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Glittke Granites Ltd.

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

BSE Live

May 22, 16:00
0.79 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
2,059
10-Day
5,264
30-Day
3,812
8,552
  • Prev. Close

    0.79

  • Open Price

    0.79

  • Bid Price (Qty.)

    0.73 (1000)

  • Offer Price (Qty.)

    0.79 (448)

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, 2009 and also the Profit & 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 mis-statement. 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 and as amended by the Companies (Auditors Report) Amendment Order, 2004, 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 & 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 & 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, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; vi) In our opinion to the best of our information and according to the explanations given to us, the said accounts 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 the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2009; b) in the case of the Profit & 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, 2009 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) 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. (iii) The Company is maintaining proper records of inventories and no material discrepancies were noticed on physical verification as compared to book records. 3. (i) During the year the Company has taken unsecured loans of Rs. 41.75 Lacs from three companies and Rs. 10.30 Lacs from four other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Out of which Rs. 0.20 Lacs has been repaid to one of the company and Rs. 6.10 Lacs has been repaid to four other parties. The total amount involved is Rs. 74.02 Lacs. Unsecured Loan of Rs. 21.60 lacs taken in previous year from one of the company has been repaid. Year end balance of all loans taken is Rs. 46.33 Lacs. (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 and interest 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. 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. 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 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. Name of the Statute Nature of dues Amount Forum where dispute is No. (Rs. in Lacs) pending 1. The Karnataka Tax on Penalty on Entry 3.30 The Karnataka Tax Appellate Entry of Goods Act, Tribunal 1979 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 & 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. During the year the Company has made preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956. The Price at which the share has been issued is not prejudicial to interest of the company. 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, we have neither come across any instance of fraud on or by the Company nor have been informed of such case by the management. For Rungta & Rungta Chartered Accountants CA S. K. Roortgta 25, R.N. Mukherjee Road, Kolkata - 700 001 Partner The 30th day of June, 2009 Membership No.: 15234