You are here » Home » Companies » Company Overview » Gujarat Wedge Wire Screens Ltd

Gujarat Wedge Wire Screens Ltd.

BSE: 513129 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE090J01014
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Gujarat Wedge Wire Screens Ltd. (GUJWEDGEWIRE) - Auditors Report

Company auditors report

Independent Auditors' Report

To

The Members

GUJARAT WEDGE WIRE SCREENS LIMITED

Report on the financial statements:

We have audited the accompanying financial statements of GUJARAT WEDGE WIRESCREENS LTD. which comprise the Balance Sheet as at March 31 2014and theStatement of Profit and Loss and Cash Flow Statement for the year ended March 31 2014and a summary of significant accounting policies and other explanatory information.

Management's responsibility for the financial statements:

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance of the Company inaccordance with the Accounting Standards referred to in sub-section (3C) of section 211 ofthe Companies Act1956. read with General Circular 8/2014 dated April 4 2014 issued bythe Ministry of Corporate Affaris o t the extent applicable. This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's responsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audi t in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountant s of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedure s to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audi t procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriatenes s of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements subject to note no. 26 for under provision ofgratuity of Rs. 4.19lacs give the information required by the Companies Act1956read withGeneral Circular 8/2014 dated April 4 2014 issued by the Ministry of Corporate Affairs tothe extent applicable in the manner so required and give a true and fair view inconformity 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 March31 2014;

b) in the case of the Profit and Loss Account of the profit for the year ended March31 2014 and c) in the case of the Cash Flow Statement of the cash flows for the yearended March 31 2014.

Report on other legal and regulatory requirements:

1. As required by the Companies (Auditor's Report) Order 2003 (""theorder") issued by the Central Government of India in terms of sub section (4A) ofsection 227 of the Act we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act we report that:

a) we have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books;

c) the Balance Sheet and Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.

d) in our opinion the Balance Sheet and the Statement of Profit and Loss subject tonote no. 26 for under provision of gratuit y of Rs. 4.19lacs comply with the AccountingStandards referred to in subsection (3C)of section 211 of the Companies Act 1956readwith General Circular 8/2014 dated April 4 2014 issued by the Ministry of CorporateAffairs to the extent applicable.;

e) on the basis of written representations received from the directors as on March 312014 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of clause (g) ofsubsection (1) of section 274 of the Companies Act 1956.

For Shah Sanghvi & Co.
Chartered Accountants
Firm Registration No. 109794W
Place : VADODARA J. P. Shah
Date : May 30 2014 Proprieto r
M. No.34010

ANNEXURE TO THE AUDITORS' REPORT

To

The Members

GUJARAT WEDGE WIRE SCREENS LIMITED

VADODARA.

i. (a) The company has the basic records showing full particulars includingquantitative details and situation of Fixed Assets. However these records need to beorganized so as to identify all costs with individual assets and also show the locationand work out written down value of each item.

(b) These fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification.

(c) Accordin g to the information and explanation given to us the company has notdisposed off substantial part of fixed assets during the year.

ii. (a) The inventory of the Company has been physically verified by the managementduring the year.

(b) In our opinion and according to the information and explanation given to us theprocedure of physical verification of inventory followed by the management were foundreasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) On the basis of our examination of records of inventory in our opinion theCompany has maintained proper records of inventory and the discrepancies noticed onphysical verification between the physical stocks and the book records were not materialin relation to the operations of the Company.

iii. (a) The company has not granted any loans secured or unsecured to companies firmor other parties covered in register maintained u/s 301 of the Act.

(b) Th e company has not taken unsecured loans from any party covered in the registermaintained under section 301 of the Companies Act 1956.

iv. In our opinion and according to the information and explanation given to us thereis adequate internal control system commensurate with the size of the company and thenature of its business with regard to the purchase of the inventory fixed assets and withregards o t sale of goods and services. During the course of the audit we have notobserved any continuing failure to correct major weaknesses in internal controls.

v. Accordin g to the information and explanations given to us

(a) We are of the opinion that the transactions that need to be entered into theregister maintained under section 301 of the Companies Act 1956 have been so entered.

(b) In our opinion and to the information and explanation given to us the Company hasnot made any transactions in pursuance of contracts or arrangements entered in theregister maintained under section 301 of the Companies Act 1956 exceeding the value ofrupees five lacs in respect of any party during the year.

vi. The Company has not accepted any deposit from the public within the meaning ofsection 58A and 58AA of the Companies Act 1956 and the rules framed therunder.

vii. In our opinion the company has an internal audit system commensurate with thesize and nature of its business.

viii. We have broadly reviewed the books of accounts maintained by the company pursuantto the rules made by the Central Government of India for the maintenance of cost recordsunder section 209(l)(d) of the Companies Act1956. We are of the opinion that primafacie the prescribed accounts and records have been mad e and maintained. We have nothowever made a detailed examination of the records with a view to determine whether theyare accurate or complete.

ix. According to the information and explanation given to us

(a) The company is generally regular in depositing the undispute d statutory duesincluding Provident Fund Investor Education and Protection Fund Employees StateInsurance Income taxSales Tax Wealth Tax Service Tax Customs Duty Excise Duty Cessand other materia l statutor y dues as applicable with the appropriate authorities.

(b) No undisputed amounts payable in respect of provident fund investor education& protection fund employees state insurance income taxwealth tax service taxsalestax customs duty excise duty cess & other undisputed statutory dues wereoutstanding at the year end for a period of more than 6 months from the date they becamepayable.

(c) Ther e are no dues of income tax wealth tax service taxcustom duty excise dutyand cess which have not been deposited on account of any dispute.

x. The Company's accumulated losses at the end of the financial year are less thanfifty per cent of its net worth. The company has not incurred cash losses in the financialyear. It had incurred cash losses in the immediately preceeding financial year.

xi. In our opinion and according to the information and explanation given to us thecompany has not defaulted in any repayment of dues to the bank. The company has not takenany loans from the financial institutions nor has issued any debentures during thefinancial year.

xii. The company has not granted any loans or advances on the basis of any security byway of pledge of shares debentures and other securities.

xiii. In our opinion the company is not a chit fund or a nidhi/mutual benefitfund/society .

Therefore the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order2003 as amended by the Companies (Auditor's Report) (Amendment) Order 2004 (together""the Order") are not applicable to the company.

xiv. In our opinion the company is not dealing or trading in shares securitiesdebentures and other investments. Accordingly the provisions of clause 4(xiv) of theCompanies (Auditor's Report) Order 2003 as amended by the Companies (Auditor's Report)(Amendment) Order 2004 (together "theOrder") are not applicable to the company.

xv. The company has not given any guarantee for loans taken by others

xvi. The company did not have any term loans outstanding during the year.

xvii. According to the information and explanations given to us and on an overallexamination of the balance sheet of the company we report that the company has not usedany funds raised on short-term basis for long-term investment.

xviii. The company has not made any preferential allotment to parties covered in theregister maintained under section 301 of the Companies Act 1956.

xix. The company had not issued any debentures in respect of which any security orcharge was required to be created.

xx. The company did not raise any money by public issue during the year.

xxi. According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the year.

For Shah Sanghvi & Co.
Chartered Accountants
Firm Registration No. 109794W
J. P. Shah
Place : VADODARA Proprieto r
DATE: May 30 2014 M. No.34010