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GTCL Mobile-Com Technology Ltd.

BSE: 532080 Sector: Engineering
NSE: N.A. ISIN Code: INE037D01018
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GTCL Mobile-Com Technology Ltd. (GTCLMOBILECOM) - Auditors Report

Company auditors report

GTCL MOBILE COM TECHNOLOGY LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT To The Shareholders GTCL MOBILE COM TECHNOLOGY LIMITED We have audited the attached Balance Sheet of GTCL MOBILE COM TECHNOLOGY LIMITED as at 30th June, 2003 and also the Profit & Loss Account for the year ended on that date annexed there to and the cash flow statement for the year ended on that date. 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. We 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 tree of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures to 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. We report as follows: 1. As required by the Manufacturing and Other Companies (Auditors' report) Order, 1988, Issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement of the matters specified in the paragraphs 4 & 6 in the said order. 2. Further to our comments in the Annexure referred to in paragraph 1 above 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 accounts as required by the law have been kept by the Company so far as appears from our examination of the books. c) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the books of account: d) In our opinion, the Balance Sheet and Profit Loss Account dealt with by this report comply with the accounting standards referred to in Sub-Section (3C) of, Section 211 of the Companies Act, 1956. e) On the basis of written representations received from the directors, we report that none of the directors, we report that none of the directors is disqualified as on 30th June, 2003, 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 accounting policies and notes thereon subject to the following remarks: a) the company has not provided interest on secured loans from 1-7-2002 onwards except Deferred term loans received against receivables. b) the company has reversed the interest income provided till 30th June 2001 on advances to the tune of Rs. 56065315/-. c) The company has reversed the interest expenses to the tune of Rs.104702387/- being excess provision made in the earlier years. 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 in India. (i) in the case of Balance Sheet, of the state of affairs of the Company as on 30th June, 2003; and (ii) in the case of Profit & 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. DOCTOR & PATEL Chartered Accountants Place: Ahmedabad VASANT PATEL Date : 29th November, 2003. Partner ANNEXURE TO THE AUDITORS' REPORT Referred to in paragraph (1) of our Report of even date on accounts of GTCL Mobile Com Technology Limited for year ended 30th June, 2003 (i) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. As explained to us, all the assets have been physically verified by the management at reasonable intervals during the year, According to information and explanations given to us, no discrepancies were noticed on such verification by the management. (ii) None of the fixed assets have been revalued during the year. (iii) The stock of finished goods, Stock in Process, Raw Material and stores & spare parts have been physically verified by the management at reasonable intervals. (iv) In our opinion, and according to the information and explanations given to us, the procedures of physical verification of the stocks followed by the management were found reasonable and adequate in relation to the size of the Company and nature of its business. (v) According to the records produced before us for our verification and on the basis of the informations and explanations given to us, there were no material discrepancies were noticed on physical verification of stocks arid the same have been property dealt with in the books of accounts. (vi) In our opinion and on the basis of our examination, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles. The basis of valuation of stocks is same as in the preceding year. (vii) The Company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. As explained to us there are no Companies under the same management as defined under Section 370 (1B) of the Companies Act, 1956. (viii) The Company has not granted loans to companies listed in the register maintained under Section 301 of the Companies Act, 1956. As explained to us, there are no Companies under the same management as defined under Section 370 (1B) of the Companies Act, 1956. (ix) In the respect of the loans & advances in the nature of loan given by the company, Interest is not charged during the year and there is no stipulation regarding repayment & interest. (x) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items are of a special nature for which alternative quotations are not available, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw maters including components. plant and machinery equipments and other assets and for the sale of goods. (xi) In our opinion and according to the information and explanation given to us, the Company has entered into transaction of purchase/sales of goods exceeding Rs. 50000/- in pursuance of the contract or arrangements entered in the Register maintained under soon 301 of the Companies Act, 1956 and the purchases/ sales so made are at prices which are reasonable, having regard to the prevailing market prices for such goods or materials where such market prices are available or the prices at which transactions for similar goods of materials have been made with other parties. (xii) As explained to us, the Company has a regular procedure for the determination of the unserviceable or damaged stores, raw materials and fished goods and necessary provision for loss, if any arising on the items so determined, has been made in the books of account of the Company. (xiii) The Company has not accepted any deposits covered U/s 58 A of the Companies Act, 1956. (xiv) In our, the Company has maintained reasonable records for the sale and disposal of scrap. xv) In our opinion, the Company has an adequate internal audit system commensurate wits its size and nature of its business. (xvi) As explained to us, the Company has maintained books of accounts pursuant to the rules made by the Central Govt. for the maintenance of cost records Under Section 209 (1) (d) of the Companies Act, 1959 in respect of cables. We have however riot made a detailed examination of these records. (xvii) According to the information and explanation given to us and according to the records of the Company, provident fund and employees state insurance dues, wherever applicable, have generally been regularly deposited during the year with the appropriate authorities. (xviii) According to the informations and explanations given to us there were no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom and Excise Duty which have remained outstanding as at 30th June, 2003 for a period of more than six months from the date fey became payable. (xix) The Company has a policy to exercise reasonable checks & controls for authorisation of various expenditure which intends to ensure that such expenses are authorised either on the basis of contractual obligations / terms of employment or which are in accordance with the generally accepted business practices having regard to the Company's need arid exigencies. In terms of these observations we have not come across any expenses charged to the revenue account which, in our opinion and judgment and belief could be regarded as personal expenses nor the manes far informed us of any such expenses. (xx) As per the legal opinion obtained, by the company, the provisions of the Sick industrial Companies (Special Provisions) Act, 1985 do not apply to the company. However the Company informed us, the Board of the company have opinion that the net worth of the company has tour eroded, therefore for abundant caution it is decided to make reference to the Board for Industrial and Financial Reconstruction (BIFR) Pursuant loft provision to Section 15 of the Side Industrial Companies (Special Provisions) Act, 1985. (xxi) We are informed that the Company does not have any damaged goods in respect of traded items. DOCTOR & PATEL Chartered Accountants Place: Ahmedabad VASANT PATEL Date : 29th November, 2003. Partner