Mar 31, 2015
We have audited the accompanying financial statements of G.R. Cables
Limited ("The Company"), which comprise the Balance Sheet as at March
31, 2015, the Statement of Profit and Loss and 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 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
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 accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with provision of the Act for
safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments; the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 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 Companies Act, 2013, we give in the Annexure, a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have 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 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 March 31, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 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 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:
a. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements.
b. The Company did not have any material foreseeable losses relating
to long-term contracts including derivative contracts.
c. There has been no delay in transferring amounts, required to be
transferred, to the Investors Education and Protection Fund by the
Compan.
Annexure to the Independent Auditors' Report on the Financial
Statements
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report on the financial statements of even
date)
(1) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verification.
(2) (a) The physical verification of inventory has been conducted at
reasonable intervals by the management during the year.
(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 are 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 is maintaining proper records of inventory and
no material discrepancies were noticed on physical verification.
(3) According to the information and explanations given to us, the
Company has not granted loans, secured or unsecured, to companies,
firms or other parties covered in the Register maintained under Section
189 of the Companies Act, 2013.
(4) (a) In our opinion and according to the information and
explanations given to us, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of services and
(b) During the course of our audit we have not observed any continuing
failure to correct major weaknesses in such internal control system.
(5) The company has not accepted any deposits to which the directives
issued by the Reserve Bank of India and provisions of Sections 73 to 76
or any other relevant provisions of the Companies Act, 2013 and the
rules framed there under would apply.
(6) The maintenance of cost records specified by the Central
Governmentto which the provisions of section 148(1) of the 2013 Act
would apply are under compilation.
(7) a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the company has
been regular in depositing with appropriate authorities undisputed
statutory dues including income tax, sales tax, Value added tax, wealth
tax, service tax, customs duty, excise duty, cess and other material
statutory dues applicable to it except provident fund and employees'
state insurance.
b) According to the information and explanations given to us, there are
no dues in respect of sales tax, income tax, customs duty, wealth tax,
service tax, excise duty, and cess that have not been deposited with
the appropriate authorities on account of any dispute. The company has
a deferred sales tax loan of Rs, 851.73 lakhs as its liability.
(8) The company have accumulated losses of Rs, 3332.53 Lacs exceeding
fifty percent of its net worth at the end of the financial year and has
incurred a cash loss of Rs, 19.43 lacs in the financial year and a cash
loss of Rs, 20.01 lacs in the financial year immediately preceding such
financial year.
(9) In our opinion and according to the information and explanations
given to us, the lending banks has initiated legal proceedings against
the company for recovery of loan amounts the Company has not issued any
debentures.
(10) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause (x) of the Order
is not applicable.
(11) The company has not raised any Term Loans during the year.
Accordingly, clause (xi) of the Order is not applicable.
(12) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
By Order of Board of Directors
For G.R. Cables Limited
Place : Hyderabad G.R. Reddy
Date : 14.08.2015 Managing Director
Mar 31, 2013
We have audited the accompanying financial statements of GR Cables
Limited ("the Company"), which comprise the Balance Sheet as at March
enended, and the Statement Management is responsible for the
preparation of these financial statements that give a true and fair
view of the financial poscotionng Stand performance and cash flows
of the Company in accordan Cten from material misstatement, whether
due to fraud or error. approMhe cMSe to fr Sud or err. InM
S5S5ssessments, by management, 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. required and
give a true and fair view in coororniioywith the accounting principles
generally '' accepted in India:
a) In the case of the Balance Sheet, Restate of affairs ofthe Company
as at March
b) da n 1 the case of the Profit and Loss Account, of the loss for the
year ended on that
c) In the and e of the Cash Flow Statement, of the cash flows for the
year ended on that date,
2. As required by section 227(3) of the Act, we report that:
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books
ofaccount. secteon ent c of the Compan A es Act, ing S;
e) On the basis of written representations received from the directors
as on March 31, disqua and taken on record by the Board of Directors,
none of the directors is clause
(g) of sub-s March a''2013, f on7of the Companies 1956. terms of
f) Since the Central Government has not issued any notification as to
the rate at which is to be paid, no cess is due and payable by the
Company. ofarcR. C on the basis of such checks as we conscomerean
appropriate and according to the information and explanation given to
us during the course of our Audit we reportthat:
(b) The fixed assets have b e e n physically verified by the manag
ement at reasoable
2. (a) The he mana verification of inventory has been conducted at
reasonable intervals
(c) In our opinion, the Company is maintaining proper records of
inventory.
3. (a) The company has not granted loans to parties covered in the
Register maintained
(Qj unde company 3 a 0 1 no of t a he n loans from pa ct, iss cover
Acco in in e Regis aus r maiintaine d
a TheTlffg ion of h s e OfeZ^^''s e^ctTpara no. 16 of th s 4 not to
accounts schedule -19 forming of this report.
4. In our opin a on and according to the information and exp w
anations g e o en to us, there
5. (a) e Acco co rd e p g ol to the information and explanations g th
en to us, we are of the op o n th on
register maintained of co d ntracts
(b) In rans ur opinion and the prices w hich are reasonable having
regard to prevailing market prices at the
6. The Comp
of Sections y ha, s not a, and any other relevant provisions of the
Companies Act, 1956 and the rules framed there under would apply.
7. In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business: compilation.
9. (a) According to the information and explanations given to us a n r
on l a r i basis o s i our tax xamination of th boo
(b) Ac suranc ing to the information and explanations given to us,
there is an amount of Rs. ord,401/- with re spect to Em ploy eeas''
State Insuran c e and Rs . 68,200/-w ith re o pect to Pro he iden at
Fund as at 31st M ya rch 2013, for a period of more than six
(c) Ac spe rdng o to the'' information an ame expanatio e. ns given to
us, there are no , excis in
11. In our opn iion and according to the information and explanations
given to us, the lending banks has initiated legal proceedings against
the company for recovery of loan amounts the Company has not issued any
debentures.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, clause 4 (xii) of the Order is not applicable.
13. The company is not a chit fund, nidhi, mutual benefit fund ora
society. Accordingly, clause 4 (xiii) of the Order is not applicable.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others'' from
banks or financial institutions. Accordingly clause 4 (xv) of the
Order is not applicable.
16. The company has not raised any Term Loans during the year.
Accordingly, clause 4 (xvi)of the Order is not applicable.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we are of
the opinion that the no funds raised on short-term basis have been used
for long-term investment.
18. The company has not made any preferential allotment of shares to
parties and have been issued is prejudicial to the interest of the
Company does not arise.
20. the company has not raised any money by pubic ssues during the
year. Accordingly, clause 4 (xx) of the Order is not applicable ,
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
for Srinivas P & Associates
Chartered Accountants
F.R.NO: 006987S
P.Srinivas
Place-.Hyderabad Proprietor
Date : 12.07.2013 M.No. 204098
Mar 31, 2012
1. We have audited the attached Balance Sheet of G.R. Cables Limited
as at 31st March 2012, the Profit and Loss Account and the Cash Flow
Statement of the Company for the year ended on that date, 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 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 (Auditor's Report) Order, 2003 and
amendment thereto by the Companies (Auditor's Report) (Amendment) Order
2004 (hereinafter referred to as "Order") issued by the Central
Government of India 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 above, we
report that:
i. We have obtained all the information and explanations which to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
ii. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. 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;
iv. In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Section 211 (3C) of the Companies
Act, 1956;
v. On the basis of written representations received from Directors as
on 31st March 2012, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2012
from being appointed as a director in terms of Section 274 (1) (g) of
the Companies Act, 1956;
vi. 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;
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
b) In the case of the Profit and Loss Account, of the loss for the year
ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDIT REPORT OF EVEN DATE
1. (a) The company has maintained proper records showing full
particulars, including
quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year so as to affect the going concern status of the
company.
2. (a) The physical verification of inventory has been conducted at
reasonable intervals by the management during the year.
(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 are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory.
3. (a) The company has not granted loans to parties covered in the
Register maintained
under Section 301 of the Companies Act, 1956 and hence clause 4 (iii)
(a) to clause 4 (iii) (d) of the Order are not applicable.
(e) The company has not taken loans from parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
Accordingly, clauses 4 (iii) (f) and 4 (iii) (g) of the Order are not
applicable subject to Para no.16 of the note to accounts schedule -19
forming of this report.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods; there is no sale of services. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
5. (a) According to the information and explanations given to us, we
are of the opinion
that the particulars of contracts or arrangements that need to be
entered in to the register maintained under section 301 of the
Companies Act, 1956 are entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs
with such party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6. The Company has not accepted any deposits from the public to which
the provisions of Sections 58A, 58AA and any other relevant provisions
of the Companies Act, 1956 and the rules framed there under would
apply.
7. The company has no outside internal audit system commensurate with
its size and the nature of its business.
8. According to the information and explanations given to us, the cost
records required to be maintained under section 209 (1) (d) of the
Companies Act, 1956 are under compilation.
9. (a) According to the information and explanations given to us and
on the basis of
our examination of the books of account, the company has been regular
in depositing with appropriate authorities undisputed statutory dues
including income tax, sales tax, wealth tax, service tax, customs duty,
excise duty, cess and other material statutory dues applicable to it
except provident fund and employees' state insurance.
(b) According to the information and explanations given to us, there is
an amount of Rs. 9516/- with respect to Employees' State Insurance and
Rs. 68816/- with respect to Provident Fund as at 31st March 2012, for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, customs duty, wealth
tax, service tax, excise duty, and cess that have not been deposited
with the appropriate authorities on account of any dispute.
10. The company have accumulated losses of Rs.3261 Lacs exceeding fifty
percent of its net worth at the end of the financial year and has
incurred a cash loss of Rs. 19.67 lacs in the financial year and a cash
loss of Rs.187.04 lacs in the financial year immediately preceeding
such financial year.
11. In our opinion and according to the information and explanations
given to us, the lending banks has initiated legal proceedings against
the company for recovery of loan amounts the Company has not issued any
debentures.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, clause 4 (xii) of the Order is not applicable.
13. The company is not a chit fund, nidhi, mutual benefit fund or a
society. Accordingly, clause 4 (xiii) of the Order is not applicable.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4 (xiv) of the Order is not
applicable.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
Order is not applicable.
16. The company has not raised any Term Loans during the year.
Accordingly, clause 4 (xvi) of the Order is not applicable.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we are of the
opinion that the no funds raised on short-term basis have been used for
long-term investment.
18. 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. Accordingly, the question of reporting on
whether the price at which such shares have been issued is prejudicial
to the interest of the Company does not arise.
19. The company has not issued any debentures. Accordingly, the
question of creating a security or charge for debentures does not
arise.
20. The company has not raised any money by public issues during the
year. Accordingly, clause 4 (xx) of the Order is not applicable.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Srinivas P & Associates
Chartered Accountants
F.R.NO: 006987S
P.Srinivas
Place:Hyderabad Proprietor
Date :04.09.2012 M.No. 204098
Mar 31, 2011
1. We have audited the attached Balance Sheet of G R Cables Limited as
at 31st March 2011, the Profit and Loss Account and the Cash Flow
Statement of the Company for the year ended on that date, 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 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 (Auditor's Report) Order, 2003 and
amendment thereto by the Companies (Auditor's Report) (Amendment) Order
2004 (hereinafter referred to as "Order") issued by the Central
Government of India 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 above, we
report that:
i. We have obtained all the information and explanations which to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
ii. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. 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;
iv. Subject to Point No. (1) (E) of Notes of Accounts in Schedule 19 to
Financial Statements, in our opinion, the Balance Sheet, the Profit and
Loss Account and the Cash Flow Statement dealt with by this report
comply with the Accounting Standards referred to in Section 211 (3C) of
the Companies Act, 1956;
v. On the basis of written representations received from Directors as
on 31 st March 2010, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31 st March
2011 from being appointed as a director in terms of Section 274 (1) (g)
of the Companies Act, 1956;
vi. 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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2011;
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDIT REPORT OF EVEN DATE
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year so as to affect the going concern status of the
company.
2. (a) The physical verification of inventory has been conducted at
reasonable intervals by the management during the year.
(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 are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory. The Depletion of inventories were identified and written
off in the books of accounts as per Para no.9 of note to accounts
schedule -19 forming part of this report.
3. (a) The company has not granted loans to parties covered in the
Register maintained under Section 301 of the Companies Act, 1956 and
hence clause 4 (iii) (a) to clause 4 (iii) (d) of the Order are not
applicable.
(e) The company has not taken loans from parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
Accordingly, clauses 4 (iii) (f) and 4 (iii) (g) of the Order are not
applicable subject to Para no. 16 of the note to accounts schedule -19
forming of this report.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods; there is no sale of services. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered in to the register maintained under section 301
of the Companies Act, 1956 are entered.
(b) As per the information and explanations provided to us there are no
transactions made in pursuance of contracts/agreements entered in the
register maintained under Section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public to which
the provisions of Sections 58A, 58AA and any other relevant provisions
of the Companies Act, 1956 and the rules framed there under would
apply.
7. The Company has no outside internal audit to commensurate the size
of the company.
8. According to the information and explanations given to us, the cost
records required to be maintained under section 209 (1) (d) of the
Companies Act, 1956 are under compilation.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the company
has been regular in depositing with appropriate authorities undisputed
statutory dues including income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to it except provident fund and employees' state insurance.
(b) According to the information and explanations given to us, there is
an amount of Rs. 9516/- with respect to Employees' State Insurance and
Rs. 68816/- with respect to Provident Fund as at 31st March 2011, for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, customs duty, wealth
tax, service tax, excise duty, and cess that have not been deposited
with the appropriate authorities on account of any dispute.
10. The company have accumulated losses of Rs.3261 Lacs exceeding
fifty percent of its net worth at the end of the financial year and has
incurred a cash loss of Rs. 187.04 lacs in the financial year and a
cash loss of Rs.61.27 lacs in the financial year immediately preceeding
such financial year.
11. In our opinion and according to the information and explanations
given to us, the lending banks has initiated legal proceedings against
the company for recovery of loan amounts the Company has not issued any
debentures.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, clause 4 (xii) of the Order is not applicable.
13. The company is not a chit fund, nidhi, mutual benefit fund or a
society. Accordingly, clause 4 (xiii) of the Order is not applicable.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4 (xiv) of the Order is not
applicable.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
Order is not applicable.
16. The company has not raised any Term Loans during the year.
Accordingly, clause 4 (xvi) of the Order is not applicable.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we are of the
opinion that the no funds raised on short-term basis have been used for
long-term investment.
18. 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. Accordingly, the question of reporting on
whether the price at which such shares have been issued is prejudicial
to the interest of the Company does not arise.
19. The company has not issued any debentures. Accordingly, the
question of creating a security or charge for debentures does not
arise.
20. The company has not raised any money by public issues during the
year. Accordingly, clause 4 (xx) of the Order is not applicable.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
for Srinivas P & Associates
Chartered Accountants
F.R.NO: 006987S
P.Srinivas
Proprietor
M.No. 204098
Place: Hyderabad
Date : 05.09.2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of GLR. Cables Limited
as at 31st March 2010, the Profit and Loss Account and the Cash Flow
Statement of the Company for the period ended on that date, 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 and
amendment thereto by the Companies (Auditors Report) (Amendment) Order
2004 (hereinafter referred to as "Order") issued by the Central
Government of India 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 above, we
report that:
i. We have obtained all the information and explanations which to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
ii. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. 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;
iv. Subject to Point No. (1) (E) of Notes of Accounts in Schedule 18 to
Financial Statements, in our opinion, the Balance Sheet, the Profit and
Loss Account and the Cash Flow Statement dealt with by this report
comply with the Accounting Standards referred to in Section 211 (3C) of
the Companies Act, 1956;
v. On the basis ofwritten representations received from Directors as on
31st March 2010, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31 st March 201
Of rom being appointed as a director in terms of Section 274 (1) (g) of
the Companies Act, 1956;
vi. 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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010;
b) in the case of the Profit and Loss Account, of the loss for the
period ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDIT REPORT OF EVEN DATE
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed on
such verification.
(c) The company has not disposed off substantial part of fixed assets
during the year so as to affect the going concern status of the
company.
2. (a) The physical verification of inventory has been conducted at
reasonable intervals by the management during the year.
(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 are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3.
(e) The company has not taken loans from parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
Accordingly, clauses .4 (iii) (f) and 4 (iii) (g) of the Order are not
applicable
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods; there is no sale of services. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
5. (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
that need to be entered in to the register maintained under section 301
of the Companies Act, 1956 are entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs
with such party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
6. The Company has not accepted any deposits from the public to which
the provisions of Sections 58A, 58AA and any other relevant provisions
of the Companies Act, 1956 and the rules framed there under would
apply.
7. In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
8. According to the information and explanations given to us, the cost
records required to be maintained under section 209 (1) (d) of the
Companies Act, 1956 are under compilation.
9. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the company
has been regular in depositing with appropriate authorities undisputed
statutory dues including income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
applicable to it except provident fund and employees state insurance.
(b) According to the information and explanations given to us, there is
an amount of Rs. 3918/- with respect to Employees State Insurance and
Rs. 39823/- with respect to Provident Fund as at 31st March 2010, for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, customs duty, wealth
tax, service tax, excise duty, and cess that have not been deposited
with the appropriate authorities on account of any dispute.
10. The company have accumulated losses of Rs.3087 Lacs exceeding fifty
percent of its net worth at the end of the financial year and has
incurred a cash loss of Rs. 61.27 lacs in the current financial peirod
and a cash loss of Rs.771.13 lacs in the financial year immediately
preceeding such financial period.
11. In our opinion and according to the information and explanations
given to us, the lending banks have initiated legal proceedings against
the company for recovery of loan amounts. The Company has not issued
any debentures.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, clause 4 (xii) of the Order is not applicable.
13. The company is not a chit fund, nidhi, mutual benefit fund or a
society. Accordingly, clause 4 (xiii) of the Order is not applicable.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4 (xiv) of the Order is not
applicable.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
Order is not applicable.
16. The company has not raised any Term Loans during the period.
Accordingly, clause 4 (xvi) of the Order is not applicable.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we are of the
opinion that the no funds raised on short-term basis have been used for
long-term investment.
18. 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. Accordingly, the question of reporting on
whether the price at which such shares have been issued is prejudicial
to the interest of the Company does not arise.
19. The company has not issued any debentures. Accordingly, the
question of creating a security or charge for debentures does not
arise.
20. The company has not raised any money by public issues during the
period. Accordingly, clause 4 (xx) of the Order is not applicable.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
for Srinivas P & Associates
Chartered Accountants
Place: Hyderabad P.Srinivas
Date : 03.12.2010 Proprietor
M.No. 204098
Sep 30, 2009
1. We have audited the attached Balance Sheet of G.R. Cables Limited
as at 30th September 2009, the Profit and Loss Account and the Cash
Flow Statement of the Company for the period ended on that date,
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 and
amendment thereto by the Companies (Auditors Report) (Amendment) Order
2004 (hereinafter referred to as "Order") issued by the Central
Government of India in terms of Section 227 (4A) of the Companies Act,
1956, we enclose in the Annexure a statement oh the matters specified
in Paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i. We have obtained all the information and explanations which to
thetoest of our knowledge and belief, were necessary for the purpose of
our audit; ,
ii. In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examirjation of
those books;
iii. 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;
iv. Subject to Point No. (1) (E) of Notes of Account* In Schedule 19 to
Financial Statements, in our opinion, the Batence Sheet, the Profit and
Loss Account and the Cash Flow Statement dealt with by this report
comply with tie-Accounting Standards referred to in Section 211 (3C) of
the Companies Act, 1956;
v. On the basis of written representations received from Directors as
on 30th September, 2009, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 30tb
September 2009 from being appointed as a director in terms of Section
274 (1) (g) of the Companies Act, 1956;
vi. Subject to Note Nos. 1 (A) and 18 of Schedule 18 of Financiat
Statements, 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;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at September 30; 2009;
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUCTT REPORT OF EVEN DATE
1. (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals and no material discrepancies have been noticed
ensued verification.
(c) The company has not disposed off substantial part of fixed assets
during the year so as to affect the going concern status of the
company.
2. (a) The physical verification of iiwerrtory has been conducted at
reasonable intervals by the management during the year.
(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 are reasonable and adequate in relation to
the size of the company and the nature of its business. -
(c) In our opinion, the Company is maintaining proper records-of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3. (a) The company has not granted loans to parties under Section 301
of the Companies Act,1956 and hence clause 4 (iii) (a) to clause 4
(iii) (d) of the Order are not applicable.
(e) The company has not taken loans from parties covered in the
Register maintained under Section 301 of the Companies Act, 1956
Accordingly, clauses. 4 (iii) (f) and 4 (iii) (g) of the Order are not
applicable
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedurees
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods; there is:no sale of services. During the
course of our audit, we have not observed any continuing failure to
correot major weaknesses in internal controls.
5. (a) According to the information and explanations given to us we
are of the opinion that the particulars of contracts or arrangements
that need to ]be entered in to the register maintained under section
301 of the companies Act , 1956 are entered.
(b) In our opinion and according to the information and explanations
givento us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs
with such party during the year have-been made at prices which are
reasonable having regard to prevailing at the relevant time
6. The Company has not accepted any deposits from the public to which
the provisions of Sections 58A, 58A and any other relevant of 1956 and
the rules framed there under would apply,
7. In our opinion, the company has an internal control system
commensurate with its size and the nature of its business.
8. According to the information and explanations given to us, the cost
records required to be maintained under section 209 (1) (d) of the
Companies Act, 1956 are under compilation. , , .
9. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account the company has
been regulation with appropriate authorities undisputed statuory does
tax, wealth tax, service tax, customs duty, cess and other material
statutory dues applicable to it except provident fund and employees
state insurance.
(b) According to the information and explanations given to us, there is
an amount of Rs. 1086/- with respect to employees state insurane and
Rs. 189431/- with respect to provident Fund as at 30th september for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues in respect of sales tax,, income tax customs duty, wealth
tax, service to, excise duty, and cess that have not been deposited
with the appropriate account of any dispute:
10. The company have accumulated tosses of ps.2953 lacs exceeding fifty
percent of its net worth at the end of the financial year and has
incurred a cash Joss of Rs. 771.13 lacs before prior period items in
the financial year and a cash of toss Rs. 514.48 lacs in the financial
year immediately preceeding such financial year.
11. In our opinion and according to the information and-explanations
given to us, the company has not defaulted in repayment of dues to a
financial Institution or bank and has not issued any debentures.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
Accordingly, clause 4 (xii) of the Order is not applicable.
13. The company is not a chit fund, nidhi, mutual benefit fund or a
society. Accordingly, clause 4 (xiii) of the Order is not applicable.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, clause 4 (xiv) of the Order is not
applicable.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions. Accordingly, clause 4 (xv) of the
Order is not applicable,
16. The company has not raised any Term Loans during the year.
Accordingly, clause 4 (xvi) of the Order is not applicable.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we are of the
opinion that the no funds raised on short-term basis have been used for
long-term investment
18. 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. Accordingly, the question of reporting on
whether the price at which such shares have been issued is prejudicial
to the interest of the Company does not arise.
19. The company has not issued any debentures. Accordingly, the
question of creating a security or charge for debentures does not
arise.
20. The company has not raised any money by public issues during the
year. Accordingly, clause 4 (xx) of the Order is not applicable.
21. According to the information and explanations givfn & us. no fraud
on or by the company has been noticed or reported during the course of
our audit.
for Srtnivas P & Associates
Chartered Accountants
P-Sriniyas
Place: Hyderabad Proprietor
Date : 04.12.2009 M.No. 204098