Mar 31, 2015
We have audited the accompanying financial statements of HILTON METAL
FORGINGS LIMITED as at March 31, 2015 which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit & Loss and Cash Flow
Statement for the year then ended and a summary of signifcant
accounting policies and other explanatory information.
2. Managements Responsibility for the Financial Statements:
Management and Board of Directors of the Company are responsible for
the matters stated in section 134(5) of the Companies Act 2013 with
respect to the preparation of these financial statements that give a
true and fair view of the financial position, financial performance and
cash fow of the company in accordance with the accounting principles
generally accepted in India including Accounting Standards specified
under section 133 of the Companies Act, 2013, read with rule 7 of
Companies (Accounts) Rules, 2014. The responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentations of the financial statements that gives
a true and fair view and are free from material misstatement, whether
due to fraud or error.
3. Auditors Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the provision
of the Companies Act, 2013, the accounting and auditing standards and
matters which are required to be included in the Audit Report under the
provisions of the act and rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
section 143(10) of the Companies Act, 2013. 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 misstatements.
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 misstatements of the financial statements whether
due to fraud or error. In making those risk assessment, the auditor
considers internal financial 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,
but not for the purpose of expressing an opinion on whether the company
has place an adequate internal financial control system over financial
reporting and the operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of the accounting estimates made by company
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.
4. Opinion:
In our opinion and to the best of our information and according to the
explanations gives to us, the aforesaid 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, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit 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.
5. Report on other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013 (the 'Act')
we give in the annexure a statement on the matters specifed 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 best of our knowledge and belief were necessary for the
purpose of our audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
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 March 31, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditors Report in accordance with rule
11 of the Companies (Audit & Auditors) Rules, 2014.
i) The Company does not have any pending litigations which would impact
its financial position.
ii) The Company did not have any long term contracts including
derivative contract, as such the question of commenting on any material
foreseeable losses thereon does not arise.
(iii) During the year under report, the company has transferred an
amount of Rs 46,276/- being unclaimed refund amount, to the Investor
Education and Protection Fund.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that
1. (a) The Company has maintained proper records showing particulars,
including quantitative details and situation of its fxed assets;
(b) As explained to us all the fixed assets, according to the practice
of the Company are physically verified by the Management at reasonable
intervals, in a phased verification-program, which, in our opinion, is
reasonable, looking to the size of the Company and the nature of its
business.
(c) The Company has not disposed off any substantial part of its Fixed
Assets so as to affect its going concern;
2. None of the Fixed Assets of the Company have been re-valued during
the year.
3. The procedure as explained to us, which are adopted and followed by
the Management for physical verification of the above inventory, in our
opinion, are reasonable and adequate in relation to the size of the
company and the nature of its business.
4. On the basis of our examination of the inventory records of the
Company, we are of the opinion that the company is maintaining records
of its inventory. No discrepancies were noticed upon physical
verification of inventories as compared to the book records.
5. We are of the opinion that the valuation of Stocks is fair & proper
in accordance with the normally accepted accounting principles and is
on the same basis as in the preceding year.
6. According to the information and explanations given to us, the
Company has not granted / taken any secured or unsecured loans from
companies, firms and other parties listed in the register maintained
under Section 189 of the Companies Act, 2013.
7. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regards to the purchase of Raw Material, including components,
Stores and Fixed Assets and for sale of goods. During the course of our
Audit, we have not observed any major weakness in the internal control.
8. The Company has not accepted any deposits from the public during
the year.
9. As informed to us, the Central Government has prescribed
maintenance of cost record under sub section (1) of section 148 of the
Act in respect of the company's products and are of the opinion that,
prima facie the prescribed accounts and records have been made and
maintained to the extent applicable.
10. a) According to the information and explanations given to us and
based on the records of the company examined by us, the Company is
regular in depositing the undisputed statutory dues including Provident
Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax and other material
statutory dues, as applicable, with the appropriate authorities in
India
b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no undisputed
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax.
c) During the year under report, the company has transferred an amount
of Rs 46,276/- being unclaimed refund amount, to the Investor Education
and Protection Fund, within the stipulated time frame.
11. The Company neither has accumulated losses at the end of the
financial year nor has incurred cash losses, both, in the financial year
under report and the immediately preceding financial year.
12. On the basis of the records examined by us and according to the
information and explanation given to us the Company has not defaulted
in repayment of dues to financial institutions and banks.
13. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
14. The company has availed medium term loan for procurement of
machinery from a bank. The terms and condition of the repayment are not
prejudicial to the interest of the company.
15. During the course of our examination of the books and records of
the company carried in accordance with the auditing standards generally
accepted in India, We have neither come across in instance of fraud on
or by the company notice or reported during the course of our audit nor
have we been informed of any such instance by the management.
For R. K. CHAUDHARY & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGISTRATION
NO.133512W
PLACE: MUMBAI (R. K. CHAUDHARY)
DATE: 26-5-2015 PROPRIETOR
M.NO. 03548
Mar 31, 2014
We have audited the accompanying financial statements of Hilton Metal
Forging Limited, which comprise the balance sheet as at 31 March 2014,
Statement of Profit and Loss and the 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
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 13 September 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.
Auditor''s 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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by 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:
(i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(iii) 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 ("the
Order"), as amended, 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 explanations 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 those
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;
a. in our opinion, the Balance Sheet, Statement of Profit and Loss and
cash flow statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
;and
b. On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 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 REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS FOR THE PRIOD ENDED 31st MARCH 2014 OF HILTON
METAL FORGING LIMITED
On the basis of such checks as we consider appropriate and in terms of
information and explanation given to us, we state that:
1. a. The company has generally maintained proper records showing
particulars including quantitative details and situation of fixed
assets.
b. As explained to us, fixed assets according to the practice of the
company are physically verified by the Management except Office
equipments and Furniture and Fixtures at reasonable intervals as per
the phased verification program, which in our opinion, is reasonable,
looking the size of the company and the nature of its business.
According to the information and explanation given to us, no material
discrepancies were noticed on such verification as compared to
available records.
c. In our opinion and according to information given to us,
substantial part of the fixed assets has not been disposed of by the
company during the year.
2. a. As explained to us, inventories have been physically verified
during the period by the management, the stocks of finished goods,
stores, spare parts and raw material have been physically verified at
reasonable intervals by the Management except in cases of stock in
transit and stock lying with some outside parties which have, however
been confirmed by them
b. The procedure as explained to us, which are followed by the
Management for physical verification of inventories are in our opinion
reasonable and adequate in relation to the size of the Company and the
nature of its business:
d. On the basis of our examination of the inventory records of the
company, we are of the opinion that, the company is maintaining proper
records of its inventory, the discrepancies noticed on physical
verification of the inventory as compared with book records were not
material.
3. According to the information and explanation given to us, in
respect of loans, secured or unsecured granted to or taken from the
company to/from companies, firms or other parties listed in the
Register maintained under section 301 of the Companies Act, 1956:
a. The company has granted unsecured loans in form of advances to the
company/ies, firm/s or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. The terms and condition
relating to repayment or interest is prima-facie not prejudicial to the
interest of the company. The company has given advances to employees
without any time stipulation.
b. The company has not taken / availed any loan secured or unsecured
from the companies, or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and for
sale of goods. Further on the basis of our examination of the books and
accounts of the Company and according to the information and
explanations given to us, we have neither come across nor have been
inform of any continuing failure to correct major weakness in the
aforesaid internal control procedures.
5. On the basis of audit procedures performed by us, and according to
the information, explanations and representations given to us, we are
of the opinion that, the transactions in which directors were
interested, and which were required to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
6. In our opinion and according to the information and explanations
given to us the Company has not accepted any deposits from the public
to which the provisions of section 58A and 58AA of the Companies Act
1956 and the Rules framed there under are applicable.
7. In our opinion, the internal audit functions carried out during the
period by a firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 in respect of the Company''s products and are of the opinion
that, prima facie the prescribed accounts and records have been made
and maintained to the extent applicable.
9. In our opinion the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Sales Tax, customs
Duty, Excise Duty, Cess and other material statutory dues with the
appropriate authorities and therefore no undisputed amounts payable in
respect of these dues which remained outstanding as at 31st March 2014
for a period of more than six months from the date they become payable.
10. The Company has neither accumulated losses nor incurred cash
losses, during the financial year ended on that date.
11. On the basis of the records examined by us and according to the
information and explanation given to us the Company has not defaulted
in repayment of dues to financial institutions and banks.
12. As explained to, the Company has not taken any loans or advances
on the basis of security by way of pledge of shares, debentures or any
other securities.
13. The company is not a chit-fund or nidhi mutual benefit
fund/society. Hence the provision of the clause 4(XIII) of the
Companies (Auditors Report) Order 2003 is not applicable.
14. On the basis of our examination of the documents and records of
the Company, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
15. According to the information and explanations given to us and
representation made by the Management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions.
16. According to the information and explanations given to us and on
an overall examination of financial statements of the Company and after
placing reliance on the reasonable assumption made by the Company for
clarification of long term and short term usage of funds, we are of the
opinion and report that the funds raised on short term basis have not
been used for long term investment and vise versa.
17. The Company has not made any preferential allotment of shares
18. On the basis of records and documents examined by us, the Company
has not issued any secured debentures during the period.
19. During the period covered by our audit report, the Company has not
raised any money by public issue.
20. According to information and explanations given to us and to the
best of our knowledge and belief, no fraud on or by the Company, has
been noticed or reported by the Company during the period.
For and on behalf of
R K Chaudhary & Associates
CHARTERED ACCOUNTANTS
R K CHAUDHARY
Mumbai: Proprietor
Date: 7th May 2014 C A Regn No 35487
Mar 31, 2013
Report on Financial Statements:
We have audited the accompanying financial statements of Hilton Metal
Forging Limited as at March 31, 2013 which comprise the Balance Sheet
as at March 31, 2013, the Statement of Profit & Loss and Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements:
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 flow of the company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in section 211(3C) of the Companies
Act, 1956. The responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentations of the financial statements that gives 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 misstatements.
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 misstatements of the financial
statements whether due to fraud or error. In making those risk
assessment, 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 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 gives to us, the aforesaid financial statements gives 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, 2013;
(b) In the case of the Statement of Profit and Loss, of the profit 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 ("the
Order") issued by the Central Government of India in terms of Section
227(4A) of the Act.
2. As required by Section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in section 211(3C) of the Act;
e) On the basis of written representations received from the directors
as on March 31, 2013, taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of Section 274(1 )(g) of the Act.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 ST MARCH 2013 OF HILTON
METAL FORGING LIMITED
On the basis of such checks as we consider appropriate and in terms of
information and explanation given to us, we state that:
1. a. The company has generally maintained proper records showing
particulars including quantitative details and situation of fixed
assets.
b. As explained to us, fixed assets according to the practice of the
company are physically verified by the Management except Office
equipments and Furniture and Fixtures at reasonable intervals as per
the phased verification program, which in our opinion, is reasonable,
looking the size of the company and the nature of its business.
According to the information and explanation given to us, no material
discrepancies were noticed on such verification as compared to
available records.
c. In our opinion and according to information given to us,
substantial part of the fixed assets has not been disposed of by the
company during the year.
2. a. As explained to us, inventories have been physically verified
during the period by the management, the stocks of finished goods,
stores, spare parts and raw material have been physically verified at
reasonable intervals by the Management except in cases of stock in
transit and stock lying with some outside parties which have, however
been confirmed by them
b. The procedure explained to us, which are followed by the Management
for physical verification of inventories are in our opinion reasonable
and adequate in relation to the size of the Company and the nature of
its business:
c. On the basis of our examination of the inventory records of the
company, we are of the opinion that, the company is maintaining proper
records of its inventory, the discrepancies noticed on physical
verification of the inventory as compared with book records were not
material.
3. According to the information and explanation given to us, in
respect of loans, secured or unsecured granted to or taken from the
company to/from companies, firms or other parties listed in the
Register maintained under section 301 of the Companies Act, 1956:
a. The company has granted unsecured loans in form of advances to the
company/ies, firm/s or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. The terms and condition
relating to repayment or interest is prima-facie not prejudicial to the
interest of the company. The company has given advances to employees
without any time stipulation.
b. The company has not taken / availed any loan secured or unsecured
from the companies, or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956.
4". In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and for
sale of goods. Further on the basis of our examination of the books and
accounts of the Company and according to the information and
explanations given to us, we have neither come across nor have been
inform of any continuing failure to correct major weakness in the
aforesaid internal control procedures.
5. On the basis of audit procedures performed by us, and according to
the information, explanations and representations given to us, we are
of the opinion that, the transactions in which directors were
interested, and which were required to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
6. In our opinion and according to the information and explanations
given to us the Company has not accepted any deposits from the public
to which the provisions of section 58A and 58AA of the Companies Act
1956 and the Rules framed there under are applicable.
7. In our opinion, the internal audit functions carried out during the
period by a firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 in respect of the Company''s products and are of the opinion
that, prima facie the prescribed accounts and records have been made
and maintained to the extent applicable.
9. In our opinion the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Sales Tax, customs
Duty, Excise Duty, Cess and other material statutory dues with the
appropriate authorities and therefore no undisputed amounts payable in
respect of these dues which remained outstanding as at 31st March 2013
for-a period of more than six months from the date they become payable.
10. The Company has neither accumulated losses nor incurred cash
losses, during the financial year ended on that date.
11. On the basis of the records examined by us and according to the
information and explanation given to us the Company has not defaulted
in repayment of dues to financial institutions and banks.
12. As explained to, the Company has not taken any loans or advances
on the basis of security by way of pledge of shares, debentures or any
other securities.
13. The company is not a chit-fund or nidhi mutual benefit
fund/society. Hence the provision of the clause 4(XIII) of the
Companies (Auditors Report) Order 2003 is not applicable.
14. On the basis of our examination of the documents and records of
the Company, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
15. According to the information and explanations given to us and
representation made by the Management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions.
16. According to the information and explanations given to us and on
an overall examination of financial statements of the Company and after
placing reliance on the reasonable assumption made by the Company for
clarification of long term and short term usage of funds, we are of the
opinion and report that the funds raised on short term basis have not
been used for long term investment and vise versa.
17. The Company has not made any preferential allotment of shares
18. On the basis of records and documents examined by us, the Company
has not issued any secured debentures during the period.
19. During the period covered by our audit report, the Company has not
raised any money by public issue.
20. According to information and explanations given to us and to the
best of our knowledge and belief, no fraud on or by the Company, has
been noticed or reported by the Company during the period.
For and on behalf of
R K Chaudhary & Associates
CHARTERED ACCOUNTANTS
R K CHAUDHARY
Proprietor
C A Regn No 35487
Mumbai:
Date: 28th May 2013
Mar 31, 2012
We have audited the attached Balance Sheet of HILTON METAL FORGING
LIMITED as at 31st March 2012 and also the annexed Profit and Loss
Account of the Company for the period ended on that date and the Cash
Flow Statement for the period ended on that date. These Financial
Statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on the financial statement
based on our audit.
1. We conducted our audit in accordance with the audit standards
generally accepted in India. Theses Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatement. An audit
includes, examining on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall presentation of
the financial statement. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by Companies (Auditors' Report) Order 2003 as amended
by the Corripanies (Auditors' Report) - amendment 2004 issued by the
Central Government in terms of Section 227(4A) of the Companies Act,
1956, we annex hereto a statement on the matters specified in Paragraph
4 and 5 of the said Order.
3. Further to our comments referred to in paragraph 1 above, we report
that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion Books of Accounts as required by law have been kept
by the Company so far as appears from our examination of the books of
the Company.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Accounts
of the Company and also comply with the accounting standards referred
to in sub-section (3C) of Section 211 of the Companies Act 1956.
d) On the basis of the representation made by the Directors and taken
on the record by the Board of Directors of the Company and the
information and explanation given to us, none of the Directors is, as
at 31st March 2012, prima-facie disqualified from being appointed as a
Director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanation given to us, the accounts read together with notes thereon,
give the information required by the Companies Act, 1956 in the manner
so required and present true and fair view:
(a) in the case of the Balance Sheet , of the state of affairs of the
Company as at 31st March, 2012;
(b) in the case of Profit & Loss Account, of the Profit for the period
concluded on that date and
(c) In the case of Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st MARCH 2012 OF HILTON
METAL FORGING LIMITED
On the basis of such checks as we consider appropriate and in terms of
information and explanation given to us, we state that:
1.a. The company has generally maintained proper records showing
particulars including quantitative details and situation of fixed
assets. However these records are to be updated.
b. As explained to us, fixed assets according to the practice of the
company are physically verified by the Management except Office
equipments and Furniture and Fixtures at reasonable intervals as per
the phased verification program, which in our opinion, is reasonable,
looking the size of the company and the nature of its business.
According to the information and explanation given to us, no material
discrepancies were noticed on such verification as compared to
available records.
2.a. As explained to us, inventories have been physically verified
during the period by the management, the stocks of finished goods,
stores, spare parts and raw material have been physically verified at
reasonable intervals by the Management except in cases of stock in
transit and stock lying with some outside parties which have, however
been confirmed by them
b. The procedure explained to us, which are followed by the Management
for physical verification of inventories are in our opinion reasonable
and adequate in relation to the size of the Company and the nature of
its business:
c. On the basis of our examination of the inventory records of the
company, we are of the opinion that, the company is maintaining proper
records of its inventory, have been properly dealt with in the books of
accounts.
3. According to the information and explanation given to us, in
respect of loans, secured or unsecured granted to or taken from the
company to/from companies, firms or other parties listed in the
Register maintained under section 301 of the Companies Act, 1956:
a. The company has granted unsecured loans in form of advances to the
company/ies, firm/s or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. The terms and condition
relating to repayment or interest is prima-facie not prejudicial to the
interest of the company. The company has given advances to employees
without any time stipulation.
b. The company has not taken / availed any loan secured or unsecured
from the companies, or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and for
sale of goods. Further on the basis of our examination of the books and
accounts of the Company and according to the information and
explanations given to us, we have neither come across nor have been
inform of any continuing failure to correct major weakness in the
aforesaid internal control procedures.
5. On the basis of audit procedures performed by us, and according to
the information, explanations and representations given to us, we are
of the opinion that, the transactions in which directors were
interested, and which were required to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
6. In our opinion and according to the information and explanations
given to us the Company has not accepted any deposits from the public
to which the provisions of section 58A and 58AA of the Companies Act
1956 and the Rules framed there under are applicable.
7. In our opinion, the internal audit functions carried out during the
period by a firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 in respect of the Company's products and are of the opinion
that, prima facie the prescribed accounts and records have been made
and maintained to the extent applicable.
9. In our opinion the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Sales Tax, customs
Duty, Excise Duty, Cess and other material statutory dues with the
appropriate authorities and therefore no undisputed amounts payable in
respect of these dues which remained outstanding as at 31st March 2012
for a period of more than six months from the date they become payable.
10. The Company has neither accumulated losses nor incurred cash
losses, during the financial year ended on that date.
11. On the basis of the records examined by us and according to the
information and explanation given to us the Company has not defaulted
in repayment of dues to financial institutions and banks.
12. As explained to, the Company has not taken any loans or advances
on the basis of security by way of pledge of shares, debentures or any
other securities.
13. The company is not a chit-fund or nidhi mutual benefit
fund/society. Hence the provision of the clause 4(XIII) of the
Companies (Auditors Report) Order 2003 is not applicable.
14. On the basis of our examination of the documents and records of
the Company, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
15. According to the information and explanations given to us and
representation made by the Management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions.
16 .According to the information and explanations given to us and on an
overall examination of financial statements of the Company and after
placing reliance on the reasonable assumption made by the Company for
clarification of long term and short term usage of funds, we are of the
opinion and report that the funds raised on short term basis have not
been used for long term investment and vise versa.
17. The Company has not made any preferential allotment of shares
18. On the basis of records and documents examined by us, the Company
has not issued any secured debentures during the period.
19. During the period covered by our audit report, the Company has not
raised any money by public issue.
20.According to information and explanations given to us and to the
best of our knowledge and belief, no fraud on or by the Company, has
been noticed or reported by the Company during the period.
For and on behalf of
R K Chaudhary & Associates
CHARTERED ACCOUNTANTS
R K CHAUDHARY Proprietor
C A Rjegn No 35487
Mumbai:
Date: 18th May 2012
Mar 31, 2011
We have audited the attached Balance Sheet of HILTON METAL FORGING
LIMITED as at 31st March 2011 and also the annexed Profit and Loss
Account of the Company for the period ended on that date and the Cash
Flow Statement for the period ended on that date. These Financial
Statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on the financial statement
based on our audit.
1. We conducted our audit in accordance with the audit standards
generally accepted in India. Theses Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatement. An audit
includes, examining on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall presentation of
the financial statement. We believe that our audit provides a
reasonable basisforouropinion.
2. As required by Companies (Auditors' Report) Order 2003 as amended
by the Companies (Auditors' Report)- amendment 2004 issued by the
Central Government in terms of Section 227(4A) of the Companies Act,
1956, we annex hereto a statement on the matters specified in Paragraph
4 and 5 of the said Order.
3. Further to our comments referred to in paragraph 1 above, we report
that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit..
b) In our opinion Books of Accounts as required by law have been kept
by the Company so far as appears from our examination of the books of
the Company.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Accounts
of the Company and also comply with the accounting standards referred
to in sub-section (3C) of Section 211 of the Companies Act 1956.
d) On the basis of the representation made by the Directors and taken
on the record by the Board of Directors of the Company and the
information and explanation given to us, none of the Directors is, as
at 31st March 2011, prima-facie disqualified from being appointed as a
Director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanation given to us, the accounts read together with notes thereon,
give the information required by the Companies Act, 1956 in the manner
so required and present true and fair view:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011 ;
(b) in the case of Profit & Loss Account, of the Profit for the period
concluded on that date and
(c) In the case of Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st MARCH 2011 OF HILTON
METAL FORGING LIMITED
On the basis of such checks as we consider appropriate and in terms of
information and explanation given to us, we state that:
1. a. The company has generally maintained proper records showing
particulars including quantitative details and situation of fixed
assets. However these records are to be updated.
b. As explained to us, fixed assets according to the practice of the
company are physically verified by the Management except Office
equipments and Furniture and Fixtures at reasonable intervals as per
the phased verification program, which in our opinion, is reasonable,
looking the size of the company and the nature of its business.
According to the information and explanation given to us, no material
discrepancies were noticed on such verification as compared to
available records.
c. The fixed assets disposed off during the period, in our opinion, do
not constitute substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
2. a. As explained to us, inventories have been physically verified
during the period by the management, the stocks of finished goods,
stores, spare parts and raw material have been physically verified at
reasonable intervals by the Management except in cases of stock in
transit and stock lying with some outside parties which have, however
been confirmed by them
b. The procedure explained to us, which are followed by the Management
for physical verification of inventories are in our opinion reasonable
and adequate in relation to the size of the Company and the nature of
its business:
c. On the basis of our examination of the inventory records of the
company, we are of the opinion that, the company is maintaining proper
records of its inventory, have been properly dealt with in the books of
accounts.
3. According to the information and explanation given to us, on
respect of loans, secured or unsecured granted to or taken from the
company to/from companies, firms or other parties listed in the
Register maintained under section 301 of the Companies Act, 1956.
a. The company has granted unsecured loans in form of advances to the
company/ies, firm/s or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. The terms and condition
relating to repayment or interest is prima-facie not prejudicial to the
interest of the company. The company has given advances to employees
without any time stipulation.
b. The company has not taken / availed any loan secured or unsecured
from the companies, or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and for
sale of goods. Further on the basis of our examination of the books and
accounts of the Company and according to the information and
explanations given to us, we have neither come across nor have been
inform of any continuing failure to correct major weakness in the
aforesaid internal control procedures.
5. On the basis of audit procedures performed by us, and according to
the information, explanations and representations given to us, we are
of the opinion that, the transactions in which directors were
interested, and which were required to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
6. In our opinion and according to the information and explanations
given to us the Company has not accepted any deposits from the public
to which the provisions of section 58Aand 58AAof the Companies Act 1956
and the Rules framed there under are applicable.
7. In our opinion, the internal audit functions carried out during the
period by a firm of Chartered Accountants à appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 in respect of the Company's products and are of the opinion
that, prima facie the prescribed accounts and records have been made
and maintained to the extent applicable.
9. In our opinion the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Sales Tax, customs
Duty, Excise Duty, Cess and other material statutory dues with the
appropriate authorities and therefore no undisputed amounts payable in
respect of these dues which remained outstanding as at 31st March 2011
for a period of more than six months from the date they become payable.
10. The Company has neither accumulated losses nor incurred cash
losses, during the financial year ended on that date.
11. On the basis of the records examined by us and according to the
information and explanation given to us the Company has not defaulted
in repayment of dues to financial institutions and banks.
12. As explained to, the Company has not taken any loans or advances
on the basis of security by way of pledge of shares, debentures or any
other securities.
13. The company is not a chit-fund or nidhi mutual benefit
fund/society. Hence the provision of the clause 4(XIII) of the
Companies (Auditors Report) Order 2003 is not applicable.
14. On the basis of our examination of the documents and records of
the Company, the Company is not dealing in ortrading in shares,
securities, debentures and other investments.
15. According to the information and explanations given to us and
representation made by the Management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions.
16. On the basis of the records examined by us and according to the
information and explanation given to us, term loan have been applied
for the purpose for they have been raised.
17. According to the information and explanations given to us and on
an overall examination of financial statements of the Company and after
placing reliance on the reasonable assumption made by the Company for
clarification of long term and short term usage of funds, we are of the
opinion and report that the funds raised on short term basis have not
been used for long term investment and vise versa.
18. The Company has not made any preferential allotment of shares
19. On the basis of records and documents examined by us, the Company
has not issued any secured debentures during the period.
20. During the period covered by our audit report, the Company has not
raised any money by public issue.
21. According to information and explanations given to us and to the
best of our knowledge and belief, no fraud on or by the Company, has
been noticed or reported by the Company during the period.
For R K Chaudhary & Associates
CHARTERED ACCOUNTANTS
Sd/-
RK Chaudhary
Mumbai Proprietor
Date: 31stMay 2011
Mar 31, 2010
We have audited the attached Balance Sheet of HILTON METAL FORGING
LIMITED as at 31st March 2010 and also the annexed Profit and Loss
Account of the Company for the period ended on that date and the Cash
Flow Statement for the period ended on that date. These Financial
Statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on the financial statement
based on our audit.
1. We conducted our audit in accordance with the audit standards
generally accepted in India. Theses Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatement. An audit
includes, examining on test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall presentation of
the financial statement. We believe that our audit provides a
reasonable basis for our opinion.
2. As required by Companies (Auditors Report) Order 2003 as amended
by the Companies (Auditors Report) - amendment 2004 issued by the
Central Government in terms of Section 227(4A) of the Companies Act,
1956, we annex hereto a statement on the matters specified in Paragraph
4 and 5 of the said Order.
3. Further to our comments referred to in paragraph 1 above, we report
that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In our opinion Books of Accounts as required by law have been kept
by the Company so far as appears from our examination of the books of
the Company.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the Books of Accounts
of the Company and also comply with the accounting standards referred
to in sub-section (3C) of Section 211 of the Companies Act 1956.
d) On the basis of the representation made by the Directors and taken
on the record by the Board of Directors of the Company and the
information and explanation given to us, none of the Directors is, as
at 31st March 2010, prima-facie disqualified from being appointed as a
Director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanation given to us, the accounts read together with notes thereon,
give the information required by the Companies Act, 1956 in the manner
so required and present true and fair view:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31s1 March, 2010;
(b) in the case of Profit & Loss Account, of the Profit for the period
concluded on that date and
(c) In the case of Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR REPORT OF EVEN DATE ON THE
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2010 OF HILTON
METAL FORGING LIMITED
On the basis of such checks as we consider appropriate and in terms of
information and explanation given to us, we state that:
1. a. The company has generally maintained proper records showing
particulars including quantitative details and situation of fixed
assets. However these records are to be updated.
b. As explained to us, fixed assets according to the practice of
company, are physically verified by the Management except Office
equipments and Furniture and Fixtures at reasonable intervals as per
the phased verification program, which in our opinion, is reasonable,
looking the size of the company and the nature of its business.
According to the information and explanation given to us, no material
discrepancies were noticed on such verification as compared to
available records.
c. The fixed assets disposed off during the period, in our opinion, do
not constitute substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
2. a. As explained to us, inventories have been physically verified
during the period by the management, the stocks of finished goods,
stores, spare parts and raw material have been physically verified at
reasonable intervals by the Management except in cases of stock in
transit and stock lying with some outside parties which have, however
been confirmed by them
b. The procedure explained to us, which are followed by the Management
for physical verification of inventories are in our opinion reasonable
and adequate in relation to the size of the Company and the nature of
its business:
c. On the basis of our examination of the inventory records of the
company, we are of the opinion that, the company is maintaining proper
records of its inventory, have been properly dealt with in the books of
accounts.
3. According to the information and explanation given to us, on
respect of loans, secured or unsecured granted to or taken from the
company to/from companies, firms or other parties listed in the
Register maintained under section 301 of the Companies Act, 1956.
a. The company has granted unsecured loans in form of advances to the
company/ies, firm/s or other parties listed in the Register maintained
under section 301 of the Companies Act, 1956. The terms and condition
relating to repayment or interest is prima-facie not prejudicial to the
interest of the company. The company has given advances to employees
without any time stipulation.
b. The company has not taken / availed any loan secured or unsecured
from the companies, or other parties listed in the Register maintained
under Section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and for
sale of goods. Further on the basis of our examination of the books and
accounts of the Company and according to the information and
explanations given to us, we have neither come across nor have been
inform of any continuing failure to correct major weakness in the
aforesaid internal control procedures.
5. On the basis of audit procedures performed by us, and according to
the information, explanations and representations given to us, we are
of the opinion that, the transactions in which directors were
interested, and which were required to be entered in the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
6. In our opinion and according to the information and explanations
given to us the Company has not accepted any deposits from the public
to which the provisions of section 58A and 58AA of the Companies Act
1956 and the Rules framed there under are applicable.
7. In our opinion, the internal audit functions carried out during the
period by a firm of Chartered Accountants appointed by the management
have been commensurate with the size of the Company and the nature of
its business.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules made by the Central Government for the
Maintaenanceof cost under section 209(1 )(d) of the Companies Act, 1956
in respect of the Companies products and are of the opinion that, prima
facie the prescribed accounts and records have been made and maintained
to the extent applicable.
9. In our opinion the Gompany is generally regular in depositing
undisputed statutory dues including Provident Fund, Sales Tax, customs
Duty, Excise Duty, Gess and other material statutory dues with the
appropriate authorities and therefore no undisputed amounts payable in
respect of these dues which remained outstanding as at 31s1 March 2010
for a period of more than six months from the date they become payable.
10. The Gompany has neither accumulated losses nor incurred cash
losses, during the financial year ended on that date.
11. On the basis of the records examined by us and according to the
information and explanation given to us the Company has not defaulted
in repayment of dues to financial institutions and banks.
12. As explained to, the Company has not taken any loans or advances
on the basis of security by way of pledge of shares, debentures or any
other securities.
13. The company is not a chit-fund or nidhi mutual benefit
fund/society. Hence the provision of the clause 4(XIII) of the
Companies (Auditors Report) Order 2003 is not applicable.
14. On the basis of our examination of the documents and records of
the Company, the Company is not dealing in or trading in shares,
securities, debentures and other investments.
15. According to the information and explanations given to us and
representation made by the Management, the Company has not given any
guarantee for loans taken by others from any bank or financial
institutions.
16. On the basis of the records examined by us and according to the
information and explanation given to us, term loan have been applied
for the purpose for they have been raised.
17. According to the information and explanations given to us and on
an overall examination of financial statements of the Company and after
placing reliance on the reasonable assumption made by the Company for
clarification of long term and short term usage of funds, we are of the
opinion and report that the funds raised on short term basis have not
been used for long term investment and vise versa.
18. The Company has not made any preferential allotment of shares
19. On the basis of records and documents examined by us, the Company
has not issued any secured debentures during the period.
20. During the period covered by our audit report, the Company has not
raised any money by public issue.
21. According to information and explanations given to us and to the
best of our knowledge and belief, no fraud on or by the Company, has
been noticed or reported by the Company during the period.
For and on behalf of
R K Chaudhary & Associates
CHARTERED ACCOUNTANTS
Sd/-
R K CHAUDHARY
Proprietor.
C A Regn No 35487
Place: Mumbai
Date : 31st May, 2010.