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Company Information

Home » Market » Company Information

Bombay Wire Ropes Ltd.

May 18, 12:14
51.25 -2.50 ( -4.65 %)
 
VOLUME : 54
Prev. Close 53.75
Open Price 52.70
TODAY'S LOW / HIGH
51.25
 
 
 
55.40
Bid PRICE (QTY.) 52.80 (26)
Offer PRICE (Qty.) 53.75 (7)
52 WK LOW / HIGH
2.27
 
 
 
105.20
Bombay Wire Ropes Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 27.36 Cr. P/BV 4.01 Book Value ( ₹ ) 12.79
52 Week High/Low ( ₹ ) 105/2 FV/ML 1/1 P/E(X) 186.64
Bookclosure 29/09/2020 TTM EPS ( ₹ ) -0.21 Div Yield (%) 0.00
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2014-03 We have audited the accompanying financial statements of Bombay Wire Ropes Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the general circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity 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 March 31, 2014;

b) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Company's (Auditors Report) (Amendment) Order, 2004, ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 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 explanation which to the best of our knowledge 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 the Company so far as appears from our examination of these books;

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013;

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

ANNEXURE TO THE AUDITORS' REPORT

Statement referred to in our Report of even date to the members of Bombay Wire Ropes Limited on the financial statements for the year ended 31st March, 2014.

i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The Company has a policy of verifying its fixed assets every year which is reasonable having regard to the size of the Company. As explained to us, physical verification has been carried out and no discrepancies were observed between the book records and the verification at the end of the year.

ii) (a) The Company does not hold any inventory at the end of the year and therefore provisions of Clause

(ii) of paragraph 4 of the Order are not applicable to the Company.

iii) (a) (i) The Company has not given unsecured loans during the year to a company covered in the register maintained under section 301 of the Act.

(ii) In our opinion, the rate of interest and other terms and conditions of loans given by the Company are not prejudicial to the interest of the Company.

(iii) In respect of the said loans, terms of repayment is on demand including interest. The Company has not exercised the option.

(b) (i) The Company has not taken any unsecured loans during the year from a company covered in the register maintained under section 301 of the Act and therefore provisions of Clause (iii) of paragraph 4 of the Order are not applicable to the Company.

(iv) In our opinion, there is an adequate internal control procedure commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanation given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control procedures.

v) (a) In our opinion, and according to the information and explanation given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under the said section.

(b) In our opinion, and according to the information and explanation given to us, there are no transactions made in pursuance of contracts or arrangements entered into the register as per section 301 of the Act and exceeding the value of rupees five lakhs in respect of any party during the year, which have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi) The Company has not accepted any deposit within the meaning of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

vii) In our opinion, the internal control system of the Company is commensurate with the size of the Company and nature of its business and there is no internal audit system.

viii) (a) According to the information and explanation given to us and according to books and records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income-tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities. There were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

(b) Details of dues of Income tax, property tax, Municipal Corporation of Greater Mumbai, which have not been deposited on account of matters pending before appropriate authorities is as under:

Name of the statute       Nature of    Period to which    Amount in
                             Dues          pertain            Rs.
                                                         
Income Tax Act, 1961    Property Tax      Assessment      32,64,089
                                         Year 1988-89    (Deposited
                                                        Rs.21,59,608)

Municipal Corporation   Property Tax     1.4.2004 to      13,15,419
of Greater Mumbai                         31.3.2012      (Deposited
                                                          13,15,419

                         Lease Rent      14.12.2000          Not
                        payable under      onwards      Ascertainable
                        Undertaking/
                       Indemnity Bond

Name of the statute        Forum(Where
                           the dispute
                           is pending)

Income Tax Act, 1961       Hon'ble
                           Bombay
                           High Court.

Municipal Corporation      MCGM
of Greater Mumbai   
                 
                           MCGM
                       
ix) The Company does not have accumulated losses but has incurred cash
loss during the year.
x) The Company has not borrowed any funds from banks and/or financial -institution and has not issued any debentures.

xi) The provisions of any special statute applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to the Company.

xii) In our opinion, and according to the information and explanations given to us, the Company has invested during the year in mutual funds. The Company has maintained proper records of transactions and contracts in respect of investments in shares and securities and timely entries have been made therein. All shares, securities and other investment are held by the Company in its own name.

xiii) The Company has not given any guarantee for any loan taken by others from banks or financial institutions.

xiv) The Company has not obtained any term loan during the year. On the basis of our examination and according to the information and explanations given to us, the term loans have been applied for the purpose for which the loans were obtained.

xv) On the basis of our examination, and according to the information and explanation given to us, the Company has not raised any short-term or long-term funds.

xvi) The Company has not made any preferential issue of shares.

xvii) The Company has not issued any debentures and therefore, the provisions of Clause (xix) of paragraph 4 of the Order are not applicable to the Company.

xviii) The Company has not raised any money by public issue during the year covered by our audit report.

xix) In our opinion, and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially mis-stated.

xx) Other clauses of the said Order are not applicable to the Company

                                                       SINGHI & COMPANY
9th Floor, Twin Towers,                           Chartered Accountants
Lokhandwala Complex,                                  F. R. No. 110283W
Andheri (West), Mumbai - 400 053.
Maharashtra, India.                              (Praveen Kumar Singhi)
                                                                Partner
Dated : 30th June, 2014                            Membership No. 51471