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Gujarat Foils
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« Mar 12
Auditor's Report (Gujarat Foils) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of GUJARAT FOILS
 LIMITED (the Company ) which comprise the Balance Sheet as
 at 31st March, 2013, 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
 
 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 Standards referred to in sub-section (3C) of section 211
 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.
 
 Auditor''s 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 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 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.
 
 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:
 
 I.  in the case of the balance sheet, of the state of affairs of the
 Company as at 31st March, 2013;
 
 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.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003
 (the Order ), as amended, issued by the Central Government
 of India in terms of sub-section (4A) of section 227 of the Act, we
 give in the Annexure a statement on the matters specified in paragraphs
 4 and 5 of the Order.
 
 2.  As required by section 227(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, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 d.  in our opinion, the Balance Sheet, Statement of Profit and Loss and
 Cash Flow Statement comply with the Accounting Standards referred to in
 sub-section (3C) of Section 211 of the Companies Act, 1956; and
 
 e.  on the basis of written representations received from the directors
 as on 31st March, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March, 2013, from
 being appointed as a director in terms of clause (g) of sub-section (1)
 of Section 274 of the Companies Act, 1956.
 
 Annexure to the Independent Auditor''s Report
 
 The Annexure referred to in our report to the members of GUJARAT FOILS
 LIMITED (the Company ) for the year ended 31st March, 2013.
 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) The fixed assets of the Company have been physically verified by
 the management during the year in a 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 physical verification.
 
 (c) The Company has not disposed of any substantial/major part of fixed
 assets during the year therefore the question of affecting the going
 concern principle of the Company do not arises.
 
 ii) (a) Physical verification of inventory has been conducted at
 reasonable intervals during the year by the management.
 
 (b) In our opinion and according to the information and explanations
 given to us, 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 the business.
 
 (c) The Company has maintained proper records of inventory. No material
 discrepancies were noticed on physical verification of inventories as
 compared to the book records.
 
 iii) (a) The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 301 of the Companies Act, 1956.  Accordingly, paragraphs
 4(iii)(b), (c) and (d) of the Order, are not applicable.
 
 (b) According to the information and explanations given to us, the
 Company has taken unsecured loans from three companies covered in the
 register maintained under Section 301 of the Companies Act, 1956. The
 maximum amount involved during the year as well as the year end balance
 of loans taken from such parties was Rs. 5,81,01,100/-.
 
 (c) The rate of interest and other terms and conditions on which loans
 taken by the Company, as explained, are not prima facie prejudicial to
 the interest of the Company.
 
 (d) Payment of the principal amount and interest, wherever applicable,
 are also regular.
 
 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, 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
 continuing failure to correct major weaknesses in the internal control
 system.
 
 v) (a) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements that need to be entered in the register maintained under
 Section 301 of the Companies Act have been so entered.
 
 (b) The transactions made in pursuance of contracts or arrangements
 entered in the register under section 301 have been made at prices
 which are reasonable having regard to prevailing market prices at the
 relevant time.
 
 vi) The Company has not accepted any deposits from the public which
 falls within the provisions of section 58A, 58AA or any other relevant
 provisions of the Companies Act, 1956. Therefore the Provisions of
 Clause (vi) of paragraph 4 of the Order are not applicable to the
 Company.
 
 vii) In our opinion, the Company has an internal audit system
 commensurate with its size and nature of its business.
 
 viii) The maintenance of cost records has been prescribed by the
 Central Government under Section 209 (1) (d) of the Companies Act, 1956
 and such accounts and cost records have been made and maintained.
 
 ix) (a) The Company is regular in depositing undisputed statutory dues
 including Provident Fund, Investor Education and
 
 Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax,
 Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
 statutory dues with the appropriate authorities.
 
 (b) There are no dues of Income tax, Sales Tax, Wealth Tax, Service
 Tax, Customs Duty, Excise Duty or Cess outstanding on account of any
 dispute.
 
 x) The Company has no accumulated losses as at 31st March, 2013 and the
 Company has not incurred any cash losses in the financial year covered
 by our audit and in the immediately preceding financial year.
 
 xi) The Company has not defaulted in repayment of dues to any financial
 institutions or banks.
 
 xii) The Company has not granted loans and advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 xiii) The Company is not a chit fund or a nidhi / mutual benefit fund
 /society. Accordingly, Clauses (xiii) (a) to (d) of paragraph 4 of the
 Order are not applicable to the Company.
 
 xiv) In our opinion, the Company is not a dealer or trader in shares,
 securities, debentures and other investments.
 
 xv) According to the information & explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 xvi) The term loans were applied for the purpose for which the loans
 were obtained.
 
 xvii) In our opinion and according to the information and explanations
 given to us, there are no Funds raised on a short term basis which have
 been used for long term investment.
 
 xviii) The Company has not made any preferential allotment of shares to
 parties and companies covered in the register maintained under section
 301 of the Act.
 
 xix) The Company has not issued any debentures during the year.
 
 xx) The Company has not raised any funds by way of public issue during
 the year.
 
 xxi) No fraud on or by the Company has been noticed or reported during
 the year.
 
 
 
                                        FOR H.R. AGARWAL & ASSOCIATES
 
                                                Chartered Accountants 
 
                                              Firm Reg. No.:- 323029E
 
 
 
                                                  CA Hari Ram Agarwal
 
 Place: Mumbai                                                Partner
 
 Date: 16th May, 2013                              M. No.: FCA 057625
Source : Dion Global Solutions Limited
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