control. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of 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 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 31st March 2017 and its profits and its cash flows for the year ended on thatdate.

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

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 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 Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to adequacy of the internal financial controls over financial reportingof the company and the operating effectiveness of such controls refer to our separatereport 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 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 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 Investor Education& Protection fund by the company.

iv. The company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company.

Place: Bhopal For RATH DINESH & ASSOCIATES
Date: 26th May 2017 Chartered Accountants
FRN: 008344CA ^

ANNEXURE- A TO THE AUDITORS' REPORT

The Annexure referred to in our Independent Auditor's report to the members of thecompany on the Standalone Financial Statements for the year ended 31st March2016 we report that

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

(b) All the assets have been physically verified by tire management during the yearaccording to programmers of periodic verification no material discrepancies were noticedon such verification in our opinion this periodicity of physical verification isreasonable 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 ourexamination of records of the company the title deeds of immovable property are held inname 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 ofverification of inventories followed by the management are reasonable and adequate inrelation to the size of the company and nature of its business. No discrepancies arenoticed during physical verification.

(iii) The Company has not granted Loans secured or unsecured to Companies firms orothers covered by clause (76) of section 2 od the Companies Act2013.

(a) As the company has not granted any loans and advances so there is no question ofterms and conditions to be prejudicial to the interest of tire Company .

(b) The question of receipt of the principal amount and interest are regular or not isnot applicable to tire company

(c) As the company has not granted any loans and advances hence there is no question ofoverdue amount of more than Rs.5.00 Lacs

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the requirements of section 185 & 186 of the act withrespect to loans & investments made.

(v) According to the information and explanations given to us the company has notaccepted any deposit from the Public during the year under audit.

(Vi) The Company has not defaulted in repayment of dues to the financial institutionsor Banks or debenture holders.

(vii) The provisions of maintenance of cost records under section 148 (1) of theCompanies Act 2013 are not applicable to the company.

(viii) (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund investors' education protection funds employees'state insurance income tax sales tax wealth tax custom duty excise duty cess andother material statutory dues applicable to it. According to the

information and explanations given to us no undisputed amounts payable in respect ofthe above were in arrears as at March 31 2016 for a period of more than six months fromthe date on when they become payable.

(b) According to the information and explanations given to us there were no dues ofsales tax income tax service tax custom duty excise duty value added tax which havenot been deposited on account of any dispute.

(ix) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to bank. The Company has not taken any loaneither from financial institutions or from the government and has not issued anydebentures.

M The company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3(ix) of the order is not applicable.

(xi) According to the information and explanations given to us no fraud on or by thecompany by its officers or employees has been noticed or reported during the course of ouraudit.

(xii) According to the information & explanations given to us and based on ourexamination of the records of the company the company has paid or provided for managerialremuneration in accordance with requisite approvals mandated by the provisions of section197 read with Schedule V to the act.

(xiii) In our opinion and as per information & explanations given to us thecompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable to the company.

(>dv) According to information & explanations given to us and based on ourexamination of records of the company transactions with related parties are in compliancewith section 177 & 188 of the act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

(xv) According to information & explanation given to us and based on ourexamination of records of the company the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.

(xvi) According to information & explanations given to us and based on ourexamination of the records of the company the company has not entered into non cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv)ofthe order is not applicable.

(xvii) In our opinion company is not required to be registered under section 45 IA ofReserve Bank of India Act 1934. Accordingly paragraph 3(xvi) of the Order is notapplicable to the company.

Place: Bhopal For RATH DINESH & ASSOCIATES
Date: 26th May 2017 Chartered Accountants
FRN: 008344C ^ ^

Annexure- B to the Independent Auditors' 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 GTVEngineering Limited ("the Company") as of 31 March 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended 31stMarch 2017.

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 (TCAT). 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 operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto 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 2016 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 RATH DINESH & ASSOCIATES
Date: 26th May 2017 Chartered Accountants
FRN: 008344C