Mar 31, 2018
Report on the Ind AS Financial Statements
We have audited the accompanying Ind AS financial statements of GOLD LINE INTERNATIONAL FINVEST LIMITED (CIN: L74899DL1992PLC050250) (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act., read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Ind AS financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2018, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure 1â a statement on the matters specified in paragraphs 3 and 4 of the Order.
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 best of 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 the Company so far as it appears from our examination of those books;
c) The Balance Sheet, Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, Companies (Indian Accounting Standards) Rules, 2015, as amended;
e) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of section 164 (2) of the Act;
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure 2â to this report;
M/S GOLD LINE INTERNATIONAL FINVEST LIMITED
âAnnexure Aâ to the Independent Auditorsâ Report
Referred to in paragraph 1 under the heading âReport on Other Legal & Regulatory Requirementâ of our report of even date to the financial statements of the Company for the year ended March 31, 2018:
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) The Fixed Assets have been physically verified by the management in a phased manner, designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
(c) No immovable properties are held by the company.
2) (a) Company does not have any inventory at the end of the year.
(b) In view of our comment in paragraph (a) above, clause (ii) (a) (b) and (c) of paragraph 2 of the aforesaid order are not applicable to the company.
3) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company and hence not commented upon.
4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. 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 explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.
8) In our opinion and according to the information and explanations given to us, The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, No managerial remuneration is payable in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions, if any with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
M/S GOLD LINE INTERNATIONAL FINVEST LIMITED
âAnnexure Bâ to the Independent Auditorsâ Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Gold Line International Finvest Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on âthe internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of Indiaâ. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Nishant Alok & Co.
Chartered Accountants
Sd-
CA Nishant Alok
(Proprietor)
FRN:029014N
M. No. 520737
Place: New Delhi
Date: 29th May 2018
Mar 31, 2016
TO
THE MEMBERS
M/S GOLD LINE INTERNATIONAL FINVEST LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of GOLD LINE INTERNATIONAL FINVEST LIMITED (CIN: L74899DL1992PLC050250) ("the company"),which comprise the Balance Sheet as at 31 March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of 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 in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;
a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;
b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
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 of the Companies Act, 2013, we give in the "Annexure A" statement on the matters specified in paragraphs 3 and 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 best of 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 the Company so far as appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on 31 March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
Referred to in paragraph 1 under the heading ''Report on Other Legal & Regulatory Requirement'' of our report of even date to the financial statements of the Company for the year ended March 31, 2016:
1. (a) Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) The Fixed Assets have been physically verified by the management in a phased manner, designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
(c) The title deeds of immovable properties are held in the name of the company.
2. (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.
3. The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3
(iii) (a) to (C) of the Order are not applicable to the Company and hence not commented upon.
4. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5. The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6. As informed to us, the maintenance of Cost Records has not been specified by the Central Government under subsection (1) of Section 148 of the Act, in respect of the activities carried on by the company.
7. (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. 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, 2016 for a period of more than six months from the date on when they become payable.
(b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9. Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11. Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12. In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13. In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14. Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15. Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16. In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Gold Lime International Finvest Limited ("the Company") as of March 31, 2016 in conjunction with our audit of the 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 internal financial controls based on "the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India". These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
M/s Agrawal Goyal & Co.
Chartered Accountants
Sd/-
Saroj Kumar Thakur
Partner
Membership No. 524561
FRN. 004977C
Place: New Delhi
Date: 27.05.2016
Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of GOLD LINE
INTERNATIONAL FINVEST LIMITED (CIN: L74899DL1992PLC050250) ("the
company"),which comprise the Balance Sheet as at 31 March 2015, the
Statement of Profit and Loss, the Cash Flow Statement for the year then
ended, and a summary of 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 in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2015, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 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 best of 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 the Company so far as appears from our examination of those
books.
c) Company does not have any branch office accordingly reports on the
accounts of the branch offices of the Company audited under Section
143(8) of the Act are not applicable.
d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
e) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
f) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
Annexure to the Auditors' Report
Companies (Auditor's Report) Order, 2015 ("the Order")
The Annexure referred to in our report to the members of GOLD LINE
INTERNATIONAL FINVEST LIMITED for the year Ended on 31st March 2015. We
report that:
1. (a) Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) As explained to us, the management has physically verified the
fixed assets during the year and there is a regular programme of
verification which, in our opinion, is reasonable having regards to the
size of the company and the nature of the assets. No discrepancies were
noticed on such verification.
2. (a) Company does not have any inventory at the end of the year.
(b) In view of our comment in paragraph (a) above, clause (ii) (a) (b)
and (c) of paragraph 2 of the aforesaid order are not applicable to the
company.
3. (a) Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act.
(b) in view of our comment in paragraph (a) above, clause (iii) (a) and
(b) of paragraph 3 of the aforesaid order are not applicable to the
company.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control
system.
5. Company has not accepted deposits from public. Hence provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under, do not apply to this company.
6. The Central Government has not prescribed the maintenance of cost
records under sub- section (1) of section 148 of the Companies Act for
any of the products manufactured/services rendered by the Company.
7. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues have been regularly deposited during the year by the
Company with the appropriate authorities. As explained to us, the
Company did not have any dues on account of Wealth tax, Sales tax,
Excise Duty, Cess, Employees' State Insurance and Investor Education
and Protection Fund.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax and other material
statutory dues were in arrears as at 31 March 2015 for a period of more
than six months from the date they became payable.
(c) According to the records of the Company, there were no amount which
were required to be transferred to investor education and protection
fund. Therefore, the provision of clause 3 (viii) (c) of the Companies
(Auditor's Report) Order, 2015 are not applicable to the Company.
8. The company does not have accumulated losses at the end of the
financial year. The company has not incurred cash losses in such
financial year and in the immediately preceding financial year.
9. In our opinion and according to the information and explanation
given to us, the company has not take any loan from financial
institution and bank hence clause 9 of the CARO 2015 is not applicable.
10. The Company has not given any guarantee for the loans taken by
others from bank & financial Institutions.
11. In Our Opinion and according to the information and explanations
given to us, the Company does not have any term loan.
12. Based upon the audit procedures performed and according to the
information and explanations given to us, we report that no fraud on or
by the Company has been noticed or reported during the year.
M/s Agrawal Goyal & Co.
Chartered Accountants
Saroj Kumar Thakur
Partner
Membership No. 524561
FRN. 004977C
Place: New Delhi
Date: 30.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of Goldline
International Finvest Limited which comprise the balance sheet as at 31
March 2014 and the statement of profit and loss for the year ended on
that date annexed thereto.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 read with the General Circular 15/2013 dated
13 September 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013. This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
We conducted our audit in accordance with the auditing standards
generally acceptable in India. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date.
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies Auditor''s Report Order, 2003 , as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with the
General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
e. On the basis of written representations received from the directors
as on 31 March
2014, and taken on record by the Board of Directors, none of the
directors are disqualified as on 31 March 2014, from being appointed as
a director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITOR''S REPORT OF EVEN
DATE IN THE ACCOUNTS FOR THE YEAR ENDED ON 31.3.2014 OF M/S GOLDLINE
INTERNATIONAL FINVEST LIMITED, New Delhi.
(i) (a) The company does not have any Fixed Assets during the year,
therefore clauses (b) and (c) are not applicable.
(ii) (a) The company does not have any Inventories during the year,
therefore clauses (b) and (c) are not applicable.
(iii) (a) The Company has neither taken nor granted any loans, secured
or unsecured to / from Companies, Firms or other parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
(b) Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
rate of interest and the other terms and conditions of loan taken or
granted are not applicable.
(c) Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
payment of Principal amount and interest are not applicable.
(d) Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under
Section 301 of the Companies Act, 1956, therefore the issue of overdue
amount is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business for the purchase of inventory and fixed assets and for the
sale of goods.
(v) (a) Based on the audit procedure applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 has been so entered.
(b) In our opinion and according to the information and explanations
give to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 and
exceeding the value of Five lakh rupees in respect of any party during
the year, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time wherever applicable.
(vi) The company has not accepted any deposit during the year from the
public within the meaning of provisions of Section u/s 58 A and 58 AA
of the Companies Act 1956 and the rules made there under. Hence, this
clause is not applicable to the company.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
(viii) As informed to us, the Central Government has not prescribed the
maintenance of cost records under section 209(1)(d) of the companies
Act, 1956.
(ix) (a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues, including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income- tax, Sales tax, Wealth Tax, Custom Duty,
Excise Duty, cess and any other statutory dues as applicable with
appropriate authorities during the year. As at 31.3.2014 there are no
undisputed dues payable for a period of more than six months from the
date they became payable.
(b) According to the information and explanation given to us there are
no dues in respect of Sales Tax / income tax/ custom duty / wealth tax
/ cess that have not been deposited with the appropriate authorities on
account of any dispute.
(x) The Company have accumulated losses less then the 50% of the net
worth of the company at the end of the year and has not incurred any
cash losses during the current year and immediately preceding financial
year.
(xi) According to the information and explanation given to us there are
no dues payable to any financial institution or bank or any debenture
holder.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
company.
(i) The company is dealing in shares and other investments and proper
records have been maintained of the transactions and contracts and
timely entries have been made there in . The shares and other
securities have been held by the company in it''s own name except to the
extent of exemption granted under section 49 of the act.
(xiv) According to the information and explanation given to us, the
company has not given any guarantee for the loans taken by others from
banks and financial institutions.
(xv) The company has not taken any term loan during the year.
(xvi) In our opinion and according to the information and explanations
given to us and as shown by the records examined by us no funds raised
on short term basis have been used for long term investment and vice
versa.
(xvii) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained u/s 301 of the
Companies Act, 1956 during the year.
(xviii) The company has not issued any debenture, therefore the clause
is not applicable.
(xix) The company has not raised any money by public issues during the
year.
(xx) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
PLACE : NEW DELHI AGRAWAL GOYAL & CO.
DATE : 30/05/2014 CHARTERED ACCOUNTANTS
Sd/-
(SAROJ KUMAR THAKUR)
MEMBERSHIP NO. 524561
FIRM REGD.NO. 004977C
Mar 31, 2013
1. We have audited the attached Balance sheet of GOLDLINE
INTERNATIONAL FINVEST LIMITED having its Registered Office at Delhi as
at 31st March, 2013 and also the Profit and Loss account for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement(s). An audit
includes examining, on test basis, evidence supporting the amounts and
disclosure in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statement
presentation. We believe that our audit proves a reasonable basis of
our opinion.
3. As required by the Companies (Auditor''s Report) order, 2003, issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we enclose in the Annexure a statement of the matters
specified in the said order to the ex tent applicable to the company.
4. Further to our comments'' as per annexure referred in paragraph (3)
above, we state that:
(a) We have obtained all the information and explanations which Mhe
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts, as required by law have
been kept by the company as appears from our examination of those
books.
(c) The Balance sheet and profit and loss account dealt with by this
report are in agreement with the books of accounts.
(d) In our opinion, the P un of it & Loss account and the Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) if
Section 211 of the Companies Act, 1956
(e) On the basis of information made available to us, we are of the
opinion that none of the directors of the company are disqualified as
on 31.03.2013 from being appointed as directors in term of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and according to
explanations given to us, the said accounts read with accounting
policies and notes thereon, give the information required by the
Companies Act, 1956 in the manner so required and gives a true and fair
view in conformity with the accounting principles generally accepted in
India :-
(i) In the case of the Balance sheet, of the state of affairs of the
company as at 31st March, 2013 and
(ii) In the case of Profit and Loss account, of the Profit of the
company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITOR''S REPORT OF EVEN
DATE IN THE ACCOUNTS FOR THE YEAR ENDED ON 31.3.2013 OF M/S GOLDLINE
INTERNATIONAL FINVEST LIMITED.
(i) (a) The company does not have any Fixed Assets during the year,
therefore clauses (b) and (c) are not applicable.
(ii) (a) The company does not have any Inventories during the year,
therefore clauses (b) and (c) are not applicable.
(iii) (a) The Company has neither taken for granted any loans, secured
or unsecured to / from Companies, Firms or other parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
Since the company has neither taken for granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
rate of interest and the other terms and conditions of loan taken or
granted are not applicable.
(b) Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
payment of. Principal amount and interest are not applicable.
(c) Since the company has neither taken for granted any loans from
Companies, (Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
payment of Principal amount and interest are not applicable
(d) Since the "company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
overW amount is not applicable. .
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business for the purchase of inventory and fixed assets and for the
sale of goods.
(v) (a) Based on the audit procedure applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 has been so entered.
(b) In our opinion and according to the information and explanations
give to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 and
exceeding the value of Five lakh rupees in respect of any party during
the year, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time wherever applicable.
(iii) The company has not accepted any deposit during the year from the
public within the meaning of provisions of Section u/s 58 A and 58 AA
of the Companies Act 1956 and the rules made there under. Hence, this
clause is not applicable to the company.
(iv) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
(v) As informed to us, the Central Government has not prescribed the
maintenance of cost records under section 209(1)(d) of the companies
Act, 1956.
(vi) (a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues, including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income- tax, Sales tax, Wealth Tax, Custom Duty,
Excise Duty, cess and any other statutory dues as applicable with
appropriate authorities during the year. As at 31.3.2013 there are no
undisputed dues payable for a period of more than six months from the
date they became payable.
(b) '' According to the information and explanation given to us there
are no dues in respect of Sales Tax / income tax/ custom duty / wealth
tax / cess that have not been deposited with the appropriate
authorities on account of any dispute.
(vii) The Company have accumulated losses less then the 50% of the net
worth of the company at the end of the year and has not incurred any
cash losses during the current year and immediately preceding financial
year.
(viii) According to the information and explanation given to us there
are no dues payable to any financial institution or bank or any
debenture holder.
(ix) The company has not granted any loans and advances on the #is of
security by way of pledge of shares, debentures and other securities.
(x) The provisions of any special statute applicable to chit fund/
nidhi / mutual benefit fund / societies are not applicable to the
company.
(xi) The company is dealing in shares and other investments and proper
records have been maintained of the transactions and contracts and
timely entries have been made there in . The shares and other
securities have been held by the company in its own name except to the
extent of exemption granted under section 49 of the act.
(xii) According to the information and explanation given to us, the
company has not given any guarantee for the loans taken by others from
banks and financial institutions.
(xiii) The company has not taken any term loan during the year.
(xiv) In our opinion and according to the information and explanations
given to us and as shown by the records examined by us no funds raised
on short term basis have been used for long term investment and vice
versa.
(xv) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained u/s 301 of the
Companies Act 1956 during the year.
(xvi) The company has not issued any debenture, therefore the clause is
not applicable.
(xvii) The company has not raised any money by public issues during the
year.
(xviii) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
PLACE :NEW DELHI THAKUR SAROJ & CO.
DATE :26.04.2013 CHARTERED ACCOUNTANTS
SD/-
(SAROJ KUMAR THAKUR)
PARTNER
MEMBERSHIP NO. 524561
FIRM REGD.NO. 021734N
Mar 31, 2012
1. We have audited the attached Balance sheet of GOLDLINE
INTERNATIONAL FINVEST LIMITED having its Registered Office at Delhi as
at 31st March, 2012 and also the Profit and Loss account for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement(s). An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principals used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis of our opinion.
3. As required by the Companies (Auditor''s Report) order, 2003, issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we enclose in the Annexure a statement of the matters
specified in the said order to the extent applicable to the company.
4. Further to our comments as per annexure referred in paragraph (3)
above, we state that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts, as required by law have
been kept by the company as appears from our examination of those
books.
(c) The Balance sheet and profit and loss account dealt with by this
report are in agreement with the books of accounts.
(d) In our opinion, the Profit & Loss account and the Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) if
Section 211 of the Companies Act, 1956
(e) On the basis of information made available to us, we are of the
opinion that none of the directors of the company are disqualified as
on 31.03.2012 from being appointed as directors in term of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and according to
explanations given to us, the said accounts read with accounting
policies and notes thereon, give the information required by the
Companies Act, 1956 in the manner so required and gives a true and fair
view in conformity with the accounting principals generally accepted in
India :- (i) In the case of the Balance sheet, of the state of affairs
of the company as at 31st March, 2012 and
(ii) In the case of Profit and Loss account, of the Profit of the
company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITOR''S REPORT OF EVEN
DATE IN THE ACCOUNTS FOR THE YEAR ENDED ON 31.3.2012 OF M/S GOLDLINE
INTERNATIONAL FINVEST LIMITED, NEW DELHI.
(i) (a) The company does not have any Fixed Assets during the year,
therefore clauses (b) and (c) are not applicable.
(ii) (a) The company does not have any Inventories during the year,
therefore clauses (b) and (c) are not applicable.
(iii) (a) The Company has neither taken nor granted any loans, secured
or unsecured to / from Companies, Firms or other parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
(b)Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
rate of interest and the other terms and conditions of loan taken or
granted are not applicable.
(c) Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
payment of Principal amount and interest are not applicable.
(d) Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
overdue amount is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business for the purchase of inventory and fixed assets and for the
sale of goods.
(v) (a) Based on the audit procedure applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 has been so entered.
(b) In our opinion and according to the information and explanations
give to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 and
exceeding the value of Five lakh rupees in respect of any party during
the year, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time wherever applicable.
(iii) The company has not accepted any deposit during the year from the
public with in the meaning of provisions of Section u/s 58 A and 58 AA
of the Companies Act 1956 and the rules made there under. Hence, this
clause is not applicable to the company.
(iv) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
(v) As informed to us, the Central Government has not prescribed the
maintenance of cost records under section 209(1)(d) of the companies
Act, 1956.
(vi) (a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues, including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income- tax, Sales tax, Wealth Tax, Custom Duty,
Excise Duty, cess and any other statutory dues as applicable with
appropriate authorities during the year. As at 31.3.2012 there are no
undisputed dues payable for a period of more than six months from the
date they became payable.
(b) According to the information and explanation given to us there are
no dues in respect of Sales Tax / income tax/ custom duty / wealth tax
/ cess that have not been deposited with the appropriate authorities on
account of any dispute.
(vii) The Company have accumulated losses less then the 50% of the net
worth of the company at the end of the year and has not incurred any
cash losses during the current year and immediately preceding financial
year.
(viii) According to the information and explanation given to us there
are no dues payable to any financial institution or bank or any
debenture holder.
(ix) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(x) The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
company.
(xi) The company is dealing in shares and other investments and proper
records have been maintained of the transactions and contracts and
timely entries have been made there in . The shares and other
securities have been held by the company in it''s own name except to the
extent of exemption granted under section 49 of the act.
(xii) According to the information and explanation given to us, the
company has not given any guarantee for the loans taken by others from
banks and financial institutions.
(xiii) The company has not taken any term loan during the year.
(xiv) In our opinion and according to the information and explanations
given to us and as shown by the records examined by us no funds raised
on short term basis have been used for long term investment and vice
versa.
(xv) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained u/s 301 of the
Companies Act, 1956 during the year.
(xvi) The company has not issued any debenture, therefore the clause is
not applicable.
(xvii) The company has not raised any money by public issues during the
year.
(xviii) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
PLACE : NEW DELHI THAKUR SAROJ & CO.
DATE : 27.04.2012 CHARTERED ACCOUNTANTS
SD/-
(SAROJ KUMAR THAKUR)
MEMBERSHIP NO. 524561
FIRM REGD.NO. 021734 N
Mar 31, 2011
1. We have audited the attached Balance sheet of GOLDLINE
INTERNATIONAL FINVEST LIMITED having its Registered Office at Delhi as
at 31st March, 2011 and also the Profit and Loss account for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement(s). An audit
includes examining, on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principals used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis of our opinion.
3. As required by the Companies (Auditor''s Report) order, 2003, issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we enclose in the Annexure a statement of the matters
specified in the said order to the extent applicable to the company.
4. Further to our comments as per annexure referred in paragraph (3)
above, we state that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts, as required by law have
been kept by the company as appears from our examination of those
books.
(c) The Balance sheet and profit and loss account dealt with by this
report are in agreement with the books of accounts.
(d) In our opinion, the Profit & Loss account and the Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) if
Section 211 of the Companies Act, 1956
(e) On the basis of information made available to us, we are of the
opinion that none of the directors of the company are disqualified as
on 31.03.2011 from being appointed as directors in term of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and according to
explanations given to us, the said accounts read with accounting
policies and notes thereon, give the information required by the
Companies Act, 1956 in the manner so required and gives a true and fair
view in conformity with the accounting principals generally accepted in
India :-
(i) In the case of the Balance sheet, of the state of affairs of the
company as at 31st March, 2011 and
(ii) In the case of Profit and Loss account, of the Loss of the company
for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN DATE
IN THE ACCOUNTS FOR THE YEAR ENDED ON 31.3.2011 OF M/S GOLDLINE
INTERNATIONAL FINVEST LIMITED, New Delhi.
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has physically verified during the year all its Fixed
Assets. in accordance with a programme of verification, which in our
opinion provides for physical verification of the fixed assets at
reasonable intervals. According to the information and explanations
given to us no material discrepancies were noticed on such
verification.
(c) In our opinion and according to the information and explanations
given to us, the Company has not made any disposals of any fixed assets
during the year.
(ii) (a) The Inventory has been physically verified by the management
during the current year. In our opinion the frequency of such
verification is reasonable.
(b) The procedure for the physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
(c) The company has maintained proper records of inventory. No
discrepancies were noticed on the physical verification between the
physical stock and books records were not material.
(iii) (a) The Company has neither taken nor granted any loans, secured
or unsecured to / from Companies, Firms or other parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
(b) Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
rate of interest and the other terms and conditions of loan taken or
granted are not applicable.
(c) Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
payment of Principal amount and interest are not applicable.
(d) Since the company has neither taken nor granted any loans from
Companies, Firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956, therefore the issue of
overdue amount is not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of the
business for the purchase of inventory and fixed assets and for the
sale of goods.
(v) (a) Based on the audit procedure applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 has been so entered.
(b) In our opinion and according to the information and explanations
give to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 and
exceeding the value of Five lakh rupees in respect of any party during
the year, have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time wherever applicable.
(vi) The company has not accepted any deposit during the year from the
public with in the meaning of provisions of Section u/s 58 A and 58 AA
of the Companies Act 1956 and the rules made there under. Hence, this
clause is not applicable to the company.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
(viii) As informed to us, the Central Government has not prescribed the
maintenance of cost records under section 209(1)(d) of the companies
Act, 1956.
(ix) (a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues, including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income- tax, Sales tax, Wealth Tax, Custom Duty,
Excise Duty, cess and any other statutory dues as applicable with
appropriate authorities during the year. As at 31.3.2011 there are no
undisputed dues payable for a period of more than six months from the
date they became payable.
(b) According to the information and explanation given to us there are
no dues in respect of Sales Tax / income tax/ custom duty / wealth tax
/ cess that have not been deposited with the appropriate authorities on
account of any dispute.
(x) The Company have accumulated losses less then the 50% of the net
worth of the company at the end of the year and has not incurred any
cash losses during the current year and immediately preceding financial
year.
(xi) According to the information and explanation given to us there are
no dues payable to any financial institution or bank or any debenture
holder.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
company.
(xiv) The company is dealing in shares and other investments and proper
records have been maintained of the transactions and contracts and
timely entries have been made there in . The shares and other
securities have been held by the company in it''s own name except to the
extent of exemption granted under section 49 of the act.
(xv) According to the information and explanation given to us, the
company has not given any guarantee for the loans taken by others from
banks and financial institutions.
(xvi) The company has not taken any term loan during the year.
(xvii) In our opinion and according to the information and explanations
given to us and as shown by the records examined by us no funds raised
on short term basis have been used for long term investment and vice
versa.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained u/s 301 of
the Companies Act, 1956 during the year.
(xix) The company has not issued any debenture, therefore the clause is
not applicable.
(xx) The company has not raised any money by public issues during the
year.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
PLACE : NEW DELHI THAKUR SAROJ & CO.
DATE : 27.07.2011 CHARTERED ACCOUNTANTS
(SAROJ KUMAR THAKUR)
MEMBERSHIP NO. 524561
FIRM REGD.NO. 021734 N