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Gujarat Inject (Kerala) Ltd.

BSE: 524238 Sector: Health care
NSE: N.A. ISIN Code: INE659F01014
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Gujarat Inject (Kerala) Ltd. (GUJINJECTKER) - Auditors Report

Company auditors report

GUJARAT INJECT (KERALA) LIMITED ANNUAL REPORT 2006-2007 AUDITORS' REPORT TO THE MEMBERS OF GUJARAT INJECT (KERALA) LIMITED 1. We have audited the attached Balance Sheet of Gujarat Inject (Kerala) Limited as at 31st March, 2007 and the Profit and Loss Account and the Cash Flow Statement for the period 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 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 tile 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 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of die Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in para 3 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 books, subject to note No. 7 regarding interest payable to Financial Institutions are accounted on cash basis; (iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the said accounts comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 subject to Note No. 1 (c) attached to the accounts regarding non provision of depreciation on the part of fixed assets arising on fluctuation in translation of foreign Currency loan, which is not in accordance with the Accounting Standards AS-6 and AS-11 issued by the Institute of Chartered Accountants of India. (v) On the basis of written representation received from the directors and taken on record by the Board of Directors. We report that none of the directors is disqualified as on 31st March 2007 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. (vi) (a) Note No. 2 regarding the balances in some bank accounts, sundry creditors and loans and advances are not confirmed. (b) Note No. 7 regarding non provision of interest on Loans to Financial institutions amounting to Rs.82139253/- (c) Note No. 9 regarding non-provision of increase in filing fee of Rs.40,000/- and the interest thereon, which is not quantifiable for the enhancement of Authorised Capital. Consequently the net loss is understated by that extent as stated in clause (b) and (c) above. (d) Although the company had incurred substantial losses in the past resulting in the erosion of its net worth, the accounts of the company are prepared on going concern basis. (vii) Subject to the above 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 principles generally accepted in India; a) In the case of the, balance sheet, of the state of affairs of the Company as at 31st March, 2007; b) In the case of the profit and loss account, of the loss for the year ended on that date; and c) In the case of cash flow statement, of the cash flows for the year ended on that date. For Krishnamoorthy & Krishnamoorthy Chartered Accountants K.J. Narayanan Partner Membership No.: 202844 Place: Thrissur Date : 16-8-2007 ANNEXURE REFERRED TO IN PARAGRAPH [3] OF OUR REPORT OF EVEN DATE Re: Gujarat Inject (Kerala) Limited. (i) (a) The Company has maintained proper record showing full particulars, including quantitative details and situation of fixed assets. (b) All fixed assets were physically verified by the management during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the company and nature of its business. As informed, no material discrepancies were noticed on such verification. (c) There was no substantial disposal of fixed assets during the year. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. (b) 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) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. (iii) (a) As informed, the Company has not grant any loan, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. (b) The Company has not taken any loan, secured or unsecured, from the 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, 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 and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. (v) According to the information and explanations, provided by the management, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 304 of the Companies Act; 1956. (vi) The Company has not accepted any deposit from the public. (vii) The company has no internal audit system in vogue though it is statutorily necessary. (viii) To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 for the products of the Company. (ix) (a) According to the information and explanation given to us and as per the records of the Company, the Company has been regular in depositing undisputed statutory dues or account of Provident Fund, Employees State Insurance, Income Tax and Sales Tax with the appropriate authorities during the year. Except for the following, no other undisputed amounts of statutory dues were outstanding for a period more than six months from the date they become payable as at 31.03.2007: Name of Nature of Amount Period to Due Date the statute the dues (Rs.) which the Date of Amount Payment relates Employees State Insurance Act ESI 1,27,211 Sep. 1997 to -do- Not paid Oct. 1999 KGST Act, Sales Tax 75,280 March March 1963 1993-94 1994 Not paid There are no amounts to be deposited towards Investor Education and Protection Fund, Wealth Tax, Customs Duty, Excise duty, Service tax and Cess. (b) According to the records of the Company, there are no dues outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty, Service tax and Cess on account of any dispute. (x) The accumulated losses at the end of the financial year are more than fifty percent of its net worth and the company has incurred cash losses in the financial year covered by our audit and the immediately preceding financial year. (xi) Based on our audit procedures and on the information and explanations given by the management we are of the opinion that the Company has defaulted in repayment of dues to the following (excluding interest not provided for upto 31.3.2007): Name of the Institution Amount Due (Rs. in lakhs) Period IFCI Limited 2134.04 Since 1994 KSIDC Limited 75.04 Since 1994 The Federal Bank Limited. 180.35 Since 1997 We have been informed that the company has not issued any debentures during the year. (xii) According to the information and explanations given to us and based on the documents and records provided to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company. (xiv) The Company is not dealing or trading in shares, securities, debentures or 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 has not availed any term loans 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 report that no funds raised on short-term basis have been used for long-term investments. (xviii) The Company has not made any preferential allotment of shares to parties or companies 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 through a public issue during the year. (xxi) Based upon the audit procedures performed by us for expressing our opinion on these financial statements and information and explanations given to us by the management, no fraud on or by the Company has been noticed or reported during the course of our audit. For Krishnamoorthy & Krishnamoorthy Chartered Accountants K.J. Narayanan Partner Membership No.: 202844 Place: Thrissur Date : 16-8-2007