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Auditor Report of Godfrey Phillips India Ltd.
Mar 31, 2025
We have audited the accompanying standalone Ind AS financial statements of Godfrey Phillips India Limited
("the Company"), which comprise the Balance sheet as at March 31 2025, the Statement of Profit and
Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement
of Changes in Equity for the year then ended, and notes to the standalone Ind AS financial statements,
including a summary of material accounting policies and other explanatory information.
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 Companies
Act, 2013, as amended ("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
March 31, 2025, its profit including other comprehensive income, its cash flows and the changes in equity
for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on
Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are
further described in the ''Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements''
section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued
by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to
our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the standalone Ind AS financial statements for the financial year ended March 31, 2025. These matters
were addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter
below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in
our report. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit
of the standalone Ind AS financial statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our assessment
of the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit
procedures, including the procedures performed to address the matters below, provide the basis for our audit
opinion on the accompanying standalone Ind AS financial statements.
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Key audit matters |
How our audit addressed the key audit |
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Revenue recognition (as described in Note 4.1.1 and 26 of the standalone Ind AS financial |
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For the year ended March 31, 2025 the Company Revenue recognition has been recognized as a key |
Procedures included the following: - Read and assessed the appropriateness of the Company''s - Performed walkthroughs and test of controls, assisted by - Selected a sample of revenue transactions occurred close |
We have determined that there are no other key audit matters to communicate in our report.
Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises
the information included in the Annual report, but does not include the standalone Ind AS financial statements
and our auditor''s report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the
other information and, in doing so, consider whether such other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance 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 Act with
respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the
financial position, 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 of 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
the 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.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the
Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the Company
or to cease operations, or has no realistic alternative but to do so.
Those Charged with Governance are also responsible for overseeing the Company''s financial reporting
process.
Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
standalone Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls with reference to
financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related
disclosures in the 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''s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements,
including the disclosures, and whether the standalone Ind AS financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone Ind AS financial statements for the financial year
ended March 31, 2025 and are therefore the key audit matters. We describe these matters in our auditor''s
report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, based on our audit, we give
in the "Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report, to the extent applicable, 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 except for the matters stated in the paragraph
2(i)(vi) below on reporting under Rule 11(g);
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive
Income, the Cash Flow Statement and 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 Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors as on March 31, 2025 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from
being appointed as a director in terms of Section 164 (2) of the Act;
(f) The modification relating to the maintenance of accounts and other matters connected therewith are
as stated in paragraph (b) above on reporting under Section 143(3)(b) and paragraph 2(i)(vi) below
on reporting under Rule 11(g);
(g) With respect to the adequacy of the internal financial controls with reference to these standalone Ind
AS financial statements and the operating effectiveness of such controls, refer to our separate Report
in "Annexure 2" to this report;
(h) In our opinion, the managerial remuneration for the year ended March 31, 2025 has been paid /
provided by the Company to its directors in accordance with the provisions of section 197 read with
Schedule V to the Act;
(i) 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, as amended 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 37 and 53 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
iv. a) The management has represented that, to the best of its knowledge and belief, no funds
have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other person or entity,
including foreign entities ("Intermediaries"), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge and belief, no funds
have been received by the Company from any person or entity, including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise,
that the Company shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and
c) Based on such audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to believe
that the representations under sub-clause (a) and (b) contain any material misstatement.
v. The final dividend paid by the Company during the year in respect of the same declared
for the previous year is in accordance with section 123 of the Act to the extent it applies to
payment of dividend.
The interim dividend declared and paid by the Company during the year and until the date of
this audit report is in accordance with section 123 of the Act.
As stated in note 18 to the standalone Ind AS financial statements, the Board of Directors of
the Company have proposed final dividend for the year which is subject to the approval of the
members at the ensuing Annual General Meeting. The dividend declared is in accordance with
section 123 of the Act to the extent it applies to declaration of dividend.
vi. Based on our examination which included test checks and as explained in Note 51 to the
standalone Ind AS financial statements, the Company has used two accounting software viz
Oracle EBS and SAP S4 Hana, for maintaining the books of account which have the feature
of recording audit trail (edit log) facility and the same have operated throughout the year
for all relevant transactions recorded in these software, except that audit trail feature at the
application underlying database was enabled from November 18, 2024 for Oracle EBS
and was not enabled for direct changes to the underlying database using privileged access
rights for SAP S4 Hana. However, during the course of our audit we did not come across any
instance of audit trail feature having been tampered with was noted for both these softwares.
Additionally, the audit trail has been preserved by the Company for transactions recorded
on or after November 18, 2024 for Oracle EBS and has not been preserved for transactions
recorded in SAP S4 Hana.
For S.R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Naman Agarwal
Partner
Membership Number: 502405
UDIN: 25502405BMLBTP4528
Place of Signature: New Delhi
Date: May 15, 2025
Mar 31, 2024
We have audited the accompanying standalone Ind AS financial statements of Godfrey Phillips India Limited ("the Company"), which comprise the Balance sheet as at March 31 2024, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone Ind AS financial statements, including a summary of material accounting policies and other explanatory information.
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 Companies Act, 2013, as amended ("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 March 31, 2024, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ''Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements'' section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. 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.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended March 31, 2024. These matters were addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the standalone Ind AS financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements.
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Key audit matters |
How our audit addressed the key audit matter |
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Revenue recognition (as described in Note 4.1.1 and 26 of the standalone Ind AS financial statements) |
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For the year ended March 31, 2024 the Company has recognized Revenue from operations of Rs. 527,467.90 lakhs. Revenue recognition has been recognized as a key audit matter as the Company focuses on revenue as a key performance measure, which could create an incentive for revenue to be recognized before the control is transferred. This give rise to the risk that revenue is not recognized in the correct period. |
Procedures included the following: - Read and assessed the appropriateness of the Company''s revenue recognition policies. - Performed walkthroughs and test of controls, assisted by IT specialists engaged by us, of the revenue recognition processes and assessed the design and operating effectiveness of key controls. - Selected a sample of revenue transactions occurred close to the balance sheet date and immediately after the balance sheet date to evaluate whether revenue was recognised in the correct period by agreeing the date of revenue recognition to third party supports such as bill of lading, lorry receipts etc. |
We have determined that there are no other key audit matters to communicate in our report.
Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the standalone Ind AS financial statements and our auditor''s report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance 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 Act with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, 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 of 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 the 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.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Charged with Governance are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the 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''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures, and whether the standalone Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone Ind AS financial statements for the financial year ended March 31,2024 and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("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 1" a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report, to the extent applicable, 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 except for the matters stated in the paragraph 2(i)(vi) below on reporting under Rule 11(g);
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and 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 Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors as on March 31,2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) The modification related to the maintenance of accounts and other matters connected therewith are as stated in paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(i)(vi) below on reporting under Rule 11(g);
(g) With respect to the adequacy of the internal financial controls with reference to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;
(h) In our opinion, the managerial remuneration for the year ended March 31, 2024 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
(i) 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, as amended 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 37 to the standalone Ind AS financial statements;
i. 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;
iv. a) The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v. The final dividends paid by the Company during the year ended 31st March 2024 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.
As stated in notes 18 to the standalone Ind AS financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.
vi. Based on our examination which included test checks and as explained in Note 52 to the standalone Ind AS financial statements, the Company has used two accounting software viz Oracle EBS and SAPS4 Hana, for maintaining the books of account which have the feature of recording audit trail (edit log) facility. While for Oracle EBS the same was operational throughout the year, for SAPS4 Hana the same was made operational during the course of the year, for all relevant transactions recorded in these software, except that audit trail was not enabled for direct changes to the underlying database using privileged access rights in both the software. However, during the course of our audit we did not come across any instance of audit trail feature having been tampered with was noted for both these softwares during the period of the year that these were operational.
For S.R. Batliboi & Co. LLP Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Naman Agarwal Partner
Membership Number: 502405 UDIN:24502405BKEYXO4488
Place of Signature: New Delhi Date: May 30, 2024
Mar 31, 2023
Report on the Audit of the Standalone Ind AS Financial Statements Opinion
We have audited the accompanying standalone Ind AS financial statements of Godfrey Phillips India Limited ("the Company"), which comprise the Balance sheet as at March 31 2023, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone Ind AS financial statements, including a summary of significant accounting policies and other explanatory information.
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 Companies Act, 2013, as amended ("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 March 31, 2023, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ''Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. 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.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended March 31, 2023. These matters were addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the standalone Ind AS financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements.
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Key audit matters |
How our audit addressed the key audit matter |
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Revenue recognition (as described in Note 4.1.1 and 26 of the standalone Ind AS financial statements) |
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For the year ended March 31, 2023 the Company has recognized Revenue from operations of Rs. 425,765.24 lakhs. Revenue recognition has been recognized as a key audit matter as the Company focuses on revenue as a key performance measure, which could create an incentive for revenue to be recognized before the control is transferred. This give rise to the risk that revenue is not recognized in the correct period. |
Procedures included the following: - Read and assessed the appropriateness of the Company''s revenue recognition policies. - Performed walkthroughs and test of controls, assisted by IT specialists engaged by us, of the revenue recognition processes and assessed the design and operating effectiveness of key controls. - Selected a sample of revenue transactions occurred close to the balance sheet date and immediately after the balance sheet date to evaluate whether revenue was recognised in the correct period by agreeing the date of revenue recognition to third party supports such as bill of lading, lorry receipts etc. |
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We have determined that there are no other key audit matters to communicate in our report. |
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Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the standalone Ind AS financial statements and our auditor''s report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance 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 Act with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, 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 of 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 the 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.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Charged with Governance are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the 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''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures, and whether the standalone Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone Ind AS financial statements for the financial year ended March 31, 2023 and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("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 1"
a statement on the matters specified in paragraphs 3 and 4 of the Order.
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 including the Statement of Other Comprehensive Income, the Cash Flow Statement and 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 Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls with reference to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;
(g) In our opinion, the managerial remuneration for the year ended March 31, 2023 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
(h) 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, as amended 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 37 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;
iv. a) The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v. The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.
vi. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the company only w.e.f. April 1, 2023, reporting under this clause is not applicable
Chartered Accountants ICAI Firm Registration Number: 301003E/E300005
Partner
Membership Number: 502405 UDIN: 23502405BGXEEA4832
Place of Signature: New Delhi Date: May 27, 2023
Mar 31, 2022
Report on the Audit of the Standalone Ind AS Financial Statements Opinion
We have audited the accompanying standalone Ind AS financial statements of Godfrey Phillips India Limited ("the Company"), which comprise the Balance sheet as at March 31 2022, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone Ind AS financial statements, including a summary of significant accounting policies and other explanatory information.
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 Companies Act, 2013, as amended ("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 March 31, 2022, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ''Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements'' section of our report. We are independent of the Company in accordance with the ''Code of Ethics'' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. 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.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended March 31, 2022. These matters were addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditor''s responsibilities for the audit of the standalone Ind AS financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements.
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Key audit matters |
How our audit addressed the key audit matter |
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Recoverability of carrying value of net assets relating to retail business (as described in notes 5 (c) (i) of the standalone Ind AS financial statements) |
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As at March 31, 2022, the carrying value of net assets relating to retail business was Rs. 5,143 lakhs. Recoverability of carrying value of assets relating to retail business have been identified as a key audit matter due to: - The significance of the carrying value of the underlying assets being assessed. - Continuing losses being incurred in the retail business. - The assessment of the recoverable amount of the Company''s Cash Generating Unit (CGU) involves significant judgements and estimates. The key judgements and estimates include future projections relating to the aforesaid CGU. |
Procedures included the following: -Obtained and assessed management analysis of internal and external factors impacting the Company''s CGUs relating to retail business as per Ind AS 36. -Obtained the valuation report of management appointed experts and critically evaluated the key assumptions and valuation methodologies used to determine the recoverable amount with support from valuation specialists engaged by us. -Assessed the independence, competence and objectivity of the management appointed experts used for determining the recoverable amount. -Compared the recoverable amount of the assets relating to retail business to the carrying value in books. -Assessed the adequacy of disclosures made in the financial statements by the Company in this regard. |
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Revenue recognition (as described in notes 4.1.1 and 26 of the standalone Ind AS financial statements) |
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For the year ended March 31, 2022 the Company has recognized revenue from operations of Rs. 321,533.26 lakhs. Revenue recognition has been recognized as a key audit matter as the Company focuses on revenue as a key performance measure, which could create an incentive for revenue to be recognised before the control is transferred. This give rise to the risk that revenue is not recognized in the correct period. |
Procedures included the following: - Read and assessed the appropriateness of the Company''s revenue recognition policies. - Performed walkthroughs and test of controls, assisted by IT specialists engaged by us, of the revenue recognition processes and assessed the design and operating effectiveness of key controls. - Selected a sample of revenue transactions occurred close to the balance sheet date and immediately after the balance sheet date to evaluate whether revenue was recognised in the correct period by agreeing the date of revenue recognition to third party supports such as bill of lading, lorry receipts etc. |
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Related party transactions (as described statements) |
in note 45 of the standalone Ind AS financial |
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The Company has undertaken transactions with its related parties. These include sale of goods to related parties, purchase of goods and services from related parties. We identified related party transactions as a key audit matter due to significance of related party transactions, regulatory compliances and risk of such transactions remaining undisclosed in the financial statements. |
Procedures included the following: - Obtained and read the Company''s policies, processes and procedures in respect of identifying related parties, obtaining approval, recording and disclosure of related party transactions. - Read minutes of shareholder meetings, board meetings and audit committee meetings regarding Company''s assessment of related party transactions being in the ordinary course of business at arm''s length. - Tested, on a sample basis, related party transactions with the underlying contracts, confirmations and other supporting documents. - Agreed the related party information disclosed in the financial statements with the underlying supporting documents, on a sample basis. |
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We have determined that there are no other key audit matters to communicate in our report. |
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Information Other than the Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the standalone Ind AS financial statements and our auditor''s report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance 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 Act with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, 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 of 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 the 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.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the 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''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures, and whether the standalone Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone Ind AS financial statements for the financial year ended March 31, 2022 and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("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 1" a statement on the matters specified in paragraphs 3 and 4 of the Order.
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 including the Statement of Other Comprehensive Income, the Cash Flow Statement and 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 Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors as on March 31, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2022 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls with reference to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;
(g) In our opinion, the managerial remuneration for the year ended March 31, 2022 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
(h) 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, as amended 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 37 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.
iv a) The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures that were considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.
For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E300005
per Atul Seksaria Partner
Membership Number: 086370 UDIN: 22086370AJTXU02756
Place: New Delhi Date: May 28, 2022
Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Godfrey Phillips India Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss, including the statement of 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.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with 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 of 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 the design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs 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 of the standalone Ind AS financial statements in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as 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 auditorâs 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 Companyâs 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 accounting policies used and the reasonableness of the accounting estimates made by the Companyâs 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 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, of the state of affairs of the Company as at March 31, 2018, its profit 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 (Auditorâs report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.
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 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 it appears from our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and 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 Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company with reference to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in âAnnexure 2â to this report;
(g) With respect to the other matters to be included in the Auditorâs 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 37 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
Other Matter
The Ind AS financial statements of the Company as at and for the year ended March 31, 2017, included in these standalone Ind AS financial statements, have been audited by the predecessor auditor who expressed an unmodified opinion on those statements on May 30, 2017.
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.
(b) All property, plant and equipment have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given by the management, the title deeds of immovable properties included in property, plant and equipment are held in the name of the Company.
(ii) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. No material discrepancies were noticed on such physical verification. Inventories lying with third parties have been confirmed by them as at 31 March 2018 and no material discrepancies were noticed in respect of such confirmations.
(iii) According to the information and explanations given to us, 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 Act. Accordingly, the provisions of clause 3(iii)(a), (b) and (c) of the Order are not applicable to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations given to us, provision of section 186 of the Companies Act 2013 in respect of investments and guarantees made have been complied with by the Company. In our opinion and according to the information and explanations given to us, there are no loans and securities granted in respect of which provisions of section 185 and 186 of the Companies Act, 2013 are applicable and hence not commented upon.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the manufacture of tea, and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same. To the best of our knowledge and as explained, the Central Government has not specified the maintenance of cost records under clause 148(1) of the Act, in respect of any other segment of the Company and hence not commented upon.
(vii) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, goods and service tax, cess and other statutory dues applicable to it.
(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, income-tax, service tax, sales-tax, custom duty, value added tax, goods and service tax, duty of excise, cess and other material statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.
(c) According to the records of the Company, the dues of income tax, excise duty, sales tax and value added tax and service tax which have not been deposited on account of any dispute and where the Company is in appeal are as follows:
|
Nature of the Statute |
Nature of the Dues |
Amount (Rs. In Lakhs) |
Amount Deposited (Rs. In Lakhs) |
Financial Years to which the amount relates |
Forum where dispute is pending |
|
Central Sales Tax Act, 1956 |
Sales Tax |
37.72 |
18.86 |
2006-07 |
Sales Tax Tribunal |
|
4.05 |
1.72 |
2011-12, 2014-15 & 2015-16 |
Upto Commissioner (Appeals) Level |
||
|
Madhya Pradesh VAT Act, 2002 |
Value Added Tax |
2.13 |
0.23 |
2014-15 |
Sales Tax Tribunal |
|
21.50 |
6.06 |
2012-13 |
Upto Commissioner (Appeals) Level |
||
|
Goa VAT Act, 2005 |
0.99 |
- |
2009-10 |
Upto Commissioner (Appeals) Level |
|
|
Rajasthan VAT Act, 2003 |
205.50 |
64.53 |
2008-09 to 2013-14 |
Upto Commissioner (Appeals) Level |
|
|
West Bengal VAT Act, 2003 |
4.55 |
0.68 |
2014-15 |
Upto Commissioner (Appeals) Level |
|
|
Uttar Pradesh (UP) VAT Act, 2008 |
222.40 |
151.96 |
2007-08, 2012-13 |
Sales Tax Tribunal |
|
|
18.36 |
12.52 |
2006-07 |
High Court |
||
|
66.82 |
46.78 |
2015-16 |
Upto Commissioner (Appeals) Level |
||
|
Central Excise Act, 1944 |
Excise Duty |
22.69 |
- |
2010-11 to 2016-17 |
Upto Commissioner (Appeals) Level |
|
1,291.18 |
195.05 |
2008-09 to 2015-16 |
Customs, Excise and Service Tax Appellate Tribunal |
||
|
918.08 |
244.09 |
2007-08 to 2011-12 |
High Court |
||
|
Finance Act, 1994 |
Service Tax |
34.94 |
11.70 |
2008-09 to 2012-13 |
Upto Commissioner (Appeals) Level |
|
Income Tax Act, 1961 |
Income Tax |
244.00 |
244.00 |
1979-80 to 1982-83, 1995-96 to 1997-98 |
High Court |
|
128.45 |
127.16 |
2009-10 & 2010-11 |
Income Tax Appellate Tribunal |
||
|
314.03 |
106.86 |
2012-13 to 2014-15 |
Commissioner of Income Tax (Appeals) |
||
|
169.21 |
153.50 |
1999-2000,2005-06 to 2008-09 |
Matters have been referred back to the Assessing officer |
Further, as per information available with the Company, the concerned authority is in appeal against favourable orders received by the Company in respect of the following matters:
|
Nature of the Statute |
Nature of the Dues |
Amount (Rs. In Lakhs) |
Financial Years to which the amount relates |
Forum where dispute is pending |
|
Income Tax Act,1961 |
Income Tax |
340.54 |
1969-70, 1974-75 to 1977-78, 1991-92 to 1994-95, 2001-02 to 2003-04 |
High Court |
|
Central Excise Act, 1944 |
Excise duty |
13,878.03 |
2002-03 to 2007-08, 2009-10 & 2012-13 |
Customs, Excise & Service Tax Appellate Tribunal |
|
Central Sales Tax Act, 1956 |
Sales Tax |
10.4 |
2007-08 |
High Court |
There are no dues of custom duty, goods and service tax and cess which have not been deposited on account of any dispute.
(viii) In our opinion and according to the information and explanations given by the management, the Company has not defaulted in repayment of loans or borrowing due towards bank. The Company did not have any dues in respect of a financial institution or debenture holders or any dues in the nature of loan towards Government.
(ix) According to the information and explanations given by the management, the Company has not raised any money way of initial public offer / further public offer / debt instruments and term loans hence, reporting under clause (ix) is not applicable to the Company and hence not commented upon.
(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud by the Company or no material fraud on the Company by the officers and employees of the Company has been noticed or reported during the year.
(xi) According to the information and explanations given by the management, the managerial remuneration has been paid/ provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
(xii) In our opinion, the Company is not a nidhi Company. Therefore, the provisions of clause 3(xii) of the Order are not applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet, the Company has not made any preferential allotment or private placement of share or fully or partly convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) of the Order are not applicable to the Company and, not commented upon.
(xv) According to the information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with him as referred to in section 192 of the Companies Act, 2013.
(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Godfrey Phillips India Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs 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 the Companyâs 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Companyâs 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 âGuidance Noteâ) and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls and, 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 was 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 auditorâs 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 internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs 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 companyâs 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 authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs 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, 2018, 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 S.R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Atul Seksaria
Partner
Membership Number: 086370
Place of Signature: New Delhi
Date: May 29, 2018
Mar 31, 2017
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of GODFREY PHILLIPS INDIA LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2017, and 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 the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, 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) prescribed under section 133 of the Act.
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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
In conducting 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 of the standalone Ind AS financial statements 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 auditorâs 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 Companyâs 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 Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence obtained by us, 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, of the state of affairs of the Company as at March 31, 2017, and its profit, total 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 Section 143(3) of the Act, based on our audit we report, to the extent applicable 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 including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
(e) On the basis of the written representations received from the directors as on March 31, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164(2) of the Act.
(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 âAnnexure Aâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, 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 37 (a) to the financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses - Refer Note 38 (b) to the financial statements.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company - Refer Note 37 (e) to the financial statements.
iv. The Company has provided requisite disclosures in the standalone Ind AS financial statements as regards its holding and dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated the November 8, 2016 of the Ministry of Finance, during the period from November
8, 2016 to December 30, 2016. Based on audit procedures performed and the representations provided to us by the management we report that the disclosures are in accordance with the books of account maintained by the Company and as produced to us by the Management - Refer Note 48 to the financial statements.
2. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
ANNEXURE B TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph 2 under âReport on Other Legal and Regulatory Requirementsâ section of our report of even date)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.
(b) As explained to us, the Company has a system of physical verification of property, plant and equipment which is designed to cover all property, plant and equipments once in a period of three years and in accordance therewith, no physical verification was due in current year. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets.
(c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date. In respect of immovable properties of land and buildings that have been taken on lease and disclosed as other assets - non current /current in the financial statements, the lease agreements are in the name of the Company, where the Company is the lessee in the agreement.
(ii) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals other than goods in transit for which subsequent receipts have been verified in most of the cases.
(iii) 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.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) According to the information and explanations given to us, the Company has not accepted any deposits during the year.
(vi) The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013 for tea. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(vii) According to the information and explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employeesâ State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, cess and other material statutory dues applicable to it to the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, cess and other material statutory dues in arrears as at March 31, 2017 for a period of more than six months from the date they became payable.
(c) There are no dues of Customs Duty and Cess which have not been deposited on account of any dispute. The details of dues of Sales Tax, Value Added Tax, Excise Duty, Service tax and Income-tax which have not been deposited as on March 31, 2017, on account of disputes are given below:
|
Name of the statue |
Nature of the dues |
Amount of dues* (Rs. Lakhs) |
Amount deposited (Rs. Lakhs) |
Period to which the amount relates |
Forum where dispute is pending |
|
Sales Tax Acts |
Sales tax |
263.09 |
159.68 |
1995-96, 2001-02, 2006-07, 2007-08, 2012-13, 2014-15 |
Sales Tax Tribunal |
|
307.98 |
123.61 |
2008-09 to 2015-16 |
Upto Commissionersâ Level |
||
|
11.88 |
6.03 |
2006-07 |
High Court |
||
|
Central Excise Act, |
Excise duty and Service tax |
39.51 |
- |
2008-09 to 2016-17 |
Upto Commissionersâ Level |
|
1944 |
1118.76 |
85.63 |
2002-03 to 2006-07, 2008-09 to 2015-16 |
Customs, Excise & Service Tax Appellate Tribunal |
|
|
895.06 |
244.09 |
2007-08 to 2011-12 |
High Court |
||
|
Income Tax Act, 1961 |
Income tax |
244.00 |
244.00 |
1979 to 1982, 1995-96 to 1997-98 |
High Court |
|
127.17 |
127.98 |
2009-10, 2010-11 |
Income Tax AppellateTribunal |
||
|
373.82 |
298.84 |
1999-00, 2005-06 to 2008-09, 2010-11, 2011-12 to 2012-13 |
Upto Commissionersâ Level |
* amount as per demand orders, including interest and penalty, wherever quantified in the Order.
Further, as per information available with the Company, the concerned authority is in appeal against favourable orders received by the Company in respect of the following matters:
|
Name of the statue |
Nature |
Amount (Rs. Lakhs) |
Period to which the amount relates |
Forum where department has preferred appeal |
|
Income Tax Act, 1961 |
Income tax |
340.54 |
1969, 1974 to 1977, 1991-92, to 1994-95 2001-02 to 2003-04 |
High Court |
|
U.P. Krishi Utpadan Mandi Adhiniyam |
Mandi Cess |
108.20 |
1997-98 to 1998-99 |
Supreme Court |
|
Central Excise Act, 1944 |
Excise duty |
28.39 |
2013-14 |
Upto Commissionersâ Level |
|
130.84 |
2009-10, 2010-11, 2012-13 |
Customs, Excise & Service Tax Appellate Tribunal |
||
|
Sales Tax Acts |
Sales tax |
10.40 |
2007-08 |
High Court |
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to banks. The Company has neither raised any amount from the financial institutions and government nor has issued any debentures.
(ix) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) or term loans and hence reporting under clause (ix) of the Order is not applicable.
(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.
(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of the Order is not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or persons connected with him and hence provisions of section 192 of the Companies Act, 2013 are not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firmâs Registration No. 015125N)
Manjula Banerji
Place : GURUGRAM (Partner)
Date : May 30, 2017 (Membership No. 086423)
Mar 31, 2016
We have audited the accompanying standalone financial statements of
GODFREY PHILLIPS INDIA LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone 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 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
prescribed under section 133 of the Act. This responsibility also
includes maintenance of adequate records in accordance with the
provisons 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 judgements 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
thereunder and the Order under Section 143(11) of the Act.
We conducted our audit of the standalone financial statements 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. 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 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, 2016 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 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, and the 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 prescribed under Section 133 of
the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2016 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2016
from being appointed as a director in terms of Section 164(2) of the
Act.
(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 A". 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 financial statements - Refer Note 33 (a) to
the financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses - Refer Note 36 (b) to the financial statements.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education Protection Fund by the Company -
Refer Note 34 (b) to the financial statements.
2. As required by the Companies (Auditor''s Report) Order, 2016 ("the
Order") issued by the Central Government in terms of Section 143(11) of
the Act, we give in "Annexure B" a statement on the matters specified
in paragraphs 3 and 4 of the Order.
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets were physically verified during the year by the
Management in accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all the
fixed assets at reasonable intervals. According to the information and
explanation given to us, no material discrepancies were noticed on such
verification.
(c) According to the information and explanations given to us and the
records examined by us and based on the examination of the registered
sale deed / transfer deed / conveyance deed provided to us, we report
that, the title deeds, comprising all the immovable properties of land
and buildings which are freehold, are held in the name of the Company
as at the balance sheet date. In respect of immovable properties of
land and buildings that have been taken on lease and disclosed as fixed
asset in the financial statements, the lease agreements are in the name
of the Company, where the Company is the lessee in the agreement.
(ii) As explained to us, the inventories were physically verified
during the year by the Management at reasonable intervals other than
goods in transit for which subsequent receipts have been verified in
most of the cases.
(iii) 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.
(iv) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
185 and 186 of the Companies Act, 2013 in respect of grant of loans,
making investments and providing guarantees and securities, as
applicable.
(v) According to the information and explanations given to us, the
Company has not accepted any deposit during the year.
(vi) The maintenance of cost records has been specified by the Central
Government under Section 148(1) of the Companies Act, 2013 for tea. We
have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Records and Audit) Rules, 2014, as
amended prescribed by the Central Government under sub-section (1) of
Section 148 of the Companies Act, 2013, and are of the opinion that,
prima facie, the prescribed cost records have been made and maintained.
We have, however, not made a detailed examination of the cost records
with a view to determine whether they are accurate or complete.
(vii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
statutory dues, including Provident Fund, Employees'' State Insurance,
Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value
Added Tax, Cess and other material statutory dues applicable to it to
the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident
Fund, Employees'' State Insurance, Income-tax, Sales Tax, Service Tax,
Customs Duty, Excise Duty, Value Added Tax, Cess and other material
statutory dues in arrears as at 31st March, 2016 for a period of more
than six months from the date they became payable.
(c) There are no dues of Customs Duty and Cess which have not been
deposited on account of any dispute. The details of dues of Sales Tax,
Value Added Tax, Excise Duty, Service tax and Income-tax which have not
been deposited as on 31st March, 2016, on account of disputes are given
below:
Name of Nature of Amount Amount
the statue the dues of dues* deposited
(Rs. lacs) (Rs. lacs)
Sales Tax Sales tax 274.97 165.71
Acts
300.14 120.00
Central Excise duty 40.84 11.70
Excise Act, and Service tax
1944 1802.51 329.72
Income Tax Income tax 244.00 244.00
Act, 1961
127.17 127.98
252.93 270.85
Name of the Statute Period to which Forum where
the amount dispute is
relates pending
Sales Tax Acts 1995-96, 2001-02, Sales Tax Tribunal
2006-07, 2007-08,
2012-13, 2014-15
2008-09 to 2015-16 Upto Commissioners'' Level
Central Excise Act,
1944 2012-13, 2013-14 Upto
2008-09 to 2013-14 Commissioners'' Level
2003-04 to 2012-13 Customs, Excise & Service
Tax Appellate Tribunal
Income Tax Act,1967 1979 to 1982, High Court
1995-96 to 1997-98
2009-10, 2010-11 Income Tax Appellate
Tribunal
1999-00, Upto
2005-06 to 2008-09 Commissioners''
2010-11 Level
* amount as per demand orders, including interest and penalty, wherever
quantified in the Order.
Further, as per information available with the Company, the concerned
authority is in appeal against favourable orders received by the
Company in respect of the following matters:
Name of the Nature Amount Period to which the
statue (Rs. lacs) amount relates
Income Tax Act, Income tax 340.54 1969, 1974 to 1977,
1961 1991-92, to 1994-95
2001-02 to 2003-04
U.P. Krishi Mandi Cess 108.20 1997-98 to 1998-99
Utpadan Mandi
Adhiniyam
Central Excise Excise duty 8.32 2010-11
Act, 1944
122.71 2009-10, 2010-11,
2012-13
Sales Tax Acts Sales tax 10.40 2007-08
Name of the Statue Forum where department has preferred appeal
Income Tax Act, 1961 High Court
U P Krishi Utpadan
Mandi Adhiniyam Supreme Court
Central Excise
Act, 1944 Upto Commissioners'' Level
Customs, Excise & Service Tax Appellate Tribunal
Sales Tax Acts High Court
(viii) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of loans or
borrowings to banks. The Company has neither raised any amount from the
financial institutions and government nor has issued any debentures.
(ix) In our opinion and according to the information and explanations
given to us, money raised by way of the term loans have been applied by
the Company during the year for the purposes for which they were
raised. The Company has not raised any money by way of initial public
offer/further public offer (including debt instruments).
(x) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company by its officers or employees has been noticed or
reported during the year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has paid /provided managerial remuneration in
accordance with the requisite approvals mandated by the provisions of
section 197 read with Schedule V to the Companies Act, 2013.
(xii) The Company is not a Nidhi Company and hence reporting under
clause (xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations
given to us the Company is in compliance with Section 188 and 177 of
the Companies Act, 2013, where applicable, for all transactions with
the related parties and the details of related party transactions have
been disclosed in the financial statements etc. as required by the
applicable accounting standards.
(xiv) During the year the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible
debentures and hence reporting under clause (xiv) of the Order is not
applicable to the Company.
(xv) In our opinion and according to the information and explanations
given to us, during the year the Company has not entered into any
non-cash transactions with its directors or persons connected with him
and hence provisions of section 192 of the Companies Act, 2013 are not
applicable.
(xvi) The Company is not required to be registered under Section 45-I
of the Reserve Bank of India Act, 1934.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm Registration No. 015125N)
Manjula Banerji
Place : Gurgaon (Partner)
Date : May 30, 2016 (Membership No. 086423)
Mar 31, 2015
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of
GODFREY PHILLIPS INDIA LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone 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 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 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 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 judgements 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
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 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 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, 2015 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 (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government in terms of Section 143(11) of
the Act, we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order.
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, and the 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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164(2) of the
Act.
(f) 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:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements  Refer Note 35 (a) to the
financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses  Refer Note 38 (b) to the financial statements.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education Protection Fund by the Company Â
Refer Note 36 (b) to the financial statements.
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) The Company has a system of physical verification of fixed assets
which is designed to cover all the fixed assets once in a period of
three years and in accordance therewith, no physical verification was
due during the current year. In our opinion, the frequency of physical
verification is reasonable having regard to the size of the Company and
the nature of its fixed assets.
(ii) In respect of its inventories:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals other than goods in
transit for which subsequent receipts have been verified in most of the
cases.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) 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, 2013.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources are
not readily available for obtaining comparable quotations, there is an
adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory and fixed assets and the sale of goods and services. During
the course of our audit, we have not observed any major weakness in
such internal control system.
(v) According to the information and explanations given to us, the
Company has not accepted any deposit during the year.
(vi) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Records and Audit) Rules, 2014,
as amended and prescribed by the Central Government under sub-section
(1) of Section 148 of the Companies Act, 2013 and are of the opinion
that, prima facie, the prescribed cost records have been made and
maintained. We have, however, not made a detailed examination of the
cost records with a view to determine whether they are accurate or
complete.
(vii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Employees' State Insurance, Income-tax,
Wealth Tax, Customs Duty, Excise Duty, Entry Tax, Cess and other
material statutory dues applicable to it with the appropriate
authorities and has generally been regular in respect of dues of tax
deducted at source, service tax, sales tax, and value added tax.
(b) There were no undisputed amounts payable in respect of Provident
Fund, Employees' State Insurance, Income-tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other
material statutory dues in arrears as at 31st March, 2015 for a period
of more than six months from the date they became payable.
(c) There are no dues of Wealth Tax, Customs Duty and Cess which have
not been deposited on account of any dispute. The details of dues of
Sales Tax, Value Added Tax, Excise Duty, Service tax and Income-tax
which have not been deposited as on 31st March, 2015, on account of
disputes are given below:
Name Nature of Amount Amount
of the the dues of dues* deposited
statute (Rs. lacs) (Rs. lacs)
Sales Tax Sales tax 57.13 29.94
Acts
234.60 75.22
Central Excise 1.00 -
Excise duty and
Act, Service tax
1944 1806.19 329.72
Income Income 244.00 244.00
Tax Act, tax
1961
380.92 281.47
Name of the Statute Period to which the Forum where
amount relates dispute is pending
Sales Tax Acts 1995-96, 1998-99, Sales Tax Tribunal
1999-00, 2001-02,
2006-07, 2014-15
2005-06, Upto Commissioners'
2008-09 to 2014-15 Level
Central Excise
Act, 1944 2013-14 Upto Commissioners'
Level
2003-04 to 2012-13 Customs, Excise &
Service Tax Appellate
Tribunal
Income Tax Act, 1961 1979 to 1982, High Court
1995-96 to 1997-98
1999-00, 2000-01, Upto Commissioners'
2005-06 to 2011-12 Level
* Amount as per demand orders, including interest and penalty, wherever
quantified in the Order.
Further, as per information available with the Company, the concerned
authority is in appeal against favourable orders received by the
Company in respect of the following matters:
Name of the Nature Amount
statute (Rs. lacs)
Income Tax Act, Income 340.54
1961 tax
U.P. Krishi Mandi 108.20
Utpadan Mandi cess
Adhiniyam
Central Excise Act, Excise 8.32
1944 duty
249.20
Sales Tax Acts Sales tax 10.40
Name of the Statute Period to which the Forum where department
amount relates has preferred appeal
Income Tax Act, 1961 1969, 1974 to 1977, High Court
1991-92 to 1994-95,
2001-02, 2003-04
U P Krishi Utpadan
Mandi Adhiniyam 1997-98 to 1998-99 Supreme Court
Central Excise Act, 1944 2010-11 Upto Commissioners'
Level
2009-10, 2010-11, Customs, Excise &
Service Tax
2012-13 Appellate Tribunal
Sales Tax Acts 2007-08 High Court
(d) The Company has been regular in transferring amounts to the
Investor Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and Rules made
thereunder.
(viii) The Company does not have accumulated losses at the end of the
financial year and the Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks. The Company has neither raised any amount from financial
institutions nor has issued any debentures.
(x) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans during the year.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm Registration No. 015125N)
Manjula Banerji
(Partner)
Place : Gurgaon (Membership No. 086423)
Date : May 30, 2015
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying fnancial statements of GODFREY
PHILLIPS INDIA LIMITED ("the Company")'' which comprise the Balance
Sheet as at 31st March'' 2013'' the Statement of Proft and Loss and the
Cash Flow Statement for the year then ended'' and a summary of the
signifcant accounting policies and other explanatory information.
ManagementÂs Responsibility for the Financial Statements
The CompanyÂs Management is responsible for the preparation of these
fnancial statements that give a true and fair view of the fnancial
position'' fnancial performance and cash fows of the Company in
accordance with the Accounting Standards referred to in Section 211(3C)
of the Companies Act'' 1956 ("the Act") and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design'' implementation and maintenance of internal control
relevant to the preparation and presentation of the fnancial 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 fnancial
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 fnancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the fnancial statements. The
procedures selected depend on the auditorÂs judgment'' including the
assessment of the risks of material misstatement of the fnancial
statements'' whether due to fraud or error. In making those risk
assessments'' the auditor considers internal control relevant to the
CompanyÂs preparation and fair presentation of the fnancial statements
in order to design audit procedures that are appropriate in the
circumstances'' but not for the purpose of expressing an opinion on the
effectiveness of the CompanyÂs internal control. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Management'' as
well as evaluating the overall presentation of the fnancial statements.
We believe that the audit evidence we have obtained is suffcient 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 aforesaid fnancial 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 31st March'' 2013;
(b) in the case of the Statement of Proft and Loss'' of the proft of the
Company for the year ended on that date ;and
(c) in the case of the Cash Flow Statement'' of the cash fows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (AuditorÂs Report) Order'' 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act'' we give in the Annexure a statement on the matters specifed 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 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 Proft and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion'' the Balance Sheet'' the Statement of Proft and Loss''
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March'' 2013 taken on record by the Board of
Directors'' none of the directors is disqualifed as on 31st March'' 2013
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Having regard to the nature of the CompanyÂs
business/activities/result'' clauses 4 (x) and (xiii) of the Companies
(AuditorÂs Report) Order'' 2003 (hereinafter referred to as the Order)
are not applicable to the Company.
(i) In respect of its fxed assets:
(a) The Company has maintained proper records showing full particulars''
including quantitative details and situation of the fxed assets.
(b) As explained to us'' the Company has a system of physical
verifcation of fxed assets which is designed to cover all fxed assets
once in a period of three years and in accordance therewith'' the fxed
assets have been physically verifed during the current year. According
to the information and explanations given to us'' no material
discrepancies were noticed on such verifcation. In our opinion'' the
frequency of physical verifcation is reasonable having regard to the
size of the Company and the nature of its fxed assets.
(c) The fxed assets disposed off during the year'' in our opinion'' do
not constitute a substantial part of the fxed assets of the Company and
such disposal has'' in our opinion'' not affected the going concern
status of the Company.
(ii) In respect of its inventory:
(a) As explained to us'' the inventories were physically verifed during
the year by the management at reasonable intervals other than goods in
transit for which subsequent receipts have been verifed in most of the
cases.
(b) In our opinion and according to the information and explanations
given to us'' the procedures of physi- cal verifcation of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us'' the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verifcation.
(iii) In respect of loans'' secured or unsecured'' granted by the Company
to companies'' frms or other parties covered in the Register maintained
under Section 301 of the Companies Act'' 1956("the Act")'' according to
the information and explanations given to us:
(a) The Company has granted unsecured loan amounting to Rs. 200 lacs to
a company during the year. The maximum amount due during the year in
respect of such loan was Rs. 300 lacs and the year-end balance is Rs.
200 lacs.
(b) The rate of interest and other terms and conditions of such loan
are'' in our opinion'' prima-facie'' not prejudicial to the interest of
the Company.
(c) The receipt of principal amount and interest have been as per
stipulation.
According to the information and explanations given to us'' the Company
has not taken any loans'' secured or unse- cured'' from companies'' frms
or other parties listed in the Register maintained under Section 301 of
the Companies Act'' 1956.
(iv) In our opinion and according to the information and explanations
given to us'' having regard to the explana- tions that some of the items
purchased are of special nature and suitable alternative sources are
not readily available for obtaining comparable quotations'' there is an
adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory and fxed assets and the sale of goods. There are no sale of
services during the year. During the course of our audit'' we have not
observed any major weakness in such internal control system.
(v) In respect of contracts or arrangements entered in the Register
maintained in pursuance of Section 301 of the Companies Act'' 1956'' to
the best of our knowledge and belief and according to the information
and explanations given to us:
(a) The particulars of contracts or arrangements referred to in Section
301 that needed to be entered in the Register maintained under the said
Section have been so entered.
(b) Where each of such transaction is in excess of Rs. 5 lacs in
respect of any party'' the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time.
(vi) According to the information and explanations given to us'' the
Company has not accepted any deposits from the public during the year.
In respect of unclaimed deposits'' the Company has complied with the
provisions of Sections 58A & 58AA or any other relevant provisions of
the Companies Act'' 1956.
(vii) In our opinion'' the internal audit functions carried out during
the year by a frm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and the nature of
its business.
(viii) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules'' 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act'' 1956 and are of the opinion that prima facie the
prescribed cost records have been main- tained. We have'' however'' not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(ix) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has been regular in depositing undisputed dues
including Provident Fund'' Investor Education and Protection Fund''
Income-tax'' Wealth Tax'' Customs Duty'' Excise duty'' Cess and other
material statutory dues applicable to it with the appropriate
authorities and has generally been regular in respect of dues of tax
deducted at source'' service tax'' value added tax'' Entry tax and
Employees State Insurance. We are informed that there are no
undisputed statutory dues as at the year-end out- standing for a period
of more than six months from the date they became payable.
(b) There are no dues of Wealth Tax'' Service Tax'' Customs Duty and Cess
matters which have not been deposited on account of any dispute. The
details of dues of Sales Tax'' Excise Duty and Income-tax as at March
31'' 2013'' which have not been deposited by the Company on account of
disputes are as follows:
Name of Nature of Amount Amount
the statute the dues of dues* deposited
(Rs. lacs) (Rs. lacs)
Sales Tax Sales tax 12.71 6.28
Laws
48.36 23.79
Central Excise Excise 4.16
Law duty
1035.69 91.20
Income-Tax Income-tax 244.00 244.00
Law
30.29 30.29
160.92 160.92
NAME Period to which the Forum where
amount relates dispute iS pending
Sales Tax 1995-96'' Sales Tax
2001-02''2006-07 Tribunal
Central Excise1998-99 to 1999-00'' Upto
2005-06 to 2006-07'' Commissioners 2012-13
Level
Central Excise2010-11 to 2012-13 Upto
Commissioners Level
2002-03 to 2006-07'' Customs
2008-09 to 2012-13 Excise Service
Tax Appellate Tribunal
Income-Tax 1979 to 1982'' High Court
1995-96 to 1997-98
2007-08 to 2008-09 Income Tax
Appellate Tribunal
Income-Tax 1999-00'' 2000-01'' Upto
2005-06 to 2009-10 CommissionersÂ
Level
*amount as per demand orders'' including interest and penalty'' where
quantifed in the Order.
Further'' as per information available with the Company'' the concerned
authority is in appeal against favourable orders received by the
Company in respect of the following matters:-
Name of the Nature of Amount
statute the dues (Rs. lacs)
Income Tax Law Income tax 340.54
U.P. Krishi Utpadan Mandi cess 108.20
Mandi Adhiniyam
Central Excise Law Excise duty 27.71
Sales Tax Laws Sales Tax 10.40
NAME Period to
which the Forum where
amount relates department
has preferred appeal
Income Tax Law 1969'' 1974 to 1977'' High Court
1991-92 to 1994-95''
2001-02 to 2003-04
U.P. Krishi Utpadan 1997-98 to 1998-99 Supreme Court
Central Excise Law 2009-10 to 2010-11 Customs Excise Service
Tax Appellate Tribunal
Sales Tax Laws 2007-08 High Court
(x) In our opinion and according to the information and explanations
given to us'' the Company has not de- faulted in the repayment of dues
to banks.
(xi) In our opinion and according to the explanations given to us'' the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares'' debentures and other securities during the
year.
(xii) As the Company is not dealing or trading in shares'' securities''
debentures and other investments'' paragraph 4(xiv) of the Order is not
applicable.
(xiii) In our opinion and according to the information and explanations
given to us'' the Company has not given any guarantees for loans taken
by others from banks or fnancial institutions during the year.
(xiv) As the company has not raised term loans during the year''
paragraph 4(xvi) of the order is not applicable.
(xv) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet of the
Company'' we report that funds raised on short-term basis have not been
used for long-term investment.
(xvi) The Company has not made any preferential allotment of shares
during the year.
(xvii) The Company has not issued any debentures during the year.
(xviii) The Company has not raised money by way of public issue'' during
the year.
(xix) To the best of our knowledge and according to the information and
explanations given to us'' no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For A. F. FERGUSON & CO.
Chartered Accountants
(Firm Registration No. 112066W)
Jaideep Bhargava
Place : New Delhi Partner
Date : May 29'' 2013 (Membership No. 090295)
Mar 31, 2012
1. We have audited the attached Balance Sheet of GODFREY PHILLIPS
INDIA LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for the year
ended on that date, both annexed thereto. These financial statements
are the responsibility of the Company's Management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (CARO)
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report as follows:
(a) we have 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 and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;
(d) in our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956;
(e) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 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 March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on March 31, 2012 and taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
from being appointed as a director in terms of Section 274(l)(g) of the
Companies Act, 1956.
Having regard to the nature of the Company's
business/activities/result, clauses 4 (x) and (xiii) of the Companies
(Auditor's Report) Order, 2003 (hereinafter referred to as the Order)
are not applicable.
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, the Company has a system of physical
verification of fixed assets which is designed to cover all fixed
assets once in a period of three years and in accordance therewith, no
physical verification was due during the current year. In our opinion,
the frequency of physical verification is reasonable having regard to
the size of the Company and the nature of its fixed assets.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) In respect of loans, secured or unsecured, granted by the Company
to companies, firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956("the Act"), according to
the information and explanations given to us:
(a) The Company has granted unsecured loan amounting to Rs. 100 lacs to
a company during the year. The maximum amount due during the year in
respect of the said loan and the year-end balance is Rs. 200 lacs.
(b) The rate of interest and other terms and conditions of such loan
are, in our opinion, prima-facie, not prejudicial to the interest of
the Company.
(c) As per the terms and conditions of the loan made no principal
amount was due during the year and receipt of interest has been as per
stipulation.
According to the information and explanations given to us, the Company
has not taken any loans, secured or unsecured, from companies, firms or
other parties listed in the Register maintained under Section 301 of
the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources are
not readily available for obtaining comparable quotations, there is an
adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory and fixed assets and the sale of goods. There are no sale of
services during the year. During the course of our audit, we have not
observed any major weakness in such internal control system.
(v) In respect of contracts or arrangements entered in the Register
maintained in pursuance of Section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanations given to us:
(a) The particulars of contracts or arrangements referred to in Section
301 that needed to be entered in the Register maintained under the said
Section have been so entered.
(b) Where each of such transaction is in excess of Rs. 5 lacs in
respect of any party, the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time except in respect of certain purchases for
which comparable quotations are not available and in respect of which
we are unable to comment.
(vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public during the year.
In respect of unclaimed deposits, the Company has complied with the
provisions of Sections 58A & 58AA or any other relevant provisions of
the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by a firm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and the nature of
its business.
(viii) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(l)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(ix) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has been regular in depositing undisputed dues
including Provident Fund, Investor Education and Protection Fund,
Income-tax, Wealth Tax, Customs Duty, Entry tax, Cess and other
material statutory dues applicable to it with the appropriate
authorities and has generally been regular in respect of dues of tax
deducted at source, service tax, value added tax, Employees' State
Insurance and Excise duty. We are informed that there are no undisputed
statutory dues as at the year-end outstanding for a period of more than
six months from the date they became payable.
(b) There are no dues of Wealth Tax, Service Tax, Customs Duty and Cess
matters which have not been deposited on account of any dispute. The
details of dues of Sales Tax, Excise Duty and Income-tax as at March
31, 2012, which have not been deposited by the Company on account of
disputes are as follows:
Name of Nature of Amount Amount
the statute the dues of dues* deposited
(Rs. lacs) (Rs. lacs)
Sales Tax Sales tax 17.71 11.28
Laws
53.35 24.84
6.48 6.48
Central Excise 6.93 -
Excise Law duty
564.84 -
Income-Tax Income-tax 244.00 244.00
Law
58.32 58.32
275.83 271.89
Name of Period to which the Forum where
the statute amount relates dispute is pending
Sales Tax 1995-96, Sales Tax
Laws 2001-02,2006-07 Tribunal
1998-99 to 1999-00, Upto
2005-06 to 2007-08 Commissioners'
2009-10 to 2010-11 Level
2006-07 High court
Central 2009-10 to 2010-11 Upto
Excise Law Commissioners' Level
2002-03 to 2006-07, Customs Excise
2008-09 to 2010-11 Service Tax
Appellate Tribunal
Name of Period to which the Forum where
the statute amount relates dispute is pending
Income Tax 1979 to 1982, High Court
Law 1995-96 to 1997-98
2005-06 to 2008-09 Income Tax
Appellate Tribunal
1999-00, Upto
2002-03 to 2008-09 Commissioners' Level
*amount as per demand orders, including interest and penalty, where
quantified in the Order.
Further, as per information available with the Company, the concerned
authority is in appeal against favourable orders received by the
Company in respect of the following matters:-
Name of the Nature of Amount
statute the dues (Rs. lacs)
Income Tax Law Income tax 340.54
3.84
6.07
U.P. Krishi Utpadan Mandi cess 108.20
Mandi Adhiniyam
Central Excise Law Excise duty 27.71
Sales Tax Laws Sales Tax 10.40
Name of the Period to which the Forum where department
amount relates has preferred appeal
Income Tax Law 1969, 1974 to 1977, High Court
1991-92 to 1994-95,
2001-02 to 2003-04
2005-06 Income Tax Appellate
Tribunal
2000-01 CIT(A)
U.P. Krishi Utpadan 1997-98 to 1998-99 Supreme Court
Mandi Adhiniyam
Central Excise Law 2009-10, 2010-11 Customs Excise Service
Tax Appellate Tribunal
Sales Tax Laws 2007-08 High Court
(x) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks.
(xi) In our opinion and according to the explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities during the
year.
(xii) As the Company is not dealing or trading in shares, securities,
debentures and other investments, paragraph 4(xiv) of the Order is not
applicable.
(xiii) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions during the year.
(xiv) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xv) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used for
long- term investment.
(xvi) The Company has not made any preferential allotment of shares
during the year.
(xvii) The Company has not issued any debentures during the year.
(xviii) The Company has not raised money by way of public issue, during
the year.
(xix) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For A. F. FERGUSON & CO.
Chartered Accountants
(Registration No. 112066W)
Jaideep Bhargava
Partner
Place: New Delhi (Membership No. 90295)
Date : May 29, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of GODFREY PHILLIPS
INDIA LIMITED ("the Company") as at March 31, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 (CARO)
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report as follows:
(a) we have 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 Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956;
(e) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 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 March 31, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on March 31, 2011 and taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2011
from being appointed as a director in terms of Section 274(1)(g) of the
Companies Act, 1956.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date)
Having regard to the nature of the Company's
business/activities/result, clauses 4 (x) and (xiii) of the Companies
(Auditor's Report) Order, 2003 (hereinafter referred to as the Order)
are not applicable.
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, the Company has a system of physical
verification of fixed assets which is designed to cover all fixed
assets once in a period of three years and in accordance therewith, no
physical verification was due during the current year. In our opinion,
the frequency of physical verification is reasonable having regard to
the size of the Company and the nature of its fixed assets.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification and have been properly dealt with in the books of account.
(iii) In respect of loans, secured or unsecured, granted by the Company
to companies, firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956("the Act"), according to
the information and explanations given to us:
(a) The Company has granted unsecured loan amounting to Rs. 100 lacs to
a company during the year. The maximum amount due during the year in
respect of the said loan and the year-end balance is Rs. 100 lacs.
(b) The rate of interest and other terms and conditions of such loan
are, in our opinion, prima-facie, not prejudicial to the interest of
the Company.
(c) As per the terms and conditions of the loan made no principal
amount or interest thereon was due during the year.
According to the information and explanations given to us, the Company
has not taken any loans, secured or unsecured, from companies, firms or
other parties listed in the Register maintained under Section 301 of
the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources are
not readily available for obtaining comparable quotations, there is an
adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory and fixed assets and the sale of goods. There are no sale of
services during the year. During the course of our audit, we have not
observed any major weakness in such internal control system.
(v) In respect of contracts or arrangements entered in the Register
maintained in pursuance of Section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanations given to us:
(a) The particulars of contracts or arrangements referred to in Section
301 that needed to be entered in the Register maintained under the said
Section have been so entered.
(b) Where each of such transaction is in excess of Rs. 5 lacs in
respect of any party, the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time except in respect of certain purchases for
which comparable quotations are not available and in respect of which
we are unable to comment.
(vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public during the year.
In respect of unclaimed deposits, the Company has complied with the
provisions of Sections 58A & 58AA or any other relevant provisions of
the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by a firm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and the nature of
its business.
(viii) We are informed that the maintenance of cost records has not
been prescribed by the Central Government under section 209(1) (d) of
the Companies Act, 1956 in respect of the Company's products.
(ix) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has been regular in depositing undisputed dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Wealth Tax, Customs Duty, Entry
tax, Excise Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities and has generally been regular in
respect of dues of tax deducted at source, service tax and value added
tax. We are informed that there are no undisputed statutory dues as at
the year-end outstanding for a period of more than six months from the
date they became payable.
(b) There are no dues of Wealth Tax, Service Tax, Customs Duty and Cess
matters which have not been deposited on account of any dispute. The
details of dues of Sales Tax, Excise Duty and Income-tax as at March
31, 2011, which have not been deposited by the Company on account of
disputes are as follows:
Name of Nature of Amount Amount Period to
which the Forum where
the statute the dues of dues* deposited amount
relates dispute is
(Rs. lacs)(Rs. lacs) pending
Sales Tax
Laws Sales tax 0.83 0.25 1995-96, Sales Tax
2001-02 Tribunal
77.72 26.54 1998-99 to
1999-00, Upto
2005-06 to
2010-11 Commissioners'
Level
6.48 6.48 2006-07 High court
Central Excise duty 96.72 Ã 2008-09 to
2010-11 Upto
Excise Law Commissioners'
Level
453.67 Ã 2002-03 to
2006-07, Customs Excise
2008-09,
2009-10 Service Tax
Appellate
Tribunal
Income-Tax Income-tax 244.00 244.00 1980 to
1983, High Court
Law 1995-96 to
1997-98
301.27 301.27 2000-01,
2002-03 to Income Tax
2006-07 Appellate
Tribunal
316.50 269.85 1999-00,
2004-05 to Upto
2008-09 Commissioners'
Level
*amount as per demand orders, including interest and penalty, where
quantified in the Order.
Further, as per information available with the Company, the concerned
authority is in appeal against favourable orders received by the
Company in respect of the following matters:-
Name of the Nature of Amount Period to which
the Forum where
department
statute the dues (Rs. lacs) amount relates has preferred
appeal
Income Tax
Law Income tax 318.42 1969, 1974 to
1977, High Court
1991-92 to
1994-95,
2001-02,
2004-05
151.70 2002-03 to
2003-04 Income Tax
Appellate
Tribunal
6.07 2000-01 Upto Commissioners'
Level
U.P. Krishi
Utpadan Mandi cess 108.20 1997-98 to
1998-99 Supreme Court
Mandi
Adhiniyam
Central
Excise Law Excise duty 2.61 2009-10 Customs Excise
Service
Tax Appellate
Tribunal
Sales Tax
Laws Sales Tax 10.40 2007-08 High Court
(x) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks.
(xi) In our opinion and according to the explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities during the
year.
(xii) As the Company is not dealing or trading in shares, securities,
debentures and other investments, paragraph 4(xiv) of the Order is not
applicable.
(xiii) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions during the year.
(xiv) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xv) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used for
long- term investment.
(xvi) The Company has not made any preferential allotment of shares
during the year.
(xvii) The Company has not issued any debentures during the year.
(xviii) The Company has not raised money by way of public issue, during
the year.
(xix) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year, other than
defalcation of Rs. 2.47 lacs by an employee, which sum was subsequently
recovered from him.
For A. F. FERGUSON & CO.
Chartered Accountants
(Registration No. 112066W)
Jaideep Bhargava
Partner
Place: New Delhi (Membership No. 90295)
Date : May 29, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of GODFREY PHILLIPS
INDIA LIMITED ("the Company") as at March 31, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Companys Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (CARO)
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report as follows:
(a) we have 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 Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
with the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956;
(e) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 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 March 31, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on March 31, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2010
from being appointed as a director in terms of Section 274(1)(g) of the
Companies Act, 1956.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our report even date)
Having regard to the nature of the Companys
business/activities/result, clauses 4 (x) and (xiii) of the Companies
(Auditors Report) Order, 2003 (hereinafter referred to as the Order)
are not applicable.
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, the Company has a system of physical
verification of fixed assets which is designed to cover all fixed
assets once in a period of three years and in accordance therewith, the
fixed assets have been physically verified during the current year.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification. In our opinion, the
frequency of physical verification is reasonable having regard to the
size of the Company and the nature of its fixed assets.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) In respect of its inventory:
(a) As explained to us, the inventories were physically verified during
the year by the Management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification and have been properly dealt with in the books of account.
(iii) In respect of loans, secured or unsecured, granted by the Company
to companies, firms or other parties covered in the Register maintained
under Section 301 of the Companies Act, 1956 (Ãthe ActÃ), according to
the information and explanations given to us:
(a) The Company has, during the year, not granted any loan, secured or
unsecured, to companies, firms and other parties covered in the
register maintained under Section 301 of the Act. In the previous
years, the Company had granted unsecured loan repayable on demand
aggregating to Rs. 1853.50 lacs to a company. During the year, the said
company has got covered under the provisions of Section 301 of the
Companies Act. The maximum amount due during the year in respect of the
said loan was Rs. 1853.50 lacs and the year-end balance is Rs. 1853.50
lacs.
(b) The rate of interest, where applicable and other terms and
conditions of such loan are, in our opinion, prima-facie, not
prejudicial to the interest of the Company.
(c) The party to whom such loan was granted has been regular in the
payment of interest. The principal amount of loan granted has not been
recalled by the Company during the year.
(d) There are no overdue amounts in respect of loan granted and
interest thereon.
According to the information and explanations given to us, the Company
has not taken any loans, secured or unsecured, from companies, firms or
other parties listed in the Register maintained under Section 301 of
the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources are
not readily available for obtaining comparable quotations, there is an
adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory and fixed assets and the sale of goods. There are no sale of
services during the year. During the course of our audit, we have not
observed any major weakness in such internal control system.
(v) In respect of contracts or arrangements entered in the Register
maintained in pursuance of Section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanations given to us:
(a) The particulars of contracts or arrangements referred to Section
301 that needed to be entered in the Register maintained under the said
Section have been so entered.
(b) Where each of such transaction is in excess of Rs. 5 lacs in
respect of any party, the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time except in respect of certain purchases for
which comparable quotations are not available and in respect of which
we are unable to comment.
(vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public during the year.
In respect of unclaimed deposits, the Company has complied with the
provisions of Sections 58A & 58AA or any other relevant provisions of
the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by a firm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and the nature of
its business.
(viii) We are informed that the maintenance of cost records has not
been prescribed by the Central Government under section 209(1) (d) of
the Companies Act, 1956 in respect of the Companys products.
(ix) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has been regular in depositing undisputed dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Wealth Tax, Customs Duty,
Excise Duty, Cess and other material statutory dues applicable to it
with the appropriate authorities and has generally been regular in
respect of dues of tax deducted at source, service tax, entry tax and
value added tax. We are informed that there are no undisputed statutory
dues as at the year-end outstanding for a period of more than six
months from the date they became payable.
(b) There are no dues of Wealth Tax, Service Tax, Customs Duty and Cess
matters which have not been deposited on account of any dispute. The
details of dues of Sales Tax, Exercise Duty and Income-Tax as at March
31, 2010, which have not been deposited by the Company on account of
disputes are as follows:
Name of Nature of Amount Amount Period to
which the Forum where
the
statute the dues of
dues* deposit
ed amount
relates dispute is
(Rs.
lacs) (Rs.
lacs) pending
Sales Tax Sales tax 3.31 2.73 1995-96, Sales Tax
Laws 2001-02, 2004-05 Tribunal
31.54 17.30 1998-99 to
1999-00, Upto
2005-06 to
2006-07, Commissioners
2008-09 to
2009-10 Level
16.88 11.88 2006-07, 2007-08 High Court
Central Excise
duty 29.37 _ 2000-01 to
2006-07 Upto
Excise
Law Commissioners
Level
3.68 _ 2004-05 Customs Excise
Service Tax
Appellate
Tribunal
Income
Tax Income
tax 244.00 244.00 1980 to 1983, High Court
Law 1995-96 to
1997-98
273.25 273.25 2000-01, 2002-03
to Income Tax
2004-05 Appellate
Tribunal
410.50 366.87 1999-00, 2001-02,Upto
2004-05 to
2007-08 Commissioners
Level
*amount as per demand orders, including interest and penalty, where
quantified in the Order.
Further, as per information available with the Company, the concerned
authority is in appeal against favourable orders received by the
Company in respect of the following matters:-
Name of
the Nature of Amount Period to
which the Forum where department
statute the dues (Rs.
lacs) amount
relates has preferred appeal
Income Tax
Law Income tax 313.49 1969, 1974
to 1977, High Court
1991-92 to
1994-95,
2001-02
161.73 2002-03 to
2004-05 Income Tax
Appellate Tribunal
6.07 2000-01 Upto Commissioners
Level
Central Excise duty 1.89 2004-05 Customs Excise Service
Tax
Excise Law Appellate Tribunal
U.P.
Krishi Mandi cess 108.20 1997-98 to
1998-99 Supreme Court
Utpadan
Mandi
Adhiniyam
(x) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks.
(xi) In our opinion and according to the explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities during the
year.
(xii) As the Company is not dealing or trading in shares, securities,
debentures and other investments, paragraph 4(xiv) of the Order is not
applicable.
(xiii) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantees for loans taken
by others from banks or financial institutions during the year.
(xiv) In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xv) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used for
long- term investment.
(xvi) The Company has not made any preferential allotment of shares
during the year.
(xvii) The Company has not issued any debentures during the year.
(xviii) The Company has not raised money by way of public issue, during
the year.
(xix) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For A. F. FERGUSON & CO.
Chartered Accountants
(Registration No. 112066W)
Manjula Banerji
Place: New Delhi Partner
Date : May 29, 2010 (Membership No. 086423)
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