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Bombay Wire Ropes Ltd.

BSE: 504648 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE089T01023
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Bombay Wire Ropes Ltd. (BOMBAYWIRE) - Auditors Report

Company auditors report

TO THE MEMBERS OF BOMBAY WIRE ROPES LTD

Report on the Financial Statement

We have audited the accompanying financial statements of BOMBAY WIRE ROPES LTD("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss/ the Cash Flow Statement for the year then endedand 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 134of sub section 5 of the Companies Act 2013 ( " the Act " ) with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India Including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014.This responsibility also includes maintenance of adequate accounting records inaccordance with provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation offinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India

a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

b) in the case of the Statement of Profit and Loss of the Loss for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A "a statement on the mattersspecified 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of Companies (Accounts)Rules 2014.

e. On the basis of written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B"and

g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements- Refer Notel9.1 contingent liability to the financialstatements;

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For SINGHI & CO.

Chartered Accountants FRN-110283 W

PRAVEEN KUMAR SINGHI

Partner

Membership No -051471

UNIT NO.30 NEPTUNE BUILDING EVERSH1NE MILLENIUM PARADISE THAKUR VILLAGE KANDIVAL1EAST MUMBAI-400101.

Dated-20lh DAY OF MAY 2016

ANNEXURE "A"

Referred to in Paragraph 1 of Report on Other Legal and regulatory Requirements of ourReport of even date

On the basis of the information and explanation furnished to us and the books andrecord examined by us in the normal course of audit and to the best of our knowledge andbelief we report that

1. a) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. According to the informationand explanations given to us no material discrepancies were noticed on such physicalverification

b) According to the information and explanation given to us the fixed assets have beenphysically verified by the management at the end of the year and the discrepancies noticedon such verification have been properly dealt with in the books of accounts

c) According to information and explanation given to us and on the basis of ourexamination of records of the Company the tittle deed of immovable property is held inthe name of the Company.

2. There is no Inventory at the year end March 31 2016.

3. The Company has not granted any loans secured or unsecured in the financial year2015-16 but balance carried forward from previous year amounting to Rs. 32259667 andinterest accrued for the year thereon up to 31st March 2016 of Rs. 2332783 has beenreceived and balance stands amounting to Rs. 28639000 as on 31st March 2016 fromcompanies covered in register maintained under section 189 of the Companies Act 2013.

4. In our opinion and according to the information and explanations given to us theCompany has complied with wherever applicable the provisions of section 185 and 186 ofthe Companies Act 2013 in respect of loans investments guarantees and security made.

5. The Company has not accepted any deposits as per the directive issued by the ReserveBank of India. Therefore the provisions of clause 3 (v) of the Companies (Auditors Report)Order 2016 are not applicable to the Company.

6. As per information and explanation given by the management the Company has notcarried out any manufacturing activity during the financial year ended March 31 2016.Therefore maintenance of cost records as prescribed under section 148(1) of the CompaniesAct 2013 in not applicable to the Company.

7. a) According to the information and explanations given to us and on the basis of ourexamination of the books of accounts the Company is generally regular in depositing withthe appropriate authorities undisputed statutory dues including Provident Fund Employee'sState Insurance Income Tax Wealth Tax Custom Duty

Excise Duty Service tax Sales Tax Value added tax Cess and other statutory duesapplicable to the Company. There are no undisputed amounts payable as at 31.03.2016 for aperiod of more than six months from the date they became payable.

b) According to the information & explanations given to us the amount dues payablein respect of Income Tax Wealth Tax Service tax VAT Customs Duty Sales tax ExciseDuty that have not been deposited with the appropriate authorities on account of disputeand the forum where the disputes are pending are given below -

Name of the status Nature of Dues Period to which Amount Relates Amount (Rs. In Lacs) Forum where dispute is pending
Municipal Corporation of Greater Mumbai Property Tax 1.4.2004 to 31.3.2012 1315419 (Deposited with society Rs. 1315419) MCGM
Lease Rent Payable under Undertaking/ indemnity Bond 14.12.2000 onwards Not Ascertainab Ie MCGM

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9. Based upon the audit procedures performed and the information and explanations givenby the management the Company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the year.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act 2013.

12. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Companies (Auditor is Report) Order 2016 are not applicable to theCompany.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sectionsl77 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standard

14. According to the information and explanations give to us and based on ourexamination of the records of the Company/ the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review and therefore the provisions of clause 3(xiv) ofthe Companies (Auditor's Report) Order 2016 are not applicable to the Company.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with the Directors. Accordinglyparagraph 3(xv) of the Order is not applicable.

16. The Company is not required to be registered under section 45-lA of the ReserveBank of India Act 1934

For SINGHI & CO.

Chartered Accountants FRN -110283W

PRAVEEN KUMAR SINGHI

Partner

Membership No -051471

UNIT NO.30 NEPTUNE BUILDING EVERSH1NE MILLENIUM PARADISE THAKUR VILLAGE KAND1VAL1EAST MUMBAI-400101.

Dated-20h DAY OF MAY 2016

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