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SML Isuzu Ltd.

BSE: 505192 | NSE: SMLISUZU |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE294B01019 | SECTOR: Auto - LCVs & HCVs

BSE Live

Sep 24, 16:00
535.80 -1.55 (-0.29%)
Volume
AVERAGE VOLUME
5-Day
2,099
10-Day
2,686
30-Day
2,734
1,230
  • Prev. Close

    537.35

  • Open Price

    545.90

  • Bid Price (Qty.)

    535.80 (2)

  • Offer Price (Qty.)

    535.80 (3)

NSE Live

Sep 24, 15:55
535.85 -1.70 (-0.32%)
Volume
AVERAGE VOLUME
5-Day
23,985
10-Day
27,975
30-Day
34,588
14,999
  • Prev. Close

    537.55

  • Open Price

    539.95

  • Bid Price (Qty.)

    535.85 (233)

  • 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 SML ISUZU LIMITED (the Company) as at March 31, 2011, and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. 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 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 (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 (together the Order), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of ''The Companies Act, 1956'' of India (the ''Act'') and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 4. Further to our comments in the Annexure referred to in paragraph 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 those 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 accounting standards referred to in sub-section (3C) of Section 211 of the Act; (e) On the basis of written representations received from the directors, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act; (f) Attention is invited to non provision ofRs.488 lacs in respect of MODVAT credit receivable as explained in Note 2 of Schedule N. Had the said amount been provided, loans and advances and profit for the year would have been lower by the corresponding amount. The matter referred above was also the subject matter of qualification in our audit report on the financial statements for the year ended March 31,2010. (g) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give, in the prescribed manner, the information required by the Act, and subject to our comments in para (f) above, 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, 2011; (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 the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO AUDITORS'' REPORT Referred to in paragraph 3 of the Auditors'' Report of even date to the members of SMLISUZU Limited (formerly Swaraj Mazda Limited) on the financial statements for the year ended March 31, 2011 1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets. (b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items 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 assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies between the book records and the physical inventory have been noticed. (c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the Company during the year. 2. (a) The inventory (excluding stocks with third parties) has been physically verified by the Management during the year. In respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is reasonable. (b) In our opinion, the procedures of physical verification of inventory 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, 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. 3 (a) 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 Act. (b) The Company has not taken any loans,secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act. 4. 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 for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system. 5. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that section. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees Five Lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the rules framed there under. 7. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. 8. We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub-section (1) of Section 209 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 with a view to determine whether they are accurate or complete. 9. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, except dues in respect of income-tax where there have been delays during the year, though the delay in deposit have not been serious, the Company is regular in depositing undisputed statutory dues including investor education and protection fund, employees'' state insurance, wealth tax, service tax, customs duty, excise duty and other material statutory dues as applicable, with the appropriate authorities. The extent of the arrears of statutory dues outstanding as at March 31, 2011, for a period of more than six months from the date they became payable are as follows: Name of the Nature of dues Amount (Rs.) Period to which Due date Date of statute the amount Paym ent relates Income Witholding 45,000 April-June 2010 July 07, 2010 May 05 ,2011 Tax Act, 1961 Tax on Royalty (b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of income-tax, sales-tax, wealth-tax, service-tax, customs duty, excise duty and cess as at March 31, 2011 which have not been deposited on account of a dispute are as follows: Name of Nature of Amount Amount Period to which Forum where the the statute dues (Rs. lacs) Deposited under the amount dispute is pending Protest (Rs. Lacs) relates Central Sales Sales Tax 218.23 87.30 2000-01 Sales Tax Appellate Tax Act, 1956 Tribunal, Chandigarh. Punjab VAT Penalty 3.67 0.92 2007-08 Deputy Excise and Act, 2005 Taxation Commissioner cum Joint Direc tor Enforcement, Patiala. Gujrat Sales Penalty 11.78 2.37 2001-02 Deputy Commissioner Tax Act (Rs. 9.25 lacs has (Appeals), Gujarat. been given as bank guarantee by the company) Uttar P radesh Sales Tax 15.94 7.19 1993-94 Additional Comm issioner Trade Tax (Appeals), Lucknow. Act,1948 Central Excise Excise Duty 81.17 2.12 2000-01 to Commissioner (Appeals)/ Act, 1944 Interest and 2008-09 Custom Excise and Penalty Service Tax Appellate Tribunal (CESTAT)/ Supre me Court. Income Tax Income Tax, 380.96 62.00 1986-87, 1991-92 High Court of Punjab & Act, 1961 Interest and 2004-05, 2005-06 Haryana/lncome Tax Penalty 2006-07 Appellate Tribunal/ Commissioner of Income Tax (Appeals). Finance Service Tax 35.23 1.30 2002-2008 Commissioner (Appeals)/ Act, 1994 and penalty Custom Excise and Service Tax Appellate Tribunal (CESTAT) 10. The Company has no accumulated losses as at March 31, 2011 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. 11. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date. 12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund/ societies are not applicable to the Company. 14. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments. 15. In our opinion and 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 during the year. 16. The Company has not obtained any term loans. 17. On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, there are no funds raised on a short-term basis which have been used for long- term investment. 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 Act during the year. 19. The Company has not issued any debentures during the year and there are no debentures outstanding as at the year end. 20. The Company has not raised any money by public issues during the year. The Management has disclosed the end use of monies during the year, out of public issue raised in the earlier year (Refer Note 25 of Schedule N) which has been verified by us. 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, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year except that we have been informed by the management of certain instances of theft of components from stores during the year under audit. Loss due to theft amounting to Rs. 7.95 lacs (approx) has been reported to investigating agencies and the Company is conducting its own assessment. Pending the outcome of these actions the loss has been adjusted in the books of account and further adjustments, if any, will be made once the investigations are completed. For Price Waterhouse Firm Registration Number: 301112E Chartered Accountants V.Nijhawan New Delhi Partner May 26, 2011 Membership Number: F87228