2010-11 - Grasim

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GRASIM BHIWANI TEXTILES LIMITED (Referred to in paragraph 3 of our report of even date) 1. Having regard to the nature of the Company’s business/activities/ results clauses (x) regarding cash loss incurred by the company, (xiii) regarding chit fund, nidhi / mutual benefit fund / societies and (xiv)dealing or trading in shares, securities, debentures and other investments of CARO are not applicable. 2. 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) Fixed Assets have been physically verified by the management according to the regular programme of periodical verification in phased manner which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. The discrepancies noticed on such physical verification were not material. c) No substantial part of fixed assets has been disposed off during the year, which has bearing on the going concern status of the Company. 3. In respect of its inventories: a) The inventory of the Company at all its locations (except stocks with third parties and in-transit, confirmation/subsequent receipt have been obtained in respect of such inventory) has been physically verified by the management at reasonable intervals. 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 nature of its business. c) The Company is maintaining proper records of inventory. The discrepancies noticed on such physical verification of inventory as compared to book records were not material. 4. The Company has neither granted nor taken any loans, secured or unsecured to and from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the clauses 4 (iii) (b) to (g) of the Order are not applicable. 5. 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 with regard to purchase of inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control. 6. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into a register maintained under Section 301 of the Companies Act, 1956. Accordingly, the clause 4 (v) (b) of the Order is not applicable. 7. In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provision of Section 58A and Section 58AA of the Companies Act, 1956 and the rules framed there under with regard to deposits accepted from the public. No order has been passed by Company Law Board or Reserve bank of India or National Company Law Tribunal or any Court or any Tribunal in this regard. 8. In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of its business. 9. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956 in respect of the Company’s products to which the said rules are made applicable and are of the opinion that prima facie the prescribed records have been made and maintained. We have, however, not made a detailed examination of the said records with a view to determine whether they are accurate or complete. 10. According to the information and explanations given to us in respect of statutory dues: a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Value Added Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other material statutory dues applicable to it with the appropriate authorities. b) There were no undisputed amount payable in respect of Income Tax, Sales Tax, Value Added Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other material statutory dues in arrears as at 31 st March 2011 for a period of more than six months from the date they became payable. c) Details of dues of Income Tax, Sales Tax, Value Added Tax, Custom duty, Excise Duty, Service Tax, Cess that have not been deposited with the appropriate authorities on account of dispute and the forum where the dispute pending are given below: Sr.No. Name of the stat atute (Nature of Dues) For orum where dispute is pending Amount (Rs. In.Lacs.) Period 1 Customs Act, 1962 (Duty) Appellate Authorities 31.35 1991 2 Central Excise Act, 1944 High Court 274.36 1998-01 (Duty / Penalty) Tribunal 1040.20 1994-02 Assessing Authorities 27.00 2000-01 3 Service Tax under the Tribunal 64.61 2007-08 Finance Act, 1994 (Tax) 11. The Company has not defaulted in repayment of any dues to financial institutions or banks or debenture holders. 12. According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, according to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained. 14. In our opinion, on the basis of information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained. 15. According to information and explanations given to us, and on an overall examination of Balance Sheet of the Company, fund raised on short term basis have, prima facie, not been used during the year for long term investment. 16. The Company has not made any preferential allotment of shares to any parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956 during the year. 17. On the basis of records made available to us, the company has not issued/outstanding debentures during the year. Therefore, clause (xix) of the order is not applicable to the company. 18. The Company has not raised any money through a public issue during the year 19. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud on or by the Company has been noticed or reported during the course of the audit. Date : 20 th April 2011 Place: Mumbai For G.P. Kapadia & Co. (Chartered Accountants) Firm Reg. No. 104768W Atul B. Desai Partner (Membership No. 30850) 152
GRASIM BHIWANI TEXTILES LIMITED BALANCE SHEET AS AT 31ST MARCH, 2011 (Rs in Lacs) As At As At Schedules 31/03/2011 31/03 2010 SOUR URCES OF FUNDS Shareholders’ ’ Funds Share Capital 1 2,005.00 2,005.00 Reserves and Surplus 2 4,445.17 4,016.57 6,450.17 6,021.57 6,450.17 6,021.57 Loan Funds Secured Loans 3 6,371.47 6,514.55 Unsecured Loans 4 3,179.28 3,046.26 9,550.75 9,560.81 9,550.75 9,560.81 Defer erred red Tax Liabilities (Note 6, Part B of Sch 20) 174.62 174.62 - TOTAL FUNDS EMPLOYED 16,1 6,175.54 15,582.38 APPLICATION OF FUNDS Fixed Assets 5 Gross Block 10,990.97 10,537.69 Less: Depreciation / Amortisation 2,405.92 1,632.09 Net Block 8,585.05 8,905.60 Capital Work-in-Progress 163.99 53.98 8,749.04 8,959.58 Current rent Assets, Loans and Adv dvances Inventories 6 6,721.97 5,171.95 Sundry Debtors 7 5,668.51 5,032.01 Cash and Bank balances 8 31.36 4.38 Loans and Advances 9 2,104.96 1,878.72 14,526.80 12,087 2,087.06 Less: Current rent Liabilities and Pro rovisions Liabilities 10 6,801.90 5,137.96 Provisions 11 298.40 326.30 7100.30 0.30 5464.26 Net Current rent Assets 0.00 7,426.50 0.00 6,622.80 TOTAL FUNDS UTILIZED 16,1 6,175.54 15,582.38 Singificant Accounting Policies and Notes on Accounts 20 & 21 The Schedules referred to above form an integral part of the Balance Sheet. PROFI OFIT AND LOSS ACCO CCOUNT FOR THE YEAR ENDED 31ST MARCH 2011 (Rs in Lacs) Schedules For the For the year ended year ended 31st March, 31st March, INCOME 2011 2010 Gross Sales 32,760.58 27,228.70 Less: Excise Duty 23.51 0.00 Net Sales 32,737.07 27,228.70 Interest Income 12 156.53 96.82 Other Income 13 1,588.61 1,578.95 Increase / (Decrease) in Stocks 14 1,257.63 856.25 35,739.84 29,760.72 EXPENDITURE Raw Materials Consumed 15 13,030.28 10,173.26 Manufacturing Expenses 16 8,552.41 6,610.21 Purchase of Finished and Other Products 4,250.36 3,649.23 Payments to and Provisions for Employees 17 3,930.89 3,726.15 Selling, Distribution, Administration and Other Expenses 18 4,003.68 3,748.93 Interest 19 414.61 581.52 Depreciation and Amortisation 5 795.58 765.92 34,977.81 29,255.22 Profit/(L rofit/(Loss) oss) Bef efore Tax 762.03 505.49 Provision for Current Tax-MAT (Inclduing Provision for Wealth Tax 150.83 46.78 Rs.0.54 lacs Previous year Rs. 0.64 lacs) Short/(Excess) Provision of Previous Year -MAT 7.98 - Deferred Tax 174.62 - Profit/(L rofit/(Loss) oss) After Tax 428.60 458.71 Balance brought forward from Previous year 16.57 (442.14) Balance Carried to Balance Sheet 445.17 16.57 Basic and diluted earning per share (in Rs.) 2.14 2.29 Signigicant Accounting Policies and Notes on Accounts 20 & 21 The Schedules referred to above form an integral part of the Profit and Loss Account. As per our separate report attached For G.P.KAPADIA & CO. For and on behalf of the Chartered Accountants Board of Directors (ATUL B.DESAI) S.KRISHNAMOORTHY B. V. BHARGAVA Partner President G. M. DAVE S. K. SHARMA ADESH GUPTA Place : Mumbai ROOPESH KUMAR Head (F&C) & PRANAB BARUA Date : 20/04/2011 Company Secretary Manager Directors 153 ⊳
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SUBSIDIARIES GRASIM INDUSTRIES LIMI
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CONTENTS 2 UltraTech Cement Limited
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DAKSHIN CEMENTS LIMITED AUDI UDITOR
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2010-11 - Grasim

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