Mar 31, 2015
We have audited the accompanying standalone financial statements of GTV
Engineering Ltd. ("the Company"), which comprise the Balance Sheet as
at March 31, 2015, the Statement of Profit and Loss and 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 stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone 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
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 design,
implementation and maintenance of adequate internal financial controls,
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.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
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 the 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 a
true and fair view in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such control. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 31st March, 2015, and its profits and its 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 (3) of the Act, We give in the annexure a
statement on the matters specified in the Paragraph 3 & 4 of the order
to the extent applicable
2. As required by Section 143 (3) of the Act we report that:
a. We have sought and obtained all the information and explanations
which to the 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 it appears from our examination of
those books
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the aforesaid standalone 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 the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f. With respect to the other matters to be included in the Auditor's
report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
and as required on long-term contracts including derivative contracts.
iii. The company does not need to deposit any fund to be transferred to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956).
The Annexure referred to in our Independent Auditor's report to the
members of the company on the Standalone Financial Statements for the
year ended 31st March 2015 we report that
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets. We are informed that the management at reasonable intervals
during the year has physically verified the fixed assets. No material
discrepancies were noticed on such verification.
(b) All the assets have been physically verified by the management
during the year according to programmers of periodic verification no
material discrepancies were noticed on such verification , in our
opinion this periodicity of physical verification is reasonable having
regard to the size of company and the nature of its assets.
(c) According to the information and explanations given to us. During
the year the company has not disposed off any Plant & Machinery.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and nature of its business.
(c) The company is maintaining proper records of inventory. No
discrepancies are noticed during physical verification.
(iii) (a) The company has not granted or taken any loan any unsecured
loan from the parties covered in the register maintained under section
189 of the Companies Act, 2013. Therefore Paragraph III of the Order is
not applicable to the company. (iv) In our opinion and according to
the information and explanations given to us, there is an adequate
internal control procedure commensurate with the size of the company
and the nature of its business with regard to purchases of inventory,
fixed assets and with regards to the sale of goods. During the course
of our audit, we have not observed any continuing failure to correct
major weaknesses in internal control. (v) According to the information
and explanations given to us, the company has not accepted any deposit
from the Public during the year under audit. Therefore Paragraph VI of
the Order is not applicable to the company. (vi) The provisions of
maintenance of cost records under section 148 (1) of the Companies Act,
2013 are not applicable to the company. (vii) (a) The company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, investors' education protection funds,
employees' state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it. (b) According to the information and explanations given to us,
there were no dues of sales tax, income tax, wealth tax , custom duty ,
excise duty, cess which have not been deposited on account of any
dispute.
(c) The company does not need to deposit any fund to be transferred to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956). (viii) There is no
accumulated loss in the company. The company has not incurred any cash
losses during the financial year covered by our audit. (ix) In our
opinion and according to the information and explanations given to us,
the company has not defaulted in repayment of dues to a financial
institutions, bank or debenture holders. (x) According to the
information and explanations given to us, the company has not given any
guarantee for loans taken by others from banks or financial
institutions. (xi) During the year the company has not availed any
Term Loan. (xii) According to the information and explanations given
to us, no fraud on or by the company has been noticed or reported
during the course of our audit.
Place: Bhopal For RATH DINESH & ASSOCIATES
Date: 30th May 2015 Chartered Accountants
FRN: 008344C
Sd/-
Ajay Rath
(Partner)
M. No. 075111
Mar 31, 2014
We have audited the accompanying financial statements of GTV
Engineering Ltd. ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and 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
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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by ' the Institute of Chartered
Accountants of 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 misstatements. 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
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) order, 2003 issued
by the Company Law Board in terms of sub-section (4A) of section 227 of
the Companies Act 1956 and on the basis of such checks of the books and
accounts as we considered appropriate and according to the information
and explanation given to us during the course of the audit, we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said order.
2. Further to our comments in the Annexure referred to 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, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Statement of Profit & Loss account dealt
with by this report are in agreement with the books of accounts.
(d) In our opinion and based on the information given to us , the said
Balance Sheet and the Statement of Profit & Loss account are in
compliance with the Accounting Standards issued under section 211 (3-C)
of the Companies Act, 1956 . Except - The Company has not provided for
liability on account of Gratuity as prescribed in by Accounting
Standard 15. Since no actuarial valuation was conducted we are unable
to quantify the amount of liability.
(e) On the basis of written representation received from Directors, as
on 31st March 2014 and taken on record by the Board of Directors, we
report that none of the Director is disqualified as on 31st March 2014
from being appointed as a director in terms of clause (g) of the sub -
section (1) of section 274 of the Companies Act 1956.
Opinion
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
to Accounts gives 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 balance Sheet, of the state of affairs of the
company as at 31st March 2014, and (ii) In the case of the Statement of
Profit and Loss, of the profit for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
(i) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. We are
informed that the management at reasonable intervals during the year
has physically verified the fixed assets No. material discrepancies
were noticed on such verification.
(b) All the assets have been physically verified by the management
during the year according to programme of period verification which, in
our opinion, is reasonable having regard to the size of company and the
nature of its assets. No material discrepancies were noticed on such
verification.
(c) During the year the company has not disposed only any Plant &
Machinery. according to the information and explanations given to us
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and nature of its business.
(c) The company is maintaining proper records of inventory. No
discrepancies are noticed during physical verification
(iii) (a) The company has not granted any loan but it has taken
unsecured loan from the parties covered in the register maintained
under section 301 of the Companies Act, 1956 to the tune of Rs.17.35
lacs are not, prima facie , prejudicial to the interest of the company.
(b) As informed to us the loans are interest free and In our opinion
the other terms and conditions on which loans have been taken from /
granted to the parties listed in the register maintained under section
301 of the Companies Act, 1956 are not, prima facie , prejudicial to
the interest of the company.
(c) The company is regular in repaying the principal amount as
stipulated .
(d) There is no overdue amount of loans taken from or granted to other
parties listed in the register maintained under section 301 of the
Companies Act,1956
(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 with regard to purchases of inventory, fixed assets and with
regards to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal control.
(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 explanations
given to us, the transactions has been 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 lacs in
respect of any party during the year have been made at the prices which
are reasonable having regard to prevailing market price at the relevant
time,
(vi) According to the information and explanations given to us , the
company has not accepted any deposit from the Public during the year
under audit.
(vii) The company does not have any formal system of internal audit.
However in our opinion and according to the information and
explanations given to us, the internal control procedures are adequate
considering the size and nature of operations of the Company.
(viii) The provisions of maintenance of cost records under section 209
(1) (d) of the Companies Act, 1956 are not applicable to the company.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident Tund,
investors education protection funds, employees' state insurance ,
income tax, sales tax, wealth tax , custom duty , excise duty, cess and
other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax , sales tax, wealth
tax, custom duty , excise duty, cess were in arrears, as on 31st March
2012 for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
were no dues of sales tax, income tax, wealth tax , custom duty ,
excise duty, cess which have not been deposited on account of any
dispute.
(x) There is no accumulated loss in the company . The company has not
incurred any cash losses during the financial year covered by our
audit.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial Institutions, bank or debenture holders.
(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) 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 Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 ( xiv) of The Companies (Auditor's Report)
Order, 2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
company has given any guarantee to the tune of Rs.22.21 crores for
Churching Hydro Power Limited for loans taken from banks or financial
institutions.
(xvi) During the year the company has not availed any Term Loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long- term funds have been used to finance short-term
assets except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment to any parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
(xix) According to the information and explanations given to us, the
company has not issued debentures during the year under audit.
(xx) The company has not raised any money through public issue during
the year under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
Place : Bhopal For RATH DINESH & ASSOCIATES
Date: 22nd May 2014 Chartered Accountants
FRN: 008344C
Ajay Rath
(Partner)
M. No. 075111
Mar 31, 2013
We have audited the accompanying financial statements of GTV
Engineering Ltd. ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, the Statement of Profit and Loss and 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
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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of 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 misstatements. 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
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) order, 2003 issued
by the Company Law Board in terms of sub-section (4A) of section 227 of
the Companies Act, 1956 and on the basis of such checks of the books
and accounts as we considered appropriate and according to the
information and explanation given to us during the course of the audit,
we enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said order.
2. Farther to oar comments in the Annexure referred to in paragraph i
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, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Statement of Profit & Loss account dealt
with by this report are in agreement with the books of accounts.
(d) In our opinion and based on the information given to us , the said
Balance Sheet and the Statement of Profit & Loss account are in
compliance with the Accounting Standards issued under section 211
(3-C). of the Companies Act, 1956 . Except - The Company has not
provided for liability on account of Gratuity as prescribed in by
Accounting Standard 15. Since no actuarial valuation was conducted we
are unable to quantify the amount of ability.
(e) On the basis of written representation received from Directors, as
on 31st March 2013 and taken on record by the Board of Directors, we
report that none of the Director is disqualified as on 31st March 2013
from being appointed as a director in terms of clause (g) of the sub -
section (1) of section 274 of the Companies Act 1956.
Opinion
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
to Accounts gives 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 balance Sheet, of the state of affairs of the
company as at 31st March 2013, and
(ii) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets. We are informed that the management at reasonable intervals
during the year has physically verified the fixed assets. No material
discrepancies were noticed on such verification.
(b) All the assets have been physically verified by the management
during the year according to programme of period verification which, in
our opinion, is reasonable having regard to the size of company and the
nature of its assets. No material discrepancies were noticed on such
verification.
(c) During the year the company has not disposed off any Plant &
Machinery.
According to the information and explanations given to us. our
opinion, the frequency of verification is reasonable.
(b) The procedures of verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and nature of its business. (c) The company is maintaining
proper records of inventory. No discrepancies are noticed during
physical verification.
(hi) (a) The company has not granted any loan but it has taken
unsecured loan from the parties covered in the register maintained
under section 301 of the Companies Act, 1956 to the tune of Rs. 4.49
crores are not, prima facie, prejudicial to the interest of the
company.
(b) As informed to us the loans are interest free and In our opinion
the other terms and conditions on which loans have been taken from /
granted to the parties listed in the register maintained under section
301 of the Companies Act, 1956 are not, prima facie, prejudicial to the
interest of the company.
(c) The company is regular in repaying the principal amount as
stipulated.
(d) There is no overdue amount of loans taken from or granted to other
parties listed in the register maintained under section 301 of the
Companies Act, 1956
(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 with regard to purchases of inventory, fixed assets and with
regards to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal control.
(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 explanations
given to us, the transactions has been 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 lacs in
respect of any party during the year have been made at the prices which
are reasonable having regard to prevailing market price at the relevant
time.
(vi) According to the information and explanations given to us, the
company has not accepted any deposit from the Public during the year
under audit.
(vii) The company does not have any formal system of internal audit.
However in our opinion and according to the information and
explanations given to us, the internal control procedures are adequate
considering the size and nature of operations of the Company.
(viii) The provisions of maintenance of cost records under section 209
(1) (d) of the Companies Act, 1956 are not applicable to the company.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues clouding provident fund,
investors' education protection funds, employees' state insurance,
income tax, sales tax, wealth tax, custom duty, excise duty, cess and
other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax , sales tax, wealth
tax , custom duty , excise duty, cess were in arrears, as on 31st March
2013 for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
were no dues of sales tax, income tax, wealth tax , custom duty ,
excise duty, cess which have not been deposited on account of any
dispute.
(x) There is no accumulated loss in the company. The company has not
incurred any cash losses during the financial year covered by our
audit. (xi) In our opinion and according to the information and
explanations given to us, the company has not defaulted in repayment of
dues to a financial institutions, bank or debenture holders.
(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) i 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 Companies (Auditor's Report) Order,2003 are not
applicable to the company.
(xiv) [ In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of The Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions .
(xvi) I During the year the company has not availed any Term Loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital,
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment to any parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
(xix) According to the information and explanations given to us, the
company has not issued debentures during the year under audit.
(xx) The company has not raised any money through public issue during
the year under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
Place: Bhopal For RATH DINESH & ASSOCIATES
Date: 10th July 2013 Chartered Accountants
FRN: 008344C
Ajay Rath
(Partner)
M. No. 075111
Mar 31, 2012
1. We have audited the attached Balance Sheet of GTV ENGINEERING
LIMITED as at 31st March, 2011, the Profit and Loss Account and also
the cash flow statement 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. 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.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms 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.
4. Further to our comments in the annexure referred above, we report
that:
[i) 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;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss account and cash flow statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the balance sheet, profit & loss account and cash
flow statement dealt with by this report have comply with the
accounting standards referred to in sub section (3C) of Section 211 of
the Companies Act. 1956;
|v} On the basis of written representations received from the
directors, as on 31st March 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31sf March 2011 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, they said accounts give the information
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 Balance Sheet, of the state of affairs of the
company as at 31st March 2011;
[b) in the case of profit & loss account, of the Profit for the year
ended on that date; and
[c) In the case of cash flow statement, of the cash flow for the year
ended on that date.
(i) I (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets. We are informed that the management at reasonable intervals
during the year has physically verified the fixed assets. No material
discrepancies were noticed on such verification.
(b) All the assets have been physically verified by the management
during the year according to programme of period verification which, in
our opinion, is reasonable having regard to the size of company and the
nature of its Assets. No material discrepancies were noticed on such
verification.
[c) During the year the company has not disposed off any Plant 8.
Machinery. according to the information and explanations given to us.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable. (b) The procedures of verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the company and nature of its business.
(cj The company is maintaining proper records of inventory. No
discrepancies are noticed during physical verification.
(iii) (a) The company has neither granted or taken unsecured loan from
the parties covered in the register maintained under section 301 of the
Companies Act, 1956
(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 with regard to purchases of inventory, fixed assets and with
regards to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal control.
[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 explanations
given to us, the transactions has been 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 lacs in
respect of any party during the year have been made at the prices which
are reasonable having regard to prevailing market price at the relevant
time.
(vi) According to the information and explanations given to us , the
company has not accepted any deposit from the Public during the year
under audit.
(vii) The company does not have any formal system of internal audit.
However in our opinion and according to the information and
explanations given to us, the internal control procedures are adequate
considering the size and nature of operations of the Company.
(viii) The provisions of maintenance of cost records under section 209
(1) (d) of the Companies Act, 1956 are not applicable to the company
[ix] (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investors education protection funds, employees' state insurance ,
income tax, sales tax, wealth tax , custom duty , excise duty, cess and
other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax , sates tax, wealth
tax , custom duty , excise duty, cess were in arrears, as on 31st March
2011 for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
were no dues of sales tax, income fax, wealth tax , custom duty ,
excise duty, cess which have not been deposited on account of any
dispute.
(x) There is no accumulated loss in the company . The company has not
incurreD any cash losses during the financial year covered by our audit
[xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institutions, bank or debenture holders.
(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) 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 Companies (Auditor's
Report) Order, 2003 are not applicable to the company
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 [ xiv) of The Companies (Auditor's Report)
Order, 2003 are not applicable to the company.
(xv) According to the information and explanations given to us , the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) In our opinion, the term loan has been applied for the purpose
for which they were raised.
(xvii} According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long- term funds have been used to finance short-term
assets except permanent working capital.
[xviii] According to the information and explanations given to us, the
company has not made any preferential allotment to any parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956 .
[xix] According to the information and explanations given to us, the
company has not issued debentures during the year under audile
(xx) The company has not raised any money through public issue during
the year under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
Place : Bhopal For RATH DINESH & ASSOCIATES
Date :29th June 2011 Chartered Accountants
(Partner)
Membership No. 0751
Mar 31, 2011
1. We have audited the attached Balance Sheet of GTV ENGINEERING
LIMITED as at 31st March, 2012, the Profit and Loss Account and also
the cash flow statement 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. 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.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms 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.
4. Further to our comments in the annexure referred above, we report
that:
(i) 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;
(ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss account and cash flow statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the balance sheet, profit & loss account and cash
flow statement dealt with by this report have comply with the
accounting standards referred to in sub section (3C) of Section 211 of
the Companies Act. 1956;
(v) On the basis of written representations received from the
directors, as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 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, they said accounts give the information
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 Balance Sheet, of the state of affairs of the
company as at 31st March 2012;
(b) in the case of profit & loss account, of the Profit for the year
ended on that date; and
(c) in the case of cash flow statement, of the cash flow for the year
ended on that date.
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. We are
informed thai the management at reasonable intervals during the year
has physically verified the fixed assets. No material discrepancies
were noticed on such verification.
(b) All the assets have been physically verified by the management
during the year according to programme of period verification which, in
our opinion, is reasonable having regard to the size of company and the
nature of its assets. No material discrepancies were noticed on such
verification.
(c) During the year the company has not disposed only any Plant &
Machinery. according to the information and explanations given to us
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and nature of its business.
(c) The company is maintaining proper records of inventory. No
discrepancies are noticed during physical verification
(iii) (a) The company has not granted any loan but it has taken
unsecured loan from the parties covered in the register maintained
under section 301 of the Companies Act, 1956 to the tune of Rs.9647610
are not, prima facie , prejudicial to the interest of the company.
(b) As informed to us the loans are interest free and In our opinion
the other terms and conditions on which loans have been taken from /
granted to the parties listed in the register maintained under section
301 of the Companies Act, 1956 are not, prima facie , prejudicial to
the interest of the company.
(c) The company is regular in repaying the principal amount as
stipulated .
(d) There is no overdue amount of loans taken from or granted to other
parties listed in the register maintained under section 301 of the
Companies Act,1.1956
(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 with regard to purchases of inventory, fixed assets and with
regards to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal control.
(v) I (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 explanations
given to us, the transactions has been 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 lacs in
respect of any party during the year have been made at the prices which
are reasonable having regard to prevailing market price at the relevant
time,
(vi) According to the information and explanations given to us , the
company has not accepted any deposit from the Public during the year
under audit.
(vii) The company does not have any formal system of internal audit.
However in our opinion and according to the information and
explanations given to us, the internal control procedures are adequate
considering the size and nature of operations of the Company.
(viii) The provisions of maintenance of cost records under section 209
(1) (d) of the Companies Act, 1956 are not applicable to the company.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident Tund,
investors education protection funds, employees' state insurance ,
income tax, sales tax, wealth tax , custom duty , excise duty, cess and
other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax , sales tax, wealth
tax, custom duty , excise duty, cess were in arrears, as on 31st March
2012 for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
were no dues of sales tax, income tax, wealth tax , custom duty ,
excise duty, cess which have not been deposited on account of any
dispute.
(x) There is no accumulated loss in the company . The company has not
incurred any cash losses during the financial year covered by our
audit.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial Institutions, bank or debenture holders.
(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) 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 Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 ( xiv) of The Companies (Auditor's Report)
Order, 2003 are not applicable to the company.
(xv) According to the information and explanations given to us, the
company has given any guarantee to the tune of Rs.22.21 crores for
Churching Hydro Power Limited for loans taken from banks or financial
institutions.
(xvi) During the year the company has not availed any Term Loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long- term funds have been used to finance short-term
assets except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment to any parties and
companies covered in the register maintained under section 301 of the
Companies Act, 1956.
(xix) According to the information and explanations given to us, the
company has not issued debentures during the year under audit.
(xx) The company has not raised any money through public issue during
the year under audit.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
Place : Bhopal For RATH DINESH & ASSOCIATES
Date :29 June 2012 Chartered Accountants
FRN:008344C
Ajay Rath
[Partner)
M. No. 0751T1
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article