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Ganesha Ecosphere Ltd.

BSE: 514167 | NSE: GANECOS |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE845D01014 | SECTOR: Textiles - Processing

BSE Live

Jun 18, 16:00
531.00 -6.45 (-1.20%)
Volume
AVERAGE VOLUME
5-Day
1,788
10-Day
2,081
30-Day
2,584
2,335
  • Prev. Close

    537.45

  • Open Price

    542.70

  • Bid Price (Qty.)

    534.00 (1)

  • Offer Price (Qty.)

    544.85 (11)

NSE Live

Jun 18, 15:56
534.35 -3.90 (-0.72%)
Volume
AVERAGE VOLUME
5-Day
16,398
10-Day
25,585
30-Day
29,907
16,654
  • Prev. Close

    538.25

  • Open Price

    547.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    534.35 (11)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of GANESH POLYTEX LIMITED as at 31st March, 2011 and the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement 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. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 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 Companies Act, 1956, we enclose in the Annexure hereto 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 in paragraph 1 above, we report that:- (a) We have obtained all the information & 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, Profit & 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 (3 C) of section 211 of the Companies Act , 1956, to the extent applicable; (e) On the basis of written representations received from the Directors of the Company, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 from being appointed as a Director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956; (f) In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read together with notes thereon, give the information required by the Companies Act, 1956, in the manner so required; (g) We draw reference to Note No. 18 of Schedule 18 relating to change in method of provision for depreciation on Furniture/ Fixtures and Office Equipments at Kanpur unit to Written Down Value Method as against hitherto followed Straight Line Method and its effect on the Profit for the year understated by Rs 2868009/- and net block of fixed assets lower by ,2868009/-. (h) Subject to what is stated in paragraph (g) above and notes appearing in Schedule of Notes 18, the said accounts 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 31st March, 2011 ; (ii) in the case of the Profit & Loss Account, of the Profit for the Year ended on that date ; and (iii) in the case of the Cash Flow Statement, of the Cash flows of the Company for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF k GANESH POLYTEX LIMITED ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED 31st MARCH, 2011. (1) (i) The Company has maintained proper records showing full particulars including quantitative details & situation of fixed assets. (ii) As explained to us, the fixed assets have been physically verified by the management during the year under regular program of verification, which in our opinion, is reasonable having regard to the size of the Company & nature of its assets. As informed to us, no material discrepancies were noticed on such verification. (iii) There was no substantial disposal of fixed assets during the year. (2) (i) As explained to us, inventory has been physically verified by the management at reasonable intervals during the year. (ii) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. (iii) On the basis of our examination of inventory records, we are of the opinion that the Company is maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. (3) (i) 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. Accordingly, paragraphs 4 (iii) (a), (b), (c) and (d) of the Order, are not applicable to the Company. (ii) According to the information and explanations given to us, the Company has taken Unsecured loans and fixed deposits from two Companies, four directors and ten other parties covered in the register maintained under section 301 of the Companies Act, 1956. During the year Rs 484.35 lakhs were taken as loan and the maximum amount involved during the year was Rs 468.86 lakhs and the balance outstanding as on 31st March, 2011 is Rs 245.72 Lakhs. (iii) In our opinion and according to the information and explanations given to us, the rate of interest & other terms and conditions of such loans taken by the company are not prima facie prejudicial to the interest of the Company. (iv) In respect of unsecured loans taken by the Company, principal amount including interest is repayable on demand and there are no stipulations as to the payment of principal amount & interest thereon. In respect of fixed deposits taken by the Company, payment of principal amount & interest are regular. (4) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. We have not observed any major weakness in the internal control systems during the course of the audit. (5) (i) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered in to the register maintained under section 301 have been so entered. (ii) 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 prevailing market prices at the relevant time. (6) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or any Court or any other Tribunal. (7) In our opinion, the Company has an internal audit system commensurate with the size & nature of its business. (8) The Central Government has prescribed maintenance of Cost Records under section 209(1) (d) of the Companies Act, 1956 in respect of certain manufacturing activities of the Company. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made & maintained. We have not, however made a detailed examination of the same. (9) (i) According to the information & explanations given to us and the records of the Company examined by us, in our opinion, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues have been regularly deposited with the appropriate authorities though there have been a slight delay in a few cases. (ii) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income tax, wealth tax, service tax, sales tax, value added tax, custom duty, excise duty, cess and other undisputed statutory dues were outstanding, as at 31st March, 2011 for a period of more than six months from the date they became payable. (iii) According to the records of the Company and as per the information and explanations given to us, the disputed statutory dues as at 31st March, 2011 that have not been deposited on account of matters pending before appropriate authorities are as under: Name of the Statute Nature of Amount Forum where dispute is the Dues (Rs in pending Lakhs) U. P. Trade Tax Act, 1948 Entry Tax 2.34* Appeal Joint Commissioner, Kanpur. U. P. Trade Tax Act, 1948 Entry Tax 11.99* Appeal Joint Commissioner, Kanpur. U. P. Trade Tax Act, 1948 Entry Tax 9.15* Appeal Joint Commissioner, Kanpur. Customs Act, 1962 Custom Duty 5.79* Joint Commissioner (Customs) & Penalty Central Excise, Kanpur. Central Excise Act,1944 Cenvat Duty 28.59$ CESTAT, New Delhi. Central Excise Act,1944 Cenvat Duty 68.43$ The Commissioner (Appeals) Central Excise, Kanpur. * Net of amount deposited under dispute. $ Net of amount deposited under dispute and Cenvat available against disputed dues. (10) The Company has no accumulated losses at the end of the financial year ended on 31st March, 2011 and it has not incurred any cash losses during the financial year ended on 31st March, 2011 and in the immediately preceding financial year ended on 31st March, 2010. (11) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution, banks and debenture holders. (12) In our opinion and 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. (13) In our opinion, the Company is not a Chit fund or nidhi / mutual benefit fund / society. Therefore clause 4(xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company. (14) In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Therefore clause 4 (xiv) of the Companies (Auditors Report) Order, 2003 is not (15) In our opinion and according to the information & explanations given to us, the Company has not given any guarantee for loans taken by others from Bank or financial institutions. Therefore clause 4(xv) of the Companies (Auditor''s Report) Order 2003 is not applicable to the Company. (16) Based on information and explanations given to us by the management, the term loans were applied for the purpose for which the loans were obtained. (17) According to the information & explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that no funds raised on short-term basis have been used (18) During the year, the Company has made preferential allotment of equity shares to the three directors and two other parties covered in the register maintained under section 301 of the Companies Act, 1956. In our opinion, prices at which, equity shares have been issued, are not prejudicial to the interest and these debentures do not have any security / charge on the assets of the Company. (20) The Company has not raised any money by way of public issue during the year. (21) Based upon the audit procedures performed for the purpose of reporting true and fair view of the financial statements and according to the information and explanations given to us by the management, in our opinion, no fraud on or by the Company has been noticed or reported during the course of our audit. FOR MEHROTRA RAKESH KUMAR & CO., Chartered Accountants, Registration No. 002978C DEEPAK SETH Place : Kanpur Partner Dated: 28th May 2011 Membership No. 073081