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GS Auto International Ltd.

BSE Live

Jan 21, 16:00
4.11 -0.19 (-4.42%)
Volume
AVERAGE VOLUME
5-Day
1,487
10-Day
837
30-Day
915
5
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    4.30

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    4.11

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GS Auto International is not listed on NSE

Annual Report

For Year :
2015 2013 2012 2011 2010 2009 2006

Auditor's Report

We have audited the accompanying financial statements of G.S. Auto International Limited (the Company), which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit & Loss 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 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 financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with 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 the design, implementation and maintenance of adequate internal control 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 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, issued by the Institute of Chartered Accountants of India, as 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 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 financial statement. 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 March 31, 2015, its 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 Governments of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure 1 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 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 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 March 31,2015, and 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 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 on its financial position in its financial Statements - Refer Note 34 to 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. Annexure 1 referred to in paragraph 1 under the heading Report on other legal and regulatory requirements of our report of even date: Re: G.S. Auto International Limited (the Company) (i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation, of its fixed assets. b) The fixed assets of the Company have been physically verified by the Management in accordance with a planned program of physical verification which, in our opinion is reasonable having regard to the size of the Company and the nature of its assets. The discrepancies noticed on such verification were not material and have been properly dealt with in the books of accounts. In our opinion, the frequency of physical verification is reasonable. (ii) a) The inventory of the Company has been physically verified by the management during the year. In our opinion the frequency of the verification is reasonable. Inventories lying with outside parties have been confirmed by them as at year end. b) The procedures of physical verification of inventory 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. Discrepancies noticed on physical verification of Inventories were not material and have been properly dealt with in the books of accounts. (iii) The Company has not granted any loans, secured or unsecured, to any of the companies, firms or other parties covered in the register maintained under section 189 of the Act. Therefore the provisions of the clause 3(iii) (a) and (b) of the said order are not applicable to the Company. (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 & services. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the Company in respect of these areas. (v) The Company has not accepted any deposits with in the meanings of Section 73 of the Act and rules framed there under. (vi) We have broadly reviewed the books of account 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, related to the manufacture of auto components and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records maintained as aforesaid. (vii) a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Wealth tax, Service tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues applicable to it. b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, Sales Tax, customs duty, excise duty, Value Added Tax, cess and other material statutory dues were outstanding at the year end, for a period of more than six months from the date they became payable. c) According to the records of the Company, the dues outstanding of the Income Tax on account of any dispute , are as follows:- Name of the Nature of period to which Amount Forum where Statute the dues it relates (Rs.in Lacs) dispute is pending Income Tax Income Tax 2009-10 342.89 Commissioner Act, 1961 Including interest (Appeals) as appli- cable Income Tax Income Tax 2009-10 12.20 Commissioner Act, 1961 Including interest (Appeals) as appli- cable d) There are no amounts that are due to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made there under. viii. The Company has no accumulated losses at the end of the financial year and the Company has incurred cash losses during the current financial year but has not incurred any cash loss during the immediately preceding financial year. ix. Based on our audit procedures and as per the information and explanation given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to any financial institution or bank. x. According to the information and explanations given to us the Company has given counter guarantees/corporate guarantees on behalf of its group companies, to the banks or financial institutions during the year. The terms and conditions whereof, in our opinion are not prima facie prejudicial to the interest of the Company. xi. Based on the information and explanations given to us by the management, term loans were applied for the purposes for which the loans were obtained. xii. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations give by the management , we report that no fraud on or by the Company, has been noticed or reported during the year. For NANDA & BHATIA Chartered Accountants ICAI Firm Registration Number: 004342N Sd/- P.C.S. VIRDI Ludhiana: 14th August, 2015 Partner Membership Number: 17056