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Glittke Granites Ltd.

BSE: 513528 | NSE: | Series: NA | ISIN: INE741B01027 | SECTOR: Ceramics & Granite

BSE Live

May 28, 16:00
0.81 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
2,309
10-Day
4,929
30-Day
3,892
1,000
  • Prev. Close

    0.81

  • Open Price

    0.81

  • Bid Price (Qty.)

    0.75 (5000)

  • Offer Price (Qty.)

    0.81 (3000)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Glittke Granites is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

1. We have audited the attached Balance Sheet of Glittek Granites Limited as at 31st March, 2008 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. 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 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. 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, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to 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 purposes of our audit; ii) 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; 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; iv) 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. v) On the basis of the written representation received from the directors, as on March 31,2008, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act,1956; vi) Attention is drawn to note no 5 of schedule 19 regarding giving effect to redemption of entire preference share capital below par. vii) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to para (vi) above and read together with the notes appearing in schedule 19 give the informatin requried 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, 2008; b) in the case of the Profit and Loss Account, 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. ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF GLITTEK GRANITES LTD. ON THE ACCOUNTS AS AT AND FOR THE YEAR ENDED 31 ST MARCH, 2008. 1. (i) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (ii) Fixed assets have been physically verified by the management during the year based on a phased programme of verifying all the 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 fixed assets. As informed, no material discrepancies were noticed on such verification. (iii) There was no substantial disposal of fixed assets during the year. 2. (i) The management has conducted physical verification of inventory at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable. (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 the nature of its business. (iii) In our opinion and according to the information and explanations given to us the Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records. 3. (i) The Company has taken during the year interest free unsecured loan aggregating to Rs. 35.00 lakhs from a Company covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount due at any time during the year was Rs. 76.60 lakhs and the year end balance of such loan was Rs. 21.60 lakhs. (ii) In our opinion and according to the information and explanations given to us, the terms and conditions of such unsecured loan taken are not prima-facie prejudicial to the interest of the Company. (iii) There are no stipulations as to the payment of the principal amount in respect of unsecured loan. (iv) 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. Therefore, the provisions of clause (iii) (a) to (d) of the Companies (Auditors Report) order 2003 (as amended) are not applicable 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control in respect of these areas. 5. i) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 have been so entered. ii) Transactions made in pursuance of such contract or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant times. 6. As informed the Company has not accepted any deposits from the public. 7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 8. As explained to us, maintenance of cost records has not been prescribed by the Central Government under Section 209(1)(d) of the Companies Act,1956. 9. (i) The Company has been generally regular in depositing 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 with the appropriate authorities in India. (ii) At the end of financial year there were no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and cess which have not been deposited on account of any dispute except as set out below: SI.No Name of the Nature of dues Statute 1. The Karnataka Tax on Penalty on Entry of Goods Entry Tax Act, 1979. Amount Forum where (Rs. in Lacs) dispute is pending 3.30 The Karnataka Appellate Tribunal Bangalore 10. The companys accumulated losses at the end of the financial year are less than Fifty One Percent of its net worth and it has not incurred any cash losses in the current and immediately preceding financial year. 11. Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company during the year has not defaulted in repayment of dues to financial institutions, banks. The Company has not issued any debentures. 12. According to the information and explanations given to us and based on the documents and records produced 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 a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order,2003 are not applicable to the Company. 14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of Clause 4 (xiv) of the order are not applicable to the company. 15. According to the information and explanations given to us the Company has not given guarantee for loans taken by others from banks or financial institutions. 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. On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, funds raised on short-term basis have not been used for long term investment. 18. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act,1956 during the year. 19. The Company has not issued any debentures during the period covered by our report. 20. The Company has not raised any money from the public during the year. 21. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, and as per information and explanations given by the management we have neither come across any instance of fraud on or by trie Company nor have been informed of such case by the management. For Rungta & Rungta Chartered Accountants C.A.S.K.Roongta 25,R.N.Mukherjee Road (Partner) Kolkata, the 30th day of June, 2008 Membership No.15234