We have audited the accompanying standalone financial statements of FGP
Limited (the Company), which comprise the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss, the Cash Flow Statement
for the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management''s Responsibility for the Standalone 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.
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
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. 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
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 statement of loss 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 of the Act, we give in the Annexure 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
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
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
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 as at
March 31, 2015 on its financial position in the financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
iii. There are no amounts which are required to be transferred, to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
(Referred to in paragraph 1 under The Annexure referred to ''Report on
Other Legal and Regulatory Requirements'' Section of our report of even
Matters specified in clause (ii) and (vi) of paragraph 1 of the Order
does not apply to the Company.
i. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
(b) As explained to us, physical verification of fixed assets was
conducted by the management during the year. No material discrepancies
were noticed on such physical verification.
ii. The Company has not granted any loans, secured or unsecured,
during the year to companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act.
Accordingly, sub-clause (a) and (b) are not applicable.
iii. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system 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
major weaknesses in internal control system.
iv. The Company has not accepted any deposits from the public.
v. (a) According to the records of the Company,the Company is generally
regular in depositing undisputed statutory dues including Provident
Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth-tax,
Service tax, duty of customs, duty of excise, value added tax, cess and
any other statutory dues applicable to it.Based on our audit procedures
and according to the information and explanations given to us,there are
no arrears of undisputed statutory dues which remained outstanding as
31st March 2015 for a period of more than six months from the date they
(b) According to the records made available to us and the information
and explanations given by the management, there are no material dues of
sales tax or wealth tax or service tax or duty of custom duty or excise
duty or value added tax or cess, which have not been deposited with
appropriate authorities on account of any dispute . However according
information and explanation given to us income tax have not been
deposited by the Company on account of dispute as per details given
Name of Nature of Amount Forum where
the Statute the Dues (Rs. In Lacs) dispute is
Income tax Tax and 30.54 Commissioner
Act, 1961 Interest (Appeals)
(c) There are no amounts which are required to be transferred, to the
Investor Education and Protection Fund by the Company in accordance
with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
rules made thereunder.
vi. The Company has accumulated losses at the end of the financial
year which are more than fifty percent of its net worth and has
incurred cash losses during the financial year and has also incurred
cash losses in the financial year immediately preceding such financial
vii. The Company has not taken any loans from any banks or financial
institutions and has not issued any debentures.
viii. On the basis of the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
ix. The Company has not availed any term loans.
x. According to the information and explanations given to us, no fraud
on or by the Company, has been noticed or reported during the year in
the course of our audit.
For V.S. SOMANI & CO.
F R. No.117589W
Place : Mumbai,
Dated : May 28, 2015