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Gujarat Investa Ltd.

BSE: 531341 Sector: Financials
NSE: N.A. ISIN Code: INE373D01017
BSE 00:00 | 26 Nov 6.10 -0.10
(-1.61%)
OPEN

6.10

HIGH

6.10

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6.10

NSE 05:30 | 01 Jan Gujarat Investa Ltd
OPEN 6.10
PREVIOUS CLOSE 6.20
VOLUME 552
52-Week high 8.30
52-Week low 1.45
P/E 61.00
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.10
CLOSE 6.20
VOLUME 552
52-Week high 8.30
52-Week low 1.45
P/E 61.00
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gujarat Investa Ltd. (GUJARATINVESTA) - Auditors Report

Company auditors report

TO THE MEMBERS OF GUJARAT INVESTA LIMITED

Opinion

We have audited the accompanying financial statements of Gujarat Investa Limited("the Company") which comprise the Balance Sheet as at 31st March 2020 theStatement of Profit & Loss Statement of Change of Equity and the Cash Flow Statementfor the year ended on that date and a summary of significant accounting policies and otherexplanatory information which we have signed under reference to this report.

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 theCompanies Act 2013 (the Act) in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended (IND AS) andother accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2020 the Profit and Loss Change in Equity and its Cash Flowsfor the year ended on that date.

Basis of Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit forthe Financial Statements section of our report. We are Independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the Independence requirements that are relevant to our audit ofthe financial statements under the provisions of the Act and the Rules made thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the FinancialStatements

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 we do not provide separate opinion on these matters. We havedetermined that there are no key audit matters to communicate in our report.

Other Information – Board of Directors' Report

The Company's Board of Directors is responsible for the preparation and presentation ofits report [herein after called as "Boards Report"] which comprises variousinformation required under section 134(3) of the Companies Act 2013 but does not includethe financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the Board Report and we do notexpress any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe Board Report and in doing so consider whether the information is materiallyinconsistent with the financial statements or our knowledge obtained during the course ofour audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement in the Board's Report we are required to report that fact. We have nothingto 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 with respect to the preparation and presentation ofthese financial statements that give a true and fair view of the financial positionfinancial performance change in equity and cash flows of the Company in accordance withthe Ind As and other accounting principles generally accepted in India. 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 misstatement whether due to fraud orerror.

In preparing the financial statements managements is responsible for assessing thecompany's ability or continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the company or to cease operation or has no realisticalternative but to do so.

The Board of Directors are responsible for overseeing the company's financial reportingprocess.

Auditor's 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 is exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese

Financial Statements.

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

i) 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.

ii) Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstance. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate Internal financial controls system in place and the operatingeffectiveness of such control.

iii) Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosure made by management.

iv) Conclude the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Company's abilityto continue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to related disclosures in the financialstatements or If such disclosures are inadequate to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor's report. Howeverfuture events or conditions may cause the Company to cease to continue as a going concern.

v) Evaluate the overall presentation structure and content of the FinancialStatements including the disclosures and whether the financial statements represent theunderlying transaction and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Financial Statement thatindividually 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 misstatement in the Financial Statements. We communicate with those chargedwith governance regarding among other matters the planned scope and timing of the auditand significant audit findings including any significant deficiencies in internal controlthat 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 them allrelationships and other matters that may reasonably be thought to bear on our independenceand 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 Financial Statements of the currentperiod and are therefore the key audit matters. We describe these matters in our auditor'sreport unless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh 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 purpose of our audit;

b. 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;

c. The Balance-Sheet the Statement of Profit and Loss Statement of Change of Equityand the Statement of Cash Flow dealt with by this Report are in agreement with the Booksof Account;

d. In our opinion the aforesaid Financial Statements comply with the AccountingStandards specified under Section 133 of the Companies Act 2013 read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. On the basis of written representations received from the Directors as on March312020 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2020 from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to the adequacy of internal financial controls over financial reportingof the Company and operating effectiveness of such controls refer to our specific reportin Annexure A. 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 mattes to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended; In our opinionand to best of our information and according to the explanations given to us theremuneration paid by the Company to its directors during the year is in accordance withthe provision of section 197 of the Act.

h. With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any such pending litigations which would impact itsfinancial position.

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 not been an occasion in case of the Company during the year under reportto transfer any sums to Investor Education and Protection Fund. Therefore the question ofdelay in transferring such sums does not arise.

2. As required by the Companies (Auditor's Report) Order 2020 (‘the Order') issuedby the Central Government in term of section 143(11) of the Act we give in AnnexureB" a statement on the matters specified in paragraphs 3 and 4 of the order.

For Tantiya & co.
Chartered Accountants
Firm Registration No. 140806W
(CA Ravindra Tantiya)
Proprietor
Ahmedabad Membership No.: 119812
The 31st July 2020 UDIN: 20119812AAAAIQ3558

Annexure Referred to in paragraph 2 of our Report for the year ended on 31st March2020 to the members of Gujarat Investa Limited

1. In respect of the Company's Property Plant and Equipment:

a) (A) The Company has maintained proper records showing full particulars includingquantitative detail and situation of Property Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of intangibleassets

b) According to the information and explanations given to us Property Plant andEquipment have been physically verified by the management at regular intervals during theyear and no material discrepancies were noticed on such verification. In our opinion thefrequency of physical verification of Property Plant and Equipment is reasonable.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

d) According to the information and explanations given to us the company has notrevalued its Property Plant and Equipment or intangible assets.

e) According to the information and explanations given to us there are no proceedingsinitiated or pending against the company for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 (45 of 1988) and rules made thereunder.

2. According to the information and explanations given to us:

a) Physical verification of Inventory has been conducted at regular intervals duringthe year and no material discrepancies were noticed on such verification. In our opinionthe coverage and procedure of such verification by the management is appropriate.

b) The Company has not been sanctioned any working capital limits in excess of fivecrore rupees in aggregate from banks or financial institutions on the basis of securityof current assets.

3. According to the information and explanations given to us during the year theCompany has made investments in provided any guarantee or security or granted loans oradvances in nature of loans secured or unsecured to Companies firms Limited LiabilityPartnerships or any other parties. If so: According to the information and explanationsgiven to us

a) During the year the company has provided loans or provided advances in nature ofloans or stood guarantee or provided security to any other entity (Not applicable to thecompany as Principal Business is to give loans).

4. In our opinion and according to information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans and investments made.

5. The Company has not accepted any deposits from the public during the year coveredunder the direction issued by the Reserve Bank of India and the provisions of Section 73to 76 of the Companies Act 2013 and Rules framed there under.

6. The maintenance of the cost records has not been prescribed by the CentralGovernment under Section 148 (1) of the Companies Act 2013 for the year under review.

7. (a) According to the information and explanations given to us and the recordsexamined by us the Company is regular in depositing undisputed statutory dues includingProvident Fund Income Tax Goods and Service Tax Sales-Tax Employees' state insuranceSales Tax Service Tax Custom Duty Excise Duty Value Added Tax Cess and otherstatutory dues with the appropriate authorities except following Income Tax Demand pendingfort a period of more than six months from the date they become payable

Name of the Statute Name of Dues Amount Period which amount relates Forum where the dispute is pending
Rs.
Income Tax Act 1961 Demand 32247916 Assessment Year 2012-13 Appeal pending with CIT(A)
Income Tax Act 1961 Demand 20814563 Assessment Year 2013-14 Appeal pending with CIT(A)

8. Based on the information given to us there have been no transactions which have notbeen recorded in the books of account but disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961).

9. Based on the information and explanations given to us:

(a) the Company has not defaulted in repayment of any dues to financial institutionsand banks.

(b) the Company is not a declared willful defaulter by any bank or financialinstitution or other lender.

(c) the term loans obtained were used for the purpose for which the loans wereobtained.

(d) the funds raised on short-term basis have not been utilized for long-term basis.

(e) the Company has not taken any funds from any entity or person on account of or tomeet the obligations of its subsidiaries associates or joint ventures.

(f) the Company has not raised any loans during the year on the pledge of securitiesheld in its subsidiaries joint ventures or associate companies.

10. (a) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year and hence details related forthe same are not applicable.

(b) The Company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally convertible) during the yearand hence section 42 and section 62 of the Companies Act 2013 are not applicable.

11. (a) As per the information given to us no fraud on or by the Company has beennoticed or reported during the course of our audit.

(b) We the auditors have not filed any report under sub-section (12) of section 143of the Companies Act in Form ADT-4 as prescribed under Rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government.

(c) As per the information given to us the Company has not received any whistle-blowercomplaints.

12. As the company is not a Nidhi Company the provisions of clause 3(xii) of theCompanies (Auditors Report) Order 2020 are not applicable to the Company.

13. According to the information and explanations given to us transaction with therelated parties are in compliance with Section 177 and 188 of the Companies Act 2013 anddetails of same have been disclosed in the Financial Statement etc. as required by theapplicable accounting standards.

14. a) According to the information given to us the Company has internal audit systemcommensurate with the size and nature of its business. b) As statutory auditors of thecompany we have considered the reports of the internal auditors for the period underaudit.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him.

16. The Company is required to and has been registered under Section 45-IA of theReserve Bank Of India Act 1934 as a NBFC Company.

17. Based on the information given to us the Company has not incurred cash losses inthis or immediately preceding financial year.

18. There has been no resignation of the Statutory Auditors during the year.

19. In our Opinion on the basis of financial ratios ageing and expected dates ofrealization of financial assets and payments of financial liabilities other informationaccompanying the financial statements and our interaction with the Board of Directors andmanagement no material uncertainty exists as on the date of audit report that the Companywill be incapable of meeting its liabilities existing as on 31st of March 2020 as andwhen they fall due within a period of one year from the balance sheet date.

20. (a) In respect of other than ongoing projects the second proviso to sub-section(5) of section 135 of the company Act related to transferring unspent amount to a Fundspecified in Schedule VII to the Companies Act within a period of six months of the expiryof the financial year is not applicable to the Company.

(b) Second proviso of sub-section (6) of section 135 of Companies Act is not applicableto the Company.

For Tantiya & co.
Chartered Accountants
Firm Registration No. 140806W
(CA Ravindra Tantiya)
Proprietor
Ahmedabad Membership No.: 119812
The 31st July 2020 UDIN: 20119812AAAAIQ3558

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