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First Winner Industries Ltd.

BSE: 532996 | NSE: FIRSTWIN | Series: NA | ISIN: INE315J01015 | SECTOR: Textiles - General

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First Winner Industries is not traded on BSE in the last 30 days

NSE Live

Jul 12, 15:31
1.50 0.00 (0.00%)
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485
  • Prev. Close

    1.50

  • Open Price

    1.50

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    0.00 (0)

First Winner Industries is not traded on NSE in the last 30 days

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the accompanying standalone financial statements of FIRST WINNER INDUSTRIES LIMITED (''the Company''), which comprise the balance sheet as at 31 March 2015, the statement of Profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2015 and its Loss and its cash flows for the year ended on that date. Matter of Emphasis 1. Financial statements of the Company in respect of increase in its overdue trade receivables and very low turnover, default in repayment of its dues to lenders which indicates the existence of material uncertainty that may cast significant doubt about the Company''s ability to continue as going concern. The Company has prepared the accompanying financial statements on going concern assumption. 2. Financial statements of the Company relating to trade receivables which have remained overdue for extended period of time. In the opinion of the management, these are fully recoverable. The Company has received year-end balance confirmations from these trade receivables and accordingly no provision is deemed necessary by the Company. 3. Based on our examination of records and according to information and explanation given to us, the Company has defaulted in repayment of dues to State Bank of India refer Note 4 and 6. 4. As per Search Action u/s 132 of the Income Tax Act 1961 was conducted in the premises of company as per our verification of communication received from Income Tax Department. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143 (3) of the Act, we report that: (a) We have sought and 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 it appears from our examination of those books; (c) the balance sheet, the statement of Profit and loss and the cash fl ow statement dealt with by this Report are in agreement with the books of account; (d) in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; (e) on the basis of the written representations received from the directors as on 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and (f) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. the Company does not have any pending litigations which would impact its financial position except this. As per Search Action u/s 132 of the Income Tax Act 1961 was conducted in the premises of company as per our verification of communication received from Income Tax Department. ii. the Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise iii. There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise Annexure to the Independent Auditors'' Report The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. (ii) The Company does not have any inventory at the close of the year. Hence, the requirement of clause (ii) of paragraph 3 of the said Order is not applicable to the Company. (iii) (a) The Company has not granted loans to bodies corporate covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''). (b) The company has taken loan form companies covered in the register maintained under section 189 of the companies Act, 2013. The Maximum amount involved during the year was Rs. 21,47,241/- and the yearend balance of loan taken from such parties was Rs. 21,47,241/- (c) 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 with regard to purchase of fixed assets and sale of services. The activities of the Company do not involve purchase of inventory and the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit. (iv) The Company has not accepted any deposits from the public. (v) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act, for any of the services rendered by the Company. (vi) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees'' state insurance and duty of excise. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of income tax, sales tax, service tax and value added tax have not been deposited by the Company on account of disputes (if any): Name of the Nature of dues Amount Period to which Forum where Statute (in Rs) the amount dispute is relates pending (b) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise (viii) The Company have accumulated losses at the end of the financial year and has incurred cash losses in the financial year and in the immediately preceding financial year. (ix) The Company have outstanding dues to financial institutions, banks or debenture holders during the year refer Note 4 and 6. (x) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. (xi) The Company did not have any term loans outstanding during the year. (xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit. FOR AVCS & ASSOCIATES Chartered Accountants [FRN NO: 139123W] sd/- (VIKAS AGARWAL) Partner M. No. 148465 Place: Mumbai Date: 30.05.2015