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GE Power India Ltd.

BSE: 532309 | NSE: GEPIL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE878A01011 | SECTOR: Power - Transmission & Equipment

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BSE Live

Feb 20, 16:00
791.50 21.75 (2.83%)
Volume
AVERAGE VOLUME
5-Day
833
10-Day
1,488
30-Day
955
2,375
  • Prev. Close

    769.75

  • Open Price

    764.45

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 20, 15:59
790.45 20.50 (2.66%)
Volume
AVERAGE VOLUME
5-Day
20,104
10-Day
54,027
30-Day
34,352
28,005
  • Prev. Close

    769.95

  • Open Price

    761.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    790.45 (6)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the accompanying standalone Financial Statements of ALSTOM India Limited (the Company), which comprise the Balance Sheet as at 31 March,2015, the Statement of Profit and Loss,the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Standalone Financial Statements 2. 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 and presentation of these standalone 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 (A ccounts) 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 3. Our responsibility is to express an opinion on these standalone financial statements based on our audit. 4. 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 thereunder. 5. 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 of material misstatement. 6. 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 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 controls 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 Directors, as well as evaluating the overall presentation of the financial statements. 7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Opinion 8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31 March 2015; (b) In the case of the Statement of Profit and Loss, of the profit 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. Report on Other Legal and Regulatory Requirements 9. 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 paragraphs 3 and 4 of the Order, to the extent applicable. 10. 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 Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account. (d) In our opinion, the aforesaid standalone 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 written representations received from the directors as at 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as at 31 March 2015 from being appointed as a director 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 has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 36 to the financial statements. (ii) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 7 and 46 to the financial statements. (iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company Referred to in paragraph 9 of the Independent Auditor''s Report of even date to the members of ALSTOM India Limited on the financial statements as of and for the year ended 31 March 2015, we report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets are physically verified by the management according to a phased programme designed to cover all items 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 assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies have been noticed on such verification. (ii) (a) The inventory (excluding stocks with third parties) has been physically verified during the year by the management. In respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is reasonable. (b) In our opinion, the procedures 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 inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. (iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in register maintained under Section 189 of the Act. Therefore, the provisions of clause 3 (iii) [(a) and (b)] of the said Order are not applicable to the Company. (iv) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and rendering of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system of the company. (v) The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. (vi) We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148(1) of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete. (vii) (a) According to the information and explanations given to us and the records of the Company examined by us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues in respect of provident fund, employees'' state insurance, income tax, sales tax, service tax, value added tax, cess, though there has been a slight delay in a few cases, and is regular in depositing undisputed statutory dues including wealth tax, custom duty, excise duty and other material statutory dues as applicable, with appropriate authorities. The particulars of dues of service tax, custom duty and research and development cess as at 31 March 2015 which were outstanding more than six month as at 31 March 2015, are as follows: Nature of Statute Nature of dues Amount Period to Due date Date of which payment (Rs.in amount million relates Customs Act, 1962 Custom duty and 43.78 2012-13 30 Novem Not yet ber paid interest thereon 2012 (b) According to the information and explanation given to us, and the records of the Company examined by us, there are no dues of wealth tax, customs duty and cess which have not been deposited on account of any dispute. The particulars of dues of income tax, sales tax, service tax, value added tax and excise duty as at 31 March 2015 which have not been deposited on account of a dispute, are as follows: Nature of Statute Nature of dues Amount (Rs. in Million) Andhra Pradesh General Sales Tax (GST), Works Contract Tax 520.2 1957; Andhra Pradesh Value Added Tax on Inter State Sales VAT 2005 and Central Sales Tax (CST) Act, 1956 Andhra Pradesh Value Added Tax (VAT), Works Contract Tax 1.2 on 2005 and Central Sales Tax (CST) Act, Inter State Sales 1956 Nature of Statute Period to which Forum where amount relates dispute is pending Andhra Pradesh General Sales Tax 2004-2008 High Court GST 1957; Andhra Pradesh Value Added Tax (VAT), 2005 and Central Sales Tax (CST) Act, 1956 Andhra Pradesh Value Added Tax (VAT)2008-2010 Dy. Commissioner 2005 and Central Sales Tax (CST) Act, 1956 Nature of Statute Nature of dues Amount (Rs.in Million) Bombay Sales Tax Act, 1957 and Works Contract Tax on 10.2 Central Sales Tax Act, 1956 Inter State Sales Central Excise Act, 1944 Duty Draw Back 22.3 Central Excise Act, 1944 Excise Duty and Penalty 534.0 Central Sales Tax Act, 1956 Central Sales Tax 14.2 Penalty Construction Worker Welfare Cess Labour Cess on Cost of 18.6 Act 1996 Construction Finance Act, 1994 (Service Tax) Service Tax and Penalty 142.6 Finance Act, 1994 (Service Tax) Service Tax on Catering 2.7 Service Jharkhand Value Added Tax Central Sales Tax and 4.0 Penalty Orissa General Sales Tax Act, 1947 Works Contract Tax on 3.6 and Central Sales Tax Act, 1956 Inter State Sales West Bengal Value Added Tax Act Sales Tax 11.4 Income Tax Act, 1961 Income Tax and Interest 192.7 Himachal Pradesh Value Added Tax Act Sale In Transit 58.2 2005 disallowed J&K General Sales Tax Act, 1962 Sales Tax 3.3 Nature of Statute Period to which Forum where amount relates dispute is pending Bombay Sales Tax Act, 1957 and 1984-1992 First/ Second Central Sales Tax Act, 1956 appellate authority Central Excise Act, 1944 2009- 2010 Supreme Court Central Excise Act, 1944 1979-2014 CESTAT/ Comm. Appeal Central Sales Tax Act, 1956 1993-1999 First/ Second appellate authority Construction Worker Welfare Cess 2010- 2011 Assistant Labour Act 1996 Commissioner Finance Act, 1994 (Service Tax) 2005- 2012 CESTAT / Tribunal/ Comm. Appeal Finance Act, 1994 (Service Tax) 2007-2011 Comm. Appeal Jharkhand Value Added Tax 2006- 2010 Dy. Commissioner, Appeal Orissa General Sales Tax Act, 1947 1984-1997 High Court and Central Sales Tax Act, 1956 West Bengal Value Added Tax Act 2012-2013 Taxation Tribunal Income Tax Act, 1961 AY 2007-2010 CIT (Appeals)/ITAT Himachal Pradesh Value 2007- 2009 Dy.Excise & Taxation Added Tax Act, 2005 Commissioner, Chamba, H.P. J&K General Sales Tax Act, 1962 2010-2011 Appellate Authority Sales Tax (c) According to the information and explanations given to us and the records of the Company examined by us,the amount 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 rules made thereunder have been transferred to such fund within time. (viii) The Company does not have any accumulated losses as at the end of the financial year and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. (ix) The Company does not have any borrowings from any financial institution or bank nor has it issued any debentures as at the balance sheet date. Therefore, the provisions of Clause 3(ix) of the Order are not applicable to the Company. (x) In our opinion, and 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 during the year. Therefore, the provisions of Clause 3(x) of the Order are not applicable to the Company. (xi) The Company has not raised any term loans. Therefore, the provisions of Clause 3(xi) of the Order are not applicable to the Company. (xii) 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 have we been informed of any such case by the management. For S. N. Dhawan & Co. Chartered Accountants Firm Reg. No.: 000050N Vijay Dhawan Place : Noida Partner Date: 29 April 2015 M. No.: 12565