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V-Guard Industries Ltd.

BSE: 532953 | NSE: VGUARD |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE951I01027 | SECTOR: Electric Equipment

BSE Live

Apr 12, 16:00
230.20 -10.35 (-4.30%)
Volume
AVERAGE VOLUME
5-Day
55,274
10-Day
71,029
30-Day
84,188
108,463
  • Prev. Close

    240.55

  • Open Price

    240.50

  • Bid Price (Qty.)

    230.15 (5)

  • Offer Price (Qty.)

    232.85 (10)

NSE Live

Apr 12, 15:59
231.60 -8.90 (-3.70%)
Volume
AVERAGE VOLUME
5-Day
981,007
10-Day
1,198,921
30-Day
923,719
787,198
  • Prev. Close

    240.50

  • Open Price

    238.85

  • Bid Price (Qty.)

    231.60 (225)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of V-Guard Industries Limited (the Company), which comprise the balancesheet as at March 31, 2015, 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''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 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 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 the 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 thereunder. We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as 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 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 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 March 31, 2015, its profit and its 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 in terms of sub-section (11) of section 143 of the Act, we give in the Annexure, a statement on the matters specified in paragraphs 3 and 4 of the Order. 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 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 it appears from our examination of those books; (c) The Balance Sheet, Statement of Profit and Loss, and 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 March 31, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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 has disclosed the impact of pending litigations on its financial position in its financial statements - Refer note 25.1(i) to the financial statements. ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. There are no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. Annexure to the Auditors'' Report The Annexure referred to in our report to the Members of V-Guard Industries Limited (''the Company'') for the year ended March 31, 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 fixed assets were physically verified by the management in the previous year in accordance with a planned programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As informed by the management, no material discrepancies were noticed on such verification. (ii) (a) The inventory has been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable. Inventories lying with outside parties have been confirmed by them as at year end. (b) 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. Discrepancies noted on physical verification of inventories were not material, and have been properly dealt with in the books of account. (iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company and hence not commented upon. (iv) In our opinion and according to the information and explanations given to us, as well as taking into consideration the management representation that certain items of inventories are of specialized nature for which alternative quotations are not available, 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 major weakness or continuing failure to correct any major weakness in the internal control system of the Company in respect of these areas. (v) The Company has not accepted any deposits from the public. (vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the products manufactured by the Company and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. (vii) (a) Undisputed statutory dues including provident fund,employees'' state insurance, income-tax, sales-tax, wealth-tax, service tax,customs duty, excise duty, value added taxes, cess and other material statutory dues have generally been regularly deposited with the appropriate authorities. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees'' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, value added tax, cess and other undisputed statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable. (c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, value added tax and cess on account of any dispute, are as follows: Name of the Amount Period to which Nature of dues (Rs in the amount statute lakhs) relates Central Sales Tax Central Sales tax 64.88 1998-99 Act Tamil Nadu Value Value added tax 59.70 2008-09 Added Tax Act Andhra Pradesh Value added tax 14.10 2006-07 to Value Added Tax 2009-10 Act Karnataka Value Value added tax 2.37 2011-12 Added Tax Jharkhand Value Value added tax 2.30 2009-10 Added Tax Andhra Pradesh Value added tax 0.75 2005-06 Value Added Tax Central Sales Tax Central Sales tax 8.38 2011-12 & 2012-13 Act Orissa Entry Tax Entry Tax 155.37 2011-12 & 2012-13 Act Orissa Value Added Value added tax 338.13 2011-12 & 2012-13 Tax Income Tax Act, Income tax 4.53 AY 2008-09 1961 Income Tax Act, Income tax 17.00 AY2009-10 1961 Income Tax Act, Income tax 128.46 AY 2010-11 1961 Income Tax Act, Income tax 8.40 AY 2011-12 1961 Income Tax Act, Income tax 14.49 AY 2008-09 1961 Income Tax Act, Income tax 51.89 AY 2009-10 1961 Income Tax Act, Income tax 115.97 AY 2012-13 1961 Name of the Amount paid Forum where dispute is under protest pending statute (Rs in lakhs) Central Sales Tax 2.60 Commercial Tax Office, Tamil Act Nadu Tamil Nadu Value - High Court of Madras Added Tax Act Andhra Pradesh - Deputy Commissioner (CT), Hy- Value Added Tax derabad Rural Act Karnataka Value - Appellate Tribunal Added Tax Jharkhand Value - Commercial Taxes Tribunal Added Tax Andhra Pradesh - Additional Deputy Commissioner Value Added Tax (Commercial Taxes) Central Sales Tax 0.56 Additional Commissioner of Act Commercial taxes(Appeals) Orissa Entry Tax 10.36 Additional Commissioner of Act Sales Tax Orissa Value Added 22.50 Additional Commissioner of Tax Sales Tax Income Tax Act, - Deputy Commissioner of In- 1961 come Tax Income Tax Act, - Commissioner of Income Tax 1961 (Appeals) Income Tax Act, - Commissioner of Income Tax 1961 (Appeals) Income Tax Act, - Commissioner of Income Tax 1961 (Appeals) Income Tax Act, - Commissioner of Income Tax 1961 (Appeals) Income Tax Act, - Commissioner of Income Tax 1961 (Appeals) Income Tax Act, - Commissioner of Income Tax 1961 (Appeals) (d) According to the information and explanations given to us, there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder. (viii) The Company has no accumulated losses at the end of the Financial Year and it has not incurred cash losses in the current and immediately preceding Financial Year. (ix) Based on our audit procedures and as per the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to a financial institution or bank. The Company did not have any outstanding dues in respect of debentures during the year. (x) According to the information and explanations given to us, the Company has given guarantee for loans taken by others from banks or financial institutions, the terms and conditions whereof, in our opinion, are not prima-facie prejudicial to the interest of the Company. (xi) Based on the information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained. (xii) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year. For S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants ICAI Firm registration number: 101049W per Aditya Vikram Bhauwala Partner Membership Number: 208382 Place: Kochi Date : May 4, 2015