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Growth Techno Projects Ltd.

BSE: 521337 Sector: Infrastructure
NSE: GROWTECHNO ISIN Code: INE275C01016
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Growth Techno Projects Ltd. (GROWTECHNO) - Auditors Report

Company auditors report

GROWTH TECNO PROJECTS LIMITED ANNUAL REPORT 2008-2009 AUDITORS' REPORT To The Members of M/s Growth Techno Projects Ltd., 1. We have audited the attached Balance Sheet of M/s. Growth Techno Projects Ltd., as at 31st March, 2009 and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date, annexed thereto. 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 auditing standards generally accepted in India. Those Standard required 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 disclosers 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. 3. As required by the Companies (Auditors' Report) Order, 2003 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 set out in the annexure a statement on the matter specified in paragraph 4 of the said order. 4. Further to our comments 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 except for non provision of interest / settlement charges of Rs. 21,493.41 lacs. (referred note 4a, 4b, 4c & 4d, 5a, 5b, 5c & 5e even though the Company follows accrual system of accounting. (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, as on March 31, 2009 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2009 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 Note No. 2 regarding going concern as per schedule J of Notes to Accounts in the financial statements. (g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes appearing in schedule 'J' thereon and attached there to and subject to i) Note 3a regarding non confirmation of various balances and consequential effect if any on loss of the Company determined on completion of reconciliation, ii) Note 4a regarding non provision of enhancement of liability of interest on Secured Loan amounting to Rs 13,346 lacs and understating capital work in progress and loans to that extent. iii) Note 4b regarding non provision of interest on NCD amounting to Rs.6159.58 lacs and understating loans to that extent. iv) Note 4c regarding non provision of interest on loans from M/s Hope Pratisthan & Others amounting to Rs. 1053 lacs and understating loans to that extent. v) Note 4d regarding non provision of interest on various loans from M/s MKJ developers Ltd. & Others amounting to Rs. 231.90 lacs and understating capital work in progress and loans to that extent. vi) Note 5a regarding non-provision of settlement charges on amount due to Shree Sita Ram Bhandar Trust towards Growth Park land amounting to Rs.400 lacs and understating capital work in progress and liabilities to that extent. vii) Note 5b regarding non provision of interest on amount due to M/s Bright Traders Private Limited amounting to Rs. 121.17 lacs and understating liability to that extent viii) Note 5c regarding non provision of interest on amount due to M/s Integral Commercial Private Limited amounting to Rs. 181.76 lacs and understating liability to that extent. ix) Note 5e regarding non-provision of interest accrued on Loan Amount paid to Mr. Ajay Jain amounting to Rs.9.10 lacs and understating the loss for the year under review and liabilities to that extent. Effect of para ii) to vii) is that work in progress is understated by Rs.21,493.41 lacs and liability is understated to that extent. Effect of para ix) is that Loss is understated by Rs.9.10 lacs and liability is understated to that extent. give the information required under 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 March 31, 2009; (ii) In the case of the Profit and Loss Account, of the Loss for the year ended on that date; (iii) In the case of the Cash Flow Statement of the cash flows for the year ended on that date. For Shah Gupta & Co. Chartered Accountants PLACE : New Delhi Rajeev Basal DATED : 31st August, 2009 (Partner) M. No. 88598 ANNEXURE TO AUDITORS REPORT (Referred to in paragraph 3 of the Auditors' Report of even date to the members of Growth Techno Projects Limited on the accounts for the year ended 31st March; 2009) (i) In respect, of its fixed assets: (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) The fixed assets are physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed on such verification. (c) No Fixed assets were disposed off during the year. (i) In respect of its inventories: I (a) As explained to us, the Company carries inventory of shares in the physical form which is duly verified by the management during the year. (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. There were no discrepancies noticed on physical verification of inventory as compared to book records. (iii) In respect of loans granted by the Company to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, according to the information and explanations given to us (a) The Company has not granted any loans secured or unsecured to any company, firm or other party covered in the register, maintained under Section 301 of the Companies Act, 1956. In view of (iii) (a) above, the clauses (iii) (b), (iii) (c) and (iii) (d) are not applicable. (e) The Company has not taken any loans secured or unsecured from any Company, firm, or other party covered in the register maintained under Section 301 of the Companies Act, 1956. In view of (iii)(e) above, the clauses (iii)(f) and (iii) are not applicable. (iv) In our opinion, 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. 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 we been informed of any instance of continuing failure to correct major weaknesses in the aforesaid internal control procedures. (a) According to the information and explanations given to us, during the year under audit there have been no contracts or arrangements which need to be entered in the register maintained under section 301 of the Companies Act, 1956. (b) In view of clause (v)(a) above, the clause (v)(b) is not applicable. (vi) 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. (vii) In our opinion, the company does not have any internal audit system commensurate with its size and nature of its business. (viii) The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956 for any of the products of the company. (a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is regular in depositing the undisputed statutory dues including employees' state insurance, income-tax, sales-tax, wealth tax, customs duty and other material statutory dues except the dues of Provident Fund where there has been a delay in deposit with the appropriate authorities. (b) According to the information and explanations given to us and as per records of the Company examined by us, there are dues of income-tax of Rs. 870.21 lacs which have not been deposited on account of dispute pending in appeal with various appellate authorities / restored back to assessing officer as per the detail given below Particular Financial year to which Forum where matter Amount the matter pertains is pending (Rs. In lacs) INCOME TAX 1996-97 RESTORED BACK 8.58 1997-98 RESTORED BACK 4.35 1997-98 RESTORED BACK 4.35 1997-98 RESTORED BACK 203.06 1997-98 RESTORED BACK 4.21 1998-99 RESTORED BACK 99.56 1999-00 RESTORED BACK 186.75 2000-01 RESTORED BACK 229.53 2002-03 RESTORED BACK 23.84 2003-04 C.I.T. APPEAL 105.98 (vii) The company has accumulated losses of Rs. 481.57 lacs as on 31st March, 2009 and it has incurred a loss of Rs. 4.36 lacs during the financial year ended on the date and a Loss of Rs. 53.12 lacs in the immediately preceding financial year. The 50 % of the net worth of the Company has not been eroded. (viii) According to the records of the company examined by us and the information and explanation given to us, the company has defaulted in repayment of dues of 18.5% Non-Convertible Debentures of Rs. 10.00 Crores along with interest of Rs. 5426.54 lacs to the debenture holder namely Bank of India as at the balance sheet date. (ix) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debenture and other securities. (x) In our opinion, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, provisions of Clause (xiii) of paragraph 4 of the aforesaid order are not applicable to the Company. (xi) In our opinion, the Company has maintained proper records of transactions and contracts relating to dealing in shares, securities, debentures and other investments during the year and timely entries have been made therein. Further such securities have been held by the Company in its own name or are in the process of transfer in its name. (xii) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by other from banks or financial institutions during the year. (xiii) According to the information and explanations given to us the Company has not taken any term loan during the year. (xiv) 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 investment. (xv) According to the information and explanations given to us, the Company has not made preferential allotment of shares during the year. (xvi) According to the information and explanations given to us, and the records examined by us, securities / charges have not been created in respect of debentures issued. (xvii) During the period covered by our audit report, the Company has not raised any money by public issues. (xviii) 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 was noticed or reported during the year. For Shah Gupta & Co. Chartered Accountants PLACE : New Delhi Rajeev Bansal DATED : 31st August, 2009 (Partner) M. No. 88598