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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 0.03 (3.95%)
Volume
AVERAGE VOLUME
5-Day
1,958
10-Day
4,431
30-Day
3,527
8,552
  • Prev. Close

    0.76

  • Open Price

    0.79

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

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

    -

  • Open Price

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  • Bid Price (Qty.)

    - (0)

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Glittke Granites is not listed on NSE

Annual Report

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

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of GLITTEK GRANITES LIMITED, (the Company) which comprises the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The company''s management is responsible for preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with Accounting Standards referred to in Sec 211(3C) of the Companies Act, 1956 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 from material misstatements. An audit involves performing procedures to obtain audit evidence about the amount and disclosures in the financial statements. The procedure selected depends on auditor''s judgment, including the assessment of the risks of material misstatement of financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of financial statements. We believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion and to the best of our information and according to the explanation given to us, the aforesaid financial statements 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 31st March, 2013; b. in case of the Statement of Profit and Loss of the profit for the year ended on that date; and c. In case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003, issued by the Department of Company Affairs, in terms of section 227(4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in the paragraph 4 and 5 of the said order. 2. As required by Section 227(3) of the Companies Act, 1956, we report that : a. 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. 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 and Statement of Profit and Loss and the Cash Flow Statement dealt with by the report are in agreement with the books of account. d. In our opinion the Balance Sheet and the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standard referred to in sub-section 3 (C) of Sec. 211 of the Companies Act, 1956. e. On the basis of the written representations received from the Directors as on 31st March, 2013 and taken on record by the Board of Directors , We report that none of the directors is disqualified as on 31st March, 2013 from being appointed as a Director in terms clause (g) of the Section 274 of the Companies Act, 1956. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT (Referred to in Paragraph 1 under Report on other Legal and Regulatory Requirement section of our report of even date) 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 program 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) As explained to us, 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, in our opinion, 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) During the year the Company has taken unsecured loan amounting to Rs. 11.50 Lacs from a company and Rs.89.10 Lacs from other parties covered in the register maintained u/s 301 of the Companies Act, 1956, apart from Rs. 150.15 Lacs brought forward from previous year and have repaid Rs. 76.56 Lacs during the year. The maximum amount involved during the year and the year end balance of such loans aggregated Rs.148.97 lacs and Rs.101.34 lacs respectively. (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) In respect of the aforesaid loans there is no stipulation as to repayment of loan and/ or interest thereon. Further the loan are repayable by the party on demand/call loan policy framed by the Company. (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 system 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) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contract or arrangements exceeding Rs. Five Lacs 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. On the basis of the records, we are of the opinion that prima facie cost records and accounts prescribed by the Central Government of India under section 209(1 )(d) of the Companies Act, 1956, have been maintained. However, we are not required to and have not carried out any detailed examination of such account and records. 9. (i) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employee''s 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 undisputed dues of Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, cess and other material statutory dues which has remained outstanding for more than six months from the date they became payable. (iii) Details of dues, Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty, and cess dues which has not been deposited as on 31st March 2013 on account of dispute are given below : SI. Name of the Statute Nature of Dues Amount No (Rs. in lacs) 1. The Karnataka Tax on Penalty on Entry Tax 3.30 Entry of Goods Act, 1979. 2. The Income Tax Act, Income Tax 7.70 1961. A.Y. 2006-07 3. The Income Tax Act, Fringe Benefit Tax 1.85 1961. A.Y. 2006-07 4. The Income Tax Act, Income Tax - 1961. A.Y. 2010-11 SI. Name of the Statute Forum where dispute is No. pending 1. The Karnataka Tax on The Karnataka Appellate Entry of Goods Act, Tribunal, Bangalore 1979 2. The Income Tax Act, Commissioner of Income 1961 Tax (Appeals) 3. The Income Tax Act, Commissioner of Income 1961 Tax (Appeals) 4. The Income Tax Act, Commissioner of Income 1961 Tax (Appeals) Show cause notice for Penalty u/s 271(1) C received for Asst. Year 2006-07 & 2010-11, proceedings pending. 10. There are no accumulated losses at the end of the financial year and the company 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 (Auditor''s 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. In our opinion and according to information and explanation given to us, the term loan obtained during the year has been utilized for the purpose for which it was 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 year. 20. The Company has not raised any money by way of public issue 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 (Firm Registration No. 305134E) S.K.Roongtaa 25, R.N. Mukherjee Road Partner Kolkata the 30th day of May, 2013. Membership No. : 15234