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FGP

BSE: 500142|NSE: FGPIND|ISIN: INE512A01016|SECTOR: Glass & Glass Products
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« Mar 14
Auditor's Report (FGP) Year End : Mar '15
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.
 
 Auditor''s 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. 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 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
 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 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
 losses.
 
 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
 date)
 
 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
 assets.
 
 (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
 became payable.
 
 (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
 below.
 
 
 Name of              Nature of            Amount           Forum where
 the Statute          the Dues         (Rs. In Lacs)        dispute is
                                                            pending
 
 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
 year.
 
 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.
                                                   Chartered Accountants
                                                         F R. No.117589W
 
                                                        Vidyadhar Somani
                                                              Proprietor
                                                    Membership No.102664
 Place : Mumbai,
 Dated : May 28, 2015
 
Source : Dion Global Solutions Limited
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