Auditor Report of Gajra Bevel Gears Ltd.
Mar 31, 2015
We have audited the accompanying financial statements of M/S Gajra
Bevel Gears Limited which comprise the Balance Sheet as at 31st March
2015, the statement of profit & loss, cash flow statement for the year
ended and a summary of significant accounting policies with other
explanatory information.
Management''s Responsibility for the Financial Statement:
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 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 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 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 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 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 disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of 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 control
system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Company''s Director, 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 financial
statements.
Opinion:
The accumulated losses have eroded entire net worth of the Company and
have made the Company financially sick. Based on the Audited Balance
Sheet as on 30.09.2008 a reference u/s15 (1) of SIC (SP) Act, 1985 has
been filed by Company with the BIFR and the same has been registered as
case no. 27/2009 on 30.07.2009. The BIFR vide its order of hearing held
on 06.01.2010 declared the Company a SICK INDUSTRIAL COMPANY in terms
of section 3(1)(o) of Sick Industrial Companies (Special Provisions)
Act, 1985 and appointed IDBI as the operating agency (OA). As informed
by the management, there is no manufacturing/business activity in the
Company after 31.10.2006. The management of the Company is making
positive efforts for rehabilitation of the Company and in course of
that, has already done the OTS of loan accounts of State Bank of India,
IFCI, IDBI, MPAVN and MPSIDC and the OTS with Madhya Pradesh Financial
Corporation is under process. The Company has paid in full of OTS
amount to SBI, IDBI and IFCI and has also made substantial payment to
MPAVN and MPSIDC towards the OTS, attention is also invited to Note 15.
Subject to above, in our opinion and to the best of information and
according to the explanation given to us, the aforesaid financial
statements give the information required by the Act in the manner so
required and give true and fair views in conformity with the accounting
principles generally accepted in India, of the state of affairs of the
Company as at 31st March, 2015, its profit and its cash flows for the
year ended on that date.
Report on Other Legal and regulatory Requirement:
As required by the Companies (Auditor''s Report) Order,2015 ("the
Order") issued by Central Government of India in terms of sub-section
(11) of section 143 of the Act, we give in the Annexure a statement on
the matters specified in paragraph 3 and 4 of the said Order.
As required by section 143(3) of the Act, we report that:
We have sought and obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the purpose
of our Audit.
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.
The Balance Sheet, the Statement of Profit and Loss Account and the
Cash Flow Statement dealt with by this report are in agreement with the
books of Accounts.
In our opinion the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of Act, read with Rule
7 of the Companies (Accounts) Rules, 2014.
On the basis of written representations received from the directors as
on March 31st, 2015 taken on record by the Board of Directors, none of
the directors is disqualified as on March 31st, 2015 from being
appointed as the directors in terms of section 164(2) of the Act.
With respect to the other matter 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 explanation given to us:
The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 14.
The Company did not have any long-term contracts including derivative
contracts for which there were material foreseeable losses;
There was no such amount required to be transferred to the Investor
Education and Protection Fund by the Company, hence the matter of delay
does not arise.
Annexure to the Auditor''s Report
(Referred to in our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Due to seizer of the premises by the Provident Fund Authorities,
fixed assets of the Company could not be physically verified by the
management of the Company during the year and therefore, we are unable
to express our opinion in this regard.
2. (a) The inventory of Tools & Spares lying in the stores of the
Company has been physically verified by the management of the Company
from time to time during the year and no discrepancy was found during
such verification. The portion of the inventory in respect of the
stocks lying in the machine shop of the factory could not be physically
verified by the management during the year due to the seizer of the
factory premises by the Provident Fund Authorities.
(b) The procedures of physical verification followed by the management
in respect of the inventory of Tools & Spares lying in the stores of
the Company are reasonable in relation to the size of the Company and
nature of its business. Whereas, in respect of the stock lying in the
machine shop of the factory, we have relied upon the undertaking given
by the management about their un-ability in physical verification due
to the seizer of the factory premises by the Provident Fund
Authorities.
(c) The management of the Company has not noticed any discrepancy
between the physical stock and book records in respect of inventory of
Tools and Spares lying in the stores of the Company. The inventories of
stocks lying in the machine shop of the factory could not be physically
verified due to the seizer of factory premises by the Provident Fund
Authorities for which the management of the Company is of the opinion
that the same remained unchanged during the year. In this respect we
had relied upon the undertaking given by the management of the Company.
3. According to the information and explanations given to us, the
Company has not granted any loan, secured or unsecured to companies,
firms or parties covered in the register maintained under section 189
of the Act.
4. There is no manufacturing and business activity in the Company
after 31st October, 2006 and also due to the seizer of factory premises
of the Company by the Provident Fund Authorities there was no need to
commensurate any internal control procedure for the purchase of
inventory and fixed assets and for the sale of goods. During the course
of audit, we have observed that there has not been any purchase of
inventory and fixed assets and sale of goods during the year.
5. In our opinion and according to information and explanation given
to us the Company has not accepted any deposit from the public in
accordance of section 73 to 76 of the Act and Rules framed thereunder
during the year.
6. We have broadly reviewed the books of account maintained by the
Company pursuant to the Rules made by the Central Govt. for the
maintenance of cost records under sub-section (1) of section 148 of the
Act. Having no manufacturing activities in the Company the maintenance
of cost records is not applicable.
7. (a) Owing to the financial sickness, in the operative years, the
Company has been irregular in depositing
with the appropriate authorities even the undisputed statutory dues
like EPF contribution, ESIC contribution, Commercial Tax, Income Tax
and Excise Duty. However, after the grant of installment facility the
Company is regular in payment of installments of Provident Fund dues
and also positive about the payment of other dues subject to getting
installment facility from the respective Authorities. The status of
unpaid dues as on 31.03.2015 is as under:-
Nature of Dues Amount
(Rs. In Lakhs)
Provident Fund Contribution (Net of
Installment payments made) 65.43
As per Demand note dated 03-03-2011
E.S.I.C Contribution 62.50
Commercial Tax 165.63
Income Tax Demand 149.11
Excise Duty 48.51
(b) Assessed demands of commercial tax, against which the Company has
preferred for Revision before the Competent Authority have not been
accounted for as liability are as under:
Assessment Year Assessed demand (Rs. In Lacs.)
1999-2000 16.64
2001- 2002 27.72
2002- 2003 48.09
2005- 2006 267.81
2006- 2007 205.35
TOTAL 565.61
(c) As per the information and explanation given by the management, no
amount is required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and the rules made there under.
8. The net worth of the Company has already been eroded during the
year ended on 30.09.2005 and there were further cash losses incurred by
the Company during the years ended on 30.09.2006 to 31.03.2014.
9. As per the records of the Company and based on our audit
procedures, during the year, the Company has not made any payment of
dues to Madhya Pradesh Financial Corporation. The OTS of loans is
pending.
10. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from the
banks and financial institutions.
11. In our opinion, the Term Loan taken in past have been used for the
purpose for which they were raised.
12. Based on the audit procedure performed and the information and
explanation given by the management we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For, O.T. Gandhi & Co.
Chartered Accountants
F.R. Number: 001120C
Sameep Gandhi
(Partner)
M.No.411107
Place: Indore
Date: 30th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of M/S Gajra
Bevel Gears Limited which comprise the Balance Sheet as at 31st March
2014, and the statement of Profit & Loss and Cash Flow Statement for
the Period ended, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statement
Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control 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 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 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 auditor''s judgment, including the assessment
of the risks of material misstatement of financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements 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 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fare
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 31st, 2014
(b) In the case of Profit & Loss Account, of the loss of the Company
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.
Report on Other Legal and regulatory Requirement
1. As required by required by the Companies (Auditor''s Report)
Order,2003 ("the Order") issued by Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraph 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 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 appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit and Loss Account and Cash
Flow Statement dealt with by this report are in agreement with the
books of Accounts;
(d) In our opinion, Balance Sheet, Statement of Profit and Loss Account
and Cash Flow Statement comply with the accounting standards referred
to in Sub-Section 3(C) of sec-211 of Companies Act,1956; and
(e) On the basis of written representation received from the directors
as on March 31st, 2014 and taken on record by by the Board of
Directors, none of the directors is disqualified as on March 31st, 2014
from being appointed as the directors in terms of sec-274(1) (g) of the
Companies Act, 1956;
Attention is invited to the following:
a. As stated in Note No.1 (iii), expenditure of revenue nature incurred
on Research and Development and Technical know-how fees/expenses on
exhibition of proto- type of products which are, according to the
company, expected to be technically /commercially viable, is written
off over a period of five years. This is generally accepted accounting
method and necessarily involves technical/commercial estimates by the
management pertaining to future period, on which we have relied upon.
b. Note No. 1 (xIv) regarding non-disclosure of the information
relating to Small Scale Industrial Undertaking.
c. As stated in Note No. 1 (xv) accumulated losses have eroded entire
net worth of the Company and have made the company financially sick.
Based on the Audited Balance Sheet as on 30.09.2008 a reference u/s15
(1) of SIC (SP) Act, 1985 has been filed by company with the BIFR and
the same has been registered as case no.
27/2009 on 30.07.2009. the BIFR vide its order of hearing he
declared the company a SICK INDUSTRIAL COMPANY in terms
(o) of Sick Industrial Companies (Special Provisions) Act, 19 IDBI as
the operating agency (OA). As informed by the management
manufacturing/business activity in the company after management of the
company is making positive efforts for re company and in course of
that, has already done the OTS of loan Bank of India, IFCI, IDBI, MPAVN
and MPSIDC and negotiations with M.P. Financial Corporation for OTS.
The Company has p amount to SBI and IFCI and has also made substantial
payment and MPSIDC towards the OTS.
Subject to above, in our opinion and to the best of information and
explanation given to us, the said accounts read with the notes there
on, give the information required by the Companies Act, 1956, in the
manner so re true and fair view in conformity with the accounting
principles gene India.
I. In the case of the Balance Sheet, of the state of affairs of at 31st
March 2014
II. In the case of the Profit & Loss Account, of the Loss for the
Period ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT''
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets. (b) Due to seizer of the premises by the Provident Fund
Authorities, fixed assets of the Company could not be physically
verified by the management of the Company during the year and
therefore, we are unable to express our opinion in this regard. (c) As
reported by the management , no substantial part of fixed assets has
been disposed off during the period.
2. (a) The inventories in respect of the stocks held could not be
physically verified by the management during the period due to the
seizer of the factory premises by the Provident Fund Authorities. (b)
The records of inventory maintained by the Company up to the date of
seizer of factory premises by the Provident Fund Authorities remained
unchanged during the period and management of the Company is of the
opinion that no discrepancies have took place between the physical
stock and book records. In this respect we have relied upon the
undertaking given by the management of the Company.
3. (a) The company has not granted any loan, secured or unsecured to
companies,firms or parties covered in the register maintained under
section 301 of the Companies Act, 1956. (b) The company had taken loan
from 2 companies covered in the register maintained under section 301
of the Companies Act, 1956. The maximum amount involved during the year
was Rs.2746.94 Lacs(Previous Year Rs.2531.04 Lacs) and the year-end
balance of loans taken from such parties was Rs.2746.94 Lacs subject to
note no. (xx) of note -1. In our opinion, the terms and conditions on
which loans have been taken from the companies are not, prima facie,
prejudicial to the interest of the company.
4. There is no manufacturing and business activity In the Company after
31st October'' 2006 and also due to the seizer of factory premises of
the Company by the Provident Fund Authorities there was no need to
commensurate any internal control procedure for the purchase of
inventory and fixed assets and for the sale of goods. During the course
of audit, we have observed that there has not been any purchase of
inventory and fixed assets and sale of goods during the year.
5 (a) In our opinion and according to the information and explanations
given to us, transactions that need to be entered into a register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, these transactions have been made at prices, which are
reasonable having regard to prevailing market price at the relevant
time.
6. In our opinion and according to information and explanation given to
us the company has not accepted any deposit from the public within the
meaning of section 58A and 58AA of the Companies Act, 1956 during the
period.
7. The company has system of internal audit commensurate with size and
the nature of the business.
8. We have broadly reviewed the books of account maintained by the
company pursuant to the Rules made by the Central Govt. for the
maintenance of cost records under section 209(1) (d) of the Act. We are
of the opinion that prima facie the prescribed accounts and records are
not required to be maintained.
9. (a) Owing to the financial sickness, the Company has been irregular
in depositing with the appropriate authorities even the undisputed
statutory dues like EPF contribution, ESIC contribution, Commercial
Tax, Income Tax and Excise Duty.
Nature of Dues Amount
(Rs. In Lacs)
Provident Fund Contribution (Net of Instalment, 117.77
payments made) As per Demand note dated 03-03-2011
E.S.I.C Contribution 62.50
Commercial Tax 165.63
Income Tax Demand 149.11
Excise Duty 48.51
10. The net worth of the company has already been eroded during the
year ended on 30.09.2005 and there were further cash losses incurred by
the company during the years ended on 30.09.2006 to 31.03.2014 and in
the period covered by our audit.
11. As per the records of the company and based on our audit
procedures, during the year, the company has in most of the cases
defaulted in payment of dues to Financial Institutions. Such defaults
are of a period exceeding 180 days. Refer sub note No. xix of Note - 1
in respect of charge of interest for the period covered by our audit.
12. Since company has not granted loans and advances on the basis of
security by way of pledge of shares, debenture and other securities,
paragraph 4(xii) of the Order is not applicable.
13. The company is not carrying business of chit fund for Nidhi/ Mutual
benefit fund / society. Therefore the provision of clause 4 (xiii) of
the order is not applicable to the company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments, paragraph 4 (xiv) of the Order is not
applicable.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from the
banks and financial institutions, paragraph 4(xv) of the Order is not
applicable
16. In our opinion, the Term Loan taken in past have been used for the
purpose for which they were raised.
17. According to the information and explanation given to us and on an
overall examination of the Books of Accounts and Balance Sheet of the
company, we report that funds raised on short-term basis have not been
used for long term investment. No long-term funds have been used to
finance short-term assets except permanent working capital.
18. The company has not made any preferential allotment of shares to
the parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956.
19. Since the company has not issued any debentures during the year to
raise the funds,paragraph 4(xix) of the Order is not applicable.
20. Since the company has not raised any fund by public Issue (s)
during the year, paragraph 4(xx) of the Order is not applicable.
21. Based on the audit procedure performed and the information and
explanation given by the management we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
O.T. Gandhi & Co.
Chartered Accountants
FRN: 001120C
By the hand of
Sameep Gandhi (Partner)
M.No.411107
Place - Indore
Date:- 30th MAY 2014
Jun 30, 2013
Report on the Financial Statement.
We have audited the accompanying financial statements of M/S Gajra
Bevel Gears Limited which comprise the Balance Sheet as at June
30,2013, and the statement of Profit & Loss and Cash Flow Statement for
The Period ended, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statement
Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control 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 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 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 auditor''s judgment, including the assessment of
the risks of material misstatement of financial statements, whether due
to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements 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 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fare
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 June 30,2013
(b) In the case of Profit & Loss Account, of the loss of the Company
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.
Report on Other Legal and regulatory Requirement
1. As required by required by the Companies (Auditor''s Report)
Order,2003 ("the Order") issued by Central Government of India in terms
of sub- section (4A) of section 227 of the Act, we give jn the Annexure
a statement on the matters specified in paragraph 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 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 appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit and Loss Account and Cash
Flow Statement dealt with by this report are in agreement with the
books of Accounts;
(d) In our opinion, Balance Sheet, Statement of Profit and Loss Account
and Cash Flow Statement comply with the accounting standards referred
to in Sub-Section 3(C) of sec-211 of Companies Act,1956; and
(e) On the basis of written representation received from the directors
as on June 30, 2013and taken on record by by the Board of Directors,
none of the directors is disqualified as on June 30,2013 from being
appointed as the directors in terms of sec-274(1) (g) of the
Companies Act, 1956;
Attention is invited to the following:
a. As stated in Note No.1 (iii), expenditure of revenue nature
incurred on Research and Development and Technical know- how
fees/expenses on exhibition of proto-type of products which are,
according to the company, expected to be technically /commercially
viable, is written off over a period of five years. This is generally
accepted accounting method and necessarily involves technical/
commercial estimates by the management pertaining to future period, on
which we have relied upon.
b. Note No. 1 (xv) regarding non-disclosure of the information
relating to Small Scale Industrial Undertaking.
c. As stated in Note No. 1 (xviii) accumulated losses have eroded
entire net worth of the Company and have made the company financially
sick. Based on the Audited Balance Sheet as on 30.09.2008 a reference
u/s15 (1) of SIC (SP) Act, 1985 has been filed by company with the BIFR
and the same has been registered as case no. 27/2009 on 30.07.2009. the
BIFR vide its order of hearing held on 06.01.2010 declared the company
a SICK INDUSTRIAL COMPANY in terms of section 3(1) (o) of Sick
Industrial Companies (Special Provisions) Act, 1985 and appointed IDBI
as the operating agency (OA). As informed by the management, there is
no manufacturing/business activity in the company after 31.10.2006. The
management of the company is making positive efforts for rehabilitation
of the company and in course of that, has already done the OTS of loan
accounts of State Bank of India ,IDBI,MPAVN and MPSIDC and negotiations
are in process with the other secured creditors for OTS. The Company
has paid in full of OTS amount to SBI and has also made substantial
payment to IDBI ,MPAVN and MPSIDC towards the OTS.
Subject to above, in our opinion and to the best of information and
according to the explanation given to us, the said accounts read with
the notes there on, 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 30th June 2013
II In the case of the Profit & Loss Account, of the Loss for the Period
ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Due to seizer of the premises by the Provident Fund Authorities,
fixed assets of the Company could not be physically verified by the
management of the Company during the year and therefore, we are unable
to express our opinion in this regard.
c) As reported by the management , no substantial part of fixed assets
has been disposed off during the period.
2. (a) The inventories in respect of the stocks held could not be
physically verified by the management during the period due to the
seizer of the factory premises by the Provident Fund Authorities.
(b) The records of inventory maintained by the Company up to the date
of seizer of factory premises by the Provident Fund Authorities
remained unchanged during the period and management of the Company is
of the opinion that no discrepancies have toek place between the
physical stock and book records. In this respect we have relied upon
the undertaking given by the management of the Company.
3. (a) The company has not granted any loan, secured or unsecured to
companies, firms or parties covered in the register maintained under
section 301 of the Companies Act, 1956.
(b) The company had taken loan from 2 companies covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs.2531.04 Lacs and the year-end
balance of loans taken from such parties was Rs.2531.04 Lacs Subject to
note no. (xx) of note -1, In our opinion, the terms and conditions on
which loans have been taken from the companies are not, prima facie,
prejudicial to the interest of the company.
4. There is no manufacturing and business activity In the Company
after 31st October'' 2006 and also due to the seizer of factory premises
of the Company by the Provident Fund Authorities there was no need to
commensurate any internal control procedure for the purchase of
inventory and fixed assets and for the sale of goods. During the course
of audit, we have observed that there has not been any purchase of
inventory and fixed assets and sale of goods during the year.
5 (a) In our opinion and according to the information and explanations
given to us, transactions that need to be entered into a register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered.
(b) In our opinion and according to the information and explanations
given to us, these transactions have been made at prices, which are
reasonable having regard to prevailing market price at the relevant
time.
6. In our opinion and according to information and explanation given
to us the company has not accepted any deposit from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 during
the period.
7. The company has system of internal audit commensurate with size and
the nature of the business.
8. We have broadly reviewed the books of account maintained by the
company pursuant to the Rules made by the Central Govt, for the
maintenance of cost records under section 209(1) (d) of the Act. We are
of the opinion that prima facie the prescribed accounts and records are
not required to be maintained.
9. (a) Owing to the financial sickness, the Company has been irregular
in depositing with the appropriate authorities even the undisputed
statutory dues like EPF Contribution, ESIC contribution, Commercial
Tax, Income Tax, Professional Tax, Excise Duty etc.
Nature of Dues Amount (Rs. In Lacs)
Provident Fund Contribution 167.02
(Net of Payment)
As per Demand note dated
E.S.I.C Contribution 62.50
Commercial/ Sales Tax/ Central Tax 84.86
Sales Tax/ Entry
Professional Tax 12.36
Income Tax Demand/ FBT/ TDS
reconciliation)(Subject to 192.51
Excise Duty 48.51
(b) According to the information and explanation given to us, the
undisputed amounts, which have already been provided in the accounts
payable in respect of Income-tax, commercial tax, provident fund, ESIC
etc. were in arrears, at the last due of financial year concerned for a
period of more than 6 month from the date they became payable.
(c) Assessed demands of commercial tax, against which no appeals /
revisions have been preferred by the company so far and have also not
been accounted for as liability are as under:_
Year to
which it Assessed Demand Date of Order
relates (Rs. In Lacs)_
2003-04 80.63 10.12.2010
2004-05 68.09 10.12.2010
(d Demands on account of ex-parte assessment orders passed by
Commercial- tax Authorities of branches have not been acknowledged by
the company due to Closer of its branches and also not ascertainable as
the same has not been Communicated to the management.
(e) Contingent Liabilities on account of ex- parte assessment orders
which have been set aside by the revision orders and subject to
re-assessments of which the ex-parte orders demands have been as under_
Year to which it Set aside demand
relates (Rs. In Lacs)
2005-06 267.81
2006-07 205.35
10. The net worth of the company has already been eroded during the
year ended on 30.09.2005 and there were further cash losses incurred by
the company during the years ended on 30.09.2006 to 30.09.2012 and in
the period covered by our audit.
11. As per the records of the company and based on our audit
procedures, during the yea''rr4he company has in most of the cases
defaulted in payment of dues to Financial Institutions. Such defaults
are of a period exceeding 180 days. Refer sub note No. xix of Note -1
in respect of charge of interest for the period covered by our audit.
12. Since company has not granted loans and advances on the basis of
security by way of pledge of shares, debenture and other securities,
paragraph 4(xii) of the Order is not applicable.
13. The company is not carrying business of chit fund for Nidhi/
Mutual benefit fund / society. Therefore the provision of clause 4
(xiii) of the order is not applicable to the company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments, paragraph 4 (xiv) of the Order is not
applicable.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from the
banks and financial institutions, paragraph 4(xv) of the Order is not
applicable
16. In our opinion, the Term Loan taken in past have been used for the
purpose for which they were raised.
17. According to the information and explanation given to us and on an
overall examination of the Books of Accounts and Balance Sheet of the
company, we report that funds raised on short- term basis have not been
used for long term investment. No long-term funds have been used to
finance short-term assets except permanent working capital.
18. The company has not made any preferential allotment of shares to
the parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956.
19. Since the company has not issued any debentures during the year to
raise the funds, paragraph 4(xix) of the Order is not applicable.
20. Since the company has not raised any fund by public Issue (s)
during the year, paragraph 4(xx) of the Order is not applicable.
21. Based on the audit procedure performed and the information and
explanation given by the management we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
O.T. Gandhi & Co. Chartered Accountants
Firm Registration Number: 001120C
By the hand of
Sameep Gandhi (Partner)
M.No.411107
Place - Indore
Date:- 29th August 2013
Sep 30, 2012
1. We have audited the attached balance sheet of M/s Gajra Bevel Gears
Limited., Dewas (MP.) as at 30th September 2012 and the profit & loss
account 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 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 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 the management, as well as evaluating the overall financial
statement presentations. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) order 2003 (the
order) 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 paragraph 4 and 5 of the said order.
4.The financial Statements are prepared on a going concern basis even
though the company has no manufacturing and business activity after 31st
October 2006 and due to substantial losses, has eroded its net worth as
explained in the note no. 6 c and 10 of annexure to this report.
5. Further to our comments in the Annexure referred in paragraph 3
above we report that:
a. We have obtained all the information & explanation, which to the
best of our knowledge & belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examinations of
those books;
c. The Company''s balance sheet and profit & loss account dealt with by
this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet and the Statement of 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 Companies Act, 1956.
e. On the basis of written representation received from Directors
which were taken on records by the Board of Directors, we report that
none of the directors of the company is disqualified as on 30th
September 2012 from being appointed as Director in terms of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
6. Attention is invited to the following:
a. As stated in Note No. 1 (iii), expenditure of revenue nature
incurred on Research and Development which is, according to the
company, expected to be technically/ commercially viable, is written
off over a period of five years. This is generally accepted accounting
method and necessarily involves technical/commercial estimates by the
management pertaining to future period, on which we have relied upon.
b. Note No. 1 (xv) regarding non-disclosure of the information
relating to Small Scale Industrial Undertaking.
c. As stated in Note No. 1 (xviii) and (xx) accumulated losses have
eroded entire net worth of the Company and have made the company
financially sick. Based on the Audited Balance Sheet as on 30.09.2008
a reference u/s15 (1) of SIC (SP) Act, 1985 has been filed by company
with the BIFR and the same has been registered as case no. 27/2009 on
30.07.2009. the BIFR vide its order of hearing held on 06.01.2010
declared the company a SICK INDUSTRIAL COMPANY in terms of section 3(1)
(o) of Sick Industrial Companies (Special Provisions) Act, 1985 and
appointed IDBI as the operating agency (OA). As informed by the
management, there is no manufacturing/business activity in the company
after 31.10.2006. The% management of the company is making positive
efforts for rehabilitation of the company and in course of that, has
already done the OTS of loan accounts of State Bank of India and
negotiations are in process with the other secured creditors for OTS.
The Company has also made substantial payment to MPSIDC towards the OTS
of their dues.
Subject to above, in our opinion and to the best of information and
according to the explanation given to us, the said accounts read with
the notes there on, 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 30th September 2012.
II. In the case of the Profit & Loss Account, of the Loss for the year
ended on that date.
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Due to seizer of the premises by the Provident Fund Authorities,
fixed assets of the Company could not be physically verified by the
management of the Company during the year and therefore, we are unable
to express our opinion in this regard.
(c) As reported by the management, no substantial part of fixed assets
has been disposed off during the year.
2. (a) The inventories in respect of the stocks held could not be
physically verified by the management during the year due to the seizer
of the factory premises by the Provident Fund Authorities.
(b) The records of inventory maintained by the Company up to the date
of seizer of factory premises by the Provident Fund Authorities
remained unchanged during the year and management of the Company is of
the opinion that no discrepancies have took place between the physical
stock and book records. In this respect we have relied upon the
undertaking given by the management of the Company.
3. (a) The company has not granted any loan, secured or unsecured to
companies, firms or parties covered in the register maintained under
section 301 of the Companies Act, 1956. (b) The company had taken loan
from 2 companies covered in the register maintained under section 301
of the Companies Act, 1956. The maximum amount involved during the year
was Rs.2242.40Lacs and the year-end balance of loans taken from such
parties was Rs.2242.40Lacs. In our opinion, the rates of interest and
other terms and conditions on which loans have been taken from the
companies are not, prima facie, prejudicial to the interest of the
company.
4. There is no manufacturing and business activity In the Company
after 31st October1 2006 and also due to the seizer of factory premises
of the Company by the Provident Fund Authorities there was no need to
commensurate any internal control procedure for the purchase of
inventory and fixed assets and for the sale of goods. During the course
of audit, we have observed that there has not been any purcr.ase of
inventory and fixed assets and sale of goods during the year.
5 (a) In our opinion and according to the information and explanations
given to us, transactions that need to be entered into a register in
pursuance of section 301 of the Companies Act, 1956 have been so
entered. (b) In our opinion and according to the information and
explanations given to us, these transactions have been made at prices,
which are reasonable having regard to prevailing market price at the
relevant time.
6. In our opinion and according to information and explanation given
to us the company has not accepted any deposit from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 during
the period.
7. The company has system of internal audit commensurate with size and
the nature of the business. However there has not been business
activity in the company since 31st October 2006 and therefore no such
internal audit required to make effective.
8. We have broadly reviewed the books of account maintained by the
company pursuant to the Rules made by the Central Govt, for the
maintenance of cost records under section 209(1) (d) of the Act. We are
of the opinion that prima facie the prescribed accounts and records are
hot required to be maintained, but since there is no business activity
during the year hence cost records has not been maintained by the
management which in our view is justified.
9. (a) Owing to the financial sickness, the Company has been irregular
in depositing with the appropriate authorities even the undisputed
statutory dues like EPF contribution, ESIC contribution, Commercial
Tax, Income Tax, Professional Tax, Excise Duty etc.
Nature of Dues Amount
(Rs. In Lacs)
Provident Fund Contribution 122.26
E.S.I.C Contribution 62.50
Commercial/ Sales Tax/ Central
Sales Tax/ Entry Tax 84.86
Professional Tax 12.36
Income Tax Demand/ FBT/
TDS (Subject to reconciliation) 192.51
Excise Duty 48.51
(b) According to the information and explanation given to us, the
undisputed amounts, which have already been provided in the accounts
payable in respect of Income-tax, commercial tax, provident fund, ESIC
etc. where in arrears, at the last due of financial year concerned for
a period of more than 6 month from the date they became payable.
(c) Assessed demands of commercial tax, against which no appeals /
revisions have been preferred by the company so far and have also not
been accounted for as liability are as under:
Year to which it Assessed Demand Date of Order
relates (Rs. In Lacs)
2003-04 80.63 10.12.2010
2004-05 68.09 10.12.2010
(d) Demands on account of ex-parte assessment orders passed by
Commercial-tax Authorities of branches have not been acknowledged by
the company due to Closer of its branches and also not ascertainable as
the same has not been Communicated to the management.
(e) Contingent Liabilities on account of ex-parte assessment orders
which have been set aside by the revision orders and subject to re-
assessments of which the ex-parte orders demands have been as under:
Year to which Set aside demand
relates (Rs. In it Lacs)
2005-06 267.81
2006-07 205.35
10. The net worth of the company has already been eroded during the
year ended on 30.09.2005 and there were further cash losses incurred by
the company during the years ended on 30.09.2006 to 30.09.2011 and in
the year covered by our audit.
11. As per the records of the company and based on our audit
procedures, during the year, the company has in most of the cases
defaulted in payment of dues to Financial Institutions. Such defaults
are of a period exceeding 180 days. Refer sub note No. xxvi of Note - 1
in respect of charge of interest for the year covered by our audit.
12. Since company has not granted loans and advances on the basis of
security by way of pledge of shares, debenture and other securities,
paragraph 4(xii) of the Order is not applicable.
13. The company is not carrying business of chit fund for Nidhi/
Mutual benefit fund / society. Therefore the provision of clause 4
(xiii) of the order is not applicable to the company.
14. The Company is not dealing or trading in shares, securities,
debentures and other investments, paragraph 4 (xiv) of the Order is not
applicable.
15. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from the
banks and financial institutions, paragraph 4(xv) of the Order is not
applicable
16. In our opinion, the Term Loan has been applied for the purpose for
which they were raised.
17. According to the information and explanation given to us and on an
overall examination of the Books of Accounts and Balance Sheet of the
company, we report that funds raised on short-term basis have not been
used for long term investment. No long- term funds have been used to
finance short-term assets except permanent working capital.
18. The company has not made any preferential allotment of shares to
the parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956.
19. Since the company has not issued any debentures during the year to
raise the funds, paragraph 4(xix) of the Order is not applicable.
20. Since the company has not raised any fund by public Issue (s)
during the year, paragraph 4(xx) of the Order is not applicable.
21. Based on the audit procedure performed and the information and
explanation given by the management we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
O.T. Gandhi & Co. Chartered Accountants
Firm Registration Number: 001120C
By the hand of
Sameep Gandhi (Partner)
M.No.411107
Indore
Dt. 02nd December 2012
Sep 30, 2011
1. We have audited the attached Balance Sheet of Gajra Bevel Gears
Limited, as at 30th September, 2011 and also the Profit & Loss Account
and the Cash Flow Statement for twelve months 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 misstatements. An audit
includes examining 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 as
amended by Companies (Auditors Report)(Amendment) Order'2004, 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. The financial Statements are prepared on a going concern basis even
though the Company has substantial losses and has eroded its net worth
as explained in Note No.(x) of annexure to this report in respect of
which we are unable to express an opinion.
5. Further to our comments in the Annexure referred to in paragraph 3
above, and subject to our comments in paragraph 4 above, 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 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 appears from our examination of those
books.
c) The Balance Sheet, Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement wih the books of
account.
d) In our opinion, the Balance Sheet and 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 Companies Act. 1956.
e) On the basis of written representations received from the Directors
which were taken on records by the Board of Directors, we report that,
as at 30th Sept.2011 none of the Directors of the company is
disqualified from being appointed as Director in terms of clause (g) of
Sub-section (1) of Section 274 of the Companies Act., 1956.
6. Attention is invited to the following:
a) As stated in Note No.l(viii) & (ix) of schedule 18, expenditure of
revenue nature incurred on research and development and technical know
how fees / expenses on exhibition of proto-type of products which are,
according to the Company, expected to be technically / commercially
viable, is written off over a period of five years. This is a generally
accepted accounting method and necessarily involves technical/
commercial estimates by the management pertaining to future periods, on
which we have relied upon.
b) Note No. 3(a) & (b) of Schedule 18 regarding non-disclosure of the
information relating to the Small Scale Industrial Undertaking.
c) As stated in Note No.17, 18 and 20 of Schedule 18 current year
losses along with accumulated losses has eroded entire net worth of the
Company and has made the company financially sick. Based on the
Audited Balance Sheet as on 30.09.2008 a reference u/s.15(1) of SIC(SP)
Act.1985 has been filed by company with the BIFR and the same has been
registered as case No. 27/2009 on 13.07.2009. The BIFR vide its order
of hearing held on 06.01.2010 declared the Company a SICK INDUSTRIAL
COMPANY in terms of section 3(1) (o) of Sick Industrial Companies
(Special Provisions) Act 1985 and appointed IDBI as the Operating
Agency (OA).As informed by the management, there is no manufacturing
/business activity in the company after 31.10.06
d) As stated in Note No.16 of Schedule 18, sundry debtors include old
outstanding aggregating Rs.4824150/- in respect of which no provision
has been made in the accounts for the reasons stated therein. The
Company is of the opinion that the amounts are fully recoverable.
Remaining debtors, though considered good have become time barred and
no provision has been made in accounts for their bad and doubtfulness.
e) Provisions of amendments to Schedule VI to the Companies Act 1956 do
not apply to this Balance Sheet and Audit Report as the Accounting Year
covered under Audit Commenced before 01.04.2011.
Subject to the forgoing, in our opinion and to the best of information
and according to the explanations given to us, the said accounts read
with the Significant Accounting Policies and Notes on 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 Balance Sheet, of the state of affairs of the
Company as at 30th September, 2011 and
(ii) In the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date.
(iii) In the case of the Cash Flow Statement of the cash Flow of the
company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THEAUDITORS1 REPORT TO THE
MEMBERS OF GAJRA BEVEL GEARS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED
30TH SEPTEMBER'2011.
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion,, having regard to the size of the company
and nature of its assets, the frequency of verification of fixed assets
of the company is reasonable..
(c) Since there is no disposal of substantial part of fixed assets
during the period, paragraph 4(i) of the Companies (Auditors' Report)
Order, 2003 (hereinafter referred to as the Order) is not applicable.
(ii) (a) The inventories in respect of the stocks held have been
physically verified by the management during the period at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us the procedure of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. According to the information and explanation given to us, no
material discrepancies were noticed on physical verification between
the physical stock and the book records.
(iii) A. Accordingly to the information and explanations given to us,
the company has not granted any loans, secured or unsecured to
companies , firms or other parties listed in the register maintained
under section 301 of the Companies Act.1956. Accordingly, clause (iii)
(b), (c) and (d) are not applicable.
B. Accordingly 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 Accordingly clause (iii) (f) and (g) are
not applicable.
(iv) 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 for the
purchase of inventory and fixed assets and for the sale of goods.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal controls. However, there
has not been any purchase of inventory and fixed assets and sale of
goods during the year.
(v) (a) According the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 o the Companies Act. 1956 have
been so entered.
(b) In our opinion and according the information and explanations give
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 Lacs during the year
for each party have been made at prices which are reasonable having
regard to 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 any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act.1956
and the rules framed there under.
(vii) In our opinion the company has an internal audit system
commensurate with size and the nature of the business.
(viii) 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 209(1)
(d) of the Act. We are of the opinion that prima facie the prescribed
accounts and records are not required to be maintained and accordingly
have not made a detailed examination of the records maintained.
4'ix) (a) According to the information and explanations given to us and
according to the records of the company, the company, in majority cases
is not regular in depositing with appropriate authorities undisputed
statutory dues including provident funds, employees state insurance,
income tax, tax deducted at source, professional tax, Commercial tax,
excise duty, property tax, license fees, material statutory dues
applicable to it. Status of such dues is as per Annexure 1 -A.
(b) As explained to us and according to the records of the company
besides the statutory dues referred above in clause (ix) (a) there are
some dues have not been deposited on account of dispute are given in
Annexure - 1-B.
(x) The net worth of the company has already been eroded during the
year ended on 30.09.2005 and there are further cash losses incurred by
the company during the year ended 30.09.2006, 30.09.2007, 30.09.2008,
30.09.2009, 30.09.2010 and the year covered by our audit.
(xi) As per the records of the Company and based on our audit
procedures, during the year, the company has in most of the cases
defaulted in payment of dues to Financial Institutions. Such defaults
are of a period exceeding 180 days. Refer Note No. 19 of Schedule 17 in
respect of charge of interest for the year covered by our audit.
(xii) Since the company has not granted any loans or advances on the
basis of security by way of pledge of shares, debentures and other
security, paragraph 4 (xii) of the Order is not applicable.
(xiii) As the company is not a nidhi / mutual benefit fund / society,
paragraph 4 (xiii) of the Order is not applicable.
(xiv) Since the company is not dealing or trading in shares,
securities, debentures and other investments, paragraph 4(xiv) of the
Order is not applicable.
(xv) Since company has not given guarantees for loans taken by
employees from banks or financial institutions paragraph 4 (xv) of the
Order is not Applicable.
(xvi) In our opinion, the Term Loan have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investments. No long term funds have been used to finance short term
assets except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares during the
year to parties and companies covered in the register maintained under
section 301 of the Companies Act.1956.
(xix) Since the company has not issued any debenture during the year,
paragraph 4(xix) of the Order is not applicable.
(xx) Since the company has not raised any money during the year by way
of public issue, paragraph 4(xx) of the Order is not applicable.
(xxi) Based upon the audit procedures performed and the information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the period.
For O.T.GANDHI &.CO.
Chartered Accountants
F.R.No. 001120 C
Indore
Dated : 2nd Dec. 2011
CA SAMEEP GANDHI
PARTNER
Membership No.411107
Sep 30, 2010
1. We have audited the attached Balance Sheet of Gajra Bevel Gears
Limited, as at 30th September, 2010 and also the Profit & Loss Account
and the Cash Flow Statement for twelve months of the Company for the
year 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 out 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 misstatements. An audit
includes examining 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) order2003 as amended
by Companies (Auditors Report)(Amendment) Order2004, 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. The financial Statements are prepared on a going concern basis even
though the Company has substantial losses and has eroded its net worth
as explained in Note No.(x) of annexure to this report in respect of
which we are unable to express an opinion.
5. Further to our comments in the Annexure referred to in paragraph 3
above, and subject to our comments in paragraph 4 above, 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 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 appears from our examination of those
books.
c) The Balance Sheet- 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 and the Profit and Loss Account
and Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to m Sub Section (3C) of Section 211 of
the Companies Act. 1956.
c) On the basis of written representations received from the Directors
which were taken on records by the Board of Directors, we report that,
as at 30,th Sept.2010 none of the Directors of the company is
disqualified from being appointed as Director in terms of clause (g) of
Sub-section (i) of Section 274 of the Companies Act., 1956.
Attention is invited to the following:
a) As stated in Note No,1(viii) & (ix) of schedule 17, expenditure of
revenue nature incurred on research and development and technical know
how fees expenses on exhibition of proto-type of products which arc.
according to the Company, expected to be technically / commercially
viable, is written off over a period of five years. This is a generally
accepted accounting method and necessarily involves
technical/commercial estimates by the management pertaining to future
periods, cm which we have relied upon.
b) Note No. 3(a) & (b) of Schedule- 17 regarding non-disclosure of the
information relating to (he Small Scale Industrial Undertaking.
c) As stated in Note No.17. 18 and 20 of Schedule 17 current year
losses along with accumulated losses has eroded entire net worth of the
Company and has made the company financially sick Based on the Audited
balance Sheet as on 30.09.2008 a reference u/s.15(1) of SIC(SP) Act,
1985 has been filed by company with the BIFR and the same has been
registered as case No. 27/2009 on 13.07,2009. the BIFR vide its order
of hearing held on 06.01,2010 declared the Company a SICK INDUSTRIAL
COMPANY in terms of section 3(1) (o) of Sick Industrial Companies
(Special Provisions) Act 1985 and appointed IDBI as the Operating
Agency (DA).As informed by the management, there is no manufacturing
/business activity in the company after 31.10.06
d) As stated in Note No. 16 of Schedule 17. sundry debtors include old
- outstanding aggregating Rs.4824150/- in respect of which no provision
has been made in the accounts for the reasons stated therein, the
Company is of the opinion that the amounts arc fully recoverable,
Remaining debtors. though considered good have become time barred and
no provision has been made in accounts for their bad and doubtfulness.
Subject to the forgoing, in our opinion and to the best of information
and according to the explanations given to us, the said accounts read
with the Significant Accounting Policies and Notes on 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 Balance Sheet, of the state of affairs of the
Company as at 30th September. 2010 and
(ii) In the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that dale.
(iii)In the case of the Cash Flow Statement of the cash Flow of the
company for the year ended on that date.
ANNEXURF REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT TO THE
MEMBERS GAJRA BEVEL GEARS LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED30TH SEPTEMBER 2010.
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, having regard to the size of the company
and nature of Us assets, the frequency of verification of fixed assets
of the company is reasonable,
(c) Since there is no disposal of substantial part of fixed assets
during the period, paragraph 4(i) or the Companies (Auditors Report)
Order, 2003 (hereinafter referred to as the Order) is not applicable.
(ii) (a) The inventories in respect of the stocks held have been
physically verified by the management during the period at reasonable
intervals.
(b) in our opinion and according to the Information and explanations
given Jo us the procedure or physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. According to the information and explanation given to us.
no material discrepancies were noticed on physical verification between
the physical stock and the book records.
(iii) A, Accordingly to the information and explanations given to us,
the company has not granted any loans, secured or unsecured to
companies . firms or other parties fisted in the register maintained
under section 301 of the Companies Act.1956. Accordingly, clause (iii)
(b). (c) and (d) are not applicable.
B. Accordingly 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 Accordingly clause (iii) (ft and (g) are
not applicable.
(iv) 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 for the
purchase of inventory and fixed assets and for the sale of goods.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal controls However, there
has not been any purchase of inventory and fixed assets and sale of
goods during the year.
(v) (a) According the information and explanations given to us. we are
of the opinion that the transactions that need 10 be entered into the
register maintained under section 301 of the Companies Act. 1956 have
been so entered.
(b) In our opinion, and, according the information and explanations
give 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 Lacs
during the year for each party have been made at prices which are
reasonable having regard to 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 any deposits from the public
within the meaning of section 58A and 58 AA of the Companies Act. 1956
and the rules framed there under.
(vii) In our opinion the company has an internal audit system
commensurate with size and the nature of the business.
(viii) 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 209(f) (d) of the Act. We are
of the opinion that prima facie the prescribed accounts and records are
not required to be maintained and accordingly have not made a detailed
examination of the records maintained.
(ix) (a) According to the information and explanations given to us and
according to the records of the company, the company, in majority cases
is not regular in depositing with appropriate authorities undisputed
statutory dues including provident funds, employees state insurance,
income tax, tax deducted at source, professional tax. Commercial tax,
excise duly, property tax, license fees, material statutory dues
applicable to it, Status of such dues is as per Annexure 1 -A
(b) As explained to us and according to the records of the company
besides the statutory dues referred above in clause (ix) (a) there are
some dues have not been deposited on account of dispute are given in
Annexure - 1-B.
(x) The net worth of the company has already been eroded during the
year ended on 30.09.2005 and there are further cash losses incurred by
the company during the year ended 30.09,2006, 30.09.2007. 30.09.2008.
30.09.2009 and the year covered by our audit
(xi) As per the records of the Company and based on our audit
procedures, during the year, the company has in most of the cases
defaulted in payment of dues to Financial Institutions. Such defaults
are of a period exceeding 180 days. Refer Note No.19 of Schedule 17 in
respect of charge of interest for the year covered by our audit.
(xii) Since the company has not granted any loans or advances on the
basis of security by way of pledge of shares, debentures and other
security. paragraph 4 (xii) of the Order is not applicable.
(xiii) As the company is not a nidhi / mutual benefit fund . society,
paragraph 4 (xiii) of the Order is not applicable.
(xiv) Since the company is not dealing or trading in shares,
securities. debentures and other investments, paragraph 4(xiv) of the
Order is not applicable
(xv) Since company has not given guarantees for loans taken by
employees from banks or financial institutions paragraph 4 (xv) of the
Order is not Applicable.
(xvi) In our opinion, the Term Loan have been applied for the purpose
for which they were raised,
(xvii) According to the in form all on and explanations given to us and
on an overall examination of the balance sheet of the company, we
report that no funds raised on short term basis have been used for long
term invqstments. No long term funds have been used to finance short
term assets except permanent working capital.
(xviii) According to the information and explanations given to us. the
company has not made any preferential allotment of shares during the
year to parties and companies covered in the register maintained under
section 101 of the Companies Act. 1956,
(xix) Since the company has not issued any debenture during the year.
paragraph (xix) of the Order is not applicable.
{xx) Since the company has not raised any money during the year by way
of public issue, paragraph 4(xx) of the Order is not applicable.
(xxi) Based upon the audit procedures performed and the information and
explanations given by the management, we report that no fraud on or,by
the company has been noticed or reported during the period.
Annexure- 1 - A
{Referred to in para ix (a) of Auditors Report under Companies
(Auditors Report) Order2003. Summery of undisputed statutory dues
which have not been deposited and payable for more than six months:-
Nature of dues Amount (Rs. In lacs)
Provident Fund Contribution 122.26
F.S.I.C Contribution 62.50
Commercial à Safes Tax/ Central Sales
Tax/Entry Tax 84,86
Professional Tax 12.36
Income tax Demand / FBT/ tax
Deduct at Source 192.51
Note(i): Demands on account of ex-parts assessment orders passed by
Commercial Tax Authorities ;of branches have not been acknowledged by
the company due to closer of its Branches and factory premises can not
he ascertained to the extent the same has not been communicated to the
management.
(ii) : Contingent liabilities on account of ex-parte assessment orders
which have been set-aside by the Revision Orders and object to
re-assessments of which the ex-parte orders demands have been as under
Year to which relates: Set aside Demand (Rs.in Lacks)
2003-04 115.19
2004-05 203.66
2005-06 267.81
For O.T.GANDHI & CO,
Chartered Accountants
Indore
Dated: 3rd Dec, 2010. CA SAMEEP GANDHI
PARTNER
Membership No.4ll107
Sep 30, 2009
1. We have audited the attached Balance Sheet of Gajra Bevel Gears
Limited, as at 30th September, 2009 and also the Profit & Loss Account
and the Cash Flow Statement for twelve months of the Company for the
year 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 misstatements. An audit
includes examining 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) order2003 as
amended by Companies (Auditors Report)(Amendment) Order2004, 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. The financial Statements are prepared on a going concern basis even
though the Company has substantial losses and has eroded its net worth
as explained in Note No.(x) of annexure to this report in respect of
which we are unable to express an opinion.
5. Further to our comments in the Annexure referred to in paragraph 3
above, and subject to our comments in paragraph 4 above, 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 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 appears from our examination of those
books.
c) The Balance Sheet, 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 and 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 Companies Act. 1956.
e) On the basis of written representations received from the Directors
which were taken on records by the Board of Directors, we report that,
as at 30th Sept.2009 none of the Directors of the company is
disqualified from being appointed as Director in terms of clause (g) of
Sub-section (1) of Section 274 of the Companies Act., 1956.
6. Attention is invited to the following:
a) As stated in Note No.1(viii) & (ix) of schedule 17, expenditure of
revenue nature incurred on research and development and technical know
how fees / expenses on exhibition of proto-type of products which are,
according to the Company, expected to be technically / commercially
viable, is written off over a period of five years. This is a generally
accepted accounting method and necessarily involves
technical/commercial estimates by the management pertaining to future
periods, on which we have relied upon.
b) Note No. 3(a) & (b) of Schedule 17 regarding non-disclosure of the
information relating to the Small Scale Industrial Undertaking.
c) As stated in Note No. 17,18 and 20 of Schedule 17 current year
losses along with accumulated losses has eroded entire net worth of the
Company and has made the company financially sick. Based on the Audited
Balance Sheet as on 30.09.2008 a reference u/s.15(1) of SIC(SP) Act.
1985 has been filed by company with the BIFR and the same has been
registered as case No. 27/2009 on 13.07.2009. As informed by the
management, there is no manufacturing /business activity in the company
after 31.10.06
d) As stated in Note No.16 of Schedule 17, sundry debtors include old
outstanding aggregating Rs.4824150/- in respect of which no provision
has been made in the accounts for the reasons stated therein. The
Company is of the opinion that the amounts are fully recoverable.
Subject to the forgoing, in our opinion and to the best of information
and according to the explanations given to us, the said accounts read
with the Significant Accounting Policies and Notes on 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 Balance Sheet, of the state of affairs of the
Company as at 30th September, 2009 and
(ii) In the case of the Profit and Loss Account, of the loss of the
Company for the year ended on that date.
(iii) In the case of the Cash Flow Statement of the cash
Flow of the company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 (I) OF THEAUDITORS REPORT TO THE
MEMBERS OF GAJRA BEVEL GEARS LIMITED ON THE ACCOUNTS FOR THE PERIOD
ENDED 30TH SEPTEMBER2009.
(i) (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, having regard to the size of the company
and nature of its assets, the frequency of verification of fixed assets
of the company is reasonable.
(c) Since there is no disposal of substantial part of fixed assets
during the period, paragraph 4(i) of the Companies (Auditors Report)
Order, 2003 (hereinafter referred to as the Order) is not applicable.
(ii) (a) The inventories in respect of the stocks held have been
physically verified by the manage- ment during the period at reasonable
intervals.
(b) In our opinion and according to the information and explanations
given to us the procedure of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the company is maintaining proper records of
inventory. According to the information and explanation given to us, no
material discrepancies were noticed on physical verification between
the physical stock and the book records.
(iii) A. Accordingly to the information and explanations given to us,
the company has not granted any loans, secured or unsecured to
companies , firms or other parties listed in the register maintained
under section 301 of the Companies Act.1956. Accordingly, clause (iii)
(b), (c) and (d) are not applicable.
B. Accordingly 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 Accordingly clause (iii) (f) and (g) are
not applicable.
(iv) 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 for the
purchase of inventory and fixed assets and for the sale of goods.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal controls. However, there
has not been any purchase of inventory and fixed assets and sale of
goods during the year.
(v) (a) According the information and explanations given to us, we are
of the opinion that the transactions that need to be entered into the
register maintained under section 301 o the Companies Act. 1956 have
been so entered.
(b) In our opinion and according the information and explanations give
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 Lacs during the year
for each party have been made at prices which are reasonable having
regard to 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 any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act.1956
and the rules framed there under.
(vii) In our opinion the company has an internal audit à system
commensurate with size and the nature of the business.
(viii) 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 209(1) (d) of the Act. We are
of the opinion that prima facie the prescribed accounts and records are
not required to be maintained and accordingly have not- made a detailed
examination of the records maintained.
(ix) (a) According to the information and explanations given to us and
according to the records of the company, the company, in majority cases
is not regular in depositing with appropriate authorities undisputed
statutory dues including provident funds, employees state insurance,
income tax, tax deducted at source, tax collected at source,
professional tax, Commercial tax, custom duty, excise duty, property
tax, license fees, material statutory dues applicable to it. Status of
such dues is as per Annexure 1-A.
(b) As explained to us and according to the records of the company
besides the statutory dues referred above in clause (ix) (a) there are
some dues have not been deposited on account of dispute are given in
Annexure - 1-B.
(x) The net worth of the company has already been eroded during the
year ended on 30.09.2005 and there are further cash losses incurred by
the company during the year ended 30.09.2006, year ended 30.09.2007,
year ended 30.09.2008 and the year covered by our audit.
(xi) As per the records of the Company and based on our audit
procedures, during the year, the company has in most of the cases
defaulted in payment of dues to Financial Institutions. Such defaults
are of a period exceeding 180 days. Refer Note No. 19 of Schedule 17 in
respect of charge of interest for the year covered by our audit.
(xii) Since the company has not granted any loans or advances on the
basis of security by way of pledge of shares, debentures and other
security, paragraph 4 (xii) of the Order is not applicable.
(xiii) As the company is not a nidhi / mutual benefit fund / society,
paragraph 4 (xiii) of the Order is not applicable.
(xiv) Since the company is not dealing or trading in shares,
securities, debentures and other investments, paragraph 4(xiv) of the
Order is not applicable.
(xv) Since company has not given guarantees for loans taken by
employees from banks or financial institutions paragraph 4 (xv) of the
Order is not Applicable.
(xvi) In our opinion, the Term Loan have been applied for the purpose
for which they were raised.
(xvii)According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short term basis have been used for long term
investments. No long term funds have been used to finance short term
assets except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares during the
year to parties and companies covered in the register maintained under
section 301 of the Companies
Act. 1956.
(xix) Since the company has not issued any debenture during the year,
paragraph 4(xix) of the Order is not applicable.
(xx) Since the company has not raised any money during the year by way
of public issue, paragraph 4(xx) of the Order is not applicable.
(xxi) Based upon the audit procedures performed and the information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the period.
Annexure -1 - A
(Referred to in para ix (a) of Auditors Report under Companies
(Auditors Report) Order2003.
Summery of dues of Income Tax, Sales Tax, Excise Duty which have not
been deposited on account of undisputed amount payable more than six
months:-
Nature of dues Amount (Rs. In lacs)
Provident Fund Contribution 122.26
E.S.I.C. Contribution 62.50
Commercial / Sales Tax/ Central Sales Tax/Entry Tax 84.86
Professional Tax 12.36
Income Tax Demand / FBT/ Tax Deduct at Source 192.51
Annexure -1 - B
(Referred to in para ix (b) of Auditors Report under Companies
(Auditors Report) Order2003. Summery of Statutory Dues which have not
been deposited on account of disputes.
Name of Status Nature of dues Amount Period to Forum where
dispute is
which year pending
(Rs.in
Lacs) related
INCOME TAX
Income Tax Act. Income Tax 32.90 1990-91 Income Tax
Appellate
Tribunal Mumbai.
Income Tax Act Income Tax 9.57 1991-92 Income Tax
Appellate
Tribunal
Mumbai.
Income Tax Act Income Tax 13.85 1997-98 Commissioner
of Income Tax
(Appeal)
TOTAL 56.32
sales tax
M.P.Comm.Tax Act. Entry Tax II
Appeal 0.24 1985-86 M.P.Comm.Tax
Appellate
Board Bhopal
M.P.Comm.Tax Act. Entry Tax II
Appeal 1.15 1988-89 M.P.Comm.Tax
Appellate
Board Bhopal
M.P.Comm.Tax Act. Entry Tax II
Appeal 0.62 1990-9 M.P.Comm.Tax
Appellate
Board Bhopal
M.P.Comm.Tax Act. Central
Sales Tax
Entry Tax 4.36 1991-92 M.P.Comm.Tax
Appellate
Board Bhopal
M.P.Comm.Tax Act. Entry Tax &
CST 6.07 1994-95 Add.Commissioner
CommercialTax
Indore
M.P.Comm.Tax Act. State Sales
Tax C.S.T. 1.05 1996-97 Add.Commissioner
CommercialTax
Indore
M.P.Comm.Tax Act. State Sales T. 0.98 1997-98 Add.Commissioner
Entry Tax
,CST CommercialTax
Indore
M.P.Comm.Tax Act. St.Sales.Tax. 3.91 1993-94 Add.Commissioner
CommercialTax
Indore
M.P.Comm.Tax Act. State Sales
TaxC.ST.. 4.49 1998-99 Add.Commissioner
CommercialTax
Indore
M.P.Comm.Tax Act. State Sales
Tax 16.64 1999-00 Add.Commissioner
Cent.Sales
Tax CommercialTax
Indore
Entry Tax
M.P.Comm.Tax Act. State Sales
Tax 0.11 2000-01 Add.Commissioner
CommercialTax
Indore
M.P.Comm.Tax Act. State Sales
Tax 27.72 2001-02 Add.Commissioner
Cent.Sales
Tax CommercialTax
Indore
Entry Tax
M.P.Comm.Tax Act. State Sales
Tax 48.09 2002-03 Add.Commissioner
Cent.Sales
Tax CommercialTax
Indore
Entry Tax
M.P.Comm.Tax Act. State Sales
Tax 267.81 2005-06 Add.Commissioner
Cent.Sales
Tax Commercial Tax
Indore.
Entry Tax
M.P.Comm.Tax Act. State Sales
Tax 205.35 2006-07 Ex-parte case
revision / appeal
Cent.Sales
Tax pending before
Entry Tax Addl.Commercial
Tax, Indore.
TOTAL 588.59
GRANDTOTAL 644.91
Note: Demands on account of ex-parte assessment orders passed by
Commercial Tax Authorities of branches have not been acknowledged by
the company due to closer of its Branches and factory premises can not
be ascertained to the extent the same has not been communicated to the
management.
For O.T.GANDHI &.CO.
Chartered Accountants
Indore
Dated: 2nd Dec.2009
CA SAMEEP GANDHI
PARTNER
Membership No.411107
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
More Information on Gajra Bevel Gears Ltd.
-
Gajra Bevel Gears Ltd. Tools
- Bulk Deals
-
Gajra Bevel Gears Ltd. Company Details
- Company Profile
- Company History
- Management Team
- Capital Structure
- Banker/Auditor/Registrar
-
Company History
- Rights
- BSE Price History
-
Gajra Bevel Gears Ltd. Key Financial Ratios
- Ratios
-
Gajra Bevel Gears Ltd. Results
- Quarterly Results
- Half Yearly Results
- Nine Months Results
- Annual Results
-
Gajra Bevel Gears Ltd. Financial Data
- Audited Results
- Cash Flow
- Balance Sheet
-
Gajra Bevel Gears Ltd. Reports
- Accounting Policies
- Auditors Report
- Directors Report
- Notes To Account
-
Gajra Bevel Gears Ltd. Corporate Announcements
- Book Closure
- Board Meetings
