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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 23, 16:00
536.20 -5.10 (-0.94%)
Volume
AVERAGE VOLUME
5-Day
2,519
10-Day
2,587
30-Day
2,785
1,539
  • Prev. Close

    541.30

  • Open Price

    550.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 23, 15:40
537.55 -4.05 (-0.75%)
Volume
AVERAGE VOLUME
5-Day
24,668
10-Day
27,930
30-Day
36,372
26,588
  • Prev. Close

    541.60

  • Open Price

    544.00

  • Bid Price (Qty.)

    537.55 (239)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of SML Isuzu Limited (''the Company''), which comprise the Balance Sheet as at 31 March 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information. Management responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act 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 affairs of the Company as at 31 March 2014; (b) in the case of the Statement of Profit and Loss, 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. Report on other legal and regulatory requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, 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 purpose 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account ; d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; e. on the basis of written representations received from the directors as on 31 March 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO AUDITORS'' REPORT (Referred to in our report of even date) (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As explained to us, the Company has a regular programme of physical verification of its fixed assets in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were physically verified by the Company during the current year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its fixed assets. No material discrepancies were noticed on such verification. (c) Fixed asset disposed off during the year were not substantial, and therefore, do not affect the going concern assumption. (ii) (a) The inventory, except materials-in-transit and stock lying with third parties, has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. For stocks lying with third parties at the year-end, written confirmations have been obtained. (b) The procedures for the 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) 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 adjusted in the books of account. (iii) The Company has neither granted nor 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. (iv) In our opinion and according to the information and explanations given to us, and having regard to the explanation that purchase of certain items of inventories and fixed assets are for the Company''s specialised requirements and therefore suitable alternative sources are not available to obtain comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to sale of goods and services. However, considering the size of the Company and the nature of its business, internal control procedures need to be further strengthened with regard to obtaining comparable quotations for purchase of inventories and fixed assets. Other than this, we have not observed any major weakness in the internal control system during the course of the audit. (v) In our opinion, and according to the information and explanations given to us, there are no contracts and arrangements the particulars of which need to be entered into the register maintained under section 301 of the Companies Act, 1956. Accordingly, paragraph 4(v)(b) of the order is not applicable (vi) The Company has not accepted any deposits from the public. (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 prescribed by the Central Government for maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 in respect of its products and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records. (ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income tax, Wealth tax, Excise duty, Service tax, Customs duty and other material statutory dues have been regularly deposited by the Company with the appropriate authorities though there have been slight delays in a few cases of Tax deducted at Source and Sales tax. 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, Wealth tax, Service tax, Customs duty, Excise duty and other material statutory dues were in arrears as at 31 March 2014 for a period of more than six months from the date they became payable except for sales tax amounting to Rs. 134.36 lacs (refer to note 28 of the financial statements). (b) According to the information and explanations given to us, there are no dues of Wealth tax and Customs duty which have not been deposited with the appropriate authorities on account of any dispute. Further, according to the information and explanations given to us, except as stated below, there are no dues of Income tax, Sales tax, Service tax and Excise duty which have not been deposited by the Company on account of disputes: Name of Particulars Amount Amount the statute Disputed Deposited Rs. Lakhs Rs. Lakhs Central Demand raised for difference 218.23 87.30 Sales Tax in the rate of tax Act, 1956 Punjab VAT Vehicles impounded & demand raised 1.57 0.39 Act, 2005 due to discrepancy in /inadequacy of documents Gujarat Demand raised due to 11.78 5.50 Sales Tax discrepancy in documents Act 1969 U P Trade Demand raised due to sales 15.94 7.20 Tax Act, 1948 tax rate difference. J&K GST Demand raised for 2.42 0.25 Act, 1962 difference in D and F forms J&K GST Demand raised for 23.36 0.65 Act, 1962 difference in D and F forms Punjab VAT Wrong input tax credit taken 67.76 67.76 Act, 2005 in returns Delhi VAT Department has rejected 49.19 1.41 Act, 2004 exemption certificate of vehicles sold to BSES and non submission of F forms Delhi VAT Department has rejected 2.47 2.47 Act, 2004 exemption certificate of vehicles sold to BSES and non submission of F forms Gujarat Sales return/branch transfers 161.68 Nil Tax documents could not be produced during Act, 1969 the asses ment so the tax on the sales return amount has been charged by the department. Sub Total 554.40 172.93 Central Demand raised to 4.25 2.13 Excise Act, re-determine the assessable value of 1944 components Supplied to spare parts division under Rule 7 of Valuation Rules (includes Penalty Rs Lacs ) 2.12 Central Demand raised for non-inclusion of cost 3.19 Nil Excise Act, of publicity items sold to dealers on 1944 trading basis as part of Transaction Value (includes Penalty Rs Lacs ) 0.30 Central Inadmissible Service tax Credit 5.70 Nil Excise Act, utilized for payment of service 1944 tax liability resulting in short payment of excise & service tax liability (includes Penalty Rs Lacs ) 2.85 Finance Act, Denial of utilization of 5.70 Nil 1994 service tax credit for payment of service tax liability (includes Penalty Rs Lacs ) 2.85 Central Demand raised for non- 1.94 Nil Excise Act, inclusion of cost of publicity items 1944 sold to dealers on trading basis as part of Transaction Value Central Demand raised for non- 1.89 Nil Excise Act, inclusion of cost of publicity items 1944 sold to dealers on trading basis as part of Transaction Value Central Demand raised for non- 5.79 Nil Excise Act, inclusion of cost of publicity items 1944 sold to dealers on trading basis as part Transaction Value (includes Penalty Rs Lacs ) 2.90 Finance Act, Demand raised for Service 4.26 Nil 1994 Tax Credit taken on Canteen services where part of cost of food recovered from employees (includes Penalty Rs Lacs ) 2.13 Finance Act, Demand raised for Service 3.36 Nil 1994 Tax Credit taken on Canteen services provided to employees where cost of food borne by the Company. Central Demand raised for levy of 3.62 Nil Excise Act, Education Cess and Secondary Higher 1944 Education Cess on Automobile Cess (includes Penalty Rs Lacs ) 1.81 Central Demand raised for levy of 4.05 Nil Excise Act, Education Cess and Secon- dary Higher Education Cess on Automobile Cess Paid (includes Penalty Rs Lacs ) 1.83 Central Imposition of penalty in 25.00 Nil Excise Act, relation to non compliance 1944 of Rule 10A by body builder Central Imposition of penalty in 300.00 Nil Excise Act, relation to Classification dispute 1944 of Ambulances fabricated & cleared from premises of body builder Finance Act, Service Tax credit taken 8.66 Nil 1994 on Freight & Insurance incurred from Place of Removal Finance Act, Penalty imposed on Service 0.93 Nil 1994 Tax credit wrongly taken Finance Act, Penalty imposed on wrong 1.15 Nil 1994 availment and reversal of Service Tax Credit on Canteen Service provided to the tune of cost recovered from Employees by the Company Sub Total 379.49 2.13 Income Tax Disallowance of provision 19.01 Nil Act, 1961 for bad and doubtful debts Income Tax Demand raised for non 28.51 Nil Act, 1961 deduction of TDS on payment of Fee for Technical Services/Royalty Income Tax Demand raised on 101.55 62.00 1961 disallowance of expenses, loading of statutory dues on Work-in-Progress under section 145(A) of Income Tax Act, 1961 and weighted R&D deduction. Income Tax Demand raised under section 22.02 22.02 Act, 1961 234 B and 234 C of Income Tax Act, 1961 by assessing authority Income Tax Demand raised on 94.79 Nil Act, 1961 disallowance of expenses, loading of statutory dues on Work-in-Progress under section 145A of Income Tax Act, 1961and weighted R&D deduction. Income Tax Demand raised on 137.10 Nil Act, 1961 disallowance of expenses, loading of statutory dues on Work-in-Progress under section 145A of Income Tax Act, 1961 and weighted R&D deduction. Income Tax Demand raised under section 50.88 5.00 Act, 1961 271(1)(c) of Income Tax Act, 1961 Income Tax Demand raised on 476.33 476.00 Act, 1961 disallowance of revenue expenditure incurred on expansion of business, excess provision made on account of Warranty, bad debts written off, interest on utilization of loan, Work-in- Progress under section 145A of Income Tax Act, 1961 Income Tax Demand raised on account 42.41 Nil Act, 1961 Excise of Duty not loaded on Work-in-Progress u/s 145A Income Tax Demand raised u/s 271(1)(c) 82.82 Nil Act, 1961 Income Tax Demand raised on account 39.30 Nil Act, 1961 of Excise Duty not loaded on Work-in-Progress u/s 145A Sub Total 1,094.72 489.02 Name of the statute Period to which Forum where the the amount relates dispute is pending Central Sales Tax Act, 1956 1st April 2000 Sales Tax Appellate to 30th Tribunal,Chandigarh. September 2000 Punjab VAT Act, 2005 August, 2007 Deputy Excise and Tax- ation Commissioner cum Joint Director Enforce- ment, Patiala. Gujarat Sales Tax Act 1969 2001-02 Deputy Commissioner (Appeals), Gujarat U P Trade Tax Act, 1948 1993-94 Additional Commissioner (Appeals), Lucknow J&K GST Act, 1962 2003-04 Deputy Commercial Taxes (Appeals) (Appellate Authority) Jammu J&K GST Act, 1962 2004-05 Deputy Commercial Taxes (Appeals) (Appellate Authority) Jammu Punjab VAT Act, 2005 2009-10 Deputy Excise & Taxation Commissioner Appeals Patiala. Delhi VAT Act, 2004 2002-03 Special Commissioner-I Delhi VAT Act, 2004 2003-04 Sales Tax Officer Gujarat Tax Act, 1969 2008-09 Joint Commercial Tax Sales Commissioner (Appeals) Central Excise Act, 1944 1 April, 2000 Custom Excise and to 31 March, Service Tax Appellate 2004 Tribunal (CESTAT) Central Excise Act, 1944 1 January, Custom Excise and 2004 to 30 Service Tax Appellate September, 2004 Tribunal (CESTAT) Central Excise Act, 1944 2005-06 Commissioner (Appeals) Finance Act, 1994 2005-06 Custom Excise and Service Tax Appellate Tribunal (CESTAT) Central Excise Act, 1944 October-2004 Hon''able Supereme to March-2005 Court of India Central Excise Act, 1944 October-2006 Custom Excise and to June-2008 Service Tax Appellate Tribunal (CESTAT) Central Excise Act, 1944 April-2005 Custom Excise and to January- Service Tax Appellate 2006 Tribunal (CESTAT) Finance Act, 1994 April-2006 Custom Excise and to December Service Tax Appellate 2008 Tribunal (CESTAT) Finance Act, 1994 April-2006 to Custom Excise and December- Service Tax Appellate 2008 Tribunal (CESTAT) Central Excise Act, 1944 April -2008 to Custom Excise and June -2009 Service Tax Appellate Tribunal (CESTAT) Central Excise Act, 1944 April-2010 to Custom Excise and September- Service Tax Appellate 2011 Tribunal (CESTAT) Central Excise Act, 1944 Dec.-2008 to Custom Excise and July-2009 Service Tax Appellate Tribunal (CESTAT) Central Excise Act, 1944 April 2005 - Custom Excise and to Nov-2009 Service Tax Appellate Tribunal (CESTAT) Finance Act, 1994 01 March 2006 Custom Excise and to 28 Feb-2008 Service Tax Appellate Tribunal (CESTAT) Finance Act, 1994 01 Oct. 2009 Commissioner (Appeals) to 30 Sep.2010 Finance Act, 1994 01 June 2009 Commissioner (Appeals) to 31 March 2011 Income Tax Act, 1961 1991-92 High Court of Punjab & Haryana Income Tax Act, 1961 1986-87 High Court of Punjab & Haryana Income Tax 1961 2004-05 Income Tax Appellate Act, Tribunal Income Tax Act, 1961 1997-98 High Court of Punjab & Haryana Income Tax Act, 1961 2005-06 Income Tax Appellate Tribunal Income Tax Act, 1961 2006-07 Income Tax Appellate Tribunal Income Tax Act, 1961 2005-06 Income Tax Appellate Tribunal Income Tax Act, 1961 2007-08 Income Tax Appellate Tribunal Income Tax Act, 1961 2008-09 Commissioner of Income Tax (Appeals) Income Tax Act, 1961 2006-07 Commissioner of Income Tax (Appeals) Income Tax Act, 1961 2009-10 Commissioner of Income Tax (Appeals) (x) The Company does not have any accumulated losses and has not incurred cash losses in the current year and 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 banks and financial institutions. In our opinion and according to the information and explanations given to us, the Company did not have any outstanding dues to any debenture holders during the year. (xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund or a nidhi/ mutual benefit fund/ society. (xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. (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) The Company did not have any term loans outstanding during the year. (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 the funds raised on short-term basis have not been used for long-term investment. (xviii) The Company has not made any preferential allotment of shares to companies/ firms/ parties covered in the register maintained under Section 301 of the Companies Act, 1956. (xix) The Company did not have any outstanding debentures during the year. (xx) The Company has not raised any money by way of public issues during the year. (xxi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. For B S R & Company Chartered Accountants Firm Registration No.: 128032W Manish Gupta Place: New Delhi Partner Date : 09 May 2014 Membership No.: 095037