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GP Petroleums Ltd.

BSE: 532543 Sector: Industrials
NSE: GULFPETRO ISIN Code: INE586G01017
BSE 00:00 | 24 Apr 2020 GP Petroleums Ltd
NSE 05:30 | 01 Jan 1970 GP Petroleums Ltd

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OPEN 38.40
PREVIOUS CLOSE 39.90
VOLUME 31
52-Week high 74.20
52-Week low 24.60
P/E 9.97
Mkt Cap.(Rs cr) 195
Buy Price 37.00
Buy Qty 1.00
Sell Price 38.20
Sell Qty 1000.00
OPEN 38.40
CLOSE 39.90
VOLUME 31
52-Week high 74.20
52-Week low 24.60
P/E 9.97
Mkt Cap.(Rs cr) 195
Buy Price 37.00
Buy Qty 1.00
Sell Price 38.20
Sell Qty 1000.00

GP Petroleums Ltd. (GULFPETRO) - Auditors Report


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Company auditors report

To

The Members Gp Petroleums Limited

Report On The Audit Of Financial Statements Opinion

We Have Audited The Accompanying Financial Statements Of Gp Petroleums Limited("The Company") Which Comprises The Balance Sheet As At 31stMarch 2019 The Statement Of Profit And Loss (Including Other Comprehensive Income) AndCash Flow Statement And The Statement Of Changes In Equity For The Year Then Ended AndNotes To The Financial Statements Including A Summary Of Significant Accounting PoliciesAnd Other Explanatory Information.

In Our Opinion And To The Best Of Our Information And According To The ExplanationsGiven To Us The Aforesaid Financial Statements Give The Information Required By TheCompany Act 2013 (The ‘Act') In The Manner So Required And Give A True And Fair ViewIn Conformity With The Accounting Principles Generally Accepted In India Including IndianAccounting Standards (‘Ind As') Specified Under Section 133 Of The Act Of The StateOf Affairs (Financial Position) Of The Company Asat31 St March 2019 And Profit(Financial Performance Including Other Income) Its Cash Flows And The Changes In EquityFor the year ended On That . Date

Basis For Opinion

We Conducted Our Audit In Accordance With The Standards On Auditing (Sas) SpecifiedUnder Section 143(10) Of The Company's Act 2013. Our Responsibilities Under ThoseStandards Are Further Described In The Auditors' Responsibilities For The Audit Of TheFinancial Statements Section Of Our Report. We Are Independent Of The Company InAccordance With The Code Of Ethics Issued By The Institute Of Chartered Accountants OfIndia Together With The Ethical Requirements That Are Relevant To Our Audit Of TheFinancial Statements Under The Provisions Of The Companies Act 2013 And The RulesThereunder And We Have Fulfilled Our Other Ethical Responsibilities In Accordance WithThese Requirements And The Code Of Ethics. We Believe That The Audit Evidence We HaveObtained Is Sufficient And Appropriate To Provide A Basis For Our Opinion.

Key Audit Matter

There Is No Key Audit Matter Requiring Information To The Members Of The Company.

Information Other Than The Financial Statements And Auditor's Report Thereon

The Company's Board Of Directors Is Responsible For The Other Information. The OtherInformation Comprises The Information Included In The Annual Report But Does Not IncludeThe Financial Statements And Our Auditor's Report Thereon.

Our Opinion On The Financial Statements Does Not Cover The Other Information And We DoNot Express Any Form Of Assurance Conclusion Thereon. In Connection With Our Audit Of TheFinancial Statements Our Responsibility Is To Read The Other Information And In DoingSo Consider Whether The Other Information Is Materially Inconsistent With The FinancialStatements Or Our Knowledge Obtained In The Audit Or Otherwise Appears To Be MateriallyMisstated. If Based On The Work We Have Performed We Conclude That There Is A MaterialMisstatement Of This Other Information We Are Required To Report That Fact. We HaveNothing To Report In This Regard.

Responsibility Of Management And Those Charged With Governance

For The Financial Statements

The Company's Board Of Directors Is Responsible For The Matters Stated In Section134(5) Of The Companies Act 2013 ("The Act") With Respect To The Preparation OfThese Financial Statements That Give A True And Fair View Of The State Of Affairs(Financial Performance Including Other Comprehensiveincome)ChangeinequityandcashflowsofThe Company In Accordance With The Accounting PrinciplesGenerallyacceptedinindiaIncludingtheindasspecifiedunder Section 133 Of The Act. ThisResponsibility Also Includes Maintenance Of Adequate Accounting Records In Accordance WithThe Provisions Of The Act For Safeguarding Of The Assets Of The Company And For PreventingAnd Detecting Frauds And Other Irregularities; Selection And Application Of AppropriateImplementation And Maintenance Of Accounting Policies; Making Judgments And Estimates ThatAre Reasonable And Prudent; And Design Implementation And Maintenance Of AdequateInternal Financial Controls That Were Operating Effectively For Ensuring The Accuracy AndCompleteness Of The Accounting Records Relevant To The Preparation And Presentation OfThe Financial Statement That Give A True And Fair View And Are Free From MaterialMisstatement Whether Due To Fraud Or Error. In Preparing The Financial Statements TheBoard Of Directors Are Responsible For Assessing The Company's Ability To Continue As AGoing Concern Disclosing As Applicable Matters Related To Going Concern And Using TheGoing Concern Basis Of Accounting Unless Management Either Intends To Liquidate TheCompany Or To Cease Operations Or Has No Realistic Alternative But To Do So.

Those Board Of Directors Are Also Responsible For Overseeing The Company's FinancialReporting Process.

Auditor's Responsibility For The Audit Of The Financial Statements

Our Objectives Are To Obtain Reasonable Assurance About Whether The FinancialStatements As A Whole Are Free From Material Misstatement Whether Due To Fraud Or ErrorAnd To Issue An Auditor's Report That Includes Our Opinion. Reasonable Assurance Is A HighLevel Of Assurance But Is Not A Guarantee That An Audit Conducted In Accordance With SasWill Always Detect A Material Misstatement When It Exists. Misstatements Can Arise FromFraud Or Error And Are Considered Material If Individually Or In The Aggregate TheyCould Reasonably Be Expected To Influence The Economic Decisions Of Users Taken On TheBasis Of These Financial Statements.

As Part Of An Audit In Accordance With Sas We Exercise Professional Judgment AndMaintain Professional Skepticism Throughout The Audit. We Also: A. Identify And Assess TheRisks Of Material Misstatement Of The Financial Statements Whether Due To Fraud Or ErrorDesign And Perform Audit Procedures Responsive To Those Risks And Obtain Audit EvidenceThat Is Sufficient And Appropriate To Provide A Basis For Our Opinion. The Risk Of NotDetecting A Material Misstatement Resulting From Fraud Is Higher Than For One ResultingFrom Error As Fraud May Involve Collusion Forgery Intentional OmissionsMisrepresentations Or The Override Of Internal Control. B. Obtain An Understanding OfInternal Control Relevant To The Audit In Order To Design Audit Procedures That AreAppropriate In The Circumstances. Under Section 143(3)(I) Of The Companies Act 2013 WeAre Also Responsible For Expressing Our Opinion On Whether The Company Has AdequateInternal Financial Controls System In Place And The Operating Effectiveness Of SuchControls. C. Evaluate The Appropriateness Of Accounting Policies Used And TheReasonableness Of Accounting Estimates And Related Disclosures Made By Management. D.Conclude On The Appropriateness Of Management's Use Of The Going Concern Basis OfAccounting And Based On The Audit Evidence Obtained Whether A Material UncertaintyExists Related To Events Or Conditions That May Cast Significant Doubt On The Company'sAbility To Continue As A Going Concern. If We Conclude That A Material Uncertainty ExistsWe Are Required To Draw Attention In Our Auditor's Report To The Related Disclosures InThe Financial Statements Or If Such Disclosures Are Inadequate To Modify Our Opinion.Our Conclusions Are Based On The Audit Evidence Obtained Up To The Date Of Our Auditor'sReport. However Future Events Or Conditions May Cause The Company To Cease To Continue AsA Going Concern. E. Evaluate The Overall Presentation Structure And Content Of TheFinancial Statements Including The Disclosures And Whether The Financial StatementsRepresent The Underlying Transactions And Events In A Manner That Achieves FairPresentation.

We Communicate With Those Charged With Governance Regarding Among Other Matters ThePlanned Scope And Timing Of The Audit And Significant Audit Findings Including AnySignificant Deficiencies In Internal Control That We Identify During Our Audit.

We Also Provide Those Charged With Governance With A Statement That We Have CompliedWith Relevant Ethical Requirements Regarding Independence And To Communicate With ThemAll Relationships And Other Matters That May Reasonably Be Thought To Bear On OurIndependence And Where Applicable Related Safeguards From The Matters Communicated WithThose Charged With Governance We Determine Those Matters That Were Of Most SignificanceIn The Audit Of The Financial Statements Of The Current Period And Are Therefore The KeyAudit Matters. We Describe These Matters In Our Auditor's Report Unless Law Or RegulationPrecludes Public Disclosure About The Matter Or When In Extremely Rare Circumstances WeDetermine That A Matter Should Not Be Communicated In Our Report Because The AdverseConsequences Of Doing So Would Reasonably Be Expected To Outweigh The Public InterestBenefits Of Such Communication.

Report On Other Legal And Regulatory Requirements

1. As Required By Section 197(16) Of The Act We Report That The Company Has NotPaid/Provided For Any Managerial Remuneration Except Board Meeting Sitting Fees Paid ToIndependent Director(S) During The Year As Stipulated To Section 197 Read With Schedule VTo The Act

2. As Required By The Companies (Auditor's Report) Order 2016 ("The Order")Issued By The Central Government Of India In Terms Of Subsection (11) Of Section 143 OfThe Companies Act 2013 We Give In The Annexure "A" A Statement On The MattersSpecified In Paragraphs 3 And 4 Of The Order To The Extent Applicable.

3. As Required By Section 143(3) Of The Act We Report That:

We Have Sought And Obtained All The Information And Explanations Which To The Best OfOur Knowledge And Belief Were Necessary For The Purposes Of Our Audit. A. In Our OpinionProper Books Of Account As Required By Law Have Been Kept By The Company So Far As ItAppears From Our Examination Of Those Books.

B. The Balance Sheet The Statement Of Profit And Loss And The Cash Flow StatementDealt With By This Report Are In Agreement With The Books Of Account. C. In Our OpinionThe Aforesaid Financial Statements Comply With The Indian Accounting Standards (Ind As)Specified Under Section 133 Of The Act Read With Rule 7 Of The Companies (Accounts)Rules 2014. D. On The Basis Of The Written Representations Received From The Directors AsOn 31st March 2019 Taken On Record By The Board Of Directors None Of TheDirectors Is Disqualified As On 31st March 2019 From Being Appointed As A DirectorIn Terms Of Section 164 (2) Of The Act. E. With Respect To The Adequacy Of The InternalFinancialcontrolsoverfinancialreporting (Ifcofr) Of The Company As On 31 March 2019 InConjunction With Our Audit Of Financial Statement Of The For the year ended On That DateAnd On The Operating Effectiveness Of Such Controls Refer To Our Separate Report In"Annexure B". F. With Respect To The Other Matters To Be Included In TheAuditor's Report In Accordance With Rule 11 Of The Companies (Audit And Auditors) Rules2014 In Our Opinion And To The Best Of Our Information And According To The ExplanationsGiven To Us: I. The Company Has Disclosed The Impact Of Pending Litigation Which MayImpact Its Financial Position In Its Financial Statements. Ii. The Company Has MadeProvision As Required Under The Applicable Law Or Ind-As For The Material ForeseeableLosses If Any Any Long-Term Contract Including Derivative Contracts Iii. There Has NoDelay In Transferring Amounts Required To Be Transferred To The Investor Education AndProtection Fund By The Company During The Year Ended 31 March 2019.

For Png & Co.
Chartered Accountants
Firm Registration No.021910n
Prabhat Kumar
Place: Delhi Partner
Date: 17 May 2019 Membership No. 087257

Annexure A To The Independent Auditors' Report

Referred To In Paragraph Under "Report On Other Legal And RegulatoryRequirements" Of Our Report Of Even Date To The Members Of Gp Petroleums Limited OnThe Accounts Of The Company For the year ended 31st March 2019.

On The Basis Of Such Checks As We Considered Appropriate And According To TheInformation And Explanations Given To Us During The Course Of Our Audit We Report That:

1. In Respect Of Property Plant And Equipment A. The Company Has Maintained ProperRecords Showing Full Particulars Including Quantitative Details And Situation Of PropertyPlant & Equipment. B. The Company Has A Regular Program Of Physical Verification OfIts Property Plant & Equipment By Which Property Plant & Equipment Are VerifiedIn A Phased Programme Designed To Cover All The Items Over The Period Of 3 Year. InAccordance With This Program All Property Plant & Equipment Were Verified During TheYear And No Material Discrepancies Were Noticed On Such Verification. In Our Opinion ThisPeriodicity Of Physical Verification Is Reasonable Having Regard To The Size Of TheCompany And The Nature Of Its Assets. C. The Title Deeds Of Immovable Properties AsDisclosed In Note 02 On Property Plant & Equipment To The Financial Statements AreHeld In The Name Of The Company Except A Flat At Mumbai Having Carrying Value Of##Rs##411.54 Lacs As At March 31 2019 As Disclosed In Note 04.

2. In Respect Of Inventories

The Physical Verification Of Inventory Excluding For Goods-In-Transit & Stocks WithThird Parties Has Been Conducted At Reasonable Intervals By The Management During TheYear. In Respect Of Inventory Lying With Third Parties These Have Substantially BeenConfirmed By Them Written Confirmations Have Been Obtained By The Management. TheDiscrepancies Noticed On Physical Verification Of Inventory As Compared To Book RecordsWere Not Material And Have Been Appropriately Dealt With In The Books Of Accounts.

3. In Respect Of Loans Given By The Company

According To The Information And Explanations Given To Us The Company Has Not GrantedLoans Secured And Unsecured To Companies Firms Limited Liability Partnerships Or OtherParties In The Register Maintained Under Section 189 Of The Companies Act 2013 ("TheAct"). (Register Of Contracts And Arrangements In Which Director Are Interested).Therefore Reporting Under Paragraph 3(Iii) Is Not Applicable.

4. In Respect Of Loans To Directors And Investments Made By The Company

In Our Opinion And According To The Information And Explanations Given To Us TheCompany Has Complied With The Provisions Of Section 185 And 186 Of The Act With RespectTo The Loans And Investments Made. And Guarantees And Security Provided By It

5. In Respect Of Deposits

In Our Opinion And According To The Information And Explanations Given To Us TheCompany Has Not Accepted Any Deposits From The Public To Which The Directives Issued ByThe Reserve Bank Of India And The Provisions Of Section 73 To Section 76 Or Any OtherRelevant Provisions Of The Act And The Rules Framed Thereunder Apply. Thus Paragraph 3(V)Of The Order Is Not Applicable To The Company.

6. In Respect Of Maintenance Of Cost Records

Pursuant To The Rules Made By The Central Government Of India The Company Is RequiredTo Maintain Cost Records Asspecifiedunder Subsection (1) Of The Section 148 Of The Act InRespect To Its Products. The Company Has Also Appointed Cost Auditor To Audit Its CostRecords In Pursuance Of The Provisions Contained In Companies Act 2013. The Cost AuditorHas Audited Cost Records For The Financial Year Ended On 31st March 2019And We Have Not Noticed Any Adverse Comment In Their Report Issued In Pursuance To SuchReport. We Have Reviewed The Same And Are Of The Opinion That Prima Facie ThePrescribed Accounts And Records Have Been Made And Maintained. We Have Not However MadeA Detailed Examination Of The Records With A View To Determine Whether They Are AccurateOr Complete.

7. In Respect Of Statutory Dues A. According To The Information And ExplanationsGiven To Us And On The Basis Of Our Examination Of The Records Of The Company AmountsDeducted/ Accrued In The Books Of Account In Respect Of Undisputed Statutory DuesIncluding Provident Fund Income-Tax Goods And Service Taxes Cess And Other MaterialStatutory Dues Have Been Regularly Deposited During The Year By The Company With TheAppropriate Authorities B. According To The Information And Explanations Given To Us AndThe Records Of The Company Examined By Us The Particulars Of Dues (Net Of Deposit UnderProtest Or Under Stay Condition Amounting To ##Rs## 819.75/- Lakhs And Stated UnderNon-Current Assets As Recoverable) In Respect Of Excise Duty Service Tax Central SalesTax Including Value Added Tax And Other Material Statutory Dues Were In Arrears As At 31stMarch 2019 Which Have Not Been Deposited On Account Of Dispute Are As Follows:

Name Of The Statute Nature Of Dues Amount Amount Paid /Adjusted Period To Which Amount Relates The Forum Where The Dispute Is Pending
(##Rs## In Lakhs) (##Rs## In Lakhs)
Central Excise Act 1944 Excise Duty 193.17 94.08 Up To 2005 Cestat
Service Tax Service Tax 7.55 0.90 May 2016 To March 2017 Cestat
5.11 0.75 Fy. 2003-04 Dy. Cct Jamshedpur (A)
326.88 30.00 Fy 2004-05 Jt. Cst & Cst (A) Maharashtra
01.78 0.45 Fy 2009-10 Dc (A) Chennai
13.61 03.40 Fy 2010-11 Eto Patiala
19.65 16.20 Fy 2011-12 Dy. Cct Jamshedpur Vat
Tribunal Of Maharastra
Central Sales Tax And Local 6.56 1.61 Fy 2012-13 Dy. Cct Jamshedpur Cto
Central Sales Tax Act Tax Value Indore Sr Joint Cst
And Local Sales Tax Added Tax Including Entry Tax) 42.10 0.47 Fy 2013-14 Jt. Cst (A) Cto Indore Jt. Excise & Taxation Com. (A) Cct Patna.
323.43 0.24 Fy 2014-15 Jt. Excise & Taxation Com. (A) Dy Ccct (A) Indore Dy Cct (A) Jamshedpur Cttd New Delhi.
28.02 0.00 Fy 2015-16 Dy. Cct Jamshedpur E&T Office Faridabad.

8. In Respect Of Repayment Of Loan

According To The Records Of The Company Examined By Us And The Information AndExplanation Given To Us The Company Has Not Defaulted In Repayment Of Loans Or BorrowingsTo Any Financial Institution Or Bank Or Government Or Dues To Debenture Holder As At TheBalance Sheet Date.

9. In Respect Of Utilization Of Ipo Further Public Offer & Term Loans

According To The Information And Explanations Given By Management During The Year TheCompany Has Not Raised Money By Way Initial Public Offer Or Further Public Offer(Including Debt Instrument) And Term Loans And Money Utilized For That Purpose TheyRaised.

10. In Respect Of Reporting Of Fraud To The Information And Explanations Given ToUs No Fraud By The Company Or On The Onthebasisofverification Company By Its Officers OrEmployees Has Been Noticed Or Reported During The Course Of Our Audit.

11. In Respect Of Approval Of Managerial Remuneration

In Our Opinion And According To The Information And Explanations Given To Us TheCompany Has Not Paid/Provided For Any Managerial Remuneration Except Board MeetingSitting Fees Paid To Independent Director(S) During The Year As Stipulated To Section 197Read With Schedule V To The Act Hence Clause (Xi) Of Paragraph 3 Of The Order Is NotApplicable

12. In Respect Of Reporting In A Nidhi Company

In Our Opinion And According To The Information And Explanations Given To Us TheCompany Is Not A Nidhi Company. Accordingly Reporting Under Paragraph 3(Xii) Of The OrderIs Not Applicable.

13. In Respect Of Related Party Transactions

According To The Information And Explanations Given To Us And Based On Our ExaminationOf The Records Of The Company Transactions With The Related Parties Have Been EnteredInto By The Company In Its Ordinary Course Of Business On An Arm's Length Basis AndTherefore The Provisions Of Section 177 And 188 Of The Act Are Not Applicable To TheCompany However The Details Of Such Transactions Have Been Disclosed In The FinancialStatements As Required Under Indian Accounting Standard (Ind As) 24 Related PartyDisclosures Specified Under Section 133 Of The Act Read With Rule 7 Of The Companies(Accounts) Rules 2014.

14. In Respect Of Reporting Of Private Placement / Preferential Allotment Of Shares /Debentures

According To The Records Of Company The Company Has Not Made Preferential Allotment OrPrivate Placement Of Shares Or Fully Or Partly Convertible Debentures During The YearUnder Review And Complied With Provisions Of Clause (Xiv) Of Paragraph 3 Of The Order NotApplicable.

15. In Respect Of Reporting Of Non-Cash Transactions

According To The Information And Explanations Given To Us And Based On Our ExaminationOf The Records Of The Company The Company Has Not Entered Into Non-Cash Transactions WithDirectors Or Persons Connected With Him. Accordingly Reporting Under Paragraph 3(Xv) OfThe Order Is Not Applicable

16. In Respect Of Reporting Of Registration U/S 45-Ia Of Rbi Act 1934

In Our Opinion And According To The Information And Explanations Given To Us TheCompany Is Not Required To Be Registered Under Section 45-Ia Of The Reserve Bank Of IndiaAct 1934. Therefore Provisions Of Clause (Xvi) Of Paragraph 3 Of The Order Are NotApplicable.

For Png & Co.
Chartered Accountants
Firm Registration No.021910n
Prabhat Kumar
Place: Delhi Partner
Date: 17 May 2019 Membership No. 087257

Annexure B To The Independent Auditors' Report

Report On The Internal Financial Controls Under Clause (I) Of Sub-Section 3 Of Section143 Of The Companies Act 2013 ("The Act") Opinion

We Have Audited The Internal Financial Controls Over Financial Reporting (Ifcofr) Of GpPetroleums Limited As Of 31 St March 2019 In Conjunction With Our Audit Of TheFinancial Statements Of The Company For the year ended On That Date.

In Our Opinion The Company Has In All Material Respects An Adequate InternalFinancial Controls System Over Financial Reporting And Such Internal Financial ControlsOver Financial Reporting Were Operating Effectively As At 31 St March2019 BasedOn The Internal Financial Control Over Financial Reporting Criteria Established By TheCompany Considering The Essential Components Of Internal Control Stated In The GuidanceNote On Audit Of Internal Financial Controls Over Financial Reporting Issued By TheInstitute Of Chartered Accountants Of India (The "Guidance Note").

Management's Responsibility For Internal Financial Controls

The Company's Management And The Board Of Directors AreResponsibleforestablishingandmaintaininginternalfinancialcontrols Based On By TheinternalcontroloverfinancialCompany Considering The Essential Components Of Internal Control Stated In The GuidanceNote On Audit Of Internal Financial Controls Over Financial Reporting ("The GuidanceNote") Issued By The Institute Of Chartered Accountants Of India ("Icai").These Responsibilities Include The Design Implementation And Maintenance Of AdequateInternal Financial Controls That Were Operating Effectively For Ensuring The Orderly AndEfficient Conduct Of Its Business Including Adherence To Company's Policies TheSafeguarding Of Its Assets The Prevention And Detection Of Frauds And Errors TheAccuracy And Completeness Of The Accounting Records And The Timely Preparation OfReliable Financial Information As Required Under The Companiesact 2013.

Auditors' Responsibility

Our Responsibility Is To Express An Opinion On The Company's Internal FinancialControls Over Financial Reporting Based On Our Audit. We Conducted Our Audit In AccordanceWith The Guidance Note On Audit Of Internal Financial Controls Over Financial Reporting(The "Guidance Note") And The Standards On Auditing Issued By Icai And DeemedTo Be Prescribed Under Section 143(10) Of The Companies Act 2013 To The ExtentApplicable To An Audit Of Internal Financial Controls Both Applicable To An Audit OfInternal Financial Controls And Both Issued By The Institute Of Chartered Accountants OfIndia. Those Standards And The Guidance Note Require That We Comply With EthicalRequirements And Plan And Perform The Audit To Obtain Reasonable Assurance About WhetherAdequate Internal Financial Controls Over Financial Reporting Was Established AndMaintained And If Such Controls Operated Effectively In All Material Respects.

Our Audit Involves Performing Procedures To Obtain Audit Evidence About The Adequacy OfThe Internal Financial Controls System Over Financial Reporting And Their OperatingEffectiveness. Our Audit Of Internal Financial Controls Over Financial Reporting IncludedObtaining An Understanding Of Internal Financial Controls Over Financial ReportingAssessing The Risk That A Material Weakness Exists And Testing And Evaluating TheOperating Effectiveness Of Internal Control Based On The Assessed Risk. The ProceduresSelected Depend On The Auditor's Judgment Including The Assessment Of The Risks OfMaterial Misstatement Of The Financial Statements Whether Due To Fraud Or Error.

We Believe That The Audit Evidence We Have Obtained Is Sufficient And Appropriate ToProvide A Basis For Our Audit Opinion On The Company's Internal Financial Controls SystemOver Financial Reporting.

Meaning Of Internal Financial Controls Over Financial Reporting

A Company's Internal Financial Control Over Financial Reporting Is A Process DesignedTo Provide Reasonable Assurance Regarding The Reliability Of Financial Reporting And ThePreparation Of Financialstatements For External Purposes In Accordance With GenerallyAccepted Accounting Principles. A Company's Internal Financial Control Over FinancialReporting Includes Those Policies And Procedures That (1) Pertain To The Maintenance OfRecords That In Reasonable Detail Accurately And Fairly Reflect The Transactions AndDispositions Of The Assets Of The Company; (2) Provide Reasonable Assurance ThatTransactions Are Recorded As Necessary To Permit Preparation Of Financial Statements InAccordance With Generally Accepted Accounting Principles And That Receipts AndExpenditures Of The Company Are Being Made Only In Accordance With Authorizations OfManagement And Directors Of The Company; And (3) Provide Reasonable Assurance RegardingPrevention Or Timely Detection Of Unauthorized Acquisition Use Or Disposition Of TheCompany's 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 FinancialReporting Including The Possibility Of Collusion Or Improper Management Override OfControls Material Misstatements Due To Error Or Fraud May Occur And Not Be Detected.Also Projections Of Any Evaluation Of The Internal Financial Controls Over FinancialReporting To Future Periods Are Reporting May Become Inadequate Because Of Changes InConditions Or That The Degree Of Compliance With The Policies Or Procedures MayDeteriorate.

Opinion

In Our Opinion The Company Has In All Material Respects Adequate Internal FinancialControls Over Financial Controls Over Financial Reporting Were Operating Effectively As At31 March 2019 Based On The Internal Control Over Financial Reporting Criteria EstablishedBy The Company Considering The Essential Components Of Internal Control Stated In TheGuidance Note Issued By The Icai.

For Png & Co.
Chartered Accountants
Firm Registration No.021910n
Prabhat Kumar
Place: Delhi Partner
Date: 17 May 2019 Membership No. 087257


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