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Gati Ltd.

BSE: 532345 | NSE: GATI |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE152B01027 | SECTOR: Couriers

BSE Live

May 26, 12:40
36.45 0.20 (0.55%)
Volume
AVERAGE VOLUME
5-Day
8,429
10-Day
10,499
30-Day
25,672
2,448
  • Prev. Close

    36.25

  • Open Price

    36.80

  • Bid Price (Qty.)

    36.25 (460)

  • Offer Price (Qty.)

    36.40 (202)

NSE Live

May 26, 12:40
36.35 -0.05 (-0.14%)
Volume
AVERAGE VOLUME
5-Day
105,638
10-Day
115,078
30-Day
302,991
51,779
  • Prev. Close

    36.40

  • Open Price

    36.95

  • Bid Price (Qty.)

    36.30 (355)

  • Offer Price (Qty.)

    36.40 (150)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the attached Balance Sheet of Gati Ltd as at 30th June 2010, the annexed Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on the date, in which are incorporated the audited accounts of the Coast-to-Coast Division and the branch in Nepal as audited by other auditors. 1. 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 also includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 & 5 of the said Order. 4. Further to our comments in the Annexure, referred to in paragraph 3 above, we report that: i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examinations of the books and proper returns adequate for the purpose of our audit have been received from the branches not visited by us. The Branch Auditors Reports have been forwarded to us and appropriately dealt with. iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account and returns from the branches. iv) In our opinion, the Profit and Loss Account, the Balance Sheet and the Cash Flow statement comply with the accounting standards referred to in section 211 (3C) of the Companies Act, 1956. v) On the basis of written representation received from the directors as on 30th June, 2010 and taken on record by the Board of Directors none of the directors is disqualified as on 30th June, 2010 from being appointed as a director under section 274(1) (g) of the Companies Act, 1956. vi) Reference is invited to the following notes on accounts : a) Note 3 regarding pending dispute with National Aviation Company of India Limited (NACIL) and claims & counter claims made in this behalf. Further Rs.2659 lakhs due from NACIL are included in loans and advances pending realisation. According to the legal opinion received by the company no liability is contemplated to arise and no provision is necessary in these accounts in this behalf. We a r e unable to express an opinion in the matter. b) Note 7 regarding remuneration paid to the Managing Director and Whole-Time Director aggregating to Rs.127.79 lakhs which is subject to the approval of the Central Government and the share holders. Subject to para (vi) vii) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes and accounting policies thereon 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 Balance Sheet of the state of affairs of the Company as at 30th June, 2010. b) In the case of Profit and Loss Account, of the profits of the Company for the year ended on that date and c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to Auditors Report Referred to in paragraph 3 of our reports of even date. 1. The Company has maintained records showing full particulars including quantitative details and situation of fixed assets like land, building, vehicles, plant and machinery, computers etc. We are informed that a test physical verification of these assets was carried out by the management during the year and no material discrepancies were noticed. The management has informed us that in respect of other fixed assets like furniture and fittings, office equipments, having regard to their numbers and the numerous locations where these exist, maintenance of detailed records and reconciliation of their value in general ledger is nor feasible. 2. During the year the Company has not disposed off a substantial part of its fixed assets. 3. Physical verification was conducted by the management in respect of inventories at reasonable intervals. The Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. The procedures followed by the management for such physical verification are in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business. 4. (a) The Company has during the year granted unsecured loans to two subsidiaries, which are covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year aggregate to Rs.916 lakhs and the year end balances to Rs.915 lakhs. There are no stipulations as to the dates for repayment of principal and interest. However interest is being charged thereon. (b) In our opinion, the rate of interest and other terms and conditions of above loans are not prima facie prejudicial to the interest of the Company. (c) As informed the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Act. 5. There is an adequate internal control system commensurate with the size and nature of the Companys business for the purchase of inventories, fixed assets and for the sale of services. During the course of our audit no major weakness has been noticed in the internal control system, nor we have been informed of any such instance. 6. (a) To the best of our knowledge and belief and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into the register in pursuance of Section 301 of the Act, have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements entered into the register in pursuance of Section 301 of the Act, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 7. The Company has complied with the provision of Sections 58A, 58AA and other relevant provisions of the Companies Act, 1956 and the rules framed thereunder with regard to deposits accepted from the public. 8. The Company has appointed a firm of Chartered Accountant at Coast- to- Coast Division to do the internal audit regularly. The in- house internal audit department of the company conducts internal audit at other places. The internal audit system is commensurate with the size and nature of Companys business. 9. The Central Government has not prescribed the maintenance of Cost records under Section 209 (1)(d) of the Companies Act, 1956 in respect of any activities of the Company. 10. (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 the undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, wealth tax, service tax, customs duty and other material statutory dues as applicable with the appropriate authorities. (b) According to the information and explanations given to us and the records of the Company examined by us, there are no statutory dues as at the year end which have not been deposited on account of a dispute. 11. The Company has no accumulated losses as at June 30, 2010 and has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. 12. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date. 13. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 14. The provisions of any special statue applicable to chitfund / nidhi/ mutual benefit fund/ societies are not applicable to the company. 15. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments. The investments in shares, securities, debentures etc are held by the Company in its own name. 16. In our opinion, and according to the information and explanation given to us, the terms and conditions on which the Company has given guarantee for loans taken by others from banks or financial institutions, are not prima facie prejudicial to the interest of the Company. 17. In our opinion, and according to the information and explanations given to us, on an overall basis the term loans have been applied for the purpose for which they were obtained. 18. On the basis of an over all examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, funds raised on short-term basis, have not been used for the long-term investment. 19. The company has not made any preferential allotment of shares during the year. 20. There are no secured debentures issued during the year. 21. The company has not raised any money by public issue during the year. 22. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor we have been informed of such cases by the management. For R.S. Agarwala & Co. Chartered Accountants Firms Regn. No.: 304045E Camp : Secunderabad R.S. Agarwala Date : August 18, 2010 Partner Membership No.F-5534