options chain share price Auditors report

GUJARAT REFRACTORIES LIMITED ANNUAL REPORT 2002-2003 AUDITORS REPORT To The Shareholders of GUJARAT REFRACTORIES LIMITED We have audited the attached Balance Sheet of Gujarat Refractories Limited as at March 31, 2003 and the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the 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 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. 1. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to in Paragraph 1 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; (c) The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement 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 as on March 31, 2003 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 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) Attention is invited to Note No. 1 in Schedule 11B regarding preparation of the accounts on going concern assumption, which is inappropriate under the facts and circumstances stated in the note. Under the circumstances, the extent of resultant adjustments in the assets and liabilities, with their consequential effects on the year-end worth and on the loss for the year is not ascertainable. 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 read with other notes thereon, 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 the Balance Sheet, of the state of affairs of the Company as at March 31, 2003 and (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 C.C. CHOKSHI & CO. Chartered Accountants Place : Ahmedabad GAURAV SHAH Date : July 16, 2003 Partner ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 1 of our report of even date on the accounts of Gujarat Refractories Limited for the year ended on March 31, 2003) (i) As no business transactions were carried out during the year by the Company, the requirements of clauses (iii), (iv), (v), (vi), (x), (xi), (xii) and (xvi) of para 4(A) of the Order are not applicable to the Company. (ii) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets, however, in respect of factory buildings, the records do not show cost of each building separately, but the aggregate cost of buildings is recorded. We are informed that the management has physically verified the fixed assets during the year and we are informed that no material discrepancies have been noticed by the management on such verification. (iii) None of the Fixed Assets have been revalued during the year. (iv) Except loans obtained form directors of the Company, the Company has not obtained any loans from Companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. Rate of interest on loans obtained from the directors and terms of repayment of the loans are not specified. Other terms and conditions of the loans are not prima facie prejudicial to the interest of the company. We are informed that there are no companies under the same management as defined under sub - section (1B) of section 370 of the said Act. (v) The Company has not granted any loans to companies, firms or other parties listed in the Register maintained under section 301 of the Companies Act, 1956. We are informed that there are no companies under the same management as defined under sub - section (1B) of section 370 of the said Act. (vi) The Company has not given any loans or advances in the nature of loans to any parties during the year. (vii) During the year under review, the Company has not accepted any deposits from the public. (viii) In our opinion, reasonable records have been maintained by the Company for the sale and disposal of realisable scrap. (ix) The Company had no internal audit system during the year under review. (x) As explained to us, the provisions of The Employees Provident Fund Act and the provisions of The Employees State Insurance Act are not applicable to the Company. (xi) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty were outstanding, as at March 31, 2003 for a period of more than six months from the date they became payable. (xii) According to the information and explanations given to us, and on the basis of records examined by us, no personal expenses of employees or directors have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. (xiii) As informed to us, the Company is out of the purview of provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 as it is registered as Small Scale Industrial Undertaking. For C.C. CHOKSHI & CO. Chartered Accountants Place : Ahmedabad GAURAV SHAH Date : July 16, 2003 Partner AUDITORS CERTIFICATE We have examined the attached Cash Flow Statement of Gujarat Refractories Limited (The Company) for the year ended on March 31, 2003. The Statement has been prepared by the Company in accordance with the requirements of listing agreement Clause 32 with the stock Exchanges and is based on and in agreement with the corresponding Profit and Loss account and Balance Sheet of the Company covered by our report of even date to the members of the Company. For C.C. CHOKSHI & CO. Chartered Accountants Place: Ahmedabad GAURAV SHAH Date : July 16, 2003 Partner