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WS Industries Ltd.

BSE: 504220 | NSE: WSI | Series: NA | ISIN: INE100D01014 | SECTOR: Electric Equipment

BSE Live

Nov 29, 16:00
9.42 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
16,092
10-Day
20,388
30-Day
16,350
48,526
  • Prev. Close

    9.42

  • Open Price

    9.42

  • Bid Price (Qty.)

    9.42 (3399)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Nov 29, 15:31
9.50 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
38,892
10-Day
26,673
30-Day
10,339
67,706
  • Prev. Close

    9.50

  • Open Price

    9.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2007 2006

Auditor's Report

We have audited the accompanying financial statements of W.S. Industries (India) Limited (''the Company''), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss and the Cash Flow Statement for the period 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 stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation and presentation 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 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 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 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, 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 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, 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 Statement of Profit and Loss, of the LOSS for the period ended on that date and c) in the case of Cash flow Statement, of the cash flows for the period ended on that date; Emphasis of Matter Without qualifying our opinion, we draw your attention that the accumulated losses of the company is more than 100% of the net worth of the company, requiring reference to BIFR. 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 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 it appears from ourexamination 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 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 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 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: (g) There has been a delay in transferring the amount of unclaimed dividend, required to be transferred, to the Investor Education and Protection Fund by the company. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the financial statements for the period ended 31 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) The company has a regular program of physical verification of its fixed assets by which all fixed assets are verified in a phased manner at reasonable intervals by the management. According to the information and explanations given to us, no material discrepancies where observed by the management on such verification. (ii) (a) The stock of inventory has been physically verified by the management at reasonable intervals during the period. In our opinion the frequency of verification is reasonable. (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 and nature of its business. (c) The company is maintaining proper records of inventory. No material discrepancy was noticed on such physical verification. (iii) (a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, 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. Consequently the provisions of clause (iii) (a) (b) and (c) are not applicable to the company. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of services. We have not observed any major weakness in the internal control system during the course of the audit. (v) The Company has not accepted any deposits from the public and hence this clause is not applicable to the company. (vi) Central Government has prescribed maintenance of cost records under sub- section (1) of section 148 of the Companies Act and such accounts and records have been prepared and maintained by the company. (vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, service tax, duty of customs, value added tax, cess and other material statutory dues have not been regularly deposited during the period by the Company with the appropriate authorities. As explained to us, the Company have dues on account of employees'' state insurance, Provident fund, income tax, sales tax, service tax, value added tax, cess and other material dues According to the information and explanations given to us, there are undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 fora period of more than six months from the date they became payable: s.no NATURE OF DUES AMOUNT OUTSTANDING FOR MORE THAN SIX MONTHS (IN Rs.) 1 PROVIDENT FUND 24,31,836 2 SALES TAX-VAT 6,25,471 3 SALES TAX-CST 2,45,729 4 TDS 1,13,23,910 5 PROPERTYTAX 4,28,632 6 PROFESSIONAL TAX 9,37,633 7 GRATUITY TOLIC 1,78,45,737 TOTAL AMOUNT OUTSTANDING 3,38,43,948 (b) According to the information and explanations given to us, there are material dues of Income tax which have not been deposited with the appropriate authorities on account of any dispute. Name of the Statue Nature of dues Amount Forum where (< in millions) dispute is pending Income Tax Act Income Tax 0.40 High Court (c) According to the information and explanations given to us the amounts which were required to be transferred to the investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there under, there has been a delay in transfer to such fund. (viii) The Company has accumulated losses as at the end of the period, which are more than 100% of the net worth of the company, and has incurred cash loss during the period and also during the immediately preceding financial year. (ix) According to the information and explanations given to us, the Company has defaulted in repayment of dues to its banks/financial institutions, to the extent of the following: a. An amount of Rs. 867.12 Million towards principal has fallen due on 31st March 2015 (including Rs.407.12 Million fallen due on 31 st March 2014) b. An amount of Rs. 260.99 Million towards interest has fallen due on 31st March 2015 (including Rs. 118.03 Million fallen due on 31 st March 2014). c. An amount of Rs.83.31 Million towards interest on NCD has fallen due on 31st March 2015 (including Rs. 30.67 Million fallen due on 31 st March 2014). (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) According to the information and explanations given to us, the term loan taken by the company were applied for the purpose for which they have been obtained. (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. 17,Bishop wailers avenue