Greaves Cotton
BSE: 501455 | NSE: GREAVESCOT | ISIN: INE224A01018 | Engines
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
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| Auditor's Report | Year End : Jun '09 |
We have audited the attached balance sheet of Greaves Cotton Limited, as at 30 June 2009 and the annexed profit and loss account and the cash flow statement for the year ended on that date, in which are incorporated the audited accounts of the U.K. Branch audited by another auditor. 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. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In accordance with the provisions of section 227 of the Companies Act, 1956, we report that: (1) As required by the Companies (Auditors Report) Order, 2003, issued by the central government of India under sub- section (4A) of section 227 of the Companies Act, 1956, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. (2) Further to our comments in the Annexure referred to 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 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 and proper returns adequate for the purposes of our audit have been received from branches not visited by us; (c) the balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the balance sheet, 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) the report on the accounts of the branch, audited by another auditor has been produced to us and the same has been considered in preparing our report; and (f) on the basis of the written representations received from directors as on 30 June 2009, and taken on record by the board of directors, we report that none of the directors is disqualified as on 30 June 2009, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with significant accounting policies in schedule O and notes on accounts in schedule P, 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: 1) in the case of the balance sheet, of the state of affairs of the Company as at 30 June 2009; 2) in the case of the profit and loss account, of the profit for the year ended on that date; and 3) in the case of the cash flow statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to paragraph (1) of our report of even date) 1 (a) The Company is maintaining proper records to show full particulars including quantitative details and situation of all fixed assets. (b) As explained to us, the fixed assets have been physically verified by management in accordance with a phased programme of verification which in our opinion is reasonable considering the size and the nature of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification. (c) The Company has not disposed off any substantial part of its fixed assets so as to affect its going concern status. 2 (a) As explained to us, inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable. (b) As per the information given to us, the procedures of physical verification of inventory followed by the management are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records, which were not material, have been properly dealt with in the books of account. 3 (a) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraphs 4(iii) (b), (c) and (d) of the Order are not applicable. (b) According to the information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraphs 4(iii) (0 and (g) of the Order are not applicable. 4 In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for purchase of inventory, 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 systems. 5 (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered in the register maintained under 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, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6 The Company has accepted deposits from the public and in our opinion and according to the information and explanations given to us, the directives issued by the Reserve Bank of India and the provisions of section 58A, 58AA and other relevant provisions of the Companies Act, 1956 and the rules framed thereunder, where applicable have been complied with. We have been informed by the Company that no order has been passed by the Company Law Board or National Company Law Tribunal or the Reserve Bank of India or any court or any other tribunal. 7 In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 8 In our opinion and according to the information and explanations given to us, the Company is maintaining accounts and records as prescribed by the central government under section 209(1 )(d) of the Companies Act, 1956 in respect of diesel engines, power driven pumps and internal combustion engines and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained though the contents of these accounts have not been examined by us. 9 (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues as applicable to it. According to the information and explanations given to us, there were no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other statutory dues outstanding as at 30 June 2009 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of sales tax, excise duty and income tax as at 30 June 2009 which have not been deposited on account of a dispute pending, are as under: Sr. Name of the Nature of Amount Period to which the No. statute disputed dues |
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| Source : Religare Technova | |
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