Independent Auditors Report
To
Tthe Members of
Godawari Clinkers & Cement Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Godawari Clinkers &
Cement Limited which comprise the balance sheet as at 31 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. 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 31
March 2013;
(ii) in the case of the statement of profit and loss, of the loss 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 R eport) Order, 2003, 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 subsection (3C) of section
211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors as on 31 March
2013, and taken on record by the Board of Directors, none of the directors is disqualified
as on 31 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.
For O.P. Singhania & Co.
(Firm Regn.No.002172C)
Chartered Accountants
Sanjay Singhania
Partner Membership No.076961
Raipur, 25th May 2013
Annexure
Re: GODAWARI CLINKERS AND CEMENT LIMITED
Referred to in paragraph 1 Report on Other Legal and Regulatory Requirements of our
report of even date,
(i) As the company does not have any fixed assets except capital work in progress,
therefore the provisions of clause 4 ( i) of the Companies ( Auditor’s Repo rt)
Order, 2003 are not applicable to the company.
(ii) As there is no inventory during the year, therefore the provisions of clause 4(ii)
of the Companies (Auditor’s Report) Order, 2003 are not applicable to the company.
(iii) According to the information given to us, the company has not granted/taken any
loans, secured or unsecured to/from companies, firms and other parties covered in the
register maintained u/s 301 of the Companies Act,1956. Therefore, the provisions of clause
4 (iii) (a) to (g) Companies (Auditor’s Report) Order,2003 are not applicable to the
company.
(iv) In our opinion and according to the information & explanations given to us,
there are adequate internal control procedures commensurate with the size of the company
and nature of its business, however, during the year there was no transaction in respect
of purchase of inventory, fixed assets and sale of goods and services. During the course
of our audit, we have not observed any continuing failure to correct major weaknesses in
internal controls.
(v) According to the information & explanations given to us, during the year no
transaction took place which required to be entered in the register maintained under
section 301 of the Companies Act, 1956, therefore the provisions of clause 4 ( v) ( a)
& ( b) of Companies (Auditor’s Report) Order, 2003 are not applicable to the
company.
(vi) In our opinion and according to the information and explanations given to us, the
company has not taken any deposits from public, therefore the provisions of clause 4(vi)
of the Companies (Auditor’s Report) Order, 2003 are not applicable to the company.
(vii) As the company does not have paid-up capital and reserves exceeding Rs.50 lakhs
or also does not have any turnover during the immediately preceding three years,
therefore, the requirement of internal audit system is not applicable.
(viii) As there is no any manufacturing activity during the year, therefore the
provisions of clause 4(viii) of the Companies (Auditor’s Report) Order, 2003 are not
applicable to the company.
(ix) According to the information & explanations given to us, during the year the
company is not having any statutory liabilities whether undisputed or disputed as regard
to the Provident Fund, Investor Education Protection Fund, Employees’ State
Insurance, Wealth Tax, Service Tax, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess
and other material statutory dues. Therefore the provisions of clause 4(ix) of the
Companies (Auditor’s Report) Order, 2003 are not applicable to the company.
(x) Since the company was registered for a period of less than five years, therefore,
the provisions of Clause 4(x) of the Companies (Auditor’s Report) Order, 2003 is not
applicable to the company.
(xi) As there is no loan taken by the company from any bank, financial institution or
issued debentures, therefore the provisions of clause 4(xi) of the Companies
(Auditor’s Report) Order, 2003 are not applicable to the company.
(xii) In our opinion and according to the information and explanations given to us, the
company has not granted any loans & advances on the basis of security by way of pledge
of shares, debentures and other securities. Therefore the provisions of clause 4(xii) of
the Companies (Auditor’s Report) Order, 2003 are not applicable to the company.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’s
Report) Order, 2003 are not applicable to the company.
(xiv) As there are no investments held by the company during the year, therefore the
provisions of clause 4(xiv) of the Companies ( Auditor’s Report) Order, 2003 are not
applicable to the company.
(xv) In our opinion and according to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from banks or financial
institutions. Accordingly the provisions of clause 4 ( xv) of the Companies (
Auditor’s Report) Order, 2003 are not applicable to the company.
(xvi) The company has not raised any term loan during the year. Therefore, provisions
of clause 4(xvi) of the Companies (Auditor’s Report) Order, 2003 are not applicable
to the company.
(xvii) According to the information and explanations given to us and on an overall
examination of the balance sheet of the company, we are of the opinion that, prima facie
short-term funds have not been used for long term investment.
(xviii) According to the information and explanations given to us the company has not
made preferential allotment of shares to parties and companies covered in the register
mentioned under section 301 of the Act. Therefore the provisions of clause 4(xviii) of the
of the Companies (Auditor’s Report) Order, 2003 are not applicable to the company.
(xix) The company has not issued any debentures during the year. Therefore, the
provisions of clause 4(xix) of the Companies (Auditor’s Report) Order, 2003 are not
applicable to the company.
(xx) The company has not raised any money by public issue during the year, therefore,
the provisions of clause 4(xx) of the Companies ( Auditor’s Report) Order,2003 are
not applicable to the company.
(xxi) In our opinion and according to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the year. Therefore, the
provisions of clause 4(xxi) of the Companies ( Auditor’s Report) Order, 2003 are not
applicable to the company.
For O.P. Singhania & Co.
(Firm Regn.No.002172C)
Chartered Accountants
Sanjay Singhania
Partner
Membership No.076961
Raipur, 25th May 2013
+91-9892691696
