We have audited the accompanying Standalone Financial Statements of GEEKAY WIRES
LIMITED ("the Company"), which comprise of the Balance Sheet as at 31st March 2025, the
Statement of Profit and Loss Account, the Cash Flow Statement for the year then ended and
a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to
us the aforesaid financial statements together with notes thereon and attached thereto, give
the information required by the Act in the matter so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2025 and its profit and its cash flows for the year ended on
that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions
of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the Standalone Financial Statements of the current period. These
matters were addressed in the context of our audit of the Standalone Financial Statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. We have determined the matters described below to be the key audit matters
to be communicated in our report
1. Evaluation of Contingent Liabilities:
Refer Note 12 of Notes to accounts forming part of the Standalone Financial Statements
Claims against the company not acknowledged as debts are disclosed in Notes to Accounts.
The existence of the payments against these claims requires management judgment to
ensure disclosure of most appropriate values of contingent liabilities. Auditors Response: Our
audit procedures include, among others, assessing the appropriateness of the management's
judgment in estimating the value of claims against the company not acknowledged as debts
as given in the Note 12 of Notes to accounts.
2. Evaluation of Contingent Assets:
Refer Note 12 (B) of Notes to accounts forming part of the Standalone Financial Statements,
The company is having a pending case regarding recovery of Dues upto period 2024-25
amounting to RS 98,91,556 towards outstanding from M/s Punjab State Forest Corporation.
During the year 24-25 company has submitted certificate claiming interest amounting to Rs
10324331 to be received as per the provisions of Clause Number 16 of Chapter V of MS ME
Act 2006 which is yet to receive. The same is not considered during the year as Contingent
assets are not recognized in financial statements since this may result in the recognition of
income that may never be realized. Flowever, when the realization of income is virtually
certain, then the related asset is not a contingent asset and its recognition is appropriate
Other Matter Para
1. The Company has made an application under Advance Ruling on reversal of
input tax credit of goods destroyed in fire. The outcome of the same is not in
company's favour .The company has filed an appeal against Advance Ruling before
the Authority for clarification & Advance Ruling, Commercial Taxes Department.
However there may be a contingent liability regarding reversal of input tax credit
amounting to Rs 35, 72,577/- based on the calculation, in which input tax credit
availed on cost of production is reduced by GST payable on scrap sales based on the
outcome of Appeal. The company has not made any provision in this year and the
liability will be determined only on the outcome of the appeal petition pending
before the Authority for clarification & Advance Ruling, Commercial Taxes
Department.
Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Management
Discussion and Analysis; Board's Report including Annexure to Board's Report, Corporate
Governance Report but does not include the Standalone Financial Statements and our
auditor's report thereon. Our opinion on the Standalone Financial Statements does not cover
the other information and we do not express any form of assurance conclusion thereon.
aj m dai nn ft Ca
In connection with our audit of the Standalone Financial Statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with the Standalone Financial Statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement
of this other information; we are required to report that fact. We have nothing to report in
this regard.
Management's Responsibility for Financial Statements
The Company's Board of Directors are responsible for the matters stated in Section 134(5) of
the Companies Act, 2013 ("the Act") with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial performance of
the Company in accordance with the accounting principles generally accepted in India,
including Accounting Standards specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts), Rules, 2014.
This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatements, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible for assessing
the Company's ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting
process.
Auditor's Responsibility
Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also: • Identify and assess the risks of
material misstatement of the Standalone Financial Statements, whether due to fraud or
1’ des'gn and Perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
e ecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or
the override of internal control.
• °btain an understanding of internal financial controls relevant to the audit in order to
esign audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of
the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of such
controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
re ated to events or conditions that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the Standalone
Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor's report
However, future events or conditions may cause the Company to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the Standalone Financial
Statements, including the disclosures, and whether the Standalone Financial Statements
represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
p anned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
w|th relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Standalone Financial Statements of
the current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
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, 2020 ("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 the said
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 best of 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 the Company so far as it appears from our examination of those books;
(m) The Balance Sheet, Profit and Loss Account and Cash flow Statement dealt
with by this Report are in agreement with the books of account;
(iv) In our opinion, the aforesaid financial statements comply with the
Accounting Standards 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
31st March, 2025 and taken on record by the Board of Directors, we report
that none of the directors are disqualified as on 31st March, 2025 from being
appointed as a director in terms of section 164(2) of the Act.
(vi) With respect to the adequacy of the internal financial controls over financial
reporting of the company and the operating effectiveness of such controls,
refer to our separate report in "Annexure B".
(vi) With aspect to the other matters to be included in the Auditors' Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014,
in our opinion and 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 financial
position in its financial statements.
b. The Company did not have any long term contracts including derivative
contracts for which there were any material foreseeable losses;
c. There were no pending amounts which were, required to be transferred to
the Investor Education and Protection Fund by the Company.
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d. (a) The Management has represented, that, to the best of their knowledge
and belief, no funds (which are material either individually and in aggregate)
have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company, to or
in any other person or entity, including foreign entity ("Intermediaries"), with
t e understanding, whether recorded in writing or otherwise, that the
Intermediary shall, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Company
( Ultimate Beneficiaries") or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(b) The management has represented, that, to the best of their knowledge
and belief, no funds (Which are material either individually or in aggregate)
have been received by the Company, from any person or entity, including
foreign entities ( Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the Company, shall, directly or
indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or
provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.
(c) Based on the audit procedures performed that have been considered
reasonable and appropriate in the circumstances, nothing has come to our
notice that has caused us to believe that the representations under sub-clause
(i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any
material misstatement.
e. The dividend declared and paid by the company during the year is in
accordance with section 123 of the Act.
f. Based on our examination which included test checks, the company has used
an accounting software for maintaining its books of account which has a
feature of recording audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded in the software.
Further, during the course of our audit we did not come across any instance of
audit trail feature being tampered with
As the proviso to Rule 3(1) of the Companies (Accounts) Rules 2014 is from
1st April 2024, reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules 2014 on preservation of audit trail as per statutory
requirements for record retention is not applicable for the financial year
ending 31st March 2025.
For MM PALOD& CO.,
Chartered Accountants
Firm Regn.No.0060207S
UDIN: //----WkWM
Place: Hyderabad Murali Manohar 'Wntsi/
Date: 19/05/2025 (Partner)
M.No-200858.
UDIN: 25200858BMIKQG2918
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