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First Winner Industries Ltd.

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

BSE Live

Nov 26, 15:40
0.89 0.00 (0.00%)
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770
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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%)
Volume
No Data Available
485
  • Prev. Close

    1.50

  • Open Price

    1.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    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 financial statements of FIRST WINNER INDUSTRIES LIMITED, (the company) which comprise the Balance Sheet as at 31/03/2014, and the Statement of Profit and Loss and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management Responsibility for the Financial Statements Management is responsible for the preparation of these financial statements that give a true and fair view of financial position, financial performance of the company in accordance with the accounting standards referred to in sub -section (3C) of section 211 of the Companies Act 1956 (the Act) The responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that give a true and fair view andare free from material misstatements, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the standards on auditing issued by the Institute of Chartered Accountants of India. 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 misstatements. Audit involves performing procedure to obtain audit evidence about the amounts and disclosure in the financial statements. The procedure selected depend upon auditor''s judgement, including the assessment ofthe risk of material misstatements ofthe financial statements, whether due to fraud or error. In making those risk assessment, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedure that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as evaluating the overall presentation of financial statements. We believe that audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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: (a) in case ofthe Balance Sheet, ofthe state of affairs ofthe Company as at 31/03/2014; (b) in case Statement of Profit and Loss Account, ofthe Loss for the year ended on that date; and (c) in the case of Cash Flow Statement, ofthe cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the order) issued by Central Government of India in terms of sub-section (4A) of section 227 of the Act, I give in the Annexure a statements on the matters specified in paragraphs 4 and 5 of the order. 2. As required by section 227(3) ofthe Act, I report that: a. We have obtained all information and explanations which to the best of our knowledge and belief are necessary for the purpose 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 examinations of those books; c. the Balance Sheet, Statement of Profit and Loss and the Cash Flow dealt with by this Report are in agreement with the books of account; d. In our opinion , the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub-section(3C) of section 211 ofthe Companies Act,1956; e. On the basis of written representations received from the directors as on 31/03/2014 and taken on record by the Board of Directors, none ofthe director is disqualified as on 31/03/2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 ofthe Companies Act, 1956 ANNEXURE TO THE AUDITORS'' REPORT FOR THE YEAR ENDED 31ST MARCH 2014 1. 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 at reasonable intervals; No material discrepancies were noticed on such verification. (c) No substantial part of fixed assets have been disposed off during the year, and it has not affected the going concern. 2. In respect of its inventories: (a) There are no inventories with the company at the close of the year. 3. In respect of loans granted and taken to / from parties covered in the register maintained u/s 301 of the Companies Act, 1956. (a) The company has not granted any loan to parties covered in the register maintained under section 301 of the Companies Act, 1956. (b) The company has taken loan from companies covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 2147241 and the year end balance of loans taken from such parties was Rs. 2147241 (c) In our opinion and according to the information and explanation given to us, the rate of interest and other terms and conditions for such loans are not prima facie prejudicial to the interest ofthe company. (d) The loans taken are re-payable on demand. As informed, the lenders have not demanded repayment of any such loan during the year, thus, there has been no default on the part ofthe company. 4. In respect of internal control There are adequate internal control system commensurate with the size ofthe Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system. 5. In respect of contracts or arrangements need to be entered into a register maintained u/s 301 of the Companies Act, 1956 (a) According to the information and explanations given to us, there are no contracts or arrangements with parties referred to in Section 301 of the Act Accordingly, clause (b) of paragraph 5 fo the Order are not applicable to the company for the current year (b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act 1956 are made at price which are reasonable having regard to prevailing market prices at the relevant time. 6. In respect of deposits from public No deposits within the meaning of Sections 58A and 58AA or any other relevant provision of the Act and rules farmed thereunder have been accepted by the Company. 7. In respect of internal audit system The provisions relating to internal audit are applicable to the company and the company has internal audit system which commensurate the size of its business. 8. In respect of maintenance of cost records The Company is required to maintain cost records pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1)(d) of the Act. and we are ofthe opinion that the same have been made and maintained 9. In respect of statutory dues (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, Cess and other material statutory dues applicable to it. (b) According to the records of the Company, there are no dues of sales tax, customs duty, wealth tax, service tax, excise duty, sales tax and cess that have been not been deposited on amount of any dispute. The details of disputed tax liability with regards to income tax liability are as follows Stage pending Amount Involved Asst. Year CIT (Appeals) Rs. 29.53 Lakhs As. Yr. 2011-12 10. In respect of accumulated losses and cash losses The accumulated losses at the end ofthe financial year is Rs. 5.19 Crores. The Company has incurred cash losses (loss before depreciation) of Rs. 7.47 Crores in the financial year and in the immediately preceding financial year 5.32 Crores. During the year the company has incurred total loss of Rs. 11.42 Crores and in the immediately preceding financial year 9.68 Crores. 11. In respect of dues to financial institution / banks / debentures The company has defaulted in repayment of dues to financial institution, ora bank. The defaults have been more specifically detailed in note no. 4.01 & note no. 6.03 ofthe notes on financial statements. Further the provision of current year''s interest is on provisional basis since the banks have stopped charging interest on Term Loans & Working Capital facilities since the accounts have been declared as non performing 12. In respect of loans and advances granted on the basis of security The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In respect of provisions applicable to Chit fund The Company is not a chit fund or a nidhi or mutual benefit fund/society. Therefore the provisions of clause 4(xiii) ofthe Order are not applicable to the company. 14. In respect of dealing or trading in shares, securities, debentures and other investment According to information and explanations given to us the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the company. 15. In respect of guarantee given for loans taken by others On the basis of records examined by us and information provided by the management, we are of the opinion that the Company has given a guarantee jointly with other company to financial institution and bank for loan taken by others from the financial institution and bank. The companies for whom such guarantees have been given have defaulted in repayment ofthe loans to the financial institution and bank 16. In respect of application of term loans In our opinion, no new term loans has been raised by the company during the year. 17. In respect of fund used Based on an overall examination ofthe Balance Sheet ofthe company and a review ofthe consolidated fund flow statement for the year, we report that no funds raised on short-term basis have been used for long-term investment. 18. In respect of preferential allotment of shares The company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s 301 ofthe Act, during the year. 19. In respect of securities created for debentures The company has not issued any debentures during the year. Therefore provisions of clause 4(xix) ofthe Order are not applicable to the company. 20. In respect of end use of money raised by public issues The company has not raised any money from the public during the year under audit. 21. In respect of fraud According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year. For Deshmukh & Associates For Praful M Joshi Chartered Accountant Chartered Accountant FRN: 102375W FRN: 108056W sd/- sd/- Place: Mumbai Deepan M. Kapadia Partner Praful M joshi- Proprietor Date: 28/05/2014 Membership No. : 112565 Membership No:030276