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Auditor Report of Gujarat Credit Corporation Ltd.

Mar 31, 2015

We have audited the attached Balance Sheet of GUJARAT CREDIT CORPORATION LIMITED as at 31st March 2015 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto, and report that:

1) As required by the Companies (Auditor's Report) Order, 2015 issued by the Central Government of India in term of Section 143 of the Companies Act, 2013, we enclose in the annexure a statement on the matters specified in paragraphs 3 and 4 of the said order.

2) We conduct 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3) Further to our comments in paragraph (1) above:

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, The Company has maintained proper books of accounts as required by Law, so far, as appears from our examination of those books.

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Profit and Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 129 of the Companies Act, 2013.

e) On the basis of the representations received from the directors of the Company, we report that none of the directors is disqualified from being appointed as a director of the Company under section 164 of the Companies Act, 2013.

f) Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the accounts, read with the accounting policies and other notes, give the information required by the Companies Act, 2013,in the manner so required and give a true and fair view:-

1. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March,2015 and

2. In the case of the Profit and Loss Account, of the profit for the year ended on that date.

3. In the case of the Cash flow Statement, of the Cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT CREDIT CORPORATION LIMITED (REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

(1) (a)The company has maintained generally proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the Management has physically verified the Company's fixed assets during the year and no material discrepancies were noticed on such verification.

(2) (a) The inventory has been physically verified by the Management during the year. The frequency of such verification is reasonable.

(b) In our opinion, the procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The discrepancies noticed on such physically verification of stock as compared to books records were not material and the same have been properly dealt with in the books of accounts.

(3) (a) According to the information and explanations given to us, the company has granted and taken loans and advances from companies, firms or other parties listed in the registers maintained under section 189 and the companies under the same management. The maximum amount involved during the year towards loan granted was Rs 75 Lacs and towards the loan taken was Rs 1667 Lacs. The year end balance of loans taken from such parties was Rs 1667 Lacs and year end balance of loan granted to such party was 59 Lacs.

(b) In our opinion , the rate of interest and other terms and conditions on which loans have been taken from / granted to companies, firms or other parties listed in the registers maintained under Section 189 are not , prima facie prejudicial to the company.

(c) The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest wherever applicable. The parties have repaid principal amounts as stipulated and have been regular in payment of interest wherever applicable.

(d) There is no overdue amount of loans taken from or granted by the companies, firms or other parties listed in the register maintained under Section of 189 of the Companies Act, 2013.

(4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventories, fixed assets and with regard to the sale of goods, if any.

(5) According to the information and explanations given to us, We are of the opinion that the transactions that need to be entered into the register maintained under section 189 of the Companies Act, 2013 have been so entered.

(6) The company has not accepted deposit from public coming under the purview of section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rule, 1975.

(7) The company has an internal Audit System Commensurate with the size of the company and its nature of business.

(8) The Central Government has not prescribed maintenance of the cost records under clause (13) of the Companies Act, 2013 in respect of the products manufactured by the company.

(9) According to the records of the Company, the company is regular in depositing with appropriate authorities undisputed statutory dues. There are no undisputed statutory dues as on the last day of the financial year which are outstanding for more than six months from the date they become payable except TDS Interest amount.

(10) In our opinion, the accumulated losses are not more than fifty percent of its net worth.

(11) The company has not defaulted in repayment of dues to financial institutions and banking institutions.

(12) According to the information and explanations given to us, the company has not granted any loan or advance on the basis of security by way of pledge of shares or debentures or any other securities.

(13) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions and hence the provisions relating to clause 3(x) are not applicable to the Company.

(16) This clauses is not applicable as no term loans been raised during the year.

(17) According to the information and explanation given to us and on overall examination of balance sheet of the company, We report that no short term funds have been used for long term purposes not long term funds are used for short term purposes.

(18) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 114 of the Act.

(19) No debentures have been issued during the year.

(20) The company has not raised any money by public issue during the year.

(21) According to the information and explanation give to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Hiren K. Shah & Co. (Chartered Accountants)

Place : Ahmedabad Hiren K. Shah Date : 27.05.2015 (Proprietor)


Mar 31, 2014

We have audited the attached Balance Sheet of GUJARAT CREDIT CORPORATION LIMITED as at 31st March 2014 and also the Profit and Loss Account of the Company for the year ended on that date, annexed thereto, and report that:

1) As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in term of sub - section (4A) of Section 227 of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2) We conduct 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that ouraudit provides a reasonable basis for ouropinion.

3) Furtherto our comments in paragraph (1) above:

a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purpose of ouraudit.

b) In ouropinion, The Company has maintained proper books of accounts as required by Law, so far, as appears from our examination of those books.

c) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account.

d) In our opinion, the Profit and Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

e) On the basis of the representations received from the directors of the Company, we report that none of the directors is disqualified from being appointed as a director of the Company under clause(g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the accounts, read with the accounting policies and other notes, give the information required by the Companies Act, 1956,in the manner so required and give a true and fairview:-

1. In the case of the Balance Sheet, of the state of affairs of the Company as at 31s* March,2014 and

2. In the case of the Profit and Loss Account, of the profit for the year ended on that date.

3. In the case of the Cash flow Statement, of the Cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF GUJARAT CREDIT CORPORATION LIMITED (REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

(1) (a) The company has maintained generally proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the Management has physically verified the Company''s fixed assets during the year and no material discrepancies were noticed on such verification.

(2) (a) The inventory has been physically verified by the Management during the year. The frequency of suchverification is reasonable.

(b) In our opinion, the procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The discrepancies noticed on such physically verification of stock as compared to books records were not material and the same have been properly dealt with in the books of accounts.

(3) (a) According to the information and explanations given to us, the company has granted and taken loans and advances from companies, firms or other parties listed in the registers maintained under section 301 and the companies under the same management. The maximum amount involved during the year towards loan granted was NIL and towards the loan taken was Rs 1917 Lacs. The year end balance of loans taken from such parties was Rs 1917 Lacs and year end balance of loangrantedtosuch party was NIL.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from / granted to companies, firms or other parties listed in the registers maintained under Section 301 are not, prima facie prejudicial to the company.

(c) The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest wherever applicable. The parties have repaid principal amounts as stipulated and have been regular in payment of interest wherever applicable.

(d) There is no overdue amount of loans taken from or granted by the companies, firms or other parties listed in the register maintained under Section of 301 of the CompaniesAct,1956.

(4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventories, fixed assets and with regard to the sale of goods, if any.

(5) (a) According to the information and explanations given to us, We are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market price at relevant time.

(6) The company has not accepted deposit from public coming under the purview of section 58 A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rule, 1975.

(7) The company has an internal Audit System Commensurate with the size of the company and its nature of business.

(8) The Central Government has not prescribed maintenance of the cost records under Section 209 (1)

(d) of the Companies Act, 1956 in respect of the products manufactured by the company.

For Hiren K. Shah & Co. (Chartered Accountants)

Place : Ahmedabad Hiren K. Shah Date: 20/05/2014 (Propritor) Membership No. 102820


Mar 31, 2013

We have audited the attached Balance Sheet of Gujarat Credit Corporation Limited as at 31 st March 2013 and the Profit & Loss Account annexed thereto for the year ended on that date. 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.

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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

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 on the matters specified in paragraph 4 & 5 of the said order only to the extent applicable to the Company.

Further to our comments in the Annexure referred to above, we report that:

i) We have obtained all the information and explanations which to the best our knowledge and belief, were necessary for the purpose of our audit.

ii) In our opinion, proper books of accounts, as required by law, have been kept by the Company so far as it appears from our examination of such books.

iii) The Balance Sheet and the Profit and Loss Account referred to in this report are in agreement with the Books of Account.

iv) - In our opinion, the Balance Sheet and Profit and Loss Account read in conjunction with the notes on accounts, comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 except (i) non provision of leave encashment and gratuity (AS 15), (ii) Non Provision of Permanent Diminution in value of Investment (AS 13)

v) According to the information and explanation given to us, in relation to the affairs of the company, none of the Directors are disqualified from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, give the information as required by the Companies Act, 1956, 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 31st March, 2013and

b) in the case of the Profit and Loss Account, of the profit of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS'' REPORT

TO THE MEMBERS OF GUJARAT CREDIT CORPORATION LTD

(REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)

(I) (a) The Company has maintained generally proper records showing full particulars including quantitative details and situation of Fixed Assets.

(b) We have been informed that physical verification of the fixed assets was conducted by the management during the period and no discrepancies were observed between book records and physical verification of fixed assets.

(II) (a) The inventories have been physically verified by the management during the year. The frequency of such verification is reasonable.

(b) In our opinion and according to the information and explanations given to us the procedures followed by the management for physical verification of stocks were found reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) We are informed that no discrepancies have been noticed between physical stocks and the book records.

(III) (a) The company has granted loans to companies involving balance outstanding at year end of Rs 60.44 lacs to companies, firms or other parties listed in the register maintained under section 301 of the companies Act, 1956.

(b) Whereas no interest is charged on such loan granted but regarding other terms and conditions of loans given by the company, in our opinion the same are not prima facie prejudicial to the interest of the company.

(c) The repayment of such loans granted by the company is as per the stipulated terms and conditions of the loan granted.

(d) On the basis of information and explanations given to us, there are no overdue amount recoverable from the loan granted by the company.

(e) The company has taken loans from one company of which outstanding as at the end of the year is Rs 203.69 Lacs from companies, firms or other parties listed in the register maintained under Section 301 of the companies Act, 1956 Companies Act, 1956

(f) The rate of interest and other terms and conditions of loan taken by the company, in our opinion, are not prejudicial to the interests of the company.

(g) According to the information and explanation given to us, the repayment of principal and interest is as per stipulations mentioned.

(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 its business, for the purchase of inventory and fixed assets and for the sale of goods.

(V) (a) According to the information and explanations given to us we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 of the Companies Act 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act 1956 and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market price at relevanttime.

(VI) The company has not accepted any deposit from public under the purview of Section 58 A of the Companies Act 1956 and the Companies (Acceptance of Deposits) Rules, 1975.

(VII) The company has an internal audit system commensurate with the size of the company and nature of its business.

(VIII) The Central Government has not prescribed maintenance of the cost records under Section 209 (1) (d) of the Companies Act 1956 in respect of the products manufactured by the company.

(IX) (a) According to the records of the company, the company is regular in depositing with appropriate authorities the undisputed dues according to the information and explanations given to us, there are no undisputed amounts of Provident Fund, Investor Education and Protection Fund,Employees'' State Insurance,Income Tax, Wealth Tax, Sales Tax, Custom Duty, Service Tax, Excise Duty, cess and any other statutory dues outstanding as at 31st March, 2013 for a period more than six months from the date they become payable.

(X) The accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

(XI) The company has not defaulted in repayment of dues to financial institutions and banking institutions.

(XII) The company has not granted any loans or advance on the basis of security by way of pledge of shares, debentures and other similar securities and hence the question of maintaining adequate documents and records does not arise.

(XIII) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the CARO 2003 are not applicable to the company.

(XIV) The company has maintained proper records of transactions and contracts in respect of trading in shares, debentures and other securities and that timely entries have been made therein. The shares and debentures have been held by the company in its own name except to the extent of exemption granted under section 49(4) of the companies Act, 1956.

(XV) In our opinion, the company has not given any guarantee for loans taken by others from banks or financial institutions and hence the provisions relating to clause 4 (xv) are not applicable to the company.

(XVI) This clause is not applicable since no term loans have been raised during the year.

(XVII) According to the information and explanation given to us and on overall examination of balance sheet of the company, we report that no short term funds have been used for long term purposes nor long term funds are used for short term purposes.

(XVIII) According to the information and explanation given to us, the company has not made any preferential allotment of shares to parties and companies covered under Section 301 of the Companies Act 1956.

(XIX) No Debentures have been issued during the year.

(XX) The company has not raised any money by public issue during the year.

(XXI) According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Parikh Mehta & Associates

Place : Ahmedabad Chartered Accountants

Date : 28/05/2013 Hemangi Mulaokar

Partner

M.No.:127083

 
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