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GTL Infrastructure Ltd.

BSE: 532775 | NSE: GTLINFRA |

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Series: BE | ISIN: INE221H01019 | SECTOR: Telecommunications - Equipment

BSE Live

Jan 14, 15:59
2.21 0.10 (4.74%)
Volume
AVERAGE VOLUME
5-Day
87,522,382
10-Day
91,945,632
30-Day
72,643,569
231,042,375
  • Prev. Close

    2.11

  • Open Price

    2.21

  • Bid Price (Qty.)

    2.21 (2418977)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 14, 15:59
2.20 0.10 (4.76%)
Volume
AVERAGE VOLUME
5-Day
177,514,700
10-Day
177,870,242
30-Day
92,753,710
333,729,010
  • Prev. Close

    2.10

  • Open Price

    2.20

  • Bid Price (Qty.)

    2.20 (10690799)

  • Offer Price (Qty.)

    0.00 (0)

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 GTL INFRASTRUCTURE LIMITED, as at March 31,2009 and also the Profit and Loss Account and Cash Flow Statement of the Company 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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 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 Annexure referred to in para 3 above, 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 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 appears from our examination of such books; c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956; e) On the basis of the written representations received from the directors as on March 31,2009 and taken on records 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. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the significant accounting policies and notes thereon, in particular Note No. 5 of Schedule Q regarding the accounting treatment of redemption premium on Foreign Currency Convertible Bonds (FCCB), 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: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2009; (ii) in the case of Profit and Loss Account, of the profit of the Company for the year ended on that date; and (iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to the Auditors Report (Referred to in Paragraph 3 of our Report of even date) As required by the Companies (Auditors Report) Order, 2003 issued by Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate, we further report that:- i. In respect of its fixed assets: a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets on the basis of available information. b. As explained to us, the Company has physically verified certain assets, in accordance with a phased program of verification, which in our opinion is reasonable, having regard to the size of the Company. No material discrepancies were noticed on such physical verification. c. During the year, the Company has disposed of certain Fixed Assets. However it has no effect on the going concern status of the Company. ii. In respect of its inventories: a. As explained to us, inventories have been physically verified by the management at reasonable intervals. b. In our opinion and according to the information and explanations given to us, 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. According to the information and explanations given to us and on the basis of our examination of inventory records, we are of the opinion that the Company is maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records. iii. According to the information and explanations given to us, the Company has not granted or taken any loans, secured or unsecured to or from companies, firms, or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 and accordingly the clause 4(iii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company. iv. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. v. According to the information and explanations given to us, there are no contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered in the register required to be maintained under that section. vi. According to information and explanations given to us, the Company has not accepted any deposits from the public and hence directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under are not applicable for the year under audit. vii. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. viii. The Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 in respect of any of the services provided by the Company. ix. According to the information and explanations given to us in respect of statutory dues: a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Customs Duty, Excise Duty, Cess and any other statutory dues with the appropriate authorities during the year. b. According to the information and explanations given to us, no undisputed amounts payable in respect of such statutory dues were outstanding as at March 31,2009 for a period of more than six months from the date they became payable. c. The disputed statutory dues aggregating to Rs. 2,29,19,695, that have not been deposited on account of disputed matters pending before appropriate authorities are as under: Name of the Statute Nature of the Dues Period to which Amount (in Rs.) the amount relates The Punjab VAT Act, 2005 Sales Tax 2007-08 1,65,683 The Central Sales Tax Act, 1956 Sales Tax 2008-09 1,81,28,394 The Assam Entry Tax Act, 2008 Entry Tax 2008-09 46,25,618 Total 2,29,19,695 Forum where dispute is pending Deputy Excise & Taxation Commissioner (Appeal) Deputy Commissioner of Taxes (Appeal) Deputy Commissioner of Taxes (Appeal) x. The Company has accumulated losses at the end of the financial year, which is less than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year. xi. Based on our audit procedures and information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or bond holders. xii. In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted by the Company 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 (Auditors Report) Order, 2003 is not applicable to the Company. xiv. The Company has maintained proper records of transactions and contracts in respect of shares and other securities and timely entries have been made therein. The investments are held by the Company in its own name. xv. The Company has given corporate guarantees by way of pledging its fixed deposits with banks for loans taken by others from their bank. On the basis of representation and explanations provided to us, we are of the opinion that the terms and conditions there of are not prima facie prejudicial to the interest of the Company. xvi. The Company has raised new term loans during the year. To the best of our knowledge and according to the information and explanations given to us the term loans outstanding at the beginning of the year and those raised during the year were prima facie been either used for the purpose for which they were raised or pending utilisation been temporarily placed as fixed deposits with banks. xvii. On the basis of review of utilization of funds, which is based on overall examination of the Balance Sheet of the Company as at March 31, 2009, related informations as made available to us and as represented to us, by the management, we are of the opinion, that funds raised on short term basis have not prima facie been utilized for long term purposes. xviii. During the year the Company has made preferential allotments of 2,60,00,000 equity shares of Rs. 10 each, against the conversion of preferential convertible warrants, at a price of Rs. 40 per share to a Company covered under register maintained under Section 301 of the Companies Act, 1956. According to the information & explanation given to us these shares are issued in terms of Securities And Exchange Board Of India (Disclosure And Investor Protection) Guidelines, 2000 and accordingly, the prices at which these shares are issued are not prima facie prejudicial to the interest of the Company. xix. During the year, the company has not issued any debenture and hence clause 4 (xix) of Companies (Auditors Report) Order, 2003 is not applicable to the Company. xx. We have verified the end-use of money raised by issue of Foreign Currency Convertible Bonds and the same is disclosed by the management in Note no. 5 of Schedule Q to accounts. xxi. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the course of our audit. For Chaturvedi & Shah For Yeolekar & Associates Chartered Accountants Chartered Accountants R. Koria S. S. Yeolekar Partner Partner Membership No. - 35629 Membership No. - 36398 Mumbai Date: April 29,2009