SENSEX NIFTY
Garg Furnace | Auditor's Report > Steel - Medium & Small > Auditor's Report from Garg Furnace - BSE: 530615, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > STEEL - MEDIUM & SMALL > AUDITORS REPORT - Garg Furnace

Garg Furnace

BSE: 530615|ISIN: INE194E01015|SECTOR: Steel - Medium & Small
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Jun 23, 16:01
6.76
0
VOLUME 50
Garg Furnace is not listed on NSE
« Mar 13
Auditor's Report (Garg Furnace) Year End : Mar '15
We have audited the accompanying Financial Statements of Garg Furnace
 Limited (the Company), Kanganwal Road, V.P.O. Jugiana, G. T. Road,
 Ludhiana, which comprise the Balance Sheet as at March 31,2015, the
 Profit and Loss Statement 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 matters stated in Section 134(5) of
 the Companies Act,2013 (the Act) with respect to the preparation and
 presentation of these financial statements that give a true and fair
 view of the financial position, financial performance and Cash flows of
 the Company in accordance with the Accounting principles generally
 accepted in India including the Accounting Standards specified under
 Section 133 of the Companies Act, 2013, 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 the assets of the company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and the design,
 implementation and maintenance of adequate internal financial controls,
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the consolidated 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 have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made thereunder. We conducted our
 audit in accordance with the Standards on Auditing specified under
 section 143(10) of the Companies Act, 2013(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 misstatements.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on auditor''s judgment, including 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 auditor 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 audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India, of the state of affairs of the Company as at 31st March, 2015,
 and its profit and its cash flows for the year ended on that date.
 
 Emphasis of Matter
 
 We draw attention to Note 30 to the financial statements which
 describes the uncertainty related to outcome of appeal filled by the
 Company against demand of Punjab Power Corporation Ltd. However our
 Opinion is not qualified in respect of this matter.
 
 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 paragraph 3 and 4 of the Order.
 
 2.  As required by section 143(3) of the Act, we report that:
 
 a) We have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit.
 
 b) In our opinion, proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books.
 
 c) The Balance Sheet, 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 Balance Sheet, the statement of Profit and Loss,
 and the Cash Flow Statement comply with the Accounting Standards
 specified under Section 133 of the Companies Act,2013, read with rule 7
 of the Companies (Accounts) Rules, 2014.
 
 e) On the basis of the written representations received from the
 directors as on March 31, 2015, taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2015,
 from being appointed as a director in terms of Section 164(2) of the
 Companies Act, 2013.
 
 f) With respect to 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
 explanations given to us:
 
 i) The Company has disclosed the impact of pending litigations on its
 financial positions in its financial statements as referred to in note
 30 to its financial statements.
 
 ii) The Company does not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii) There were no amount which were required to be transferred to
 Investor Education and Protection Fund by the company.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 
 (REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF REPORT ON OTHER LEGAL
 AND REGULATORY REQUIREMENTS''^ OUR REPORT OF EVEN DATE.)
 
 (i) a). The company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b). All the assets have not been physically verified by the management
 during the year but there is a regular programme of verification which,
 in our opinion, is reasonable having regard to the size of the company
 and the nature of its assets. No material discrepancies were noticed on
 such verification.
 
 (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 physical verification of inventories followed by
 the management are reasonable and adequate in relation to the size of
 the company and the nature of its business.
 
 c) . The company is maintaining proper records of inventory. The
 discrepancies noticed on verification between physical stocks and the
 book records were not material.
 
 (iii) According to the information and explanations given to us and on
 the basis of our examination of the books of accounts, the company has
 not granted any loans, secured or unsecured, to companies, firms or
 other parties listed in the register maintained under section 189 of
 the companies Act, 2013.  Consequently, the provisions of clauses iii
 (b) and iii (c) of paragraph 3 of the order are not applicable to the
 company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the company and the nature of its business for
 purchases of inventory, fixed assets and for sale of goods and
 services. During the course of our audit, we have not observed any
 continuing failure to correct major weaknesses in internal control
 system.
 
 (v) According to the information and explanations given to us, the
 Company has not accepted deposits within the meaning of Section 73 to
 76 or other relevant provisions of the Companies Act, 2013 and the
 Companies (Acceptance of Deposits) Rules, 2014 during the year. No
 order has been passed by the Company Law Board or National Company Law
 Tribunal or Reserve Bank of India or any court or any other Tribunal.
 
 (vi) We have broadly reviewed the books of account relating to
 materials, labour and other items of cost maintained by the company
 pursuant to the Rules made by the Central Government for the
 maintenance of cost records under section 148(1) of the Companies Act,
 2013 and we are of the opinion that prima facie the prescribed accounts
 and records have been made and maintained. We have however not made a
 detailed examination of the record with a view to determine whether
 they are accurate or complete.
 
 (vii) a). The Company is regular in depositing with appropriate
 authorities undisputed statutory dues including provident fund,
 employees'' state insurance, income tax, sales tax, custom duty, excise
 duty, cess, service tax and other material statutory dues applicable to
 it.
 
 b) . According to the information and explanations given to us, there
 are no dues of sales tax, income tax, custom duty, excise duty, cess
 and service tax which have not been deposited on account of any dispute
 except mentioned below:
 
 
 Name of Statute          Nature of Dues       Forum where appeal
                                               is pending
 
 Income Tax Act,1961      Income Tax                  ITAT
 
 Income Tax Act,1961      Income Tax                  ITAT
 
 Income Tax Act,1961      Income Tax                  ITAT
 
 
 Name of Statute                  Period to which        Amount involved
                                  amount relates               in Rs
 
 Income Tax Act,1961               A.Y   2008-09            29.00 Lacs
 
 Income Tax Act,1961               A.Y   2010-11            10.00 Lacs
 
 Income Tax Act,1961               A.Y   2011-12            12.11 Lacs
 
 
 c) . According to the information and explanations given to us, there
 is no amount which is required to be transferred to Investor education
 and protection fund in accordance with relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules there under.
 
 (viii) The Company does not have any accumulated losses, further it has
 not incurred cash losses during the financial year covered by our audit
 and in the immediately preceding financial year.
 
 (ix) In our opinion and according to the information and explanations
 given to us, the company has not defaulted in repayment of dues to
 bank/ financial institutions.
 
 (x) The Company has not given guarantees for loan taken by others from
 banks or financial institutions.
 
 (xi) In our opinion and according to the information and explanation
 given to us, the term loans have been applied for the purpose for which
 they were obtained.
 
 (xii) According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the
 year.
 
                                                   For Dass Khanna & Co.
                                                   Chartered Accountants
                                                       (Reg No. 000402N)
 
                                                                   Sd/-
                                                    (CA AMARJIT KAMBOJ)
 Place: LUDHIANA.                                              PARTNER
 Date : 30-05-2015                                       M. No. 082152
 
Source : Dion Global Solutions Limited
Quick Links for gargfurnace
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.