You are here » Home » Companies » Company Overview » Global Industries Ltd

Global Industries Ltd.

BSE: 530553 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Global Industries Ltd. (GLOBALINDS) - Auditors Report

Company auditors report

GLOBAL INDUSTRIES LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To The Members of GLOBAL INDUSTRIES LIMITED We have Audited the attached Balance Sheet of Global Industries Ltd. as at 31st March 2005 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statement are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statement based on these financial statements based on our audit. We conducted our audit in accordance with auditing standard generally accepted in India. Those standards requires that we plan and perform the audit to obtain reasonable assurance about whether the financial statement are free of material misstatement. An audit include examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. 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 provided a reasonable basis for our opinion. As required by the Companies (Auditor's Report) Order, 2003 issued by the central Government of India in term of subsection (4A) of section 227, we enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. Further to our comments in the Annexure referred to above we report that: i) 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. ii) 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 book. iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt and Cash Flow Statement dealt with the accounting standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956. v) During the year no interest has been provided on the balance Term Loans after adjustment of sale proceeds of auction of the project by HSIDC and Working Capital Loans and interest amount to Rs.81,08,710/- during the year and if the same had been provided, the loss would have increased by Rs.81,08,710/-. vi) On the basis of written representation received from the director, as on 31st March, 2005, and taken on record by the Board of Directors no Director is disqualified as on 31st March, 2005 from being appointed as a director in term of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. vii) 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 principle generally accepted in India. (a) In the case of the Balance sheet, of the state of affairs of the company as at 31st March 2005 and (b) In the case of Profit and Loss Account, of the 'LOSS' for the year ended on that date. (c) In the case of the cash Flow statement, of the cash Flows for the year ended on that date. FOR S.S. BHARDWAJ & ASSOCIATES CHARTERED ACCOUNTANTS S.S. SHARMA PARTNER Place: New Delhi Date : 11th August, 2005 ANNEXURE TO THE AUDITORS' REPORT OF GLOBAL INDUSTRIES LIMITED FOR THE YEAR ENDED 31ST MARCH 2005. (Referred to in Paragraph of our Report of even date) 1. In respect of fixed assets of the Company: (a) All the fixed assets have already been disposed off during the previous years itself through auction by HSIDC invoking the provisions of section 29 of the State Finance Act, 1951 and as such the company does not any assets. (b) Hence the Company is not having any fixed assets, the provisions of clause 4(i)(a) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company. (c) The Company has lost its status of going concern. 2. The Company is not carrying any activity of producing manufacturing or trading and also not holding any inventory during the year. Hence the provisions of clause 4 (ii) (a), (b) and (c) of the Companies (Auditor's Report) Order 2003 is not applicable. 3. During the year the company has not granted any loan secured or unsecured to the companies, firms or other parties covered under section 301 of the Companies Act, 1956. Hence the provisions of clause 3(a), (b) and (c) of the Companies (Auditor's Report) Order 2003 are not applicable. However, the company has taken unsecured loans amounting to Rs.31,27,184/- from Mr R.P. Singh Director of the Company as on 31st March, 2005 (free of interest. The terms and conditions are not prejudicial to the company. (e) The rate of interest and terms & conditions are not prima facia prejudicial to the interest of the Company. (f) The payment of principal & interest is not regular. (g) The amount is overdue. As per information and explanations given to us, the Company has taken reasonable steps for the payment of principal & interest. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures, 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. During the course of the audit no major weakness has been notice in the internal control system. 5. (a) According to information and explanation given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. 5. (b). In our opinion and according to the information and explanations given to us, no transactions have been made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of concerned parties during the year, because the Company is not doing any activity of producing, manufacturing or trading. 6. The Company has not accepted any deposits within the meaning of section 58A of the Companies Act, 1956. 7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business. 8. The Govt. has not prescribed the Cost Audit under section 209(1)(d) of the Companies Act, 1956. Further, the Company is not producing, manufacturing or trading, hence cost records are not required to be maintained under section 209(1)(d) of the Companies Act 1956. 9. (a). According to the records of the Company, it is regular in depositing with appropriate authorities 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 applicable statutory dues. 9. (b). According to the information and explanations given to us, there is no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and Cess as at the year end for a period more than six months from the date they become payable. 9. (c). According to the information and explanations given to us, there are no dues of custom duty, wealth tax and cess, which have not been deposited on account of any dispute. 10. In our opinion, accumulated losses of the Company are much more than its net worth. The Company has incurred cash losses in the financial year under report and in the immediately preceding financial year. 11. The Company has defaulted in the repayment of dues to Banks or Financial Institutions. Further, HSIDC have auctioned the entire floriculture project of the Company in the financial year 2002-03, invoking the provisions of section 29 of the State Financial Corporation Act, 1951. 12. The Company has not granted loans and advances oil the basis of security by way of pledge of shares, debentures and other securities. 13. The Company is not a chit fund, Nidhi or Mutual Benefit Funds/Society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order 2003 the not applicable to the Company. 14. The Company has not dealt or traded in shares, securities, debentures and other investments during the year. However, it has maintained proper records in respect of shares, securities, debentures and other investments. 15. According to the information and explanations given to us, the Company has not given any guarantee during the year, for loans taken by others from Banks or Financial Institutions. 16. The Company has neither raised any term loan during the year nor any unutilised amount was left on this account, as at the beginning of the year. Therefore, the provisions of clause 4(xvi) of the Companies (Auditor's Report) Order 2003 are not applicable to the Company. 17. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that the fund raised on short term basis have not been used for long term investments. 18. The Company has not made preferential allotment of equity shares to parties and companies covered in the Register maintained under section 310 of the Companies Act 1956. Therefore the provisions of clause 4(xviii) of the Companies (Auditor's Report) Order 2003 are not applicable to the Company. 19. No debentures were issued during the year. Hence the provisions of clause 4(xix) of the Companies (Auditor's Report) Order 2003 are not applicable to the Company. 20. The Company has not raised any money by public issue during the year- Hence the provisions of clause 4(xx) of the Companies (Auditor's Report) Order 2003 are not applicable to the Company. 21. 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 have been noticed or reported during the year. FOR S.S. BHARDWAJ & ASSOCIATES CHARTERED ACCOUNTANTS S.S. SHARMA PARTNER Place: New Delhi Date : 11th August, 2005