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Shree Steel Wire Ropes Ltd.

BSE: 513488 | NSE: | Series: NA | ISIN: INE387D01025 | SECTOR: Steel - Medium & Small

BSE Live

Oct 20, 16:00
17.90 -0.90 (-4.79%)
Volume
AVERAGE VOLUME
5-Day
634
10-Day
1,043
30-Day
1,196
215
  • Prev. Close

    18.80

  • Open Price

    18.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Shree Steel Wire Ropes is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2006

Auditor's Report

We have audited the accompanying financial statements of Shree Steel Wire Ropes Limited (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the 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 of these 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 of 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 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. 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 financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 31st March, 2015, and its profit/loss and its cash flows for the year ended on that date. Emphasis of Matter In respect on Long term Loans and advances given to 2 unrelated parties, we have to state that in our opinion company has not taken any security for such advances, which was essential, and interest amount or FY. 2014 - 2015 is not received till signing the balance sheet. An opinion can be formed that the Company is also changing its nature of business. Total amount outstanding on the balance sheet date are Rs. 3,25,00,000/- which is 43.54% of Share capital and Free Reserves and 81.96% of free Reserves. As per explanation received from the management, they state that, the surplus fund has been invested in open market in the form of advances to earn high rate of interest, and the high rate of interest will be earned only when the company takes the risk of advancing loan without any security. Further management has assured that the advances are though unsecured but should be considered as good, there is no contingency in there recoverability. 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 Companies Act 2013, we give in the Annexure a statement on the matters specified in paragraphs 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 Flow Statement dealt with by this Report are in agreement with the books of account; d) In our opinion, the aforesaid 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 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act. 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, subject to Serial no. vii ( c) of Caro 2015. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditors'' Report The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the financial statements for the year ended 31st 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) All the Fixed Assets were physically verified by the management during the year. We are informed that no material discrepancies were noticed on such verification. ii) (a) As explained to us, the management at regular intervals during the year has physically verified inventories; (b) in our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories 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 has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventory as compared to the book records; iii)* The company has not granted any loan secured or unsecured to Companies, Firms or other parties covered in the register maintained under section 189 of the Companies Act 2013. Consequently requirement of clauses (iii,a) and (iii,b) of paragraph 3 of the order are not applicable. iv) There is an adequate internal control system 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. During the course of our Audit we have not observed any continuing failure to correct major weaknesses in internal control system. v) In our opinion and according to information and explanation given to us, the Company has complied with the provisions of section 73 to 76 of the Act, for acceptance of deposits. No order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal. vi) The Company has not liable for maintaining Cost accounts and Cost records as per applicability condition laid down under the Companies (Cost Records and Audit) Rules, 2014 read with Section 148 (1) of the Companies Act, 2013. vii) According to the information and explanations given to us, in respect of statutory and other dues. (a) The company has been regular in depositing undisputed statutory dues, including Provident Fund, Employee''s State Insurance, Income Tax, Sales Tax, Cess and any other statutory dues with the appropriate authorities. (b) According to the information and explanations given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, excise duty, customs duty and cess were in arrears, as at 31.03.2015 for a period of more than six months from the date they became payable except as stated above (c) The disputed statutory dues aggregating to Rs.4,11,024/-, that have not been deposited on account of matters pending before appropriate authorities are as under. Sr. No. Name of the Statute Nature of Dues Forum where dispute is pending Amount 1) Income Tax Act, 1961 Income Tax (A.Y. 1999-2000) CIT(A)- VII(Mumbai) 94,891/- 2) Maharashtra Value Sales Tax Deputy Commissioner of 72,383/- Added Tax Act, 2002 FY. 2008 - 2009 Sales Tax Appeal 010 3) Central Sales Tax Sales Tax Deputy Commissioner of 2,43,750/- Act 1956 FY. 2008 - 2009 Sales Tax Appeal 010 (d) According to the information and explanation given to us the amount which were required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time. viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses in the financial year and in the immediately preceding financial year. ix) Based on our audit procedures and on the information and explanation given by the management, we are of the opinion that the company has not defaulted in repayment of dues to any Bank. The company has not taken any loans from financial institution and debenture holders. x) The company has not given any guarantee for loan taken by others from bank or financial institution. xi) In our opinion, the company has not taken any new term loan during the year. xii) In our opinion and according to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year that causes the financial statements to be materially misstated. FOR M/S. N.D. MEHTA ASSOCIATES CHARTERED ACCOUNTANTS FIRM REGN. NO. 106266W Sd/- NAGIN D. MEHTA. PLACE: MUMBAI [PROPRIETOR] DATED: 29th May'' 2015 MEMBERSHIP NO. 033258