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Western India Shipyard Ltd.

BSE: 531217 Sector: Others
NSE: N.A. ISIN Code: INE382C01028
BSE LIVE 15:03 | 06 Feb Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.88
PREVIOUS CLOSE 0.88
VOLUME 112704
52-Week high 0.88
52-Week low 0.74
P/E
Mkt Cap.(Rs cr) 26
Buy Price 0.88
Buy Qty 32697.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.88
CLOSE 0.88
VOLUME 112704
52-Week high 0.88
52-Week low 0.74
P/E
Mkt Cap.(Rs cr) 26
Buy Price 0.88
Buy Qty 32697.00
Sell Price 0.00
Sell Qty 0.00

Western India Shipyard Ltd. (WISHIPYARD) - Auditors Report

Company auditors report

To

The members of

Western India Shipyard Limited

Report on the Financial Statements

We have audited the accompanying financial statements of WESTERN INDIA SHIPYARDLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company’s preparation of the financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances but not for the purpose of expressing an opinion on whether the Companyhas in place an adequate internal financial controls system over financial reporting andthe operating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company’s Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial 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 of the state of affairs of the Company as at31stMarch 2015 and its profit/loss and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to the following matters in the Notes to the financial statements :-

1. Note No-29 (h) to the financial statements which describes the uncertaintyrelated to the outcome of the lawsuits filed against the Company.

2. Note No-36 to the financial statements regarding the financial statements isprepared on a going concern basis notwithstanding the fact that its net worth iscompletely eroded. The appropriateness of the said basis is inter-alia dependent on theCompany’s ability to infuse requisite funds for meeting its obligations for paymentof debt and generate more business.

Our opinion is qualified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 (the Order) issuedby the Central Government in terms of sub-section 11 of section 143 of the Act we give inthe Annexure a statement on the matters specified 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 purposes 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 the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(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 the best of our information and according to the explanations given to us theCompany has not disclosed the impact if any pending litigations on its financialposition in its financial statements

For V. V. Kale & Co.
Chartered Accountants
Firm Regd No- 000897N
Sd/-
Vijay V. Kale
Place : Mumbai Partner
Date : August 11 2015 M. No- 080821

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

(Referred to in Paragraph (1) under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date)

The Annexure referred to in our report to the members of WESTERN INDIA SHIPYARDLIMITED (the Company’) for the year ended on 31st March 2015. We report that:

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) As explained to us major fixed assets have been physically verified by themanagement in a phased &reasonable manner which in our opinion is reasonable asconsidered appropriate by the management. We have been explained that no materialdiscrepancies were noticed on such verification as compared to book records.

(ii) (a) It has been explained to us that the inventory lying with the Company has beenphysically verified by the management at the year end.

(b) The procedure of physical verification of inventory followed by the Management isin our opinion reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) In our opinion and according to the information and explanation given to us theCompany is maintaining proper records of inventory. As per information and explanationsgiven to us the Company had undertaken extensive stock verification during the year.Discrepancies observed during physical verification of inventory have been properlyaccounted for.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct.

(iv) According to the information and explanations given to us there is an adequateinternal control system commensurate with the size of the Company and the nature of itsbusiness for the purchase of inventory and fixed assets and for the sale of goods andservices.

(v) The Company has not accepted any deposits from the public thus the provisions ofParagraph 3(v) of Order are not applicable.

(vi) We have been informed that the Central Government has not prescribed maintenanceof cost records for the Company under sub-section (1) of section 148 of the Companies Act.

(vii) In respect of Statutory Dues :-

(a) According to the records of the Company there have been delays in depositingProvident Fund Employees State Insurance and other undisputed statutory dues with theappropriate authorities

According to the information and explanations given to us no undisputed amountspayable in respect of Income Tax Wealth Tax Sales Tax including VAT Service TaxCustoms duty Excise duty cess and other statutory dues were outstanding as at the lastday of financial year for a period of more than six months from the date they becamepayable other than mentioned below:-

Nature of dues Name of the Statute Amount Payable (Rs. in lacs)
TDS The Income Tax Act 1961 213.52
Value Added Tax The Goa Value Added Tax Act 2005 228.18

(b) The disputed statutory dues aggregating Rs. 2990.17 lacs that have not beendeposited on account of disputed matters are given below:-

Nature of dues Name of the Statute Financial Year Amount Payable Forum where dispute is pending
(Rs. in lacs)
Sales Tax The Goa Sales Tax Act 1995-96 to 2004-05 837.91 Commissioner-(Sales Tax)
Value Added Tax (VAT) The Goa Value Added Tax Act 2005 2005-06 to 2007-08 515.78 Commissioner -VAT
Value Added Tax (VAT) The Goa Value Added Tax Act 2005 2010-11 39.84 Appeal is still to be filed
Service Tax The Finance Act 1994 2001-02 to 2004-05 712.18 Bombay High Court
Income Tax Demand The Income Tax Act 1961 2005-06 15.95 Commissioner of Income Tax (Appeals)
Custom Duty Customs Act 1962 2012-13 868.51 CESTAT

(c) No amount is required to be transferred to investor education and protection fundand thus provisions of Paragraph 3(vii)(c) of the Order are not applicable.

(viii) As per records of the Company the accumulated losses of the Company exceed itsnet worth. The Company has incurred cash losses amounting to Rs. 2240.71 lacs during thecurrent financial year and Rs. 1375.74 lacs in the immediately preceding financial year.

(ix) As per records of the Company the Company has not defaulted in repayment of duesto financial institutions or banks or debenture holders.

(x) In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from bank or financialinstitutions.

(xi) In our opinion and according to the information and explanations given to us termloans are applied for the purpose for which the loans were obtained.

(xii) As informed to us no fraud on or by the Company has been noticed of reportedduring the year.

For V. V. Kale & Co.
Chartered Accountants
Firm Regd No- 000897N
Sd/-
Vijay V. Kale
Place : Mumbai Partner
Date : June 30 2015 M. No- 080821