Mar 31, 2015
We have audited the accompanying financial statements of Gujarat Carbon
and Industries Limited, which comprise of the Balance Sheet as at 31st
March, 2015, and the Profit and Loss Account and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management 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 the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Board of Directors,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Basis for qualified opinion
1. We invite your attention to Note No.14 a. of notes forming part of
financial statements regarding the accounts being prepared on a going
concern basis. However, there is no alternative proposal to promote any
other activity.
2. Accounting Standard 9 Â "Revenue Recognition", the details and
effect of which have been disclosed in paragraph 7 below. Further the
disclosure requirements of AS 22 'Accounting for Taxes on Income' have
not been followed regarding composition and accounting of deferred tax
assets/ liabilities as on Balance Sheet date.
3. Note No. 14 d. regarding non provision of interest on certain
inter-corporate deposits, the impact of which is not determined.
Opinion
Subject to above basis of qualification paragraph, in our opinion and
to the best of our information and according to the explanations given
to us, the aforesaid financial statements give the information required
by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India,
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date.;
(c) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government 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 the paragraphs 3 and 4 of the
Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Income & Expenditure, and the
Cash Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
executive committee members as on 31st March, 2015 taken on record by
the management, none of the Board members is disqualified as on 31st
March, 2015 from being appointed as a member of the Board in terms of
Section 164 (2) of the Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to Auditors' Report
(Referred to in paragraph under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets were physically verified at the yearend by the
management. The discrepancies noticed on such verification, which were
not significant, have been properly dealt with in the books of account.
(ii) The Company does not have any inventories during the year.
(iii) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act.
(iv) In our opinion and according to the information and explanations
given to us there are adequate internal control systems commensurate
with the size of the Company and the nature of its activities for
purchase of inventory and fixed assets and for sale of goods and
services. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) The Company has not accepted deposits from the public.
(vi) The maintenance of cost records has not been prescribed by the
Central Government under sub-section (1) of section 148 of the
Companies Act.
(vii) (a) The Company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, employees' state insurance, income tax, sales tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax, cess and
other material statutory dues applicable to it. There were no arrears
as at 31st March, 2015 for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us there are
no dues of sales tax or wealth tax or service tax or duty of customs or
duty of excise or value added tax or cess which have not been deposited
as on 31st March, 2015 on account of any dispute. Details of dues of
Income tax which have not been deposited as on 31st March, 2015 are as
under:
Name of the Nature of Amount under Period to
the dispute is
Statute dues dispute which it
(Rs. In lacs) relates
Income tax
Act, 1961 Income tax 19.79 A.Y. 2002-2003
Income tax
Act, 1961 Income tax 24.98 A.Y. 2003-2004
Name of the Forum where
Statute pending
Income tax
Act, 1961 Reverted to AO by ITI for review
Income tax
Act, 1961 High Court of Gujarat
There are no amounts that are required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 2013 and rules made there under.
(viii) In our opinion, the accumulated losses of the Company are more
than fifty percent of its net worth. The Company has incurred cash
losses during the current financial year covered by our report and also
in the immediately preceding financial year.
(ix) On the basis of records examined by us and the information and
explanations given to us, the Company has not borrowed any funds during
the year from financial institution or bank.
(x) According to the information and explanations given to us the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xi) The Company has not obtained any term loans during the year.
(xii) According to the information and explanations given to us no
fraud on or by the Company has been noticed or reported during the
course of audit.
For Ramanlal G Shah & Co.
Chartered Accountants
Firm Registration No 108517W
(Vivek S. Shah)
Place: Ahmadabad Partner
Date: 23rd May, 2015 Membership No. 112269
Mar 31, 2014
We have audited the accompanying financial statements of Gujarat Carbon
and Industries Limited, which comprise the Balance Sheet as at 31st
March, 2014, and the Profit and Loss Account and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act"). 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 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 of
material misstatement.
An audit involves performing procedure 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 the 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 the management,
as well as evaluating the overall presentation of the financial
statements.
Basis for qualified opinion
1. We invite your attention to Note No. 14 a. of notes forming part of
financial statements regarding the accounts being prepared on a going
concern basis. However, there is no alternative proposal to promote any
other activity.
2. Accounting Standard 9 - "Revenue Recognition", the details and
effect of which have been disclosed in paragraph 7 below. Further the
disclosure requirements of AS 22 ''Accounting for Taxes on Income''
have not been followed regarding composition and accounting of deferred
tax assets/ liabilities as on Balance Sheet date.
3. Note No. 14 d. regarding non provision of interest on certain
inter-corporate deposits, the impact of which is not determined.
Opinion
Subject to above basis of qualification paragraph, in our opinion and
to the best of our information and according to the explanations given
to us, the said accounts give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Profit and Loss Account, of the profit for the
year for the year ended on that date.;
(c) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
2. As required by section 227 (3) of the Act, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet and Statement of Profit and Loss
and Cash Flow Statement comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Act;
e. On the basis of written representations received from the directors,
as on 31st March, 2014 and taken on record by the Board of Directors,
none of the director is disqualified as on 31st March, 2014 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
Annexure to Auditors'' Report
(Referred to in paragraph 1 under the heading of "Report on Other
Legal and Regulatory Requirements" of our report of even date)
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of subsection 4(A) of section
227 of the Companies Act, 1956 and on the basis of such checks of the
books of accounts and records as we considered appropriate and the
information and explanations given to us during the course of audit, we
further state that:
(i) The nature of Company''s business / activities during the year have
been such that clauses (xiii) and (xiv) of paragraph 4 of the Companies
(Auditor''s report) Order, 2003 are not applicable to the company.
(ii) (a) The Company has maintained proper records to show full
particulars, including quantitative details and situation of fixed
assets, which requires to be updated.
(b) The Company has a program of physical verification of its fixed
assets over a period of three years, which in our opinion, is
reasonable having regard to the size of the Company and the nature of
its business. In accordance with this programme, certain fixed assets
are physically verified by the management during the year and according
to the information and explanations given to us, no material
discrepancies have been noticed on such verification.
(iii) The Company does not have any inventories during the year.
(iv) (a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
(b) According to information and explanations given to us the company
has not taken any loans, secured or unsecured from companies, firms, of
other parties covered in the register maintained under section 301 of
the Act during the year.
(c) As the ICD is payable on demand, payment schedule has not been
fixed. The company has provided interest up to 31.03.2002 amounting to
Rs. 920.57 lacs which is pending for payment. No provision has been
made for interest payable on such Inter Corporate Deposits since
31.03.2002, the amount of which is not determined.
(v) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control
system.
(vi) (a) In our opinion and according to the information and
explanations given to us, there are no transactions that
need to be entered into the register maintained under section 301 of
the Companies Act, 1956
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of such
contracts or arrangements, and exceeding Rs. 5,00,000/- in respect of
any party during the year.
(vii) The company has not accepted deposits from the public.
(viii) The company had no internal audit system during the year.
(ix) Since there are no operations during the year, the Company has not
maintained the books of account prescribed under the Rules made by the
Central Government for the maintenance of cost records under section
209 (1) (d) of the Companies Act, 1956.
(x) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education Protection Fund, Income Tax, Sales Tax, Custom
Duty, Excise duty, Cess and other material Statutory dues appli
-cable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, Investor
Education Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess were in arrears as at 31st March,
2014 for a period of more than six months from the date they became
payable:
(c) According to the information and explanations given to us, there
are no dues of Customs Duty, Wealth Tax, Service Tax, and Cess, which
has not been deposited on account of any dispute except as stated
hereunder:
Name of the Nature of Amount under Period to Forum where the
Statute dues dispute which it dispute is pending
(Rs. In lacs) relates
Income tax Act, Income 19.79 A.Y. Reverted to AO by
1961 tax 2002-2003 ITAT for review
Income tax Act, Income 24.98 A.Y. ITAT
1961 tax 2003-2004
penalty
(xi) In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The Company has incurred cash
losses during the financial year and also incurred cash loss during the
year immediately preceding financial year.
(xii) In our opinion and according to the information and explanations
given to us, company has not defaulted in repayment of its dues to a
financial institution during the year.
(xiii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities
(xiv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xv) The Company has not obtained any term loan during the year.
(xvi) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that fund raised on short-term basis including other short-term loans
from companies have not been used for long term investment.
(xvii) During the year the company has not made preferential allotment.
(xviii) During the period covered by our audit report, the company has
not issued debentures.
(xix) The company has not raised monies through a public issue during
the year.
(xx) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of audit.
For Ramanlal G Shah & Co.
Chartered Accountants
Firm Registration No 108517W
(Vivek S. Shah)
Place : Ahmedabad Partner
Date : 29th May, 2014 Membership No. 112269.
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Gujarat Carbon
and Industries Limited, which comprise the Balance Sheet as at 31st
March, 2013, and the Profit and Loss Account and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act"). 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 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 of
material misstatement.
An audit involves performing procedure 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 the 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 the management, as well as evaluating the overall presentation of
the financial statements. Basis for qualified opinion
1. We invite your attention to Note No.15 a. of notes forming part of
financial statements regarding the accounts being prepared on a going
concern basis. However, there is no alternative proposal to promote any
other activity.
2. Accounting Standard 9 - "Revenue Recognition", the details and
effect of which have been disclosed in paragraph 7 below. Further the
disclosure requirements of AS 22 ''Accounting for Taxes on Income''
have not been followed regarding composition and accounting of deferred
tax assets/ liabilities as on Balance Sheet date.
3. Note No. 15 d. regarding non provision of interest on certain
inter-corporate deposits, the impact of which is not determined.
Opinion
Subject to above basis of qualification paragraph, in our opinion and
to the best of our information and according to the explanations given
to us, they said accounts give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31" March, 2013;
(b) in the case of the Profit and Loss Account, of the profit for the
year for the year ended on that date.;
(c) in the case of the Cash Flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
issued by the Central Government of India in terms of sub-section (4A)
of section 227 of the Act, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
2. As required by section 227 (3) of the Act, we report that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet and Statement of Profit and Loss
and Cash Flow Statement comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Act;
e. On the basis of written representations received from the
directors, as on 31st March, 2013 and taken on record by the Board of
Directors, none of the director is disqualified as on 31s1 March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Annexure to Auditors'' Report (Referred to in paragraph 1 under the
heading of "Report on Other Legal and Regulatory Requirements" of
our report of even date)
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of subsection 4(A) of section
227 of the Companies Act, 1956 and on the basis of such checks of the
books of accounts and records as we considered appropriate and the
information and explanations given to us during the course of audit, we
further state that;
(i) The nature of Company''s business / activities during the year
have been such that clauses (xiii) and (xiv) of paragraph 4 of the
Companies (Auditor''s report) Order, 2003 are not applicable to the
company.
(ii) (a) The Company has maintained proper records to show full
particulars, including quantitative details and situation of fixed
assets, which requires to be updated.
(b) The Company has a program of physical verification of its fixed
assets over a period of three years, which in our opinion, is
reasonable having regard to the size of the Company and the nature of
its business. In accordance with this programme, certain fixed assets
are physically verified by the management during the year and according
to the information and explanations given to us, no material
discrepancies have been noticed on such verification.
(iii) The Company does not have any inventories during the year.
(iv) (a) According to the information and explanations given to us, the
Company has not granted any loans,
secured or unsecured, to companies, firms or other parties covered in
the register maintained under section 301 of the Companies Act, 1956
during the year.
(b) as stated in paragraph (iv) (a), the company has not granted such
loans during the year.
(c) According to information and explanations given to us the company
has not taken any loans, secured or unsecured from companies, firms, of
other parties covered in the register maintained under section 301 of
the Act during the year.
(d) As the ICD is payable on demand, payment schedule has not been
fixed. The company has provided interest up to 31.03.2002 amounting to
Rs. 920.57 lacs which is pending for payment. No provision has been
made for interest payable on such Inter Corporate Deposits since
31.03.2002, the amount of which is not determined.
(v) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control
system.
(vi) (a) In our opinion and according to the information and
explanations given to us, there are no transactions that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of such
contracts or arrangements, and exceeding Rs. 5,00,000/- in respect of
any party during the year.
(vii) The company has not accepted deposits from the public.
(viii) The company has no internal audit system during the year.
(ix) Since there are no operations during the year, the Company has not
maintained the books of account prescribed under the Rules made by the
Central Government for the maintenance of cost records under section
209 (1) (d) of the Companies Act, 1956.
(x) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including
Provident Fund, Investor Education Protection Fund, Income Tax, Sales
Tax, Custom Duty, Excise duty, Cess and other material Statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, Investor
Education Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess were in arrears as at 31st March,
2013 for a period of more than six months from the date they became
payable:
(c) According to the information and explanations given to us, there
are no dues of Customs Duty, Wealth Tax, Service Tax, and Cess, which
has not been deposited on account of any dispute except as stated
hereunder:_
Name of
the Statute Nature of Amount under Period to Forum where the
dues dispute which it dispute is
pending
(Rs. In lacs) relates
Income tax
Act, 1961 Income tax 19.79 A.Y.
2002-2003 Reverted to AO by
ITAT for review
Income tax
Act, 1961 Income tax 24.98 A.Y.
2003-2004 Commissioner
(Appeals)
(xi) In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The Company has incurred cash
losses during the financial year and also incurred cash loss during the
year immediately preceding financial year.
(xii) In our opinion and according to the information and explanations
given to us, company has not defaulted in repayment of its dues to a
financial institution during the year.
(xiii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities
(xiv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xv) The Company has not obtained any term loan during the year.
(xvi) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that fund raised on short-term basis including other short-term loans
from companies have not been used for long term investment.
(xvii) During the year the company has not made preferential allotment.
(xviii) During the period covered by our audit report, the company has
not issued debentures.
(xix) The company has not raised monies through a public issue during
the year.
(xx) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of audit.
For Ramanlal G Shah & Co.
Chartered Accountants
Firm Registration No 108517W
(Vivek S. Shah)
Place : Ahmedabad Partner
Date : 24th May, 2013 Membership No. 112269.
Mar 31, 2010
We have audited the attached Balance sheet of Gujarat Carbon and
industries Limited as at 31st March 2010 and also the Profit and Loss
Account and the Cash Flow Statement 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provided a reasonable basis for
our opinion.
1. We invite your attention to Note No.1 of schedule 13B regarding the
accounts being prepared on a going concern basis. However, there is no
alternative proposal to promote any other activity.
2. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
3. 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;
4. The Balance sheet and the Profit and Loss Account dealt with by
this report are in agreement with the books of account;
5. In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956 except
Accounting Standard 9 - "Revenue Recognition", the details and effect
of which have been disclosed paragraph 7 below. Further reference is
invited to Note 18 of Schedule 13B regarding treatment of deferreo tax
assets, wherein the disclosure requirements of AS 22 Accounting for
Taxes on Income have not been followed regarding composition of
deferred tax assets/ liabilities as on balance sheet date.
6. On the basis of the written representations received from directors
of the Company and taken on record by the Board of Directors, we report
that none of the directors is disqualified as on 31st March, 2010 from
being appointed as a director of the company in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act 1956)
7. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to what is
stated in paragraph 1 above, and:
Note No. 5 of Schedule 13 B: regarding non provision of interest of Rs.
87.51 lacs payable on Inter Corporate Deposits. Had the above provision
been considered, loss for the year would have been Rs. 112.24 lacs (as
against reported loss figure of Rs. 27.73 lacs), accumulated losses
would have been Rs. 1307.47 lacs (as against reported figure of Rs.
1219.96 lacs) and read with other notes thereon, given 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 principle
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of alfairs of the
Company as at 31st March, 2010.
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(c) in case of Cash Flow Statement, of the cash flows for the year
ended on that date.
8. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of subsection 4(A) of
section 227 of the Companies Act, 1956 and on the basis of such checks
of the books of accounts and records as we considered appropriate and
the information and explanations given to us during the course of
audit, we further state that:
(i) The nature of Companys business / activities during the year have
been such that clauses (xiii) and (xiv) of paragraph 4 of the Companies
(Auditors report) Order, 2003 are not applicable to the company.
(ii) (a) The Company has maintained proper records to show full
particulars, including quantitative details and situation of fixed
assets, which requires to be updated.
(b) The Company has a program of physical verification of its fixed
assets over a period of three years, which in our opinion, is
reasonable having regard to the size of the Company and the nature of
its business. In accordance with this programme, certain fixed assets
have been physically verified by the management during the year and
according to the information and explanations given to us, no material
discrepancies have been noticed on such verification.
(iii) The Company does not have any inventories during the year.
(iv) (a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
(b) (c) & (d) as stated in paragraph (iv) (a), the company has not
granted such loans during the year.
(e) (f) According to information and explanations given to us the
company has not taken any loans, secured or unsecured from companies,
firms, of other parties covered in the register maintained under
section 301 of the Act during the year.
(g) As the ICD is payable on demand, payment schedule has not been
fixed. The company has provided interest up to 31.03.2002 amounting to
Rs. 920.57 lacs which is pending for payment. No provision is made for
interest payable on such Inter Corporate Deposits amounting to Rs.87.51
lacs,
{v) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit. we have not observed any
continuing failure to correct major weakness in internal control
system.
(vi) (a) In our opinion and according to the information and
explanations given to us, there are no transactions that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in- pursuance of such
contracts or arrangements, and exceeding Rs. 5,00,000/- in respect of
any party during the year.
(vii) The company has not accepted deposits from the public.
(viii) The company has no internal audit system during the year.
(ix) Since there are no operations during the year, the Company has not
maintained the books of account prescribed under the Rules made by the
Central Government for the maintenance of cost records under section
209 (1) (d) of the Companies Act, 1956.
(x) (a) The Company is generally regular except stated hereunder in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund, Income
Tax, Sales Tax, Custom Duty, Excise duty, Cess and other material
Statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, Investor
Education Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess were in arrears as at 31st March,
2010 for a period of more than six months from the date they became
payable:
(c) According to the information and explanations given to us, there
are no dues of Customs Duty, Wealth Tax, Service Tax, and Cess, which
has not been deposited on account of any dispute except as stated
hereunder:
Name of the statute Nature of Amount Period to Forum where
dues Under which the Dispute
dispute it relates is pending
(Rs Lacs)
Income tax Act, 1961 Income tax 6.79 A.Y. 2002-
2003 Commissioner
(Appeals)
Gujarat Sales Tax Act Sales tax 7.02 2000-2001 Commissioner
(Sales tax)
(xi) In our opinion, the accumulated losses of the company are more
than fifty percent of its net worth. The Company has incurred cash
losses during the financial year and also incurred cash loss during the
immediately preceding financial year.
(xii) In our opinion and according to the information and explanations
given to us, company has not defaulted in repayment of its dues to a
financial institution during the year.
(xiii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities
(xiv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xv) The Company has not obtained any term loan during the year.
(xvl) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that fund raised on short-term basis including other short-term loans
from companies have not been used for long term investment.
(xvii) During the year the company has not made preferential allotment.
(xviii) During the period covered by our audit report, the company has
not issued debentures.
(xix) The company has not raised monies through a public issue during
the year.
(xx) According to the information and explanations given to us. no
fraud on or by the Company has been noticed or reported during the
course of audit.
For Ramanlal G Shah & Co.
Chartered Accountants
(Vivek S. Shah)
Partner
Membership No. 112269
Registration Number 108517W
Place: Ahmedabad
Date: August 28, 2010
Mar 31, 2009
We have audited the attached Balance sheet of Gujarat Carbon and
Industries Limited as at 31* March 2009 and also the Profit and Loss
Account and the Cash Flow Statement 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.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on tesT basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provided a reasonable basis for
our opinion, ~
1. We invite your attention to Note No.1 of schedule 13 regarding the
accounts being prepared on a going concern basis. However, there is no
alternative proposal to promote any other activity.
2. We have obtained ail the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
3. 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;
4. The Balance sheet and the Profit and Loss Account dealt with by
this report are in agreement with the books of account;
5. In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this report comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956,
except Accounting Standard 9 - "Revenue Recognition", the details and
effect of which have been disclosed in paragraph 7 below. Further
reference is invited to Note 18 of Schedule 13 regarding treatment of
deferred tax assets, wherein the disclosure requirements of AS 22
Accounting for Taxes on Income have not been followed regarding
position of deferred tax assets/ liabilities as on balance sheet date.
6. On the basis of the written representations received from directors
of the Company and taken on record by the Board of Directors, we report
that none of the directors is disqualified as on 31st March, 2009 from
being appointed as a director of the company in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
7. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to what is
stated in paragraph 1 above, and:
Note No. 5 of Schedule 13: regarding non provision of interest of Rs.
90.89 lacs payable on Inter Corporate Deposits. Had the above provision
been considered, loss for the year would have been Rs. 1092.32 lacs (as
against reported loss figure of Rs. 1001.43 lacs), accumulated losses
would have been Rs. 1286.07 lacs (as against reported figure of Rs.
1195.18 lacs)
and read with other notes there on, given 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 principle generally
accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009.
(b) in the case of the Profit and Loss Account of the loss for the
year ended on that date; and
(c) in case of Cash Flow Statement, of the cash flows for the year
ended on that date.
8. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of subsection 4(A) of
section 227 of the Companies Act, 1956 and on the basis of such checks
of the books of accounts and records as we considered appropriate and
the information and explanations given to us during the course of
audit, we further state that:
i) The nature of Companys business / activities during the year have
been such that clauses (xiii) and (xiv) of _paragraph 4 of the
Companies (Auditors report) Order, 2003 are not applicable to the
company
it) (a) The Company has maintained proper records to show full
particulars, including quantitative details and situation of fixed
assets, which requires to be updated
(b) The Company has a program of physical verification of its fixed
assets over a period of three years, which in our opinion, is
reasonable having regard to the size of the Company and the nature of
its business. In accordance with this programme, certain fixed assets
have been physically verified by the management during the year and
according to the information and explanations given to us, no material
discrepancies have been noticed on such verification.
(c) The company has sold its entire plant & machinery and related
electrical installations abroad during the year.
iii)_(a) As explained to us, the inventories have not been physically
verified during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories.
iv) (a) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
(b) According to information and explanations given to us the company
has not taken any loans, secured or unsecured from companies,firms, of
other parties covered in the register maintained under section 301 of
the Act during the year.
(c) As the ICD is payable on demand, payment schedule has not been
fixed. The company has provided interest up to 31.03.2002 amounting to
Rs. 1013.87 lacs which is pending for payment. No provision is made for
interest payable on such Inter Corporate Deposits amounting to Rs.90.89
lacs.
v) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control
system. v
vi) (a) In our opinion and according to the information and
explanations given to us, there are no transactions that need to be
entered into the register maintained under section 301 of the Companies
Act, 1956
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of such
contracts or arrangements, and exceeding Rs. 5,00,000/- lacs in respect
of any party during the year.
vii) The company has not accepted deposits from the public.
viii) The company has no internal audit system during the year.
ix) Since there are no operations during the year, the Company has not
maintained the books of account prescribed under the Rules made by the
Central Government for the maintenance of cost records under section
209 (1) (d) of the Companies Act, 1956.
x) (a) The Company is generally regular except stated here under in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund, Income
Tax, Sales Tax, Custom Duty, Excise duty, Cess and other material
Statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, Investor
Education Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess were in arrears as at 31st March,
2009 for a period of more than six months from the date they became
payable.
(c) According to the information and explanations given to us, there
are no dues of Customs Duty, Wealth Tax, Service Tax, and Cess, which
has not been deposited on account of any dispute except as stated
hereunder:
Name of the Nature of Amount Under Period to which Forum where the
statuteIt dues Dispute (Rs
Lacs) relates dispute is pending
Income Tax
Act, 1961 Income Tax 6.79 AY 2002-03 CIT (Appeals)
Central Excise
Act, 1944 Excise 1.50 2003-04 Commissioner
(Appeals)
Gujarat Sales
Tax Act Sales Tax 7.02 2000-01 Commissioner
(Sales Tax)
xi) In our opinjon, the accumulated losses of the company are more than
fifty percent of its net worth. The Company has incurred cash losses
during the financial year and also incurred cash loss during the year
immediately preceding financial year.
xii) In our opinion and according to the information and explanations
given to us, company has not defaulted in repayment of its dues to a
financial institution during the year.
xiii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities
xiv) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
xv) The Company has not obtained any term loan during the year.
xvi) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that fund raised on short-term basis including other short-term loans
from companies have not been used for long term investment.
xvii) During the year the company has not made preferential allotment.
xviii) During the period covered by our audit report, the company has
not issued debentures.
xix) The company has not raised monies through a public issue during
the year.
xx) According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
audit.
For Ramanlal G Shah & Co..
Chartered Accountants
(Vivek S. Shah)
Partner
Membership No. 112269
Place: Ahmedabad
Date: September 19, 2009
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