You are here » Home » Companies » Company Overview » Garware Marine Industries Ltd

Garware Marine Industries Ltd.

BSE: 509563 Sector: Others
NSE: N.A. ISIN Code: INE925D01014
BSE LIVE 10:51 | 27 Nov 5.96 0
(0.00%)
OPEN

5.96

HIGH

5.96

LOW

5.96

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.96
PREVIOUS CLOSE 5.96
VOLUME 3
52-Week high 13.23
52-Week low 5.70
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.96
CLOSE 5.96
VOLUME 3
52-Week high 13.23
52-Week low 5.70
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Garware Marine Industries Ltd. (GARWAREMARINE) - Auditors Report

Company auditors report

TO THE MEMBERS OF M/S. GARWARE MARINE INDUSTRIES LTD.

Report on the Financial Statement

We have audited the accompanying financial statements of M/S GARWARE MARINEINDUSTRIES LTD ("the Company") which comprise the Balance Sheet as at March31 2016 and the Statement of Profit for the year ended and a summary of significantaccounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The company’s Board of Directors is responsible for the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flow of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under theSection 133 of the Companies Act 2013 read with rule 7 of the Companies(Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing 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.

Auditors’ Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 there under.

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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in Order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us and subject to Note No.22(6) regarding to non-provision fordiminution in the value of shares and amount recoverable from GARWARE NYLONS LTDthe financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India (i) In the case of the Balance Sheet of the state of affairsof the Company as at March 31 2016; (ii) In the case of Statement of Profit & Lossof the profit for the year ended on that date ; (iii) In the case of the cash flowstatement of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 ofthe Act we give in the Annexure A statement on the matters specified in paragraphs 3 and4 of the Order.

As required under provisions of section 143(3) of the Companies Act 2013 we reportthat:

(a) We have sought and obtained all the information and explanation which to the bestof our knowledge and belief were necessary for the purpose of our audit; (b) In ouropinion proper books of account as required by law have been kept by the Company so faras appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss dealt with by this report are inagreement with the books of account;

(d) In our opinion the aforesaid financial statements comply with the accountingstandards specified under section 133 of the Companies Act 2013 read with rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms ofsub-section (2) of section 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 Auditors’ 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.

a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

b) The Company does not have any long-term contracts including derivative contracts forwhich there could be any material foreseeable losses and hence the question of makingprovision for such losses does not arise.

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

For RAMAN S. SHAH & ASSOCIATES
Chartered Accountants
Firm Reg. No. 119891W
SANTOSH A. SANKHE
PLACE : Mumbai Partner
DATE : 30th May 2016 M.No.100976

ANNEXURE-A TO INDEPENDENT AUDITORS’ REPORT

REFERRED TO IN PARAGRAPH OF OUR REPORT OF EVEN DATE

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended 31 March 2016 we report that:

1 In respect of its Fixed Assets

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b. According to the information and explanations given to us the fixed assets havebeen physically verified by the management during the year in a phased manner which inour opinion is reasonable having regard to the size of the Company and nature of theassets. No material discrepancies were noticed on such verification. In our opinion theCompany has not disposed of substantial part of fixed assets during the year and the goingconcern status of the Company is not affected.

2 In respect of its Inventories

a. As explained to us inventories have been physically verified by the management atregular intervals during the year.

b. In our opinion and according to the information & explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c. The Company has maintained proper records of inventories. As explained to us therewas no material discrepancies noticed on physical verification of inventory as compared tothe book records.

3 The Company has not granted loan to Companies firms or other parties covered in theregister maintained under Section 189 of the Companies Act 2013. The Company has notgranted unsecured loans and Inter-Corporate Deposits to Companies covered in the Registermaintained under Section 189 of the Act. Hence provisions of clauses (iii)(a) & (c) ofparagraph 3 of the order are not applicable to the Company.

4 In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans and investments made.

5 The Company has not accepted any deposits from the public.

6 The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the sales and services rendered by the Company.

7 a. According to the records of the Company the Company is generally regular indepositing the undisputed statutory dues including income-tax service tax and otherapplicable statutory dues with the appropriate authorities. According to the informationand explanations given to us no undisputed amounts payable in respect of income taxservice tax and other applicable statutory dues were in arrears as at 31stMarch 2016 for a period of more than six months from the date they became payable. Asexplained to us the Company did not have any dues on account of provident fundemployees’ state insurance sales tax duty of customs duty of excise and valueadded tax cess.

b. According to the information and explanation given to us there are no dues ofIncome Tax sales tax service tax custom duty excise duty which have not been depositedon account of any dispute.

8 The Company has not made any borrowings from financial institutions banks andgovernment or issued debentures. Thus paragraph 3(viii) of the Order is not applicable.

9 The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Thus paragraph 3 (ix)of the Order is not applicable.

10 According to the information and explanations given to us no fraud by the Companyor on the Company has been noticed or reported during the course of our audit.

11 According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act..

12 In our opinion and according to the information and explanations given to us theCompany is not a nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13 In our opinion and according to the information and explanations given to us andbased on our examination of the records of the Company there are no related parties incompliance with Sections 177 and 188 of the Act 2013.

14 According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

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 non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16 The Company is not required to be registered under Section 45-IA of the Reserve Bankof India Act 1934.

For RAMAN S. SHAH & ASSOCIATES
Chartered Accountants
Firm Reg. No. 119891W
SANTOSH A. SANKHE
PLACE : Mumbai Partner
DATE : 30th May 2016 M.No.100976

ANNEXURE - B TO THE AUDITORS’ REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/S GARWAREMARINE INDUSTRIES LTD ("the Company") as of 31 March 2016 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor’s judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditure of the Company are being made only inaccordance with authorisations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company’s assets that could havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For RAMAN S. SHAH & ASSOCIATES
Chartered Accountants
Firm Reg. No. 119891W
SANTOSH A. SANKHE
PLACE : Mumbai Partner
DATE : 30th May 2016 M.No.100976