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Switching Technologies Gunther Ltd.

BSE: 517201 Sector: Engineering
NSE: N.A. ISIN Code: INE311D01017
BSE LIVE 14:36 | 18 Oct 87.75 -4.60
(-4.98%)
OPEN

87.75

HIGH

87.75

LOW

87.75

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 87.75
PREVIOUS CLOSE 92.35
VOLUME 10
52-Week high 92.85
52-Week low 55.15
P/E
Mkt Cap.(Rs cr) 22
Buy Price 87.75
Buy Qty 91.00
Sell Price 92.00
Sell Qty 25.00
OPEN 87.75
CLOSE 92.35
VOLUME 10
52-Week high 92.85
52-Week low 55.15
P/E
Mkt Cap.(Rs cr) 22
Buy Price 87.75
Buy Qty 91.00
Sell Price 92.00
Sell Qty 25.00

Switching Technologies Gunther Ltd. (SWITCHINGTECH) - Auditors Report

Company auditors report

To the Members of Switching Technologies Gunther Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Switching Technologies GuntherLimited ("the company")which comprise the Balance Sheet as at 31 March 2016the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 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 financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of 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 March31 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 (Auditors' Report) Order 2016 (‘the Order')issued by the Central Government of India it terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 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 bestof 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 theCompany so far as 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 the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct and f) 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 our best of our information and according to the explanations given to us : i. TheCompany does not have any pending litigations which would impact its financial position.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to the Investor Educationand Protection Fund.

.
For M.L.Srinivasan & Associates
Chartered Accountants
Firm Registration No.006505S
M.L.SRINIVASAN
Place : Chennai Partner
Date : 31.05.2016 Membership No. 203154

ANNEXURE REFERRED TO IN THE AUDITORS' REPORT

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: i.The Company is maintaining proper records showing full particulars including quantitativedetails and situation of fixed assets. The Company has formulated a programme of physicalverification of all the fixed assets which in our opinion is reasonable having regard tothe size of the Company and the nature of its assets In accordance with this programmefixed assets have been physically verified as at the end of the year by the management andno material discrepancies were noticed on such verification.

ii (a) Physical verification of inventories was conducted by the management at the yearend.

(b) In our opinion and according to the information and 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) On the basis of our examination of the records of inventory and in our opinion theCompany is maintaining proper records of inventory and no material discrepancies have beennoticed on physical verification of inventories as compared to the books and records.

iii. The Company has neither granted nor taken any loans secured or unsecured to/fromcompanies firms or other parties listed in the register maintained under section 189 ofthe Companies Act 2013. iv. The Company has not granted any Loans or made Investmentsreferred to under section 185 and 186 of the Act.

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

vi. We have broadly reviewed the cost records maintained by the Company specified bythe Central Government under Section 148(1) of the Companies Act 2013 and are of theopinion that prima facie the prescribed cost records have been maintained.

vii. (a) In our opinion and according to the information and explanations given to usthe Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Income Tax Sales tax Service tax Exciseduty Cess Investor Education Protection Fund Wealth tax VAT and other materialstatutory dues if any applicable to it with the appropriate authorities during the year.As at the last day of the financial year there are no arrears of such undisputedstatutory dues outstanding for a period of more than six months from the date they becamepayable.

(b) As at 31st March 2016 according to the records of the Company the following duesof Income tax have not been deposited by the Company on account of disputes :

Name of the Statute Nature of Dues Amount (in Rupees) Period to which the amount relates Forum where dispute is pending
Income tax Act 1961 Income tax 2061790 Assessment Year 2012-13 CIT(Appeals) Chennai and Assistant Commissioner of Income tax Company Range Chennai

viii. The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year.

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

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. 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.

xii. In our opinion and according to the information and explanation given to ustheCompany is not a nidhi company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii. 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 Sections 177 and 188 of the act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

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

xv. 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.

xvi. The company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

.

For M.L.Srinivasan & Associates
Chartered Accountants
Firm Registration No.006505S
M.L.SRINIVASAN
Place : Chennai Partner
Date : 31-05-2016 Membership No. 203154