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Gujarat Foils

BSE: 531410|ISIN: INE587F01017|SECTOR: Aluminium
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« Mar 14
Auditor's Report (Gujarat Foils) Year End : Mar '15
We have audited the accompanying financial statements of GUJARAT FOILS
 LIMITED (the Company) which comprise the Balance Sheet as at 31
 March, 2015, the Statement of Profit and Loss and the 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 134(5) of the Companies Act, 2013 (the Act) with respect to the
 preparation and presentation of the financial statements that gives 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 the assets of the Company and
 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
 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 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 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 controls. An audit also includes evaluating the
 appropriateness of 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 Financial
 Statements.
 
 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 gives a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 i.  in the case of the balance sheet, of the state of affairs of the
 Company as at 31 March 2015;
 
 ii.  in the case of the statement of profit and loss, of the profit of
 the Company 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.
 
 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, to the extent applicable.
 
 2.  As required by section 143(3) of the Act, we report that:
 
 a.  we have sought & 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 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 financial statements comply with the
 Accounting Standards specified under section 133 of the Companies Act,
 2013, read with rule 7 of the Companies (Accounts) Rules, 2014, as
 amended;
 
 e.  on the basis of written representations received from the directors
 as on 31 March 2015, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31 March 2015, from being
 appointed as a director in terms of Section 164 (2) of the Act; and
 
 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 statement as stated in Note - 24 to
 the Financial Statements.
 
 ii.  The company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 as required on long term contracts including derivative contracts;
 
 iii.  No amount required to be transferred to Investor Education and
 Protection Fund in accordance with the relevant provisions of the
 Companies Act, 2013 and rules made there under.
 
 Annexure to the Independent Auditor''s Report
 
 The Annexure referred to in our Independent Auditor''s Report to the
 members of the Company on the 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 on the basis of available information.
 
 (b) Fixed Assets have been physically verified by the management in the
 phased periodical manner, 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 procedure of physical verification of inventory followed by the
 management is 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 and no
 material discrepancies were noticed on such verification.
 
 iii) The company has not granted any loan secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 189 of the Act.
 
 iv) 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 with regard to purchases of inventory, fixed assets and with
 regard to the sale of goods and services. During the course of our
 audit, we have not observed any continuing failure to correct major
 weaknesses in such internal control system.
 
 v) In our opinion and according to the information and explanations
 given to us, the Company has not accepted any deposit from the public
 in pursuance to sections 73 to 76 or any other relevant provisions of
 the Companies Act, 2013 and the rules framed there under.
 
 vi) We have broadly reviewed the cost records maintained by the company
 pursuant to the Companies (Cost Records & Audit)
 
 Rules, 2014 as amended, prescribed by the Central Government u/s 148 of
 the Companies Act, 2013, and are of the opinion that, prima facie, the
 prescribed cost records have been made and maintained. We have,
 however, not made a detailed examination of the cost records with a
 view to determine whether they are accurate or complete.
 
 vii) a) According to the records of the Company, the Company is
 generally regular in depositing with appropriate authorities undisputed
 statutory dues including provident fund, employees'' state insurance,
 sales tax, wealth-tax, custom duty, excise duty, value added tax, cess,
 service tax and other material statutory dues applicable to it, except
 income tax during the year.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of service tax, wealth-tax, sales
 tax, custom duty, excise duty or value added tax and cess were in
 arrears, as at 31st March, 2015 for a period of more than six months
 from the date they became payable except income tax which are due for
 more than six months amounting Rs. 2,90,00,000/- for the financial year
 2013-2014.
 
 b) There is a demand of Rs. 8,48,91,363/- on account of VAT & CST
 assessment for the financial years 2007-08 to 2010-11 which are pending
 with Appellate authority. However Rs. 23,75,000/- has already been paid
 against the same;
 
 c) No amount is required to be transferred to Investor Education and
 Protection Fund in accordance with the relevant provisions of the
 Companies Act, 2013 and rules made there under.
 
 viii) The company does not have accumulated losses at the end of
 financial year 2014-15 and the company has not incurred any cash losses
 during the financial year covered by our audit and in the immediately
 preceding financial year.
 
 ix) According to records of the company, the company has not defaulted
 in repayment of dues to financial institutions or banks or
 
 debenture holders till 31st March, 2015.
 
 x) According to the records of the company and the information and
 explanations provided by the management, the company has not given any
 guarantee for loans taken by others from banks or financial
 institutions.
 
 
 xi) The term loans obtained by the company have been applied for the
 purposes for which they were raised.
 
 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.
 
                                       For H R Agarwal & Associates
 
                                              Chartered Accountants
 
                                Firm''s Registration Number: 323029E
 
 
 
                                             (Hari Ram Agarwal, FCA)
 
                                                            Partner 
 
                                      Membership number: FCA 057625
 
 Place: Mumbai 
 
 Date: 29th May, 2015
Source : Dion Global Solutions Limited
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