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Godawari Power & Ispat Ltd.

BSE: 532734 | NSE: GPIL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE177H01021 | SECTOR: Steel - Sponge Iron

BSE Live

Jan 18, 16:00
268.60 -6.90 (-2.50%)
Volume
AVERAGE VOLUME
5-Day
66,387
10-Day
52,846
30-Day
45,473
36,453
  • Prev. Close

    275.50

  • Open Price

    275.10

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 18, 16:09
268.95 -5.95 (-2.16%)
Volume
AVERAGE VOLUME
5-Day
423,337
10-Day
349,762
30-Day
289,662
158,789
  • Prev. Close

    274.90

  • Open Price

    275.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    268.95 (2212)

Annual Report

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

Auditor's Report

1. We have audited the attached balance sheet of Godawari Power & Ispat Limited as at 31st March, 2011, the profit and loss account and also the cash flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the 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 the 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 Annexurea statement on the matter specified in paragraphs 4 and 5 of the said order. 4. Further to our comment 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 written representations received from the directors as on 31st March 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2011 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 and to the best of our information and according to the explanations given to us the said accounts read alongwith the notes 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 the balance sheet, of the state of the affairs of the Company, as at 31st March, 2011. (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 the cash flow statement, of the cash flows for the year ended on that date. Annexure Re: Godawari Power & Ispa: Limited Referred to in paragraph 3 of our report of even date, (i) (a) The Company has maintained the proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in phased verification programme, which, in our opinion, is reasonable, looking to the size of the company and the nature of its business. According to the information and explanations given to us, no material discrepancies were noticed on such verification. (c) The company has not disposed off any substantial part of its fixed assets during the year so as to affect its going concern status. (ii) (a) As explained to us, inventories have been physically verified during the year by the management. In our opinion, the frequency of the verification is reasonable. (b) 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 of the company, we are of the opinion that, the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account. (iii) (a) The company has granted unsecured loans to two companies covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved was Rs. 110.11 lacs and the year-end balance of the loan granted to a company was Rs. 11.88 lacs. (b) In our opinion, the terms & conditions on which loans have been granted to the companies listed in the register maintained under section 301 of the Companies Act 1956, are not prima facie prejudicial to the interest of the company. (c) The receipt of the principal amount and interest wherever applicable was regular. (d) There was no overdue amount of loans granted to companies listed in the register maintained under section 301 of the Companies Act, 1956. (e) The company has taken unsecured loans from five companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year, maximum amount involved was Rs. 7047.28 lacs and the year end balance of the loan taken from companies was Rs. 3617.89 lacs. (f) In our opinion, the terms & conditions on which loans have been taken from the companies listed in the register maintained under section 301 of the Companies Act 1956, are not prima facie prejudicial to the interest of the company. (g) The company was regular in repaying the amount as stipulated. (iv) In our opinion and according to the information & explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. (v) (a) According to the information & explanations given to us, we are of the opinion that the transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to the information & explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rupees Five lacs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. (vi) According to the information and explanations given to us, the company has not accepted deposits from public during the year therefore, the provisions of clause 4(vi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (vii) In our opinion the company has an internal audit system commensurate with the size and nature of its business. (viii) We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(i)(d) of the Companies Act,1956, in respect of Company''s products to which the said rules are made applicable and are of the opinion that, prima facie, the prescribed accounts and records, have been made and maintained. We have, however, not made a detailed examination of the records. (ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, wealth tax, service tax, income tax, sales tax, custom duty, excise duty, cess and other material statutory dues applicable to it. According to the information & explanations given to us, no undisputed amounts of statutory dues as stated above were in arrears as at 31 st March 2011 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of income tax, sales tax, wealth tax, service tax, custom duty, excise duty and cess which have not been deposited on account of any dispute except the following: Name of the Amount Forum where dispute is Nature or Dues Year (Rs. In lacs) pending Statue service Tax Disallowance of credit of 2005-06 18.34 Custom, Excise and Service Tax service tax Paid on onward Appellate Tribunal, New Delhi. freight Service Tax Service Tax - Demand on 2004-05 to 49.93 Custom, Excise and Service Tax GTOetc. 2006-07 Appellate Tribunal, New Delhi. Central Excise Act Duty on Iron Ore Fines & 2008-09 to 83.32 Custom, Excise and Service Tax Coal Fines 2009-10 Appellate Tribunal, New Delhi. Central Excise Act Disallowance of Duty on 2008-09 to 142.43 Custom, Excise and Service Tax Structural Items 2009-10 Appellate Tribunal, New Delhi. Central Excise Act Demand on account of 2007-08 11.12 Custom, Excise and Service Tax cenvat credit Appellate Tribunal, New Delhi. Central Excise Act Demand on account of 2008-09 7.59 Custom, Excise and Service Tax cenvat credit Appellate Tribunal, New Delhi. Central Excise Act Demand on account of 2008-09 9.13 Custom, Excise and Service Tax Cenvat on Input Services Appellate Tribunal, New Delhi. Central Excise Act Disallowance of Cenvat on 2008-09 16.69 Custom, Excise and Service Tax Capital Goods Appellate Tribunal, New Delhi. Central Excise Act Demand of duty on account 2007-08 to 63.81 Custom, Excise and Service Tax of Related Party transaction 2008-09 Appellate Tribunal, New Delhi. Central Excise Act Demand of duty on account 2006-07 to 47.72 Custom, Excise and Service Tax of Related Party transaction 2007-08 Appellate Tribunal, New Delhi. Income Tax Act Income Tax A.Y. 2007-08 4.01 Commissioner of Income Tax (Appeals),Raipur Income Tax Act Income Tax A.Y. 2008-09 25.25 Commissioner of Income Tax (Appeals), Raipur C G. Commercial Commercial Tax 2002-03 1.46 Deputy Commissioner, (Appl) Tax Act Commercial Taxes, Raipur Central Sales Tax Demand of Central Sales Tax 2002-03 23.18 Deputy Commissioner, (Appl) Commercial Taxes, Raipur (x) The company does no: have any accumulated losses and has not incurred cash losses during the financial year covered by our audi: and also in the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to the banks. (xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans & advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) 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. (xiv) In our opinion and according to information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xv) In our opinion and according to the information and explanations given to us, the terms and conditions on which the company has given corporate guarantees to the bank for loans taken by other company are not prima facie prejudicial to the interest of the company. (xvi) In our opinion, the term loans have been applied progressively for the purpose for which the loans were obtained. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we are of the opinion that, short-term funds have not been used for long term investment. (xvi ii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to any company, firms or other parties covered in the register maintained under section 301 of the Act. Therefore, the provisions of clause 4(xviii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xix) The company has created securities/charges in respect of secured debentures issued. (xx) The company has not raised any money by public issue during the year, therefore, the provisions of clause 4(xx) of the Companies (Auditor''s Report) Order,2003 are not applicable to the company. (xxi) In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year. Therefore, the provisions of clause 4(xxi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. For OPSinghania & Co. (Firm Regn.No.002172C) Chartered Accountants O.P.Singhania Partner Raipur, 22nd May,2011 Membership No.:051909