Mar 31, 2018
Report on the Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of Viaan Industries Ltd ("the Company") which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit and loss, the Cash flow statement for the year then ended including a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone 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 the 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 implementation and maintenance of 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.
4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone financial statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31st March 2018, it''s Profit and cash flows for the year then ended.
Report on other Legal and Regulatory Requirements:
9. As required by the Companies (Auditor''s Report ) Order 2016 ("The Order") issued by the Central Government of India in terms of sub section (11) of section 143 of the Companies Act 2013, we give in the "Annexure A" a statement on the matters specified in paragraph 3 of the Order.
10. 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 account as required by law have been kept by the Company so far as it appears from our examination of those books;
c. the Balance Sheet, the Statement of Profit and Loss and the cash flow statement dealt with by this Report are in agreement with the books of account;
d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended);
e. On the basis of written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f. 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").
g. With respect 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:
i. The Company does not have any pending litigations which would impact the standalone Financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no such amount required to be transferred, to the Investor Education and Protection Fund by the Company
ANNEXURE A TO AUDITOR''S REPORT
_(Referred to in paragraph IX of our report of even date)_
1 Reporting on maintaining and verifying and disposing of fixed assets
a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
c) The Company does not have any immovable property, hence relevant clause is not applicable to the Company.
2 Physical verification and Maintenance of records of inventories
According to the information and explanations given to us, the physically verification of inventory is conducted at reasonable intervals by the management of the company and no material discrepancies were noticed on physical verification.
According to the information and explanation given to us the physical verification of inventory by the company is reasonable.
3 Loan given by the company
According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not given any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013.
4 Loan to Director and Investment by the Company
According to the information and explanations given to us, the Company has not given any loans, guarantees and security, hence provision of section 185 and 186 are not applicable to the company.
5 Deposits
During the year under report, the company has not accepted any deposits as stated in section 73 to 76. Hence clause 3(v) of the report are not applicable to the company.
6 Cost Records
The Company is engaged in the business of trading activity hence the central government has not specified maintenance of cost records.
7 Statutory Dues
a) According to the records of the Company and information and explanation given to us, the company has been generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, wealth tax, Income Tax and other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as 31st March 2018 for a period of more than six months from the date of becoming payable.
b) According to the records of the company and information and explanations given to us, no disputed dues of provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, Income Tax and other statutory dues were payable during the year.
8 Default in repayment of dues
According to the information and explanations given to us, the company has not accepted any loans from financial institution, bank, Government nor are there any dues to debenture holders.
9 Utilization of IPO and Further Public Offer
According to the information and explanations given to us, the company has not raised any funds by way of Initial Public Offer (IPO) or further public offer (including debt instruments) and terms loans hence the clause 3(xi) of the report are not applicable to the Company.
10 Reporting of Fraud
To the best of our knowledge and belief 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.
11 Managerial Remuneration
According to the information and explanations given to us, and to the best of our knowledge and belief the company has paid the managerial remuneration in accordance with the requisite mandated by the provision of section 197 read with schedule V of the Companies Act 2013 and due to inadequacy of profits, the remuneration is paid to the directors as follows:
Ripu Sudan Kundra - Rs. 60,00,000/ -
Darshit Shah - Rs. 21,00,000/-
12 Nidhi Company
This clasue 3(xii) of the report are not applicable to the Company.
13 Related Party Transactions:
According to the information and explanation given the company has disclosed all the transactions with the related parties in compliance with section 177 and 188 of the Companies Act 2013 in note no. 7 to the ntoes to account and the details have been disclosed in the financial statements as required by the applicable accounting standards;
14 Private Placement or Preferential Issues
According to the information and explanations given to us, the company has made the preferential allotment or private placement of Equity Shares and fully convertible debentures during the year under review. The company has complied with the requirement of section 42 of the Companies Act 2013. The amount has been utilised for the purposes for which it was raised.
15 Non Cash Transaction
According to the information and explanations given to us, the company has not entered into any non cash transactions with directors or persons connected with him.
16 Register with RBI Act 1934
According to the information and explanations given to us, the company is not required to be registered u/s. 45 IA of the RBI Act 1934.
ANNEXURE B TO AUDITOR''S REPORT
(Referred to in paragraph X (f) under ''Report on Other Legal and Regulatory Requirements'' of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting
1. We have audited the internal financial controls over financial reporting of Viaan Industries Limited ("the Company") as of 31st March, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
2. The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For SEKHRI KANODIA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No: 109389W
SD/-
CA SANJEEV KUMAR CHOPRA
PARTNER
MEMBERSHIP NO. 131611
PLACE: Mumbai
DATE : 23/05/2018
Mar 31, 2016
Report on the Financial Statements
1. We have audited the accompanying standalone financial statements of Viaan Industries Limited (Formerly known as Hindustan Safety Glass Industries Limited) ("the Company") which comprises the balance sheet as at 31st March 2016, the Statement of Profit and loss, the cash flow statement for the year ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Standalone 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 principles generally accepted in India, including the 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.
4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone financial statements that give a true and fair view 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 in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the standalone financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 of the state of affairs of the Company as at March 31, 2016, and its profit and its cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements:
9. The provisions 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, we give in the annexure a statement on the matters specified in paragraph 3 o\and 4 of the Order.
10. 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 account as required by law have been kept by the Company so far as it appears from our examination of those books;
c. the Balance Sheet, the Statement of Profit and Loss and Cash Flow dealt with by this Report are in agreement with the books of account;
d. 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 (as amended);
e. On the basis of written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
f. With respect to the other matters to be included in the Auditor''s 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:
i. The Company does not have any pending litigations which would impact the standalone Financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company
ANNEXURE TO AUDITOR''S REPORT
(Referred to in paragraph I of our report of even date)
1 |
Reporting on maintaining and verifying and disposing of fixed assets a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification c) The Company does not have any immovable property; hence relevant clause is not applicable to the Company. |
2 |
Physical verification and Maintenance of records of inventories According to the information and explanations given to us, there is no Physical Inventory with the company at the year end therefore the said clause is not applicable to the Company. |
3 |
Loan given by the company According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not given any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. |
4 |
Loan to Director and Investment by the Company According to the information and explanations given to us, the Company has not given any loans, investments, guarantees and security, hence provision of section 185 and 186 are not applicable to the company. |
5 |
Deposits During the year under report, the company has not accepted any deposits as stated in section 73 to 76. Hence clause 3(v) of the report are not applicable to the company. |
6 |
Cost Records The Company is engaged in the business of trading activity hence the central government has not specified maintenance of cost records. |
7 |
Statutory Dues a) According to the records of the Company and information and explanation given to us, the company has been generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, wealth tax, Income Tax and other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as 31st March 2016 for a period of more than six months from the date of becoming payable. b) According to the records of the company and information and explanations given to us, no disputed dues of provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, Income Tax and other statutory dues were payable during the year. |
8 |
Default in repayment of dues According to the information and explanations given to us, the company has not accepted any loans from financial institution, bank, Government or dues to debenture holders. |
9 |
Utilization of IPO and Further Public Offer According to the information and explanations given to us, the company has not raised any funds by way of Initial Public Offer (IPO) or further public offer (including debt instruments) |
|
and terms loans hence the clause 3(xi) of the report are not applicable to the Company. |
10 |
Reporting of Fraud To the best of our knowledge and belief 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. |
11 |
Managerial Remuneration According to the information and explanations given to us, the company and to the best of our knowledge and belief the company has paid the managerial remuneration in accordance with the requisite mandated by the provision of section 197 read with schedule V of the Companies Act 2013. |
12 |
Nidhi Company This clause 3(xii) of the report are not applicable to the Company, |
13 |
Related Party Transactions: According to the information and explanation given the company has disclosed all the transactions with the related parties in compliance with section 177 and 188 of the Companies Act 2013 and the details have been disclosed in the financial statements as required by the applicable accounting standards; |
14 |
Private Placement or Preferential Issues According to the information and explanations given to us, the company has made the preferential allotment or private placement of Equity Shares or fully or partly convertible debentures during the year under review as per the requirement of section 42 of the Companies Act 2013 have been complied with. The Amount raised have been used for the purpose for which the funds were raised. |
15 |
Non Cash Transaction According to the information and explanations given to us, the company has not entered into any non cash transactions with directors or persons connected with him. |
16 |
Register with RBI Act 1934 According to the information and explanations given to us, the company is not required to be registered u/s. 45 IA of the RBI Act 1934. |
For SEKHRI KANODIA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No: 109389W
Sd/-
PARTNER
CA SANJEEV KUMAR CHOPRA
MEMBERSHIP NO.131611
PLACE: Mumbai
DATE : 27th May, 2016
Mar 31, 2015
1. We have audited the accompanying financial statements of Hot
Hindustan Safety Glass Industries Limited("the Company") which
compromise the Balance Sheet as at March 31, 2015, and the Statements
of Profit and loss and Cash Flow for the year ended, and a summary of
the significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. The Company's Board of Directors is 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 and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the 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 misstatement, whether due to fraud or error.
Auditor's Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
4. We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
5. We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and the 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 financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view 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 in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.
Opinion
8. In our opinion and to the best of our information and according to
the explanations given 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 of the state of affairs of the Company as
at March 31, 2015, and its profit and its cash flows for the year ended
on that date.
Report on other Legal and Regulatory Requirements:
9. The provisions 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, we
give in the annexure a statement on the matters specified in paragraph
3 oand 4 of the Order.
10. 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 account as required by law have been
kept by the Company so far as it appears from our examination of those
books;
c. the Balance Sheet, the Statement of Profit and Loss and Cash Flow
dealt with by this Report are in agreement with the books of account;
d. 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 (as amended);
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. With respect to the other matters to be included in the Auditor's
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:
i. The Company does not have any pending litigations which would
impact the Financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company
ANNEXURE TO AUDITOR'S REPORT
(Referred to in paragraph I of our report of even date)
(i) Reporting on maintaining and verifying and disposing of fixed
assets
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(ii) Physical verification and Maintenance of records of inventories
There is no Physical Inventory with the company therefore the clause is
not applicable to the Company.
(iii) Repayment of loans granted by the company
According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
given any loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 189 of the
Companies Act, 2013.
(iv) Internal Control System
In our opinion and according to the information and explanations given
to us during the course of the audit, there are adequate internal
control procedures commensurate with the size of the company and the
nature of its business for the purchase of inventory and fixed assets
and for sale of goods and services. On the basis of our examination 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 procedure.
(v) Acceptance of Deposits
As the company has not accepted any deposit from the public, the
provisions of Section 73 to 76 of the companies Act, 2013 and rules
there under are not applicable to the company.
(vii) Payment of Taxes
a) .According to the records of the Company and information and
explanation given to us, the company has been generally regular in
depositing undisputed statutory dues including provident fund,
employees' state insurance, sales tax, service tax, value added tax,
duty of custom, wealth tax, Income Tax and other statutory dues with
the appropriate authorities during the year. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as 31st March 2015
for a period of more than six months from the date of becoming payable.
b) .According to the records of the company and information and
explanations given to us, no disputed dues of provident fund, employees'
state insurance, sales tax, service tax, value added tax, duty of
custom, wealth tax, Income Tax and other statutory dues were payable
during the year.
(viii) Accumulated Losses
The company has been registered for a period more than five years, its
accumulated losses at the end of the financial year are less than fifty
percent of its net worth, Company has not incurred cash losses in the
current financial year and has incurred cash loss in the preceding
financial year.
(ix) Default in repayment of dues
According to the information and explanations given to us, the company
has not accepted any loans from financial institutions or bank or
debenture holders.
(x) Guarantee for loan
According to the information and explanations given to us, the company
has not given any guarantee for loan taken by others from financial
institutions or bank. The terms and conditions whereof are prejudicial
to the interest of the company.
(xi) Appl icability of Term Loan
According to the information and explanations given to us, the company
has not availed the term loans during the year.
(xii) Reporting of Fraud
To the best of our knowledge and belief 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.
For SEKHRI KANODIA & ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Registration No: 109389W
Sd/-
PARTNER: CA ATTUL KRISHAN SEKHRI
MEMBERSHIP NO.80029
PLACE: Mumbai
DATE : 11th August, 2015
Mar 31, 2014
Report on the Financial Statements
We have audfted the accompanying financial statements of HINDUSTHAN
SAFETY GLASS INDUSTRIES LIMITED (''the Company'') which comprise the
Balance Sheet as at 31 March 2014, the 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 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"). 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. 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 loss of
the company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
company 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 for as
appears from our examination of those books;
c the Balance Sheet and Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account;
d. In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956; and
e. 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 ''Report on Other Legal and Regulatory
Requirement'' of our report of even date
(i) (a) There are no fixed assets in the company. Hence the danse is
not applicable.
(ii) (a) There was no physical inventory maintained by the company
during the year, therefore the provisions of clause (ii) of Paragraph 4
of the order is not applicable.
(iii) (a) Based on the audit procedures applied by us and according to
the information provided to us by the management there are no loans
given to or taken from the parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there ate adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory and fixed assets and
with regard to the sale of goods and services. During the course of
our audit, we have not observed any weaknesses in the internal control
system.
(v) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are
of the opinion that the particulars of contracts and arrangements
referred to in sec 301 of the Act have been entered into the register
required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made as specified in clause (v)(b) of
Para 4 of CARO are at prices which are reasonable, having regard to the
prevailing market prices at the relevant rime.
(vi) In our opinion and according to the information and explanations
given to vs, the company has not accepted deposits from the public and
therefore the provisions of Sections 58A, 58AA or any other relevant
provisions of the Act and the Rules made there under are not applicable
to the Company.
(vii) The company has no internal audit system commensurate with its
size and the nature of its business.
(viii) To the best of our knowledge and explanation, maintenance of
cost records has not been prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Companies Act, 1956
for the company.
(ix) (a) - According to the records of the company and information and
explanations given to us, the company has been generally regular in
depositing undisputed statutory dues with the appropriate authorities
during the year and no undisputed amounts payable were outstanding as
at 31st March, 2014 for a period of more than six months from the date
they became payable.
(b) According to the records of the company and information and
explanations given to us, there are no dues outstanding of Sales Tax,
Income Tax, Custom Duty, Wealth Tax, Excise Duty, Cess and Service Tax
on account of any dispute.
(x) The company has accumulated losses at the end of the financial year
amounting to Rs, 17,75,276/-. It has incurred cash losses during the
period covered by the report amounting to Rs. 18,80,277/-, however in
the corresponding previous financial year the company has not suffered
any cash losses.
(xi) The company has not defaulted in repayment of dues to any
financial institution or bank. The company has not issued any
debentures.
(xii) According to the information and explanations given to us and
based on documents and records produced to us, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) In our opinion and according to the information and explanations
given to us, the nature of activities of the company does not attract
any special statute applicable to chit fund and nidhi / mutual benefit
fund / societies.
(xiv) In our opinion and according to the information and explanation
gjven to us, the company is dealing or trading in shares, debentures
and other investments, the company has made proper records and made
timely entries of the investments held by the compny and all the
investments are held in the name of the company.
(xv) According to the information and explanations given to us, the
company has not given any guarantee to a bank for any concern.
(xvi) The company has not taken any term loan during the year.
(xvii) As informed and explained to us, the company has not raised any
funds on short-term basis, therefore the provisions of clause (xvii) of
Paragraph 4 of the order is not applicable.
(xviii) During the year, the company has not made any preferential
allotment of shares to parties and companies coveted in the Register
maintained under section 301 of Act
(xix) The company has not issued any debentures, so it was not required
to create any security or charge in this respect
(xx) The company has not raised any money through public issue during
the year.
(xxi) To the best of our knowledge and belief 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.
For Surana Singh Rathi And Co.
Chartered Accountants
Firm''s Registration Number: 317119E
S.K. Surana FCA
Partner
Membership No. 053271
Place: Kolkata
Date: The 30th day of May, 2014
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of HINDUSTHAN
SAFETY GLASS INDUSTRIES LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2013, and the Statement of Profit and
Loss 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 and
financial performance 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"). 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 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 31st March, 2013;
ii. in the case of the Profit and Loss statement, of the profit for
the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows of the
company 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
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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
d) in our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on 31st March, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
For Surana Singh Rathi and Co.
Chartered Accountants
Firm''s Registration Number: 317119E
sd/-
S.K.Surana, FCA
Partner
Membership No. 053271
Place: Kolkata
Date: The 27th day of August,2013
Mar 31, 2012
We have audited the attached Balance Sheet of HINDUSTHAN SAFETY GLASS
INDUSTRIES LIMITED, West Bengal, as at 31st March, 2012 and also Profit
& Loss Statement and the cash flow statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the company''s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statement. An audit includes
examining, on a 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report as follows:- 1. As required by the Companies (Auditors''
Report) Order, 2003, issued by the Central Government of India in terms
of Section 227 (4A) of the Companies Act, 1956, we enclose in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said Order.
2. Further to our comments in the annexure referred to 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, proper books of Accounts as required by the law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Statement and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Statement and Cash
Flow Statement dealt with by this report, comply with the accounting
standard referred to in Section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representations from the directors of the
company, taken on record by the Board of Directors, we report that none
of the directors is disqualified as on March 31, 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with notes give
the information required by the Companies Act, 1956 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 Balance Sheet of the State of Affairs of the Company
as at 31st March, 2012 and
(ii) In the case of Statement of Profit & Loss, of the Loss for the
year ended on that date.
(iii) In the case of cash flow statement, of the cash flows for the
year ended on that date.
Referred to in paragraph 3 our report of even date on the accounts for
the year ended 31st March, 2012 of HINDUSTHAN SAFETY GLASS INDUSTRIES
LIMITED, West Bengal.
1. There are no fixed assets in the Company. Hence the clause is not
applicable.
2. There was no physical inventory maintained by the Company during
the year, therefore the provisions of clause (ii) of paragraph 4 of the
order is not applicable.
3. Based on the audit procedures applied by us and according to the
information provided to us by the management there are no loans given
or taken from the parties covered in the register maintained u/s 301 of
the Companies Act 1956 Â
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5. (a) Based on the audit procedures applied by us and according to
the information and explanation provided to us by the management, we
are of the opinion that the particulars of contracts and arrangements
referred to in Section 301 of the Companies Act, 1956 have been entered
into the register required to be maintained under that section
(b) In our opinion and according to the information and explanation
given to us, the transactions made as specified in clause (v)(b) of
Para 4 of CARO are at prices which are reasonable, having regard to the
prevailing market prices at the relevant time.
6. In our opinion, and according to information and explanations given
to us, the Company has not accepted any deposits from the public and
therefore the provisions of section 58A and 58AA of the Companies Act,
1956, and any other relevant provisions of the Act and the rules made
there under are not applicable to the Company.
7. In our opinion, the Company''s internal audit system is commensurate
with the size and the nature of its business.
8. To the best of our knowledge and explanation, maintenance of cost
records has not been prescribed by the Central Government under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the Company.
9. (a) According to the records of the Company and information and
explanations given to us the company has been generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund, Employees
State Insurance, Income-tax, Wealth Tax, Sale-tax, Service Tax, Custom
Duty, Excise Duty, CESS and any other statutory due applicable to it;
(b) According to the records of the company, there are no dues of
income tax, wealth tax, sale-tax, custom duty, sales tax and CESS and
excise duty, which have been deposited on account of any dispute.
10. The Company has Rs. 15,56,977/- accumulated losses of the company
at the end of financial year. It has not incurred cash losses during
the period covered by the report as well as in the immediately
preceding financial year.
11. The company not defaulted in repayment of dues to financial
institution or bank. The Company has not issued debentures.
12. According to the records of the Company and information and
explanations given to us the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the company is not a Chit Fund, Nidhi, Mutual Benefit Fund or
Society.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debenture and
other investments during the year.
15. On the basis of records examined by us and as per information
provided by the Management, we are of the opinion that the company has
not given guarantees to the bank or financial institutions.
16. In our opinion, the Company has not taken any term loan by the
Company during the year.
17. As informed and explained to us, the Company has not raised any
funds on short term basis, therefore the provisions of clause (xvii) of
Paragraph 4 of the order is not applicable.
18. During the year, the Company has not made any Preferential
Allotment of Shares to parties and Companies covered in the Register
maintained u/s 301 of the Act, during the year.
19. The company has not issued any debenture during the year.
Therefore provisions of Clause (xix) of paragraph 4 of the order are
not applicable to the Company.
20. The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
21. According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
For Surana Singh Rathi & Co.
Chartered Accountants
Place: Kolkata
Date: 17th August 2012 sd/-
S. K. Surana
Partner
M. No. 053271
Mar 31, 2011
We have audited the attached Balance Sheet of HINDUSTHAN SAFETY GLASS
INDUSTRIES LIMITED, West Bengal, as at 31st March, 2011 and also Profit
& Loss Statement and the cash flow statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the company''s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statement. An audit includes
examining, on a 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report as follows:-1. As required by the Companies (Auditors''
Report) Order, 2003, issued by the Central Government of India in terms
of Section 227 (4A) of the Companies Act, 1956, we enclose in the
Annexure, a statement on the matters specified in paragraphs 4 & 5 of
the said Order.
2. Further to our comments in the annexure referred to 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, proper books of Accounts as required by the law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Statement and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Statement and Cash
Flow Statement dealt with by this report, comply with the accounting
standard referred to in Section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representations from the directors of the
company, taken on record by the Board of Directors, we report that none
of the directors is disqualified as on March 31, 2011 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with notes give
the information required by the Companies Act, 1956 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 Balance Sheet of the State of Affairs of the Company
as at 31st March, 2011 and (ii) In the case of Statement of Profit &
Loss, of the Loss for the year ended on that date. (iii) In the case of
cash flow statement, of the cash flows for the year ended on that date.
Referred to in paragraph 3 our report of even date on the accounts for
the year ended 31st March, 2011 of HINDUSTHAN SAFETY GLASS INDUSTRIES
LIMITED, West Bengal,
1. There are no fixed assets in the Company. Hence the clause is not
applicable.
2. There was no physical inventory maintained by the Company during
the year, therefore the provisions of clause (ii) of paragraph 4 of the
order is not applicable.
3. Based on the audit procedures applied by us and according to the
information provided to us by the management there are no loans given
or taken from the parties covered in the register maintained u/s 301 of
the Companies Act 1956 Â
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5. (a) Based on the audit procedures applied by us and according to
the information and explanation provided to us by the management, we
are of the opinion that the particulars of contracts and arrangements
referred to in Section 301 of the Companies Act, 1956 have been entered
into the register required to be maintained under that section
(b) In our opinion and according to the information and explanation
given to us, the transactions made as specified in clause (v)(b) of
Para 4 of CARO are at prices which are reasonable, having regard to the
prevailing market prices at the relevant time.
6. In our opinion, and according to information and explanations given
to us, the Company has not accepted any deposits from the public and
therefore the provisions of section 58A and 58AA of the Companies Act,
1956, and any other relevant provisions of the Act and the rules made
there under are not applicable to the Company.
7. In our opinion, the Company''s internal audit system is commensurate
with the size and the nature of its business.
8. To the best of our knowledge and explanation, maintenance of cost
records has not been prescribed by the Central Government under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the Company.
9. (a) According to the records of the Company and information and
explanations given to us the company has been generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund, Employees
State Insurance, Income-tax, Wealth Tax, Sale-tax, Service Tax, Custom
Duty, Excise Duty, CESS and any other statutory due applicable to it;
(b) According to the records of the company, there are no dues of
income tax, wealth tax, sale-tax, custom duty, sales tax and CESS and
excise duty, which have been deposited on account of any dispute.
10. The Company has Rs. -1558070.50/- accumulated loss of the company
at the end of financial year. It has not incurred cash losses during
the period covered by the report as well as in the immediately
preceding financial year.
11. The company not defaulted in repayment of dues to financial
institution or bank. The Company has not issued debentures.
12. According to the records of the Company and information and
explanations given to us the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the company is not a Chit Fund, Nidhi, Mutual Benefit Fund or
Society.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debenture and
other investments during the year.
15. On the basis of records examined by us and as per information
provided by the Management, we are of the Opinion that the company has
not given guarantees to the bank or financial institutions.
16. In our opinion, the Company has not taken any term loan by the
Company during the year.
17. As informed and explained to us, the Company has not raised any
funds on short term basis, therefore the provisions of clause (xvii) of
Paragraph 4 of the order is not applicable.
18. During the year, the Company has not made any Preferential
Allotment of Shares to parties and Companies covered in the Register
maintained u/s 301 of the Act, during the year.
19. The company has not issued any debenture during the year.
Therefore provisions of Clause (xix) of paragraph 4 of the order are
not applicable to the Company.
20. The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
21. According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
For Maheswari K R & Co.
Chartered Accountants
Place: Kolkata
Date: 2nd May, 2011 Sd/-
R.K.maheswari
Partner
Mar 31, 2010
1. We have audited the attached Balance Sheet of HINDUSTHAN SAFETY
GLASS INDUSTRIES LIMITED, West Bengal, as at 31st March, 2010 and also
Profit & Loss Statement and the cash flow statement for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standard require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining, on a 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors'' Report) Order, 2003, issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in paragraphs 4 & 5 of the said Order.
4. Further to our comments in the annexure referred to 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, proper books of Accounts as required by the law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Statement and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Statement and Cash
Flow Statement dealt with by this report, comply with the accounting
standard referred to in Section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representations from the directors of the
company, taken on record by the Board of Directors, we report that none
of the directors is disqualified as on March 31, 2010 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with notes give
the information required by the Companies Act, 1956 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 Balance Sheet of the State of Affairs of the Company
as at 31st March, 2010 and (ii) In the case of Statement of Profit &
Loss, of the Loss for the year ended on that date. (iii) In the case
of cash flow statement, of the cash flows for the year ended on that
date.
Annexure to the Auditors'' Report
Referred to in paragraph 3 our report of even date on the accounts for
the year ended 31st March, 2010 of HINDUSTHAN SAFETY GLASS INDUSTRIES
LIMITED, West Bengal.
1. There are no fixed assets in the Company. Hence the clause is not
applicable.
2. There was no physical inventory maintained by the Company during
the year, therefore the provisions of clause (ii) of paragraph 4 of the
order is not applicable.
3. Based on the audit procedures applied by us and according to the
information provided to us by the management there are no loans given
or taken from the parties covered in the register maintained u/s 301 of
the Companies Act 1956 Â
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5. (a) Based on the audit procedures applied by us and according to
the information and explanation provided to us by the management, we
are of the opinion that the particulars of contracts and arrangements
referred to in Section 301 of the Companies Act, 1956 have been entered
into the register required to be maintained under that section
(b) In our opinion and according to the information and explanation
given to us, the transactions made as specified in clause (v)(b) of
Para 4 of CARO are at prices which are reasonable, having regard to the
prevailing market prices at the relevant time.
6. In our opinion, and according to information and explanations given
to us, the Company has not accepted any deposits from the public and
therefore the provisions of section 58A and 58AA of the Companies Act,
1956, and any other relevant provisions of the Act and the rules made
there under are not applicable to the Company.
7. In our opinion, the Company''s internal audit system is commensurate
with the size and the nature of its business.
8. To the best of our knowledge and explanation, maintenance of cost
records has not been prescribed by the Central Government under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the Company.
9. (a) According to the records of the Company and information and
explanations given to us the company has been generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund, Employees
State Insurance, Income-tax, Wealth Tax, Sale-tax, Service Tax, Custom
Duty, Excise Duty, CESS and any other statutory due applicable to it;
(b) According to the records of the company, there are no dues of
income tax, wealth tax, sale-tax, custom duty, sales tax and CESS and
excise duty, which have been deposited on account of any dispute.
10. The Company has Rs.15,86,581.38/-accumulated losses of the company
at the end of financial year. It has not incurred cash losses during
the period covered by the report as well as in the immediately
preceding financial year.
11. The company not defaulted in repayment of dues to financial
institution or bank. The Company has not issued debentures.
12. According to the records of the Company and information and
explanations given to us the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the company is not a Chit Fund, Nidhi, Mutual Benefit Fund or
Society.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debenture and
other investments during the year.
15. On the basis of records examined by us and as per information
provided by the Management, we are of the opinion that the company has
not given guarantees to the bank or financial institutions.
16. In our opinion, the Company has not taken any term loan by the
Company during the year.
17. As informed and explained to us, the Company has not raised any
funds on short term basis, therefore the provisions of clause (xvii) of
Paragraph 4 of the order is not applicable.
18. During the year, the Company has not made any Preferential
Allotment of Shares to parties and Companies covered in the Register
maintained u/s 301 of the Act, during the year.
19. The company has not issued any debenture during the year.
Therefore provisions of Clause (xix) of paragraph 4 of the order are
not applicable to the Company.
20. The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
21. According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
For Maheswari K R & Co.
Chartered Accountants
Place: Kolkata
Date: 20th July, 2010 Sd/-
R.K.maheswari
Partner
Mar 31, 2009
We have audited the attached Balance Sheet of HINDUSTHAN SAFETY GLASS
INDUSTRIES LIMITED, West Bengal, as at 31st March, 2008 and also Profit
& Loss Statement and the cash flow statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the company''s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standard require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statement. An audit includes
examining, on a 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
We report as follows:- 1. As required by the Companies (Auditors''
Report) Order, 2003, issued by the Central Government of
India in terms of Section 227 (4A) of the Companies Act, 1956, we
enclose in the Annexure a statement on the matters specified in
paragraphs 4 & 5 of the said Order.
2. Further to our comments in the annexure referred to 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, proper books of Accounts as required by the law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, Profit and Loss Statement and Cash Flow Statement
referred to in this report are in agreement with the books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Statement and Cash
Flow Statement dealt with by this report, comply with the accounting
standard referred to in Section 211 (3C) of the Companies Act, 1956.
e) On the basis of written representations from the directors of the
company, taken on record by the Board of Directors, we report that none
of the directors is disqualified as on March 31, 2008 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with notes give
the information required by the Companies Act, 1956 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 Balance Sheet of the State of Affairs of the Company
as at 31st March, 2009 and (ii) In the case of Statement of Profit &
Loss, of the Loss for the year ended on that date. (iii) In the case
of cash flow statement, of the cash flows for the year ended on that
date.
Referred to in paragraph 3 our report of even date on the accounts for
the year ended 31st March, 2009 of HINDUSTHAN SAFETY GLASS INDUSTRIES
LIMITED, West Bengal,.
1. There are no fixed assets in the Company. Hence the clause is not
applicable.
2. There was no physical inventory maintained by the Company during
the year, therefore the provisions of clause (ii) of paragraph 4 of the
order is not applicable.
3. Based on the audit procedures applied by us and according to the
information provided to us by the management there are no loans given
or taken from the parties covered in the register maintained u/s 301 of
the Companies Act 1956 Â
4. In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and nature of its business with regard to the
purchase of inventory and fixed assets and for the sale. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls.
5. (a) Based on the audit procedures applied by us and according to
the information and explanation provided to us by the management, we
are of the opinion that the particulars of contracts and arrangements
referred to in Section 301 of the Companies Act, 1956 have been entered
into the register required to be maintained under that section
(b) In our opinion and according to the information and explanation
given to us, the transactions made as specified in clause (v)(b) of
Para 4 of CARO are at prices which are reasonable, having regard to the
prevailing market prices at the relevant time.
6. In our opinion, and according to information and explanations given
to us, the Company has not accepted any deposits from the public and
therefore the provisions of section 58A and 58AA of the Companies Act,
1956, and any other relevant provisions of the Act and the rules made
there under are not applicable to the Company.
7. In our opinion, the Company''s internal audit system is commensurate
with the size and the nature of its business.
8. To the best of our knowledge and explanation, maintenance of cost
records has not been prescribed by the Central Government under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the Company.
9. (a) According to the records of the Company and information and
explanations given to us the company has been generally regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, Investor Education Protection Fund, Employees
State Insurance, Income-tax, Wealth Tax, Sale-tax, Service Tax, Custom
Duty, Excise Duty, CESS and any other statutory due applicable to it;
(b) According to the records of the company, there are no dues of
income tax, wealth tax, sale-tax, custom duty, sales tax and CESS and
excise duty, which have been deposited on account of any dispute.
10. The Company has Rs. -15,17,119.55 /-accumulated losses of the
company at the end of financial year. It has not incurred cash losses
during the period covered by the report as well as in the immediately
preceding financial year.
11. The company not defaulted in repayment of dues to financial
institution or bank. The Company has not issued debentures.
12. According to the records of the Company and information and
explanations given to us the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. In our opinion and according to information and explanations given
to us, the company is not a Chit Fund, Nidhi, Mutual Benefit Fund or
Society.
14. According to the information and explanations given to us, the
company is not dealing or trading in shares, securities, debenture and
other investments during the year.
15. On the basis of records examined by us and as per information
provided by the Management, we are of the opinion that the company has
not given guarantees to the bank or financial institutions.
16. In our opinion, the Company has not taken any term loan by the
Company during the year.
17. As informed and explained to us, the Company has not raised any
funds on short term basis, therefore the provisions of clause (xvii) of
Paragraph 4 of the order is not applicable.
18. During the year, the Company has not made any Preferential
Allotment of Shares to parties and Companies covered in the Register
maintained u/s 301 of the Act, during the year.
19. The company has not issued any debenture during the year.
Therefore provisions of Clause (xix) of paragraph 4 of the order are
not applicable to the Company.
20. The company has not raised any money through public issue. Hence
requirement of item (xx) of paragraph 4 of the order is not applicable
to the Company.
21. According to the information and explanations provided to us, a
fraud on or by the company has not been noticed or reported during the
year.
For Rustagi& Co.
Chartered Accountants
Place: Kolkata
Date: 8th July 2009 Sd/-
Ashish Rustagi
Partner No. 062928