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गुजरात गैस

बीएसई: 539336  |  NSE: GUJGASLTD  |  ISIN: INE844O01030  |  Oil Drilling And Exploration

खोजें गुजरात गैस कनेक्शन Mar 17
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '18

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of Gujarat Gas Limited (‘the Company’), which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss (including Other Comprehensive Income),the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and a summary of significant accounting policies and other explanatory information (herein after referred to as ‘Standalone Ind AS Financial Statements’).

Management’s Responsibility for the Standalone Ind AS 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 standalone Ind AS financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended.

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 standalone Ind AS 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 Ind AS 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 thereunder.

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 standalone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS 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 standalone Ind AS 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 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 standalone Ind AS 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 Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 including the Indian Accounting Standards (Ind AS)specified under Section 133 of the Act, of the state of affairs (financial position) of the Company as at 31st March 2018, and its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s 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 the paragraph 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 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.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with relevant rule issued thereunder.

e) As the company is a Government Company, in terms of notification no. G.S.R. 463(E) dated 5th June 2015, issued by the Ministry of Corporate Affairs, the sub-section (2) of section 164 is not applicable to the company.

f) 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”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting

g) 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 standalone Ind AS financial statements. Refer Note 40 to the standalone Ind AS 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 has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and

3. In terms of section 143 (5) of the Act, we give our report (refer to our separate report in “Annexure - C”) by taking into consideration the information, explanations and written representations received from the management on the matters specified in the directions and sub directions issued under the aforesaid section by the Comptroller and Auditor General of India.

ANNEXURE- A TO INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 under “Report on Other Legal and Regulatory Requirements” section of our Independent Auditor’s Report, of even date, to the members of Gujarat Gas Limited (Formerly known as GSPC Distribution Networks Limited) on Standalone Ind AS Financial Statements for the year ended 31st March 2018)

(i) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items, other than underground gas pipelines which are not physically verifiable, over a period of 3 years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company except in respect of the following freehold land as on 31st March 2018.

Sr. No.

Asset description

Book value (Amount in Rs.)

1

Survey No. 306-A-/1 paiki 3, Post-Hazira, Taluka Choryasi, District-Surat13,057 Sq. Mtrs

Rs. 15.88 Crores

2

Survey No. 150 Mora village District-Surat 13,557 Sq. Mtrs

Rs. 1/-

(ii) The inventory has been physically verified by the Management during the year. The discrepancies noticed on physical verification of inventory as compared to book records were not material.

(iii) The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liabilities Partnerships or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3 (iii) [(a) to (c)] of the said Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.

(v) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits within the meaning of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. According to the information and explanations given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal.

(vi) We have broadly reviewed the books of account maintained by the Company in respect of products (Natural Gas) where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been prescribed under sub-section (1) of Section 148 of the Act, 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 with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, income tax, goods and services tax (GST), sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have generally been regularly deposited with the appropriate authorities though there has been slight delay in few cases.

According to the information and explanations given to us and the records of the Company examined by us, in our opinion, no undisputed amounts payable were in arrears as at 31st March 2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of provident fund, goods and services tax (GST), sales tax, wealth tax, duty of customs, value added tax, cess and other material statutory dues, as applicable which have not been deposited on account of any dispute.

The particulars of dues of service tax, duty of excise and income tax as at 31st March 2018 which have not been deposited on account of a dispute, are as follows:

Sr. No.

Name of statute

Nature of dues

Amount (in Crs.)

Period to which the amount relates

Forum where the dispute is pending

1

Income Tax Act,1961

Income Tax and Interest thereon

0.79

Assessment Year 2001-02

Assessing Officer

2

Income Tax Act,1961

Income Tax and Interest thereon

0.03

Assessment Year 2012-13

Income Tax Appellate Tribunal

3

Income Tax Act,1961

Income Tax and Interest thereon

0.002

Assessment Year 2012-13

Assessing Officer

4

Income Tax Act,1961

Income Tax and Interest thereon

0.86

Assessment Year 2012-13

Income Tax Appellate Tribunal

5

Income Tax Act,1961 Income

Income Tax and Interest thereon

0.15

Assessment Year 2013-14

Commissioner of Tax (Appeals)

6

Income Tax Act,1961

Income Tax and Interest thereon

3.98 (after adjusting credit of tax paid & TDS)

Financial Year 2014-15

Commissioner of Income Tax (Appeals)

7

Central Excise Act, 1944

Service Tax and Duty of Excise

11.75

April-2010 to March-2015

The Customs, Excise and Service Tax Appellate Tribunal

8

Central Excise Act, 1944

Service Tax and Duty of Excise

1.01

April-2015 to Nov-2015

Excise & Service Tax Commissioner

9

Central Excise Act, 1944

Service Tax and Duty of Excise

2.68

2009-10 to 2014-15 (up to Aug-2014)

The Customs, Excise and Service Tax Appellate Tribunal

10

Central Excise Act, 1944

Service Tax and Duty of Excise

0.67

Sept-2014 to 14th May-2015

The Customs, Excise and Service Tax Appellate Tribunal

11

Central Excise Act, 1944

Service Tax and Duty of Excise

1.17

May’10 (2010-11) to

Feb-2016

(up to 02.02.2016)

Excise & Service Tax Commissioner

12

Central Excise Act, 1944

Service Tax and Duty of Excise

0.18

2006-07 &

2007-08

The Customs, Excise and Service Tax Appellate Tribunal

13

Finance Act, 1994

Service Tax and Duty of Excise

0.10

2006-07 to 2009-10

The Customs, Excise and Service Tax Appellate Tribunal

14

Finance Act, 1994

Service Tax and Duty of Excise

37.66

2005-06 to 2012-13

The Customs, Excise and Service Tax Appellate Tribunal

15

Finance Act, 1994

Service Tax and Duty of Excise

2.24

2013-14

The Customs, Excise and Service Tax Appellate Tribunal

16

Finance Act, 1994

Service Tax and Duty of Excise

0.59

2006-07 to 2011-12

The Customs, Excise and Service Tax Appellate Tribunal

(viii) The Company has not defaulted in repayment of loans or borrowing dues to financial institution or bank or dues to debenture holders.

(ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year. During the year money raised from term loans were applied for the purpose for which they were raised.

(x) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been, noticed or reported during the year, nor we have been informed of any such case by the Management.

(xi) The Company has not paid or provided managerial remuneration during the year. Therefore, the provisions of Clause 3 (xi) of the said Order are not applicable to the Company.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and Company being a government company, transactions with other government companies are exempt for the compliance of Section 188 of the Act, in terms of notification no. G.S.R 463(E) dated 5thJune 2015, issued by Ministry of Corporate Affairs. Details of such transactions have been disclosed in the financial statements as required by the applicable Indian Accounting Standards.

(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with them. Accordingly, paragraph 3(xv) of the Order is not applicable.

(xvi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For, S. R. Goyal & Co.

Chartered Accountants

FRN No. 001537C

A.K. Atolia

Place: Gandhinagar (Partner)

Date: 11th May, 2018 M. No. - 077201

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `867.66 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `210.72 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `2533.09 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `240.48 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `2705.68 की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `354.58 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `58.49 Cr की बिकवाली
  • IN F&O BAN : F&O बैन में Yes Bank शामिल
  • MS ON EMBASSY REIT : Overweight रेटिंग, लक्ष्य `437/Sh
  • MS ON BHARTI AIRTEL : Overweight रेटिंग, लक्ष्य `530/Sh

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