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Shivam Autotech Ltd.

BSE: 532776 | NSE: SHIVAMAUTO |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE637H01024 | SECTOR: Auto Ancillaries

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BSE Live

Feb 28, 16:00
16.80 -0.35 (-2.04%)
Volume
AVERAGE VOLUME
5-Day
6,914
10-Day
6,469
30-Day
6,527
8,026
  • Prev. Close

    17.15

  • Open Price

    17.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 28, 15:52
16.85 -0.55 (-3.16%)
Volume
AVERAGE VOLUME
5-Day
51,787
10-Day
65,833
30-Day
73,612
50,973
  • Prev. Close

    17.40

  • Open Price

    17.55

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of Shivam Autotech Limited as at 31st March, 2010 and also the Profit & Loss Account andthe Cash FlowStatementoftheCompanyforthe yearendedonthatdate, annexedthereto. 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 have 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 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. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 (Collectively the Order) issued by the 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 and according to the information and explanations given to us, we enclosein theAnnexurea statementon the matters specified inparagraphs 4 and5 of the said Order. 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 purposesof 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 examinationof those books; c) The Balance Sheet, Profit & 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 & Loss Account and Cash Flow Statement, dealt with by this report, comply with theAccounting Standards referred to in sub-section (3C) ofSection 211 ofthe CompaniesAct, 1956. e) On the basis of written representations received from the directors as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 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 with the Accounting policies and 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 inIndia: i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; ii) In the case of 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 TO AUDITORS REPORT (Annexure referred to in our report of even date) 1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Verification of the fixed assets is being conducted based on a phased programme by the management designed to cover all assets, which, in our opinion, is reasonable having regard to the size of the company and nature of its business. Discrepancies noticed on such verification as compared to book records were not material and have been properly adjusted inthe booksof account. (c) Fixed assets disposed off during the year were not substantial. 2. (a) The inventory has been physically verified during the year by the management at all its locations at reasonable intervals. Further stocks in the possession and custody of third parties as at 31st March 2010 have been verified by the management with reference to confirmations or statement of account or correspondence of the third parties. In our opinion, the frequency ofsuch verificationisreasonable. (b) The procedures for the physical verification of inventory followed by the management are, in our opinion, reasonable and adequate inrelation tothe size of the Company and nature ofits business. (c) In our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material and have been properly dealt with in the books of account. 3. (a) The Company has not granted any loan, secured or unsecured, to Companies, firms and other parties covered in the register maintained under section 301ofthe CompaniesAct, 1956. (b) The company has taken unsecured loan in the nature of advance against supplies, from a Company covered in the register maintained under section 301ofthe CompaniesAct, 1956. The maximum amount outstanding during the year was Rs 1900.00 lacs and year end balance was Rs 1700 lacs. Apart from this, the company has not taken any other loans, secured orunsecured, from companies, firms or other parties listed in the register maintained under section 301 of theCompaniesAct, 1956. (c) In our opinion, other terms&conditionsof such loan are prima facie, not prejudicial tothe interestof the Company. (d) In respect of the aforesaid loan, the company was regular in repayment of principal amount and interest due thereon as per the termsof the acceptance. 4. In our opinion, and according to the information and explanations given to us during the course of audit, there are adequate internal control systems commensurate with 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. Further, on the basis of our examination of the books & records of the company, carried out in accordance with the generally accepted auditing practices in India, we have neither come across nor have we been informed of any instance of major weaknesses in the aforesaid internal control systems. 5. (a) Based upon the audit procedures applied by us and according to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained undersection301oftheCompaniesAct, 1956have beensoentered. (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 register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rupees five lakhs or more in respect of each party have been made at prices which are reasonable having regard to market prices for such transactions, prevailing at the relevant time, where such market prices are available. 6. The Company has not accepted any deposits from the public within the meaning of section 58Aand 58AAor any other relevant provisions ofthe CompaniesAct, 1956 including the Companies (Acceptance of Deposits) Rules, 1975. 7. In our opinion, the Company has an internal audit system commensurate with the size & natureof its business. 8. Wehave broadly reviewed the CostAccounting records, maintained by the Company pursuanttothe Rules prescribed by the Central Government for the maintenance of cost records under clause (d) ofsub-section (1) of section 209 of the Companies Act, 1956 and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained.Weare,however,not requiredtomakeadetailed examinationofsuchbooks andrecords. 9. (a) According to the records of the Company, 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 have been generally regularly deposited with the appropriate authorities during the year and there are no such undisputed statutory dues outstanding as on the date of Balance Sheet foraperiod exceeding six monthsfrom the datethey became payableasonthe dateofthe balance sheet. (b) According to the information & explanations given to us and as per the books and records examined by us, there are no dues in respect of Excise Duty, Sales Tax, Wealth Tax, Custom Duty, Income Tax and Cess which have not been deposited on account of any dispute except the following dues of Service Tax along with the forum where the dispute is pending : Name of the Statute Nature of Dues Year to which Forum Amount (in Rs.) amount pertains Finance Act,1994 Service Tax 2005-06 to Additional 1437794.00 2007-08 Commissioner CentralExcise, Delhi- III 10. There are no accumulated losses of the Company as at the end of the financial year. There are no cash losses during the financial year and inthe immediately preceding financial year. 11. According to the information and explanations given to us and as per the books and records examined by us, the Company has not defaultedin repaymentof duesto any financial institution or bank. 12. Accordingtothe information and explanations giventous, the Company has not granted any loans and advances on the basis ofsecurityby way ofpledge ofshares, debentures and other securities. 13. The Company does not fall within the category of Chit fund / Nidhi / Mutual Benefit fund / Society and hence the related reporting requirementsof the Order are not applicable. 14. The Company is not dealing in or trading in shares, securities, debentures, and other investments. Accordingly, the provisions ofclause 4(xiv) ofthe Order are not applicable to the company. 15. The company has not given any guarantees for loans taken byothers from bankor financial institution. 16. In our opinion, and according tothe information and explanations givento us, the term loans raised during the year by the Company have been applied for the purpose for which the said loans were obtained, where such end-use has been stipulated bythe lender. 17. According to the information and explanations given to us and as per the books and records examined by us, on an overall examination of the Balance Sheet of the Company, the funds raised by the Company on short-term basis have been applied for long-term investment to the extent of Rs.2956.97Lacs. We understand from management that the company is in the process of arranging suitable long term funds to replace these short term funds. 18. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Companies Act, 1956. 19. The Company hasnot issued anydebentures during theyear nor hasany outstanding debentures. 20.The Company hasnot raised any money by way of public issues during theyear. 21. During the course of our examination of the books and records of the Company 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,noticed andreportedduring theyear, nor have we been informed of such case by the management. ForS.S.KOTHARIMEHTA&CO. Chartered Accountants Firm Regn No. 000756N (ARUN K. TULSIAN) Partner M.No.89907 Place: New Delhi Dated: 31st, July 2010