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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

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BSE Live

Mar 27, 16:00
157.25 -4.15 (-2.57%)
Volume
AVERAGE VOLUME
5-Day
18,070
10-Day
18,718
30-Day
13,871
11,347
  • Prev. Close

    161.40

  • Open Price

    161.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Mar 27, 15:59
157.40 -3.15 (-1.96%)
Volume
AVERAGE VOLUME
5-Day
402,502
10-Day
428,979
30-Day
375,996
252,339
  • Prev. Close

    160.55

  • Open Price

    164.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    157.40 (103)

Annual Report

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

Auditor's Report

We have audited the accompanying fnancial statements of V-Guard Industries Limited (the Company), which comprise the Balance Sheet as at March 31, 2016, the Statement of Proft and Loss and Cash Flow Statement for the year then ended, and a summary of signifcant 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 fnancial statements that give a true and fair view of the fnancial position, fnancial performance and cash fows of the Company in accordance with accounting principles generally accepted in India, including the Accounting Standards specifed 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 fnancial control that were operating efectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the fnancial 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 fnancial 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 specifed 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 fnancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fnancial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the fnancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal fnancial control relevant to the Company''s preparation of the fnancial 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 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 fnancial statements. We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our audit opinion on the fnancial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the fnancial 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 afairs of the Company as at March 31, 2016, its proft, and its cash fows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s report) Order, 2016 (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 1 a statement on the matters specifed 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 Proft 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 fnancial statements comply with the Accounting Standards specifed 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 March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualifed as on March 31, 2016, from being appointed as a director in terms of section 164 (2) of the Act; (f) With respect to the adequacy of the internal fnancial controls over fnancial reporting of the Company and the operating efectiveness of such controls, refer to our separate Report in Annexure 2 to this report; (g) 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 fnancial position in its fnancial statements Refer note 26.1 to the fnancial statements; 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 an instance of delay in transferring amounts, to the Investor Education and Protection Fund by the Company as given below: Period to which the amount relates Amount Rs, Due Date Date of Payment 2007-08 368,705 September 12, 2015 September 28, 2015 The Annexure referred to in our report to the Members of V-Guard Industries Limited (''the Company'') for the year ended March 31, 2016 We report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fxed assets. (b) All fxed assets were physically verifed by the management during the year in accordance with a planned programme of verifcation 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 verifcation. (c) Based on our audit procedures performed for the purpose of reporting the true and fair view of the fnancial statements and according to information and explanations given by the management, the title deeds of immovable properties included in property, plant and equipment are held in the name of the Company. (ii) The inventory has been physically verifed by the management during the year. In our opinion, the frequency of verifcation is reasonable. No material discrepancies were noticed on such physical verifcation. Inventories lying with third parties have been confrmed by them as at March 31, 2016 and no material discrepancies were noticed in respect of such confrmations. (iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, frms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''). Accordingly, the provisions of clause 3(iii)(a), (b) and (c) 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, the Company has complied with the provisions of Section 186 of the Act in respect of loan granted to a company and guarantees given for loans taken by others from banks. In our opinion and according to the information and explanations given to us, the Company has not made any investments to which section 186 of the Act is applicable or granted any loan to which section 185 of the Act are applicable and hence not commented upon. (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: Amount Period to which Name of the statute Nature of dues claimed the amount relates (Rs,in lakhs) under protest Central Sales Tax Act Central Sales tax 64.88 1998-99 Tamil Nadu Value Added Value added tax 59.70 2008-09 Tax Act Karnataka Value Added Tax Value added tax 2.37 2011-12 Jharkhand Value Added Tax Value added tax 2.30 2009-10 Andhra Pradesh Value Value added tax 0.75 2005-06 Added Tax Central Sales Tax Act Central Sales tax 8.38 2011-12 & 2012-13 Orissa Entry Tax Act Entry Tax 155.37 2011-12 & 2012-13 Orissa Value Added Tax Act Value added tax 338.13 2011-12 & 2012-13 Orissa Value Added Tax Act Value added tax 16.78 2007-08 Orissa Value Added Tax Act Value added tax 165.23 2008-09 to 2010-11 Bihar Value Added Tax Act Value added tax 163.63 2013-14 Bihar Entry Tax Act Entry Tax 15.64 2013-14 Uttarakhand Value Added Value added tax 1.20 2012-13 Tax Act Central Excise Act, 1944 Excise Duty 4.10 2003-04 to 2008-09 Income Tax Act, 1961 Income tax 19.02 AY 2008-09 Income Tax Act, 1961 Income tax 68.88 AY 2009-10 Income Tax Act, 1961 Income tax 93.16 AY 2010-11 Income Tax Act, 1961 Income tax 251.33 AY 2011-12 Income Tax Act, 1961 Income tax 115.97 AY 2012-13 Name of the Statute Amount paid under Forum where dispute is protest pending (Rs, in lakhs) Central Sales Tax Act 2.60 Commercial Tax Ofce, Tamil Nadu Tamil Nadu Value Added - High Court of Madras Karnataka Value Added Tax - Appellate Tribunal Andhra Pradesh Value - Commercial Taxes Tribunal - Additional Deputy Commissioner (Commercial Taxes) Jharkhand Value Added Tax 0.56 Sales Tax Tribunal Central Sales Tax Act 10.36 Sales Tax Tribunal Orissa Entry Tax Act 22.25 Sales Tax Tribunal Orissa Value Added Tax Act 1.12 Sales Tax Tribunal Orissa Value Added Tax Act 11.02 Sales Tax Tribunal Orissa Value Added Tax Act 20.00 The Asst. Commissioner of Commercial Taxes Bihar Value Added Tax Act - The Asst. Commissioner of Commercial Taxes Bihar Value Added Tax Act - Joint Commissioner (Appeal), Haldwani Uttarakhand Value Added - Central Excise Service Tax Appellate Tribunal Central Excise Act, 1944 - Commissioner of Income Tax (Appeals) Income Tax Act, 1961 2.60 Commissioner of Income Tax (Appeals) Income Tax Act, 1961 - Commissioner of Income Tax (Appeals) Income Tax Act, 1961 - Commissioner of Income Tax (Appeals) Income Tax Act, 1961 - Commissioner of Income Tax (Appeals) viii) Based on our audit procedures performed for the purpose of reporting the true and fair view of the fnancial statements and according to information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to fnancial institutions and banks. The Company does not have any borrowing from government or by way of debentures during the year. (ix) Based on our audit procedures performed for the purpose of reporting the true and fair view of the fnancial statements and according to the information and explanations given by the management and on an overall examination of the balance sheet, we report that monies raised by way of term loans were applied for the purposes for which those were raised. No monies were raised, during the year, by the Company by way of initial public ofer or further public ofer (including debt instruments). (x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the fnancial statements and according to the information and explanations given by the management, we report that no fraud by the Company or on the Company by the ofcers and employees of the Company has been noticed or reported during the year. (xi) Based on our audit procedures performed for the purpose of reporting the true and fair view of the fnancial statements and according to the information and explanations given by the management, we report that the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013. (xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the order are not applicable to the Company and hence not commented upon. (xiii) Based on our audit procedures performed for the purpose of reporting the true and fair view of the fnancial statements and according to the information and explanations given by the management, transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the fnancial statements, as required by the applicable accounting standards. (xiv) According to the information and explanations given to us and on an overall examination of the balance sheet, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence not commented upon. (xv) Based on our audit procedures performed for the purpose of reporting the true and fair view of the fnancial statements and according to the information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with him. (xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company. Report on the Internal Financial Controls under clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act) For S.R. Batliboi & Associates LLP Chartered Accountants ICAI Firm registration number: 101049W/E300004 per Aditya Vikram Bhauwala Partner Membership No.: 208382 Place: Kochi Date : 04th May, 2016