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स्टीलेज इंडस्ट्रीज

बीएसई: 513175  |  NSE: N.A  |  ISIN:  |  Miscellaneous

खोजें स्टीलेज इंडस्ट्रीज कनेक्शन Jun 06
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '09
1.  We have audited the attached Balance Sheet of Gunnebo India Limited
 as at March 31, 2009, the Profit and Loss Account and also the Cash
 Flow Statement for the year ended on that date and 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 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 misstatement. An audit
 includes examining on a test basis, evidence supporting the amounts and
 disclosures in the financial statements.  An audit also includes
 assessing the accounting principles used and significant estimates made
 by 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
 (hereinafter referred to as the Order) issued by the Central
 Government of India in terms of sub-section (4A) of Section 227 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 that:
 
 (a) The Company has paid remuneration aggregating Rs. 20,168,434
 (including Rs. 17,855,991 pertaining to earlier years) to the Managing
 Director and a Director of the Company for the period from the date of
 appointment to March 31, 2009 which is subject to approval of Central
 Government of India. This includes Rs. 8,253,169 also subject to the
 approval of the Shareholders. Further, approval of the Central
 Government of India in respect of remuneration of Rs. 4,298,823 paid to
 the earlier Managing Director for the Year 2004 is pending.  (Refer
 Note 17 on Schedule N).
 
 (b) The Company has not disclosed value of raw materials consumed,
 quantitative details and value of purchase of traded goods and value of
 stores and spares consumed pursuant to non availability of such details
 as stated in Note 18(d) of Schedule N.
 
 (c) Subject to our remarks in paragraph 4(a) and 4(b) above, 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;
 
 (d) In our opinion, subject to our remarks in paragraph 4(a) and 4(b)
 above, proper books of account as required by law have been kept by the
 Company so far as appears from our examination of those books;
 
 (e) The Balance Sheet, the Profit and Loss Account and Cash Flow
 Statement dealt with by this report are in agreement with the books of
 account;
 
 (f) In our opinion, the Balance Sheet, the Profit and Loss Account and
 Cash Flow Statement dealt with by this report comply with the
 accounting standards referred to in sub-section 3C of Section 211 of
 the Act;
 
 (g) 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 subject
 to our remarks in paragraph 4(b) above and give, subject to our remarks
 in paragraph 4(a) above, 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, 2009;
 
 ii) in the case of the Profit and Loss Account, of the profit for the
 year ended on that date; and
 
 iii) in the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 5. On the basis of the written representations received from the
 directors, as on March 31, 2009 and taken on record by the Board of
 Directors, we report that none of the directors is disqualified as on
 March 31, 2009 from being appointed as a director in terms of clause
 (g) of sub-section (1) of Section 274 of the Companies Act, 1956.
 
 Annexure to the Auditors Report
 
 (Referred to in paragraph (3) of the Auditors Report of even date to
 the members of Gunnebo India Limited)
 
 (i) (a) The Company is maintaining proper records showing full
 particulars, including quantitative details and situation of fixed
 assets except that the category-wise balances of gross block and
 accumulated depreciation as per fixed asset register are being
 reconciled with the balances as per the general ledger.
 
 (b) The fixed assets are physically verified by management according to
 a phased programme designed to cover all the items over a period of
 three years which, in our opinion, is reasonable having regard to the
 size of the Company and the nature of its assets. Pursuant to the
 programme, a portion of the fixed asset has been physically verified by
 the management during the year and no material discrepancies between
 the book records and physical inventory have been noticed.
 
 (c) In our opinion and according to the information and explanations
 given to us, a substantial part of the fixed assets has not been
 disposed off by the Company during the year.
 
 (ii) (a) The inventory of the Company has been physically verified by
 the management during the year or as at the year end. In respect of
 stocks lying with third parties, a substantial portion was physically
 verified or has been confirmed by third parties, during the year or as
 at the year end. In our opinion the frequency of verification is
 reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventory
 followed by the management were found reasonable and adequate in
 relation to the size of Company and the nature of its business.
 
 (c) On the basis of our examination of records of inventory, in our
 opinion, the Company has maintained proper records of inventory and the
 discrepancies noticed on physical verification between the physical
 stocks and the book records were not material in relation to the
 operations of the Company.
 
 (iii) (a) According to the information and explanations given to us,
 the Company has granted an interest free unsecured loan, in an earlier
 year, to Security Equipment Manufacturers Limited, a wholly owned
 subsidiary, covered in the register maintained under Section 301 of the
 Companies Act, 1956.  The maximum amount involved during the year and
 the year end balances of such loan is Rs.  36,041,188.
 
 (b) The Company has given interest free loan and advances in the nature
 of loans to Security Equipment Manufacturers Limited.
 
 (c) There is no stipulation as to the repayment of the principal amount
 of interest free loan given to Security Equipment Manufacturers
 Limited. The Company has made a provision of Rs. 36,041,188 towards
 doubtful advances against the aforesaid loan.
 
 (d) 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 covered in the register maintained under Section
 301 of the Companies Act, 1956 and accordingly paragraphs 4 (iii) (f)
 and (g) of the Order are not applicable.
 
 (iv) In our opinion and according to the information and explanations
 given to us, having regard to the explanation that certain items
 purchased are of a special nature for which suitable alternative
 sources do not exist for obtaining comparative quotations and except
 for monitoring controls and maintenance of records of fixed assets and
 inventory which needs to be further strengthened, there is an adequate
 internal control system commensurate with the size of the Company and
 the nature of its business for the purchase of inventory and fixed
 assets and for the sale of goods and services.  Further, on the basis
 of our examination of the books and records of the Company, and
 according to the information and explanations given to us, we have
 neither come across nor have we been informed of any continuing failure
 to correct major weaknesses in the aforesaid internal control system.
 
 (v) (a) In our opinion and according to the information and
 explanations given to us, the particulars of contracts or arrangements
 referred to in Section 301 of the Companies Act, 1956 have been entered
 in the register required to be maintained under that Section.
 
 (b) In our opinion and according to the information and explanations
 given to us, having regard to the comments in (iv) above, the
 transactions made in pursuance of such contracts or arrangements and
 exceeding the value of rupees five lakhs in respect of any party during
 the year have been made at prices which are reasonable having regard to
 the prevailing market prices at the relevant time.
 
 (vi) In our opinion and according to the information and explanations
 given to us, the Company has not accepted deposits from the public
 during the year. We have been informed that no order has been passed by
 Company Law Board or National Company Law Tribunal or Reserve Bank of
 India or any other Court or Tribunal in this regard.
 
 (vii) In our opinion, the present internal audit system of the Company
 needs to be further strengthened by expanding the scope and period of
 coverage of internal audit to make it commensurate with the size of the
 Company and the nature of its business.
 
 (viii) The Central Government of India has not prescribed the
 maintenance of cost records under clause (d) of Sub- section (1) of
 Section 209 of the Companies Act, 1956 for any of the products of the
 Company.
 
 (ix) (a) According to the information and explanations given to us and
 according to the books and the records as produced and examined by us,
 in our opinion, the undisputed statutory dues including provident fund,
 investor education and protection fund, employees state insurance,
 income tax, sales tax, wealth tax, service tax, custom duty, excise
 duty, cess and other material statutory dues as applicable have
 generally been regularly deposited by the Company during the year with
 the appropriate authorities.  According to the information and
 explanations given to us, there are no arrears of outstanding statutory
 dues as mentioned above as at March 31, 2009 for a period of more than
 six months from the date they became payable, except in respect of
 employees state insurance dues amounting to Rs. 28,486 which has been
 since paid.
 
 (b) As at March 31, 2009, according to the records of the Company and
 the information and explanations given to us, the following are the
 particulars of the dues on account of income tax, sales tax, wealth
 tax, service tax, customs duty, excise duty and cess that have not been
 deposited on account of any dispute:
 
 Name          Nature      Amount (In    Period to which    Forum where
 of the            of      Rupees)       the amount      the dispute is
 Statute         dues                    relates various        pending
                                         years covering
                                         period
 
 Sales-Tax      Sales     27,743,716     1979-2006            Appellate
 Laws             Tax                                         Authority-
                                                           Commissioner
                                                               (Appeals)
 
 Sales-Tax      Sales     13,074,286     1993-2004            Appellate
 Laws             Tax                               Authority- Tribunal
                                                                  Level
 
 Excise Duty   Excise      8,451,749     1985-1996      Customs, Excise
 Laws            Duty                                   and Service Tax
                                                     Appellate Tribunal
 
 Excise Duty   Excise        256,160     1992-1995   Honble High Court
 Laws            Duty                                        of Gujarat
 
 (x) The Companys accumulated losses at the end of the financial year
 are less than fifty percent of its net worth and it has not incurred
 cash losses in the current financial year and in the immediately
 preceding financial year. This has to be read together with our remarks
 in paragraph 4(a) of the Auditors report, in respect of which the
 amount could not be ascertained.
 
 (xi) In our opinion and according to the records of the Company
 examined by us and the information and explanations given to us, the
 Company has not defaulted in repayment of dues to banks during the
 year. Further there were no dues payable to financial institutions or
 debenture holders during the year.
 
 (xii) In our opinion and according to the information and 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.
 
 (xiii) The provisions of any special statute as specified under
 paragraph 4 (xiii) of the said Order are not applicable to the Company.
 
 (xiv) In our opinion, the Company is not dealing in or trading in
 shares, securities, debentures and other investments.  Accordingly, the
 provisions of paragraph 4 (xiv) of the said Order are not applicable to
 the Company.
 
 (xv) 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.
 
 (xvi) In our opinion and according to the information and explanations
 given to us, on an overall basis, the term loans have been applied for
 the purpose for which the loans were obtained.
 
 (xvii) In our opinion and according to the information and explanations
 given to us and on the basis of an overall examination of the Balance
 Sheet of the Company, there are no funds raised on short term basis
 which have been used for long term investments.
 
 (xviii) The Company has not made any preferential allotment of shares
 to parties and companies covered in the register maintained under
 Section 301 of the Companies Act, 1 956 during the year.
 
 (xix) The Company has not issued any debenture during the year.
 
 (xx) The Company has not raised any money by public issue during the
 year.
 
 (xxi) During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of such case by the management.
 
 
                                          For Deloitte Haskins & Sells
                                                 Chartered Accountants
 
                                                            R.A. Banga
                                                               Partner
                                                  Membership No: 37915
 
 Place: Mumbai
 Date : August 27, 2009
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `5,024 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `248 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `10 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `162 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `1358 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `1205 Cr की बिकवाली की
  • CLSA ON NIFTY 50 : सितंबर के निचले स्तर से बाजार में मजबूती का रूख
  • CLSA ON NIFTY 50 : निफ्टी 12118 के पार निकला तो 13,800 तक पहुंचना संभव
  • HSBC ON RELIANCE IND : BUY रेटिंग, लक्ष्य बढ़ाकर `1700/Sh
  • MACQUARIE ON IGL : Neutral रेटिंग, लक्ष्य बढ़ाकर `420/Sh

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