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HARI GOVIND INTERNATIONAL LIMITED Annual Report 2009-10

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NOTICE
NOTICE is hereby given that the 19Ih Annual General Meeting of the members of HARI GOVIND INTERNATIONAL LTD will be held on Thursday, the 3oth day of September,2010 at 4.30 p.m. at 34/35, Mahindra Chambers, D.N. Road. Fort, Mumbai 400 001 to transact the following business :
ORDINARY BUSINESS : , 1. To receive, consider and adopt the Director's and Auditor's reports and Audited 1
Balance Sheet as on 31'' March, 2010 and Profit and Loss Account for the year ended on that date.
2. To appoint a Director in place of Mr. Ashok R. Sarada, who retires by rotation and being eligible offers herself for re-appointment.
3. To appoint Auditors to hold the office from the conclusion of this meeting until the conclusion of the next Annual General Meeting and to fix their remuneration.
Notes :
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER.
2. Explanatory Statement, pursuant to section 173(2) in respect of Special business to be transacted at the Meeting is annexed herewith.
3. Members are required to intimate the change, if any in their registered address.
4. The Register of Members and Share Transfer Books shall remain closed from Thursday, 23rd September, 2010 to Thursday, 3 0 ' ~ September, 2010 both days inclusive.
For and on behalf of the Board of Director
Place: Mumbai Date : 2oth August, 2010
DIRECTORS' REPORT
To, The Members of HARI GOVIND INTERNATIONAL I-IMITED
Yours Directors have pleasures in presenting the Annual Report together with the Audited Accounts of the Company for the year ended 31'' March, 2010
FINANCIAL RESULTS:
Total Income 25,72,569 Total Expenditure 27,70,070 PROFIT / (LOSS) BEFORE DEPRECIATION AND TAX (1,97,501) Less : Depreciation Nil PROFIT I (LOSS) BEFORE TAX (1,97,501) Less : Provisions for Tax Nil PROFIT I (LOSS) AFTER TAX (1,97,501) Profit I (Loss) brought forward from earlier year (2,02,14,849) PROFITl(L0SS) CARRIED TO BALANCE SHEET (2,04,12,350)
2,05,57,091 2,05,59,375
(2,284) Nil
(2,284) Nil
(2,284) (2,02,12,565) (2,02,12,849)
DIVIDEND : In view of the Losses, your Directors do not recommend any dividend for the year.
Dl RECTORS: Mr Ashok R. Sarada retires by rotation and being eligible offer herself for re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT: Your Directors confirm that :
1. In preparation of Annual Accounts, the applicable accounting standards have been followed alongwith proper explanation relating to the material departures, if any.
2. The Directors have selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to g i v e true and fair view of the state of affairs of the Company at the end of financial yea r ended 31'' March, 2009 and of the Profit of the Company for that year.
3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting f raud and other irregularities:
4. The Directors have prepared the annual accounts on a going concern basis.
PUBLIC DEPOSITS : The Company has not accepted the deposits from the public.
AUDITORS:
The present Statutory Auditors MIS DlLlP JAMBHEKAR & COMPANY, Chartered Accountants of the Company retires at ensuing Annual General Meeting and being eligible offer themselves for re-appointment.
AUDITORS' REPORT : The Observation made in the Auditors' Report are self explanatory and therefore do not call for any further comments on the Auditors Report under section 217 of the Companies Act, 1956.
CORPORATE GOVERNANCE: The factory of the Company is under closure since 3999-2000 and there are no manufacturing operation in the Company. The financial coriditions of the Company is also very critical.
In terms of clause 49 of the Listing Agreement, a Report on the Corporate Governance is enclosed herewith.
STATUTORY INFORMATION ABOUT EMPLOYEES, CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING & OUTGO:
The Company had no employees covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.
Since the Company is not having any manufacturing activities, Directors have nothing to report on conservation of Energy, Research & Development and Technology Absorption.
During the year, Foreign Exchange earning was Nil and outgo was Nil.
ACKNOWLEDGEMENT:
Yours Directors would like to thank its Bankers and shareholders of the Company for the unstined support from them during the year.
Yours Directors would like to place on record their appreciation for the dedicated efforts and services put in by the employees of the Company.
For and on behalf of the Board o f Directors
Place : Mumbai Date : 2oth ~ u g u s t , 2010 DIRECTOR
REPORT ON CORPORATE GOVERNANCE
Your Directors submit their report on the Corporate Governance of the Company for the Financial Period 2009-2010.
COMPANY PHILOSOPHY ON CORPORATE GOVERNANCE: The Company Philosophy on Corporate Governance is to adopt internal and external measures t o increase the level of transparency and accountability and to respect the laws of land & rights of stakeholders and to uphold at all times fundamental values of accountability, probity and transparency. However as the first objective of the Company is to revive the operation of the Company. However your Company stands to meet its commitments of Corporate Governance to a limited extent. As a productive step, your Company has implemented the code of Corporate Governance as stipulated in the Listing Agreement and Report in line with is given below:
MANAGEMENT DISCUSSION:
The Factory of the Company is closed since 1999-2000 and thereby no manufacturing operation was there during the financial year under review.
However the Management is putting its all efforts to explore the business potentialities and revive the Company.
There are no financial or commercial transactions having a potential conflict of interest between personnel in the management and the Company.
BOARD OF DIRECTORS:
The Board of Directors comprises of One Executive Directors (Promoter) and Two on-executive Directors (Promoter-Group) and Two Non -executive Director (Independent).
During the financial year ls' April, 2009 to 31'' March, 2010, 5 Board Meetings were held on 3oth April, 2009, 3oth July 2009, 2oth August 2009,3lS' October 2009, and 31" ~anuary 2010,.
The Composition of the Board of Directors and their attendance at the meetings during the yea r and at the last Annual General Meeting as also number of the other Directorship / Membership o f Committees are as follows:
Name of the Director
Category of Directors
5
5
YES
Mr. Raghavenra P. Gaikaiwari Mr. Ashok R. Sarada
I
The Retiring Directors Mr. Ashok R. Sarada - Non-executive Promoter Group Director, eligible for re- appointment, offer herself for re-appointment.
Details o f Directorshit, in other public limited Companies:
NED
NED
Name of Director No. of Directorship No. of Committee Memberships Mr. Jugalkishore Maniyar Nil Nil
NIL
NIL
5
5
Mrs. Amridevi H. Maniyar Nil Nil Mr. Raghavendra P. Gaikaiwari Nil Nil Mr. Ashok R. Sarada Nil Nil
NIL
NIL
yes
Yes
Independent Directors: I Mr. Raghavendra P. Members Audit Committee and Shareholder/lnvestor / / Gaikaiwari - I Grievance Committee. I
Audit Committee:
The Audit Committee consist of Mr. Jugalkishore Maniyar - Chairman, Mr. Raghavendra .P. Gaikaiwari and IMr. Ashok R. Sarada as Members.
Members Audit Committee and Shareholder/lnvestor Grievance Committee.
The Audit Committee met on 3oth April, 2009, 3oth July 2009, 2oth August 2009, 31'' October 2 0 9 , and 3lStJanuary 2010 and it overseas the general accounting practice and other management policies.
Share Transfer Committee/lnvestor Grievance Committee:
Details of Remuneration to the Directors during the period : (Amount in Rs.)
The Share Transfer Committee consisting of Mr. Jugalkishore Maniyar - Chairman with Mr. Raghavendra P. Gaikaiwari and Mr. Ashok R. Sarada to consider and approve Transfer of shares in the physical form and allied matters.
Name of the Director Mr. Jugalkishore Maniyar Mrs. Sunita J. Mainyar Mrs. Amridevi H. Maniyar Mr. Raghavendra P. Gaikaiwari Mr. Ashok R. Sarada
Shareholder/lnvestor Service: Is handled by Mr. Jugalkishore Maniyar who provides timely services.
Name and Designation of Compliance Officer: Mr. Jugalkishore Maniyar, Managing Director
Salary NIL NIL NIL NIL NIL
GENERAL BODY MEETINGS:
DISCLOSURES:
1'' April, 2007 to 31" March, 2008
1'' April, 2008 to 31" March, 2009
There are no materially significant related party transactions. There are other relatedeparty commercial transactions, which are reported in the accounting part of this report.
Perquisite NIL NIL NIL NIL
. . NIL
Date .
29.09.2007
30.09.2008
21.09.2009
Venue 34/35, Mahindra Chambers. D.N. Road, Fort, Mumbai 400 001
34/35, Mahindra Chambers. D.N. Road, Fort, Mumbai 400 001
34/35, Mahindra Chambers. D.N. Road, Fort, Mumbai 400 001
MEANS OF COMMUNICATION:
Quarterly, half -yearly and annual results have been communicated to Stock Exchanges Murnbai where the shares of the Company's is listed. Annual Reports are dispatched to ail the shareholders. No presentation to institutional investors or analysts was made during the year. Management discussion and Analysis i s part of the Annual Report.
SHAREHOLDER INFORMATION :
1 Annual General Meeting to be held on 3oth September, 2010 2. Financial Year 1'' April, 2009 to 31st March, 2010. 3 Dividend Payment Date NIL 4 Listing in Stock Exchanges Mumbai Stock Exchange 5 Venue 34/35, Mahindra Chambers, D.N. Road, Fort, IVlumbai 6 Stock Code 531971 7. Market Price Data: : The trading on equity shares of the Company had been suspended by the Bombay Stock Exchange Limited. 8. Share Transfer Systems: Transfers of physical shares are affected In house after approval by the
Share Transfer Committee.
10. The shares are in Physical mode only
9. Distributions of Share Holdings as on 31-03-2010
13. Address of Correspondence: Shareholder Correspondence in relation to Transfer of Shares queries should be addressed to: HARl GOVIND INTERNATIONAL LIMITED Adrnin Office : Gala No. 14, Software Technology Park, Link Road, Sadar, Nagpur.
% of Shareholding 75.00 25.00
AUDITORS' CERTIFICATE ON COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To, The Members Hari Govind International- Limited..
We have examined the compliance conditions of Corporate Governance by M/s Hari Govind International Limited for the year ended 31" March, 2010 as stipulated in clause 49 of the is tin^/ Agreement of the Said Company with Bombay Stock Exchange Limited I
The Compliance of the conditions of Corporate Governance is the responsibility of the Management. Our Examination was limited to a review of procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of the opinion on financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement.
As required by the Guidance Note issued by the Institute of Chartered Accountants of India, We have to state the based on the information given by Investor Grievance Committee of the Company as on 31St March,ZOIO, there were no investor grievance matters against the Company remaining unattended/pending for more than 30 days.
We further state that such compliance is neither an assurance as to future viability of the Company nor the efficiency or effectiveness with which the Management has conducted the affairs of the Company.
For And on Behalf Of Dilip Jambhekar w.
Place : Mumbai Date : 2oth August, 2010
Member Ship No.103602
CERTIFICATE OF COMPLIANCE WlTH CODE OF CONDUCT POLICY
As provided under clause 49 of the Listing Agreement with the Stock Exchanges, this is to confirm that all the Members of the Board have affirmed the compliance of the Code of conduct for the year ended 31'' March, 2010
For HARl GOVIND INTERNATIONAL LIMITED
Place : Murnbai Date :
DILIP JAMBlIEKAR & OMPANY. CHARTEWD ACCOUNTANTS, 214 & 215, GOLDEN PALACE, NEAR SUDAMA TALKIES, W.H.C. ROAD, DHARAMPETH, NAGPUR-4rt0010.
TEL. NO. [0] 2546902.
The Members of MIS HARI GOVIND INTERNATIONAL LIMITED.,
1. We have audited the attached Balance Sheet of WS HAFU GOVIND INTERNATIONAL LIMITED., (name of the company), as at 31'' March, 2010, and also the profit and loss account for the year ended on that date annexed thereto [in which are incorporated accounts of NIL branches audited by us, NIL branches audited by other auditors and NIL. Branches exempt from audit unde r the Companies (Branch Audit) Exemption Rules, 19611. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based o n 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 mis-statement. An audit includes examining, on a test basis, evidence supporting the amouhts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates m a d e by management, as well as evaluating the overall financial statement presentat ion. 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 the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 ofthe said Order.
4. Further to our comments in the Annexure referred to above, we report that :
(i) We have obtained all the information and explanations, which to the bes t of our knowledge and belief were necessary for the purposes of our audi-t ;
(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears fiom our examination of those books [and proper returns adequate for the purposes of our audit have been received from the branches not visited by us. The Branch Auditor's Repor t have forwarded to us and have been appropriately dealt with] ;
(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 [and wi th the audited returns from the branches] ;
(iv) In our opinion, the balance sheet, profit and loss account and cash f low statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 21 1 of the Companies Act, 1956 ;
(v) On the basis of witten representations received from the directors, as o n 31'' March, 2010 and taken on record by the Board of directors, we repor t that none of the directors is disqualified as on 31" March, 2010 f iom being appointed as a director in terms of cIause (g) of sub-section (I) of section 274 of the Companies.Act, 1956 ;
(vi) ln our opinion and to the best of our information and according t o 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 o f the company as:at 31" March; 2010 ;
' (b) in the case of the profit and loss account, of the profit/loss fo r the year ended on that date.
FOR DILIP JAMBHEKAR & COMPANY, CHARTERED ACCOUNTANTS.
i=
' t.. hlernbership No. 103602.
DILIP JAMBHEKAR & OMPANY, CHARTERED ACCOUNTANTS, 214 & 215, GOLDEN PALACE, NEAR SUDAMA TALKIES, W.H.C. ROAD, DHARAMPETH, NAGPUR-440010; - -
TEL. NO. [O] 2546902.
ANNEXURE - "An : TO THE AUDITORS REPORT.
Annexure refered to in (1) of our report of even date on the Accounts of M I S HARI GOVIND INTERNATIONAL LTD., for the year ended 31" March, 2010 :
It is informed by the management and directors of the company that the company i s under closure since 1999-2000. Most of the records in the form of original register, documents etc. are soiled and destroyed by termites that were kept in factory premises.
Regarding the inventory position, there are no records available for the period froma 0 1-04- 1999 to 3 1 -03-2000 and onwards.
Whatever data and records that the rnanagkment have collected from the available spoilecE papers etc. is made available to us for audit and examination for the said financial year.
From the above available records the comments on the accounts a s annexure to auditor report is as follows.
1. The company has maintained proper records showing fill particulars, including quantitative details and situation of fixed assets..As the company ceases to operate the company had not verified all the fixed assets physically. However to the best of our information and explanations given to us no serious discrepancies been noticed in the records..
2. None of the Fixed Assets have been revalued by the company during the year.
3. Phys.ica1 verification was not conducted by the management a t reasonable intervals during the year in respect of finished goods, raw material, stores & spare part as the operation of the company had stoped in&e year 1999-2000. . .
4. The procedure of physical verification (was not carried out as the company ceases to operate) of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.
As explained to us no significant discrepancies were noticed on such verification as compared with the book records and the same have been properly dealt with in the books of accounts.
The valuation of these stock is fair and proper and- is-accw>idanee. with the normally accepted accounting principles. The bwis of valuation of: stock is same as in the preceeding year.
During the year the company has taken unsecured loan of Rs. 10883525/- from Mr. Jugalkishore H. Maniyar director of . the company for pagment of Administrations & Sales Tax Liability under the amnesty scheme launch'ed b y the State Government and payment of unsecured loan of Mrs. Sunita Jugalkishore Maniyar. The amount of interest is not provided.
The company has not granted loans secured or unsecured to companies, firms o r other parties listed in the register maintained under section 301 of the Companies Act, 1956 andfor to the companies under the same management as detailed under section 370 (1 - B) of the Companies Act, 1956.
The principal amount and interest there on accumulated is not recoverable from the said parties. Hence for the current year interest is not charged o n the outstanding loan and advance account.
As the company ceases to operate since 1999-2000 there were no transaction o f purchases of stores, r a v ~ material including components plant and machinery and other assets and for the sell of goods. The question of internal control procedures does not arise.
The company has not accepted any deposits from the public.
The company has noby-products and in our opinion reasonable records have been maintained by the company for sale and disposal of realizable scraps, wherever significant. The company did not have any fonnal internal audit system but its internal control procedure ensures the checking of financial records which in our opinion is reasonable commensurate with its size and nature of its business.
. . . . . . . . .
The company is regular in depositing Provident Fund and Employees State Insurance dues with the appropriate authority.
According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Customs Duty and Excise Duty, Wealth Tax, Sales Tax were outstanding as at the last day of the financial year f o r a period of more then six months f roGhe date they became payable.
17,. During the course of our examination of the books of accounts carried out in accordance with generally accepted auditing practices and as per the informati on and explanations given to u s there are no personal expenses charged to reven ue account.
18. The Company is not a sick i n W i A company wilhk tke &chase (0) of the sub-section ( 1 ) of section (3) of the Sick Industrial Companies, (Special) Provision Act, 1985.
FOR DILIP JAMBHEKAR & COMPANY, CHARTERED ACCOUNTANTS.
PLACE : NAGPUR.
CORSOPANOCE ADDR: 12S.WARDHAMAN NAGAR. NAGPUR-440 008
BALANCE SHEET AS AT 31ST MARCH 2010
I. SOURCES OF FUND ,1 . -.
1 SHARE HOLDER'S FUND a) Equity Share Capital. b) Reserves and Surplus.
i) Investment Allowance Reserve. ii) Revaluation Reserve. ni)Profit & loss Account. '
N) State Capital Incentive. Sub Total Rs.
II. LOAN FUNDS: a) Secured Loans. b) Unsecured Loans
Sub Total Rs.
Grand Total Rs.
II. APPLICATION OF FUNDS: I ) Fixed Assets : (Net Block) 2) Investments.
Sub-Total. Rs. 3) Current Assets. Loans & Advances
a) Current Assets. b) Loans & Advances.
L&S: Current Liabilities 8 Prdvisions. Sub-Total Rs.
SCHEDULE 31-Mar-10 31-Ellar-09
Net Current Assets Rs. 38,448,840.44 38,361,859.44 4) Miscellaneous Expenditure to the extent
not written off or adiusted. 88.771 .OO 88.771.00 mining Development Expenditure
'Total Rs.
Grand Total Rs. 46,192,748.44 46,105,767.44- Notes to Accounts. 13
As per Attached Report of Even Date. For and behalf of the Board
Diliy Jambhekar Chartered Accou R tants CO'
Harigovind InternationaI Limited4
HARIGOVIND INTERNATIONAL LIMITED, FACTORY: OPP. YCCE.HINGNA ROA0,WANADONGRI. NAGPUR-441110-
I INCOME: Sales.
PROFIT & LOSS ACCOUNT AS A T 31ST MARCH 2010
SCHEDULE 3243-a0 31-03-2009, -
Variation in Stock
U
Salaries, Wages & Other Establishment Expenses. 10 120.000.00 120.00~.00
Manufacturing Administrative and Selling Expenses. 11 194,482.00 217,274 .38
Total Rs. 2,770,070.00 20,559,374 .99 Loss before Financial Charges and . (I 97,501 .OO) (2.284 -00)
. . Depreciation. - Less: Financial Charges. 12 -
Depreciation . . - Total Rs. -.
Loss for the period. (1 97,501 .OO) (2.284. 00) Add: ~rovi&ion for Taxation
(1 97,501 .OO) (2,284.rOO) Add : Balance brought forward. (20,214,848.56) (20,212,564.56) Less Proposed Divident on Equity Shares. Balance carried to Balance Sheet.
A s per Attached Report of Even Date. For and behalf of the Board
Dilip Jambhekar Harigovind international Limited
Direct~? Partner . . !A. d. Date:
HARl GOVIND INTERNATIONAL LIMITED FACTORY :- OPP. YCCE.HIGNA ROAD. WANADONGRI. NAGPUR - 441 1 1 0 COROSPONDCE ADDR. : 125. WARDHAMAN NAGAR. NAGPUR 440 008.
SCHEDULE TO AND FORMING PART OF THE BALANCE SHEET AS AT 31 ST MARCH 2 010
SCHEDULE: 1 :
SHARE CAPITAL : 31-03-2010 31 -03-2009 Authorised Share Capital : 52 ,<0,000 equity Shares of Rs. 101- each. 52.500,OOO.OO 52,500,000.00
Issued, Subcribed and Paid Up Share Capital:- 50.00,000 Equity Shares of rs. 101- each fuBy paid up. Out of the above shares, 21,45.000 Shares are alloted as fully paid up bonus shares by capitalisation of Revalution Reserve pf Rs. 1,66,08,000/- General Reserve Rs. 27,30,0001- and from profit & Loss account Rs. 21,12,000/-.
Less : Calls in Arrears. - TOTAL RS. 50,000,000.00 50,000,000.00
SCHEDULE: 2 : A) SECURED LOAN: .
'
TOTAL RS. - v
B1 UNSECURED LOANS:- Mr;. Jugalkishore H. Maniyar. 10,883,525.00 1 9,599,043.00
TOTAL RS. 10,883,525.00 1 0,599,043.00
HARl GOVlND INTERNATlQ1\1AL LIMITED, FACTORY: OPP. YCCE.HINGNA R O A D . W A N A D O N ~ G P U R ~ ~ ~ 114 -PANDCF ADQR.:
2 Development of Land 123782 123782 - 123782 (1 23782) (123.782.00) - (123.782.00)
m w FIXED ASSETS;
3 Factory Building 10% . 5,854,284.00 ,
(5,854,264.00)
5 Electrical lnstallatlon 8 Fining 20% 4 14.322.00
(414.322.00)
1 Land. 2801 557 2801557 2801557 (2801557) (2801 557) (2801557)
PARTICULARS
(2,895,224.00)
Net block as on
9 Capital Work. In -Progress. 76,788.00 76768 76,768.0(1 (76,769.00) - (76768) (76.789.00)
TOTAL, 28060208 zeo~o2oe 1 .
PREVIOUS YEAR 28060206 (30696831) - - - - , 28060206 -
Provision Wlltten
HARl GOVIND INTERNATIONAL LIMITED -0 COROSWNOCE ADDR. : 125. WARDHAMAN NAGAR. NAGPUR 440 008.
SCHEDULE TO AND FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH 2010
SCHEDULE - 7 : . ,
CURRENT LIABILITIES & PROVISIONS: At CURRENT LIABILITIES
1) SUNDRY CREDITORS. 2) OTHER LIABILITIES 8 PROVISSIONS. 3) Duties & taxes-Sales tax(Vat)
SCHEDULE -8 :
VARIATION IN STOCKS : O ~ e n i n q Stock as on 01/04/2009)
Finished G d s Goods in Progress Wastage
b) Stock as on 31/03/2010) Finished Goods Goods in Progress Wastage
C) Net Variation in stock (BUA]
SCHEDULE -9 :
RAW MATERIAL CONSUMED: a) Stock Opeinq b) Add Purchase Durinq the Year. c) Less Staek Closinq
SCHEDULE 40 :
TOTAL RS. 11,955,521.00 12.913,194.00
- . Executive Diector. TOTAL RS. 120,000.00 120.000.00
SCHEDULE -11 :
f a) MANUFACTURING EXPENSES :
Excise Dutv Codie 8 carting Cartage inwards . .. P m r Fuel &Water Finishing charges Packing 8 Forwarding Consumption of Stores. Fadory Expenses Repirs to Plant 8 Machinery Repairs to others
TOTAL-A
HARl GOVlND INTERNATIONAL LIMITED FACTORY 1- OPP. YCCE.HIGNA ROAD, WANADONGRI. NAGPUR - 441 110 ,
COROSPONDCE ADDR. : 125. WARDHAMAN NAGAR. NAGPUR 440 008.
SCHEDULE TO AND FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH 2010 AND PROFIT & LOSS ACCOUNT FOR THE PERIOD ENDED3IST.MARCH 2010
SCHEDULE- 31/03/2010 - 31/03/2009
CURRENT ASSETS: A) INVENTORIES
(As taken. valued & certified by the management) i) Finished Goods ii) Goods in process. ii) Wastage.
iii) Raw Material. iv) Consumable Stores. v) Packing Material.
1.230.00 1.230.00 TOTAL RS. 9.230.00 9,230.00
P
B) SUNDRY DEBTORS: Unsecured and'considered goods)
1 Dsbts outstanding ior a period exceeding six months 8.466.21 3.00 9,442,860.00 2 Others Debts.
B) CASH AND BANK BALANCES: a) Cash In Hand. b) Bank Balances
W~th Schedule bank Current Accounts With Others Bank in Current Account
993.014.00 993.014.00 TOTAL RS.(B) 9,459,221.00 10.435.874.a)
With Schedule Bank in Fixed Deposits Account(0GFT) 682; 193.00 682,193.00 TOTAL RS.(c) 867.587.44 761.632.44
TOTAL RS. (A+B+C) 10,326,814.44 11, q97,506.$4 -
SCHEDULE - 6 : LOANS h ADVANCES (Advances Unsecured & Considered Goods) I) Advances recoverable in cash or kind or for value to be received. i i ) Deposits with Government. i i i) Rent Deposit. 18,000.00 f 8,000.00
TOTAL RS.. 42,008,111.00 12,008,911 -00
HARl GOVIND INTERNATIONAL LIMITED FACTORY :- OPP. YCCE.HIGNA ROAD. WANADONGRI. NAGPUR - 441 110 COROSPONDCE ADDR : 125. WARDHAMAN NAGAR. NAGPUR 440 008.
SCHEDULE TO AND FORMING PART OF M E BALANCE SHEET AS AT 31ST MARCH 2010
SUB SCHEDULE TO SCHEDULE -6 : . .
SCHEDULE OF DEPOSITS WITH GOVERNMENT : 31/03/2010 31/03/2009
1 Deposit with Nagpur Telephones 1 189.400.00 189,400.00. 2 Deposits with M.S.E.B. Nagpur.
! 94,349.00 94,349.001 3 Deposit with G.P.O. 8.000.00 8,000.00- 4 Security Deposit with Sales Tax. 556.000.00 556.000.00 5 Mahanager Telephone Nigam bmbay. 2.129.00 2,129.00 6 Mahanagar Telephone Nigam Ltd. (Media Delhi) 27.000.00 27.000.00
TOTAL RS. 876.878.00 876.878.00 SUB SCHEDULE TO SCHEDULE -6 : SCHEDULE OF ADVANCES RECOVERABLE IN CASH OR KIND OR FOR VALUE TO BE RECEIVED
GANDHl BAGH ACCOUNT PRE-PAID HIRE PURCHASE CHARGES; GlRlSH SHAH (SANGLI) PREMIER ENTERPRISES, AMARAVATI. B.G. MANTRI NANDED KANCHAN GRANITE (RAMOD) MINERAL (DIV) SUBHASH AGENCIES (TEM.LOAN) RAJASTAN TRADING COMPANY . JAlN GASES, NAGPUR. TEXTILEDIVISION. ivliiJEiiAL DIVISION MANIYAR BROTHERS. INCOME TAX PAID TiD.S. ON INTEREST. PIA EXCISE AIC NO 00380003. RADHN CORPORATION RD. 23A. PART II . EXCISE ACCOUNT
TOTAL RS.
SUB SCHEDULE TO SCHEDULE -7 : SCHEDULE OF OTHER LIABILITIES & PRO~ASIONS :
1 PROFESSIONAL TAX PAYABLE T.D.S. PAYABLE INCOME TAX PAYABLE. UNPAID DIVIDEND. PROVJDEND FUND PAYABLE. T.D.S. SALARY. P.R.R. ENTERPRISES, COIMBTOORE. APPLICATION MONEY REFUNDED. PAYABLE TO EMPLOYEES. VERMA ELECTRICALS NAGPUR MIS DlLlP JAMHEKAR 8 COMPANY. UNPAID SPECIAL INCENTIVE TO'WORKER CANTEEN CONTRACTOR SECURITY DEPOSIT FROM EMPLOYEES. UNPAID SALARY UNPAID FINISH C HARGES UNPAID SALES PROMOTION
TOTAL RS.
ISTOF CASH BALANCES
1 CASH IN HAND IN H.O. 2 ICICI-BANK NAGWR. .3 HDFC BANK -NAGPUR
;T OF DETAILS OF MISCELLANEOUS EXPENSES:
PURCHASE OF COW FOOD COW EXPS. MEMBERSHIP 8 SUBSCRIPTION DONATIONS ELECTRICITY CHARGES FILING FEES. PROFESSIONAL FEES. LISTING FEES. ARREAR I-ISTING FEES. TESTING CHARGES, CONSULTANCY FEES. TELEPHONE EXPENSES. SECURITY EXPENSES. M ISC. EXPENSES.
23,964.57 23,964.57 8,876.87
152,553.00 161,429.87 55,474.87
SCHEDULE - 13 :
- - --
1. The accounts are prepared on accrual basis.
2. Fixed assets are taken at acquisition
3. Depreciation on fixed assets was not provided during the financial y e a r as the company ceases to operate and there was no use of fixed assets d ~ i r i n g the said financial years.
4, The question of valuation of inventories does not arise as the company ceases to operate in the year 1999-2000 and subsequently the c o s t o f inventories was written off in the financial year 2000-2001.
5. Miscellaneious Expenditure is not amortised during the year.
6. Mining Development expenditure is not amortised during the year
7. The Company follows the practice of accounting Gratuity when the liability becomes due for payment. No Gratuity has become due for payment during the year under Audit.
2. CONTiGENT LIABILITIES
1. Claims against the company not acknowledged as debts Rs. NIL (2009- NIL).
2. Bank Guarantees Issued in favour Custolns Department Bombay Rs. 8,76,036/- (2009 - Rs. 8,76,036/-).
3. Estimated amounts of contracts.remaining to be executed on capital accounts and not provided for as on 3 I " March, 201 0 - NIL (3 1-03-2008 - NIL).
3. Sales Tax authol-ities for the years 1959-90 and 1990-9 1 have ~ a i s e d a demand of Rs. 4,05.306/- and,'Rs. 4,523.427i- respectiClefy ~ ~ n d e r the '
Central Sales Tax Act ancl Rs. 1,38,445/- and Rs. 20.95.556i- under the Eornbay Sales Tax Act. Ho~cevel- no provisions ]:as been made in respect of the above liabilities in the bool<s of ,accounts of the company a s the company has preferred appeals against the said assessments. Since the matter of previous years is under dispute the management has not provided any Sales Tax liability during the financial year 2006-07.
4. income Tax assessments for the assessment years 92-93 and 93-94 were completed and the Income Tax Department has raised a denland o f Rs. 4,49,5281- and Rs. 36.41.0001- respectively. However no provisions have been made in respect of the above liabilities i n the books of accounts o f the company as the company has preferred appeals against the above
.assessments.
5.(a) Previous years figures are regrouped and or recast wherever necessary. (b) Figures in brackets are in respect of the previous year. (c) Figures are rounded up to the nearest rupee.
6 MANAGERIAL REMUNERATION :
Managerial remuneration under section 198 of the Companies Act, 1 956 has been provided (on minimum basis) for the year ended 31'' March, 2010 to the Managing Director and Whole Time Directors.
1 . Salary : (a) Managing Director - Rs. NIL (Rs. N1 L)
(b) Whole Tirne Director - Rs. NIL (Rs. N I L)
2. Money Value of other perquisities NIL
or benefits (as no perquisite are actually given). NIL
7 Provision for Income Tax for the current tinancial year has not been made i r a the Books of Accounts as the corilpany does not expect tax liab ility'to a r i s e during the current financial year (Previous year Rs. NIL).
8 During the year the company has received interest on Deposits amounting t o Rs. NIL - (Previous Year Rs. NIL) and the Inco~lle Tax deducted thereon a t source is Rs. NIL. (Previous Year Rs. NIL).
9 During the year the company has not proposed any dividend o n its equity capital. (Previous Year NIL).
10 Signatures to Schedule 1 to 12 forms an integral part of accounts.
As per -attached report of even date. For and on behalf of the Board.
For DlLlP JAMBI-IEKAR & COMPANY. CHARTERED [email protected]
(VINAY P. SAPRE) PARTNER
HARl GOVIND INTERNATIONAL LIMITED FACTORY :- OPP. YCCE.HIGNA ROAD. WANADONGRI. NAGPUR -441 110 COROSPONDCE ADDR. : 125. WARDHAMAN NAGAR, NAGPUR 440 008.
SCHEDULE TO AND FORMING PART OF THE BALANCE SHEET .4&AI 31SZMARCH 2440 AND PROFIT 8 LOSS ACCOUNT FOR THE PERIOD ENDED 31ST MARCH 2010
b) ADMINISTRATIVE 8 OTHER EXPENSES:
Travelling & Conveyance Books 8 Periodicals Advertisement Expenses. Legal Expenses Rent, rate & Taxes Postage B telephones Printting 8 Stationery Insurance Motor car and Auto Expenses Office Expenses Staff Walefare. Annual Mainataince Contract. Factory Valuation Expenses. Entertainment Expenses Corporation Tax Mining development Expenses Written Off Preliminary Expenses Written off Bad Debts Miscellinious Expenses Leave Encashment Expenses Income Tax Paid Cu~eni assets Wiiiten Off. As Not Recoverable Payment To Auditors: As Auditor In other Manners
C) , SELLING EXPENSES: Discount Commission on Sales Sales Promotion Sales Tax Paid Travelling Expenses for Sales '
SC HEDULE-12 : FINANCIAL CHARGES: (a) Interest and other Charges.
T e n Loan Account Hire Purchase Charges To Others
(b) Bank Charges.
- TOTAL - C (4.62) - -
TOTAL RS. 4