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GS Auto International | Auditor's Report > Fasteners > Auditor's Report from GS Auto International - BSE: 513059, NSE: N.A
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GS Auto International

BSE: 513059|ISIN: INE736H01024|SECTOR: Fasteners
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GS Auto International is not listed on NSE
Mar 13
Auditor's Report (GS Auto International) Year End : Mar '15
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
Source : Dion Global Solutions Limited
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