sejal architectural glass limited - Securities and Exchange Board of ...

AUDIT QUALIFICATIONS
Financial year ended March 31, 2003
1. Non Provision of Deferred Tax Liability as per Accounting Standard 22 in respect of Taxes of
Income of Rs.3707680/- for the year and non appropriation of Rs.2204639/- from reserves
(Balance in Profit & Loss A/c) to Deferred Tax Liability as at the beginning of the year on
April 1, 2002, the consequential effect of which being overstatement of profit after tax for
the year by Rs.3707680/- and overstatement of Reserves & Surplus (Balance in Profit & Loss
A/c) by Rs.5912319/- as at March 31 st , 2003.
Financial year ended March 31, 2004
1. Non Provision of Deferred Tax Liability as per Accounting Standard 22 in respect of Taxes of
Income.
2. Personal traveling expenses of Two Directors debited to Profit & Loss account
amounting to Rs.430628/-
3. The Company has during the year accepted deposits from the Public. The
Company has however contravened the directives issued by the Reserve Bank of India and the
provisions of section 58A & 58AA by paying interest at higher rate than that mentioned in the
Fixed Deposit Receipts issued to parties. Also in case of prepayments, no recovery of interest
excess paid to the parties has been made. The Company Law Board has not passed any Order.
Financial year ended March 31, 2005
1. Non Provision of Deferred Tax Liability as per Accounting Standard 22 in respect of Taxes of
Income.
2. Non Confirmation of Sundry Debtors’ accounts balances.
3. The Company has during the year accepted deposits from the Public. The Company has
however contravened the directives issued by the Reserve Bank of India and the provisions of
section 58A & 58AA by paying interest at higher rate than that mentioned in the Fixed Deposit
Receipts issued to parties. Also in case of prepayments, no recovery of interest excess paid to
the parties has been made. According to the information and explanations given to us, no
order has been passed by the Company Law Board.
4. In regard to the delay in repayment of Term Loan Installments, the installments of
Rs.304556/- and Rs.122195/-, pertaining to the two Working Capital Term loan Accounts, due
to be paid on 9 th March 2005 were paid on 4 th May 2005 and one installment of Rs.1184295/-
pertaining to a Term Loan Account, due to be paid on 12 th March, 2005 was paid on 31 st May,
2005. There are no borrowings from Financial Institutions and there are no debenture holders.
5. 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 Company has utilised its working
capital funds for acquiring Long Term assets by making advance payments for the same.
Financial year ended March 31, 2006
1. 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 Company has utilised its working
capital funds for acquiring Long Term assets by making advance payments for the same. The
Interest pertaining to such advances has however been capitalised to the respective assets.
No long term funds have been used to finance short term assets.
Financial year ended March 31, 2007
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