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Garware Technical Fibres Ltd.

BSE: 509557 | NSE: GARFIBRES |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE276A01018 | SECTOR: Textiles - General

BSE Live

Jan 24, 16:00
3095.65 -128.45 (-3.98%)
Volume
AVERAGE VOLUME
5-Day
1,619
10-Day
1,597
30-Day
1,270
3,974
  • Prev. Close

    3224.10

  • Open Price

    3187.05

  • Bid Price (Qty.)

    3069.00 (1)

  • Offer Price (Qty.)

    3150.00 (6)

NSE Live

Jan 24, 15:43
3086.20 -133.45 (-4.14%)
Volume
AVERAGE VOLUME
5-Day
16,337
10-Day
13,949
30-Day
14,693
38,868
  • Prev. Close

    3219.65

  • Open Price

    3200.00

  • Bid Price (Qty.)

    3086.20 (10)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance Sheet of Garware-Wall Ropes Limited as at 31st March, 2006, the related Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. We have to state that these financial statements are the responsibility of the Companys management and our responsibility is to express our opinion on these financial statements which is complied with by this report based on our audit. 2. As for the scope and basis for our opinion, we state that we have conducted the audit in accordance with the auditing standards generally accepted in India and obtained reasonable assurance about the financial statements being free of material misstatements. Our audit includes, wherever necessary, examining on a test basis, the evidence supporting the amounts and disclosure in the financial statements and also includes assessing adherence to the accounting principles and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003, as amended by the Companies (Auditors Report) (Amendment) Order 2004, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, and on the basis of such checks of books and records of the Company considered appropriate and according to the information and explanations given to us during the course of the audit, we give in the annexure a statement on matters specified in paragraphs 4 and 5 of the said order. 4. Further to our comments in the annexure referred to in paragraph (3) 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 the books. Proper returns adequate for the purposes of our audit have been received from the branch at Tacoma, WA (USA), and the depots, not visited by us; (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 and according to the information and explanations given to us, 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 31st March, 2006 and taken on record by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31st March, 2006 from being appointed as director, in term of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; (f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the 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 31st March, 2006; ii. in the case of the Profit and Loss Account, of the profit for the year ended on that date; and iii. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For NARKAR & ASSOCIATES Chartered Accountants, Mumbai, V. D. NARKAR 26th May, 2006 Proprietor ANNEXURE REFERRED TO IN PARAGRAPH (3) OF THE AUDITORS REPORT OF EVEN DATE ON THE ACCOUNTS OF GARWARE-WALL ROPES LIMITED FOR THE YEAR ENDED 31ST MARCH, 2006 (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) (1) As per the Companys policy, continuous verification of Fixed Assets is carried out covering the entire assets within a period of three years. The same is followed during the year. (2) Discrepancies noticed on such verification have been properly dealt with in the books of account. (c) Fixed Assets disposed off during the year were not substantial and, therefore, it has not affected the going concern status of the Company. (ii) (a) Physical verification of inventory has been conducted at reasonable intervals by the management. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory, as compared to the book records, were not material and have been dealt with in the books of account. (iii) (a) The Company has not granted secured/unsecured loans to companies, firms or other parties covered in the register maintained under Section 301 of the Act. (b) The Company has not taken any secured loans from the companies, firms or other parties covered in the register maintained under Section 301 of the Act. However, the Company has taken unsecured loans from such parties. The number of parties and the amount involved in the transactions is as under: Number of parties Amount of unsecured loans taken (Balance as at 31.03.06 Rs. Nil) Rs. Lacs Fourteen 1894.34 (c) In our opinion, the rate of interest and other terms and conditions of the unsecured loans taken by the Company, are not, prima facie, prejudicial to the interest of the Company. (d) In respect of the unsecured loans taken by the Company, where stipulations have been made, the repayments of the principal amount and interest have been regular. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. Further on the basis of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us. We have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the aforesaid internal controls. (v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301, of the Companies Act, 1956, have been recorded in the register required to be maintained under that Section. (b) In our opinion and according to the information and explanations given to us, the transactions referred to under sub clause (a) above have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58A and 58AA or any other relevant provisions of the Act and the rules framed thereunder, and the directives issued by the RBI, in respect of public deposits accepted by the Company. We are informed that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal in this regard. (vii) The Company has an internal audit system, which, in our opinion, is commensurate with its size and nature of its business. (viii) Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956. (ix) (a) According to the information and explanations given to us and the records of the Company examined by us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, cess and other statutory dues with the appropriate authorities. There are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date those became payable. (b) According to the information and explanations given to us and the records of the Company examined by us, the quantum of disputed amounts of Sales tax and Excise duty outstanding as at the last day of the financial year are as follows :- Name of the Nature of the Dues Period to Amount Forum where Statute which the in Rs. dispute is amount Lacs pending relates State and Tax interest & penalty 1995-96 9.75 Central Sales for the classification of Tax acts product& tax rates 1996-97 19.15 1997-98 16.74 1998-99 22.58 Upto 11.44 High Court, Oct.,99 Delhi 1999-00 0.53 2000-01 1.51 2001-02 1.70 2004-05 0.10 2005-06 0.10 State and Tax interest & penalty 1987-88 0.63 Deputy Comm. Central Sales for the rate of tax of Tax Acts, 1988-89 1.04 Commercial Tax 1989-90 1.38 (Appeals) -Chennai Total 86.65 Sr. Name of Nature of Amount Period to Forum where No. the Dues (Rs. which the dispute is Statue Lacs) amount pending relates 1 Major Port Demurrage 19.34 1993-94 High Court, Trusts Act, charges of BPT Mumbai. 1963 2 Central Excise duty- 130.47 1994-95 Jurisdictional Excise Inclusion of modvat Excise Assistant Act, 1944 credit in the cost Commissioner, of raw material: Pune 3 Central Excise Duty- 14.85 2002-03 CESTAT, Mumbai. Excise Computation of duty Act, 1944 for clearance from EQU to DTA. 4. Central Excise Duty- 07.73 2005-06 CESTAT, Mumbai Excise Computation of duty Act, 1944 for clearance from EOU to DTA. Total 172.39 (x) The Company has no accumulated losses at the end of the financial year and has not incurred any cash losses during the year and in the immediately preceding financial year. (xi) The Company has not defaulted in repayment of dues to any financial institution or bank. The Company has no debentureholders. (xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities and, therefore, the question of maintenance of documents and records in respect thereof does notarise. (xiii) The provisions of any special statute applicable to chit fund, nidhi, mutual benefit fund or a society are not applicable to the Company. (xiv) The Company is dealing in shares, debentures and other investments and proper records of the transactions and contracts are maintained. All the investments are held in the name of the Company. (xv) The Company has not given guarantee for loan taken by others from Bank or Financial Institutions during the year. (xvi) During the year, the Company has obtained fresh term loan which is used for the purpose for which it was obtained. (xvii) On the basis of our examination of the Cash Flow Statement and the information and the explanations given to us, the funds raised on short term basis have not been used for long term investment. (xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. (xix) The Company has not issued any debentures. (xx) The Company has not raised any money by public issue during the year. (xxi) During the course of our examination of the books of the Company carried out by us in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the year nor have been informed of such case by the management. For Narkar & Associates Chartered Accountants Mumbai V, D. Narkar 26th May, 2006 Proprietor