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Geekay Wires Ltd.

BSE: 535003 Sector: Engineering
NSE: GEEKAYWIRE ISIN Code: INE669X01016
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Geekay Wires Ltd. (GEEKAYWIRE) - Auditors Report

Company auditors report

To

The Members of GEEKAY WIRES LIMITED

Hyderabad

Report on the Financial Statements

We have audited the accompanying Financial Statements of GEEKAY WIRES LIMITED("the Company") which comprise of the Balance Sheet as at 31st March2020theProfit and Loss Account the CashFlow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for Financial Statements

The Company's Board of Directors are 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 of the Company in accordance with the accounting principlesgenerally accepted in India including Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014.

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 misstatementswhether due to fraud or error.

Auditor's Responsibility

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

We have taken in 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 theaudit considers internal financial control relevant to the Company's preparation of thefinancial statements that given a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis from 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 together with notes thereon and attachedthereto give the information required by the Act in the matter so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2020 and its profit and itscash flows for the year ended on that date.

Other Matter Paragraph

In Light of Additional Information Obtained during the Audit It has come to our noticethat Entity is not having any Foreign Branch in the Name and Style of M/s Geekay Wires Ltd(USA)but it is only an related party i.e. Company owned by Director.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act we report that:

01. As required by the Companies (Auditors Report) Order 2016 ("the order")issued by the Central Government in terms of Section 143(11) of the Act we give in the"Annexure A" a statement on the matters specified in paragraph 3 and 4 of thesaid order.

02. As required by Section 143(3) of the Act we report that:

(i) 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;

(ii) In our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of those books;

(iii) The Balance Sheet Profit and Loss Account and Cash flow Statement dealt with bythis Report are in agreement with the books of account;

(iv) 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.

(v) On the basis of written representations received from the directors as on 31stMarch 2020 and taken on record by the Board of Directors we report that none ofthe directors are disqualified as on 31st March 2020 from being appointed as adirector in terms of section 164(2) of the Act.

(vi) 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".

(vii) 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 did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses;

c. There were no pending amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For MM PALOD& CO. Chartered Accountants Firm Regn.No.0060207S
Sd/-
Place: Hyderabad Murali Manohar
Date: 15/07/2020 (Partner) M.No -200858.
UDIN : 20200858AAAADQ8715

ANNEXURE -A TO AUDITORS' REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'of our Audit Report of even date to the members of M/s. GEEKAY WIRES LIMITED on theFinancial Statements of the Company for the year ended on 31st March 2020)

1) a) The Company is maintaining proper records showing full particulars

including quantitative details and situation of fixed assets on the basis of theinformation made available to us;

b) As explained to us these Fixed Assets have been physically verified by theManagement at reasonable intervals; and no material discrepancies were found on suchverification.

c) According to the information and explanations given to us and on the basis ofrecords examined by us the title deeds of the immovable properties are held in the nameof the Company.

2) In our opinion the inventories have been physically verified during the year by theManagement at reasonable intervals and as explained to us no material discrepancies werenoticed on physical verification.

3) The Company has not granted any loans secured or unsecured to companies firmsLLPs' or other parties covered in the register maintained under section 189 of theCompanies Act. Therefore sub clauses (a) (b) (c) of Paragraph 3(iii) of the Order isnot applicable.

4) In our opinion and according to the information and explanation given to us theCompany has not granted any loans nor made any investments and provided guarantees andsecurities as per the provisions of Section 185 and Section 186 of the Companies Act2013. Therefore Paragraph 3(iv) of the order is not applicable.

5) The Company has not accepted any deposits from the public during the year. HenceClause 3(v) of the Order is not applicable.

6) Maintenance of cost records has been specified by the Central Government undersub-section (1) of Section 148 of the Companies Act. However the management explainedthat the information relating to cost data is available from the existing recordsmaintained by the company.

7)(a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositing theundisputed statutory dues including provident fund employees' state insurance incometax sales tax wealth tax service tax duty of customs duty of excise value added taxGoods and Service Tax cess and any other statutory dues as applicable with theappropriate authorities. There are no arrears of undisputed statutory dues outstanding asat March 31 2020 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are No dues of income tax or Goods and Services Tax or dutyof customs or duty of excise or cess which have not been deposited on account of anydispute except Entry Tax

Statutory Due Amount Disputed Forum at which amount is disputed
Entry Tax 437266/- COMMERCIAL TAX DEPARTMENT Deputy Commissioner (Appeals)

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to any financial institutions or Banks orDebenture holders during the year.

9) The company has not raised funds by way of Initial Public offer or Further Publicoffer (including debt Instruments) and Term loans has been applied for the purpose ofwhich those are raised.

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

11) The managerial remuneration paid/provided during the year is in accordance with theprovisions of sec 197 read with schedule V of the companies Act 2013.

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

13) According to the information and explanations given to us based on our examinationof the records of the Company transactions with the related parties are in compliancewith Sections 177 & 188 of the Act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

14) According to the information and explanations given to us and based on theexamination of the records of the Company the Company has not made preferential allotmentof shares during the year. Hence Paragraph 3(xiv) of the Order is not applicable.

15) According to the information and explanations given to us and based on theexamination of the records of the Company the Company has not entered into noncashtransaction with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16) In our opinion and according to the information and explanations provided to usthe Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934. Accordingly paragraph 3(xvi) of the Order is not applicable.

For MM PALOD& CO. Chartered Accountants Firm Regn.No.0060207S
Sd/-
Place: Hyderabad Murali Manohar
Date: 15/07/2020 (Partner) M.No -200858

ANNEXURE - B TO 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 internalfinancial controls over financial reporting of GEEKAY WIRES LIMITED ("theCompany") as of 31st March 2020 in conjunction with our audit of the financialstatements 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting 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 expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 31st March 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theInstitute of Chartered Accountants of India.

For MM PALOD& CO. Chartered Accountants Firm Regn.No.0060207S
Sd/-
Place: Hyderabad Murali Manohar
Date: 15/07/2020 (Partner) M.No -200858

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