To The Members of GOKUL SOLUTIONS LIMITED
We have audited the accompanying standalone financial statements of GOKUL SOLUTIONS
LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2017, and
the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Managements responsibility for the financial statements
The Companys 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 the 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 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
design, implementation and maintenance of adequate internal financial controls, 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.
Auditors responsibility
Our responsibility is to express an opinion on these standalone 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 have conducted our audit in accordance with the Standards on Auditing 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 auditors
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 Companys preparation of the financial
statements that give a true and fair view 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
Companys 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 the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone 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 31st March 2017 and its profit and its cash flows for the year ended on
that date.
Report on other legal and regulatory requirements
1. As required by the Companies (Auditors Report) Order, 2016 ("the Order")
issued by the Central Government of India in terms of section 143 (11) of the Act, We give
in the "Annexure A", a statement on the matters specified in paragraphs 3
and 4 of the Order.
2. As required by Section 143 (3) of the Act, I report that:
i. 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.
ii. In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from my examination of those books.
iii. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
iv. 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.
v. On the basis of the written representations received from the directors as on 31st
March, 2017 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2017 from being appointed as a director in terms of Section
164 (2) of the Act.
vi. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B".
vii. With respect to the other matters to be included in the Auditors 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:
a. The Company does not have any pending litigations which would impact its financial
position.
b. The Company did not have any long term contracts including derivative contract
during the year for which there were any material foreseeable losses nor have any
outstanding derivative contract at the year end.
c. The provision relating to transferring any amounts to the Investor Education and
Protection Fund is not applicable to the Company during the year because there were no
amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.
d. The Company has provided requisite disclosures in its financial statements as to
holdings as well as dealings in Specified Bank Notes during the period from 8th
November, 2016 to 30th December, 2016 and these are in accordance with the
books of accounts maintained by the company.
| For N Agarwala & Associates |
| Chartered Accountants |
| Firm Reg. No.: 315097E |
| MAYUR BANKA |
| (Partner) |
| Membership No.302236 |
| Place : Kolkata |
| Date : 29.05.2017 |
"ANNEXURE A" TO AUDITORS REPORT
[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements in the Independent Auditors Report of even date to the members of GOKUL
SOLUTIONS LIMITED on the financial statements for the year ended 31/03/2017]
(i) (a) The Company has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
(b) These Fixed assets have been physically verified by the Management at reasonable
intervals and according to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(ii) (a) The inventory has been physically verified by the management during the year.
In our opinion, the frequency of such verification is reasonable and adequate in relation
to the size of the company and the nature of its business.
(b) The Company is maintaining proper records of inventory. No material discrepancy has
been found on verification between physical stocks and book records.
(iii) As informed, the Company has not granted any loans, secured or unsecured, to
companies, firms, limited liability partnerships or other parties covered in the register
maintained under Section 189 of the Companies Act, 2013. Accordingly, the provisions
stated in paragraph 3(iii) (a) to (c) of the order are not applicable.
(iv) The Company has neither given any loan nor made any investment under the
provisions of section 185 and 186 of the Companies Act 2013. Accordingly, the
provisions stated in paragraph 3 (iv) of the order are not applicable.
(v) In our opinion and according to the information and explanations given to us, the
Company has not accepted any deposits from the public, hence directives issued by the
Reserve Bank of India and provision of Sections 73 to 76 of the Companies Act are not
applicable.
(vi) As explained to us and to the best of our knowledge and belief, the maintenance of
Cost records under Section 148(1) of the Companies Act, 2013 are not applicable to the
Company.
(vii) (a) According to the information and explanations given to us and records of the
Company examined by us , in our opinion , the Company is regular in depositing with
appropriate authorities undisputed statutory dues including Provident fund, Employees
State Insurance, Income-tax, Sales-tax, Service tax, duty of Customs, duty of Excise,
Value added tax, Cess and other statutory dues applicable to it and no undisputed amounts
payable in respect thereof were outstanding, at the year end, for a period of more than
six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of
Sales-tax, Wealth tax , Service tax, duty of Customs, duty of Excise, Value added tax and
Cess which have not been deposited with appropriate authorities on account of any
disputes.
(viii) In our opinion and according to the information and explanations given to us,
the Company has not defaulted in repayment of loans or borrowings to a financial
institution, bank, government or dues to debenture holders.
[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements in the Independent Auditors Report of even date to the members of GOKUL
SOLUTIONS LIMITED on the financial statements for the year ended 31/03/2017]
(ix) On the basis of our examination of records and according to the information and
explanations given to us, the Company has neither raised any money by the way of initial
public offer or further public offer (including debt instrument) nor taken any term loan
during the year. Therefore, clause (ix) of the paragraph 3 of the said order is not
applicable to the company.
(x) In our opinion and according to the information and explanations given to us, no
fraud by the Company or on the Company by its officers/employees has been noticed or
reported during the year that causes the financial statements materially misstated.
(xi) In our opinion and according to the information and explanations given to us, the
provisions of section 197 read with Schedule V to the Act were complied with respect to
Managerial remuneration paid or provided during year.
(xii) The Company is not a Nidhi Company. Therefore, clause (xii) of paragraph 3 of the
said order is not applicable to the Company.
(xiii) On the basis of our examination of records and according to the information and
explanations given to us, the Company has not entered into transactions with the related
parties. Therefore, clause(xiii) of paragraph 3 of the said order is not applicable to the
company.
(xiv) On the basis of our examination of records and according to the information and
explanations given to us, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures during the year. Therefore,
clause (xiv) of paragraph 3 of the said order is not applicable to the Company.
(xv) On the basis of our examination of records and according to the information and
explanations given to us, the Company has not entered into any non-cash transactions with
directors or persons connected with them during the year under the provisions of section
192 of the Act. Therefore, clause (xv) of paragraph 3 of the said order is not applicable
to the Company.
(xvi) On the basis of our examination of records and according to the information and
explanations given to us, the Company is not required to be registered under section 45-IA
of the Reserve Bank of India Act, 1934.
| For N Agarwala & Associates |
| Chartered Accountants |
| Firm Reg. No.: 315097E |
| MAYUR BANKA |
| (Partner) |
| Membership No.302236 |
| Place : Kolkata |
| Date : 29.05.2017 |
INDEPENDENT AUDITORS REPORT
To the Members of GOKUL SOLUTIONS LIMITED
"ANNEXURE B" TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS OF GOKUL SOLUTIONS LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of GOKUL
SOLUTIONS LIMITED ("the Company") as of March 31, 2017 in conjunction with our
audit of the financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys Management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to Companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, to the extent applicable to
an audit of internal financial controls, both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over financial reporting were established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper Management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2017, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For N Agarwala & Associates
Chartered Accountants Firm Reg. No.: 315097E
MAYUR BANKA (Partner)
Membership No.302236
Place : Kolkata
Date : 29.05.2017
+91-9892691696
