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Switching Technologies Gunther | Auditor's Report > Electric Equipment > Auditor's Report from Switching Technologies Gunther - BSE: 517201, NSE: N.A
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Switching Technologies Gunther

BSE: 517201|ISIN: INE311D01017|SECTOR: Electric Equipment
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Switching Technologies Gunther is not listed on NSE
Mar 14
Auditor's Report (Switching Technologies Gunther) Year End : Mar '15
We have audited the accompanying financial statements of Switching
 Technologies Gunther 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
 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 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 the maintenance of
 adequate accounting records in accordance with the provision of the Act
 for safeguarding of the assets of the Company and for preventing and
 detecting the 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 internal financial control, 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 thereunder.
 
 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 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 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 accounting policies used and the reasonableness of
 the accounting estimates made by 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;
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2015;
 
 b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 c) in the case of the Cash Flow Statement, of the 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, 2015 (''the
 Order) issued by the Central Government of India it 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 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 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 and
 
 f) With respect to the other matters included in the Auditor''s Report
 and to our 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.
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There were no amounts which required to be transferred.
 
 ANNEXURE REFERRED TO IN THE 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. The Company is maintaining proper records showing full particulars
 including quantitative details and situation of fixed assets. The
 Company has formulated a programme of physical verification of all the
 fixed assets which, in our opinion, is reasonable having regard to the
 size of the Company and the nature of its assets, in accordance with
 this programme, fixed assets have been physically verified as at the
 end of the year by the management and no material discrepancies were
 noticed on such verification.
 
 ii.  a) Physical verification of inventories was conducted by the
 management at the year end.
 
 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) On the basis of our examination of the records of inventory and in
 our opinion, the Company is maintaining proper records of inventory and
 no material discrepancies have been noticed on physical verification of
 inventories as compared to the books and records.
 
 iii. The Company has neither granted nor taken any loans, secured or
 unsecured, to/from companies, firms or other parties listed in the
 register maintained under section 189 of the Companies Act, 2013 and
 therefore paragraph 3(iii) of the order is not applicable.
 
 i v. In our opinion and according to information and explanations given
 to us, having regard to the explanation that most of the items
 purchased / sold are of a special nature for which alternative
 quotations are not available, there are adequate internal control
 systems commensurate with size of the Company and the nature of its
 business with regard to purchase of inventory and fixed assets and for
 the purchase or sale of goods. During the course of our audit, we have
 not observed any continuing failure to correct major weaknesses, if
 any, in internal control system.
 
 v.  The company has not accepted any deposits from the public.
 
 vi. We have broadly reviewed the cost records maintained by the company
 specified by the Central Government under Section 148 (1) of the
 Companies Act, 2013 and are of the opinion that prima facie the
 prescribed cost records have been maintained.
 
 vii.  (a) In our opinion and according to the information and
 explanations given to us, the Company is generally regular in
 depositing undisputed statutory dues including Provident Fund,
 Employees State Insurance, Income Tax, Sales tax, Excise duty, Cess,
 Investor Education Protection Fund, Wealth tax, VAT and other material
 statutory dues, if any, applicable to it with the appropriate
 authorities during the year.  As at the last day of the financial year,
 there are no arrears of such undisputed statutory dues outstanding for
 a period of more than six months from the date they became payable.
 
 (b) As at 31st March 2015 according to the records of the Company, the
 following dues of Income tax, have not been deposited by the Company on
 account of disputes:
 
 Name       Nature of    Amount      Period to which  Forum where dispute 
 of the     Dues         (in Rupees) the amount       is pending
 Statute                             relates
 
 Income tax Income tax    20,61,790  Assessment Year  CIT(Appeals),
 Act, 1961                           2012-13          Chennai and 
                                                      Assistant
                                                      Commissioner of 
                                                      Income
                                                      tax, Company Range,
                                                      Chennai
 
 viii. The accumulated losses at the end of the year are not more than
 fifty percent of its net worth and the Company has not incurred cash
 losses during the current financial year as well as in the previous
 financial year.
 
 ix. The Company did not have any outstanding dues to financial
 institutions, banks or debenture holders during the year.
 
 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 M.L.Srinivasan & Associates
 
                                                 Chartered Accountants
 
                                          Firm Registration No.006505S
 
                                                        M.L.SRINIVASAN
 
 Place : Chennai                                               Partner
 
 Date  : 10-06-2015                              Membership No. 203154
Source : Dion Global Solutions Limited
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