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Gyan Developers & Builders Ltd.

BSE: 530141 Sector: Infrastructure
NSE: N.A. ISIN Code: INE487G01018
BSE 00:00 | 09 Jun 2.85 0
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NSE 05:30 | 01 Jan Gyan Developers & Builders Ltd
OPEN 2.85
PREVIOUS CLOSE 2.85
VOLUME 791
52-Week high 3.39
52-Week low 2.85
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.85
CLOSE 2.85
VOLUME 791
52-Week high 3.39
52-Week low 2.85
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gyan Developers & Builders Ltd. (GYANDEVELOPERS) - Auditors Report

Company auditors report

To

The Shareholders of

GYAN DEVELOPERS & BUILDERS LIMITED

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of GYAN DEVELOPERS &BUILDERS LIMITED ("the Company") which comprise the balance sheet as atMarch 31 2019 and the Statement of Profit and Loss and statement of cash flows for theyear then ended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid IndAS financial statements give the information required by theCompanies Act 2013 (‘Act') in the manner so required and give a true and fair viewin conformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2019 its profit cash flows and changes in equityfor the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the standards on auditing specified undersection 143 (10) of the Companies Act 2013. Our responsibilities under those Standardsare further described in the auditor's responsibilities for the audit of the financialstatements section of our report. We are independent of the Company in accordance with thecode of ethics issued by the Institute of Chartered Accountants of India together with theethical requirements 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 believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS' REPORT THEREON

The Company's board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Business Responsibility Report but does notinclude the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledge obtainedduring 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 are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible for assessing theCompany's ability to 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 operations or has no realisticalternative but to do so.

The board of directors are also responsible for overseeing the Company's financialreporting process.

AUDITOR'S RESPONSIBILITIES 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:

(a) Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

(b) 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

(c) Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

(d) Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

(e) 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.

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 alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

The provisions of the Companies (Auditor's Report) Order 2018 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 (hereinafter referred to the‘'order")and on the basis of such checks of the books and records of thecompany as we considered appropriate and according to the information and explanationsgiven to us we give in annexure a statement on the matters specified in paragraph 3 and 4of the order.

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 financial statements 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 the written representations received from the directors as on March31 2019 taken on record by the board of directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of Section 164 (2) of theAct;

(f) 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 2019 based on theinternal financial controls over financial reporting criteria established by the companyconsidering the essential components of internal control stated in the Guidance note onaudit of internal financial controls over financial reporting issued by the Institute ofChartered Accountant of India.

(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;

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

b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

For SURAJ DHOKA & ASSOCIATES
Chartered Accountants
FRN : 009707S
S/d
CA SURAJ KUMAR DHOKA
Place : Chennai Partner
Date : 29-05-2019 Memb No.206254

ADDITIONAL INFORMATION ANNEXED TO THE INDEPENDENT AUDITORS' REPORT

1. In respect of its Fixed Assets:

(a) the Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed assets;

(b) in our opinion all the fixed assets have been physically verified by theManagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the company and nature of its assets. No material discrepanciesbetween the book records and Physical Verification were noticed;

(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 only.

2. In respect of its inventories:

(a) The inventory comprising of lands have been physically verified by the managementduring the year. In our opinion the frequency of verification is reasonable.

(b) The company has maintained proper records of inventories. In our opinion there wasno material discrepancy noticed on physical verification of inventories as compared to thebooks of accounts.

3. The company has taken loans from four related parties covered in the registermaintained under section 189 of the Companies Act 2013

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been taken from the related parties as listed in the register maintained underSection 189 of the Act were not prima facie prejudicial to the interest of the Company.

In the current year there is no provision/payment of interest as agreed mutuallybetween the company and lenders.

4. The company has neither granted any loans or security nor it has made any investmentor guarantee which violates the provisions of section 185 and 186 of the CompaniesAct2013.

5. The company has not accepted any deposits during the year.

6. The maintenance of cost records has not been prescribed by the Central Government.

7. In respect of statutory dues:

(a) According to the information and explanations given to us and the records examinedby us the Company has generally been regular in depositing with appropriate authoritiesundisputed statutory dues including Income-tax service-tax customs duty excise dutyVAT and cess wherever applicable.

(b) According to the records of the Company there are no dues outstanding in respectof income-tax service-tax customs duty excise duty VAT GST and cess (as applicable)on account of any dispute.

8. The company has no borrowings from banks financial institutions government or byway of debentures as on March 31 2019.

9. 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.

10. As per the information and explanations given to us no fraud on or by the companyhas been noticed or reported during the year.

11. The managerial remuneration has been paid in accordance with the provisions ofsection 197 of the Companies Act 2013.

12. The company is not a chit fund company or a nidhi/mutual benefit fund/society.

13. Based on our examination of the records and the information & explanationsgiven to us all the transactions with related parties are in compliance with section 177and 188 of Companies Act 2013 and necessary details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

14. The company has not made any preferential or private allotment of shares nor issuedany debentures during the year.

15. Based on our examination of the records and the information & explanationsgiven to us the company has not entered into any non-cash transactions with the directorsor persons connected with him.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For SURAJ DHOKA & ASSOCIATES
Chartered Accountants
FRN : 009707S
S/d
CA SURAJ KUMAR DHOKA
Place : Chennai Partner
Date : 29-05-2019 Memb No.206254