| We have audited the accompanying financial statements of G.K.
CONSULTANTS LIMITED, which comprise the Balance Sheet as at March 31,
2015, the statement of Profit & Loss and the Cash Flow Statement for
the period 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 and presentation of these standalone 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.
Auditor's 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 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 the 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 the accounting policies
used and the reasonableness of the accounting estimates made by the
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 the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) 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 Companies (Auditor's Report) Order, 2015 ("the Order")
issued by the Central Government of India in terms of sub-section (11)
of section 143 of the Act, we give in the Annexure a statement on the
matters specified in the paragraphs 3 and 4 of the Order, to the extent
applicable.
2. As required by Section 143 (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 aforesaid standalone 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 the written representations received from the
directors as on 31 March 2015 taken on record by the Board of
Directors, none of the directors are disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. b) The Fixed Assets have been physically verified by the
Management during the year. No discrepancies have been found.
(ii) a) The physical verification of inventory has been conducted at
reasonable intervals by the management.
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. No material
discrepancies were noticed on physical verification.
(iii) According to the information and explanations given to us, the
company has not granted any Loans Secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
189 of the Companies Act.
(iv) 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 and services.
(v) As informed to us, the company has not accepted any deposits during
this reporting period. The directives issued by the Reserve Bank of
India and the provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there under, are
not applicable.
(vi) The company is not required to maintain cost records that have
been specified by the Central Government under sub-section (1) of
section 148 of the Companies Act.
(vii) a) According to the records of the company, there are no
undisputed dues of sale tax, income tax, customs tax/wealth-tax, excise
duty/cess which have not been deposited with the appropriate
authorities.
b) According to the records of the company and as per explanations
given to us, there are following disputed statutory dues of Income Tax
and Interest thereon pending against the company. It is informed that
the company has filed appeals before the concerned CIT (A), New Delhi &
ITAT, New Delhi against the said disputed demands which are pending as
on date- Rs. 1551442/- and Interest thereon for the Asst. Year 1998-99
out of which company has deposited Rs. 1085071/- under dispute with the
department.
c) No amount is required to be transferred to 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 accumulated losses of the company as at 31st March 2015 are
not more than fifty Percent of its Net Worth. Nor the Company has
incurred any cash losses both in the current year as well as in the
immediately preceding the financial year.
(ix) According the information and explanation given to me, the company
has not taken any loan from the financial institutions or bank or
debenture holders.
(x) The company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xi) The company has not obtained any Term loan during the reporting
period.
(xii) Based on the Audit procedure performed and according to the
information and explanation given by the management, no fraud on or by
the company has been noticed or reported during the year.
FOR UMESH AMITA & CO.
CHARTERED ACCOUNTANTS
ICAI FRN: 007238C
(CA. AKASH GARG)
PARTNER
M. NO. 420145
New Delhi
May 20, 2015
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