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Schaeffler India Ltd.

BSE: 505790 | NSE: SCHAEFFLER |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE513A01014 | SECTOR: Bearings

BSE Live

Sep 22, 14:49
7260.35 -18.15 (-0.25%)
Volume
AVERAGE VOLUME
5-Day
722
10-Day
709
30-Day
778
249
  • Prev. Close

    7278.50

  • Open Price

    7244.20

  • Bid Price (Qty.)

    7272.00 (4)

  • Offer Price (Qty.)

    7281.85 (2)

NSE Live

Sep 22, 14:49
7277.75 0.40 (0.01%)
Volume
AVERAGE VOLUME
5-Day
10,675
10-Day
10,324
30-Day
13,393
3,490
  • Prev. Close

    7277.35

  • Open Price

    7380.00

  • Bid Price (Qty.)

    7269.60 (2)

  • Offer Price (Qty.)

    7280.20 (1)

Annual Report

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

Auditor's Report

We have audited the attached Balance Sheet of FAG Bearings India Limited, as at December 31, 2009 and also the Profit and Loss Account for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. 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. 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis forouropinion. 1) As required by the Companies (Auditors Report) order, 2003 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, (referred to as the Act) we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 2) Further to our comments in the Annexure referred to 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, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; d) in our opinion, the Balance Sheet, the Profit and Loss Account and the 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; e) on the basis of written representations received from the directors, as on December 31, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on December31, 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 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 December 31,2009, (ii) in the case of the Profit and Loss Account,of the profit 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 REFERRED TO IN PARAGRAPH 1 OF THE AUDITORS REPORT TO THE MEMBERS OF FAG BEARINGS INDIA LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2009 i(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of fixed assets which, in our opinion is reasonable. The assets which were to be covered as per the said programme, have been physically verified by the management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification. (c) There was no disposal of substantial part of fixed assets during the year. ii(a) The inventories have been physically verified by the management during the year 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) On the basis of our examination of the records of the inventory, we are of the opinion that the Company is maintaining proper records of inventory. According to the information and explanations given to us, no material discrepancies were noticed on physical verification between the physical stock and the book records. iii The Company has not taken / granted any loans, secured or unsecured from / to companies, firms or other parties HI covered in the register maintained under Section 301 of the Act. Hence, the provisions of Clause 4(iii) of the I Companies (Auditors Report) order, 2003 are not applicable to the Company. iv In our opinion and according to the information and explanations given to us, having regard to the explanation that some of the items are of a special nature and comparable alternative quotations are not available, 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 and 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 control system in respect of these areas. v(a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion, the transactions that need to be entered into the register in pursuance of Section 301 of the Act have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the registers maintained under Section 301 of the Act and exceeding the value of rupees five lakh 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 In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58A and 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975, with regard to the deposits accepted from the public in earlier years which have remained unclaimed. We have been informed that during the year, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in respect of such deposits. vii The Company has a dedicated internal audit department carrying out Internal Audits. In our opinion, the Company has an internal audit system commensurate with the size and the 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(l)(d) of the Act and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records. (a) According to the information and explanations given to us and according to the records of the Company, except for a short deposit of Central Sales Tax, which was later paid, the Company has been generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, value added tax, wealth tax, service tax, octroi, custom duty, excise duty, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, value added tax, wealth tax, service tax, octroi, custom duty, excise duty, cess and other material statutory dues applicable to it were in arrears as at the Balance Sheet date for a period of more than six months from the date they became payable. (c) As explained to us and according to the records of the Company, the following dues as at the year end of income tax / sales tax / value added tax / wealth tax / service tax / custom duty / excise duty / cess have not been deposited on account of dispute: Name of Nature of Due as at the the Statute the Dues year end (Rs.) The Central Sales Tax 3,819,805 Sales Tax Act, 1956 The Central Sales Tax 13,572,126 Sales Tax Act, 1956 (including interest) The Gujarat Sales Tax 1,085,868 Sales Tax Act, 1969 (including interest) The Central Sales Tax 44,154,235 Sales Tax Act, 1956 (including interest) The Central Sales Tax 23,873,348 Sales Tax Act, 1956 (including interest) The Finance Act, 1994 Service Tax 60,605,967 (including penalty and interest) The Finance Act, 1994 Service Tax 859,592 The Central Excise Duty 22,695,391 Excise Act, 1944 (including penalty and interest) Name of the Statue Period to which Forum where the amount relates dispute is pending The Central Sales Tax Act, 1956 2002 Gujarat VAT Tribunal The Central Sales Tax Act, 1956 January 2003 to Joint Commissioner of December 2003 Sales Tax (Appeals) The Gujarat Sales Tax Act, 1969 2004 Joint Commissioner of Sales Tax (Appeals) The Central Sales Tax Act, 1956 2004 Joint Commissioner of Sales Tax (Appeals) The Central Sales TaxAct, 1956 January 2005 to Joint Commissioner of March 2006 Sales Tax (Appeals) The Finance Act, 1994 July 2003 to Central Excise and December 2005 Service Tax Appellate Tribunal The Finance Act, 1994 2005 Central Excise and Service Tax Appellate Tribunal The Central Excise Act, 1944 November 2003 to The Company is in the December 2007 process of Filing an Appeal x The Company does not have accumulated losses. The Company has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year. xi As the Company has no amount due to any financial institution, bank or debenture holder the provisions of Clause 4(xi)ofthe order, are not applicable to the Company. xii As the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities, the provisions of Clause 4(xii) of the order are not applicable. xiii As the Company is not a chit fund / nidhi / mutual benefit fund / society, the provisions of Clause 4(xiii) of the order are not applicable. xiv Based on our examination of the records and evaluation of the related internal controls, we are of the opinion that proper records have been maintained of the transactions and contracts of dealings or trading in shares, securities, debentures and other investments with timely entries in those records. We also report that the Company has held the shares, securities, debentures and other investments in its own name. xv According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. xvi As the Company has not obtained any term loans, the provisions of Clause 4(xvi) of the order are not applicable. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investments. xviii According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties or companies covered in the register maintained under Section 301 of the Act. xix As the Company has not issued any debentures, the provisions of Clause 4(xix) of the order are not applicable. xx the Company has not raised any money during the year by way of public issue, the provisions of Clause 4(xx) of the order are not applicable. xxi Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. For Mohinder Puri & Co. Chartered Accountants VikasVig Partner Membership No. 16920 Mumbai: February 11, 2010