The Company''s Board of Directors is responsible for the matters in
section 134(5) of the Companies Section 133 of the Act,read with Rule 7
of the Companies (Accounts) Rules, 2014. This responsibility Act for
safeguarding of the assets of the Company and for preventing and
detecting the 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 internal true and fair view and are free from material misstatement,
whether due to fraud or error.
taken into account the provisions of the Act, the accounting and
auditing standards and matters which are We conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures error. In making those risk assessments,the
auditor considers internal control relevant the Company''s appropriate
in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company''s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the 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 2015;
(ii) in the case of the Profit and Loss Account of the profit for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of 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) 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 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 appears from our examination of those
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
d) In our opinion, the aforesaid 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 written representations received from the directors
as on 31 March, 2015, 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.
f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies Act, 2013 (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our knowledge
and belief and according to the information and explanations given to
i. The Company does not have any pending litigations which would
impact its financial position;
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
iii. The Company was not required to transfer any fund into the
Investors Education and Protection Fund during the year.
ANNEXURE TO THE AUDITORS'' REPORT
The Annexure referred to in our report to the members of M/s. GCM
Capital Advisors Limited for the year ended 31st March 2015. We report
1. In respect of Fixed Assets: assets.
2. In respect of Inventories:
(a) As informed to us, the inventory in the possession of the company
has been physically nature of its business.
(c) In our opinion the company is maintaining proper records of its
inventories. According inventories as compared to book records during
3. In respect of Loans:
other parties covered in the register maintained under Section 189 of
the Act. Therefore, the provisions of Clause 3(iii), (iii)(a) and
(iii)(b) of the said Order are not applicable to the Company.
4. In respect of Internal Controls:
internal control system commensurate with the size of the Company and
the nature of its business course of our audit,we have not observed any
continuing failure to correct major weaknesses in such internal control
5. According to the information and explanations given to us, the
Company has not accepted any deposit from the public during the year in
accordance with the provisions of section 73 to 76 of the Act and the
rules framed there under.
6. The Central Government of India has not prescribed the maintenance
of cost records under Section 148(1) of the Act, for any of the service
rendered by the Company.
7. In respect of Statutory dues:
a) According to the books and records of the Company, undisputed
statutory dues including Provident Fund, Income-Tax, Service Tax and
other material statutory dues have been generally regularly deposited
with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2015 for a period of more than six month
from the date of becoming payable.
c) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of sales tax,
wealth tax, service tax and cess which have not been deposited on
account of any dispute.
8. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during financial year
and in the immediately preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the company does not have any loans from financial
institution or bank or debenture holders as at the balance sheet date
hence this clause is not applicable to the Company.
10. According the information and explanation given to us and records
produced before us, the Company has not given any guarantee for loans
taken by others from banks or financial institution during the year.
Accordingly this clause is not applicable to the Company.
11. In our opinion and according to information and explanation given
to us, the Company has not raised any Terms Loans during the year under
audit or in previous years hence this clause is not applicable to the
12. According the information and explanation given to us, no
instances of material fraud on or by the Company has been noticed or
reported during the course of our audit.
For Maheshwari & Co.
Place : Mumbai
Date : May 27, 2015
K. K. Maloo
Membership No. 075872