Mar 31, 2018
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying Standalone financial statements of HIND ALUMINIUM INDUSTRIES LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
MANAGEMENTâS RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Companyâs Board of Directors is responsible for the matters stated in section 134 (5) of the Companies Act, 2013 (hereinafter referred to as âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs (financial position), profit & loss (financial performance including other comprehensive income), cash flows and changes in equity of the company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (âInd ASâ) specified under Section 133 of the Act. 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.
AUDITORSâ RESPONSIBILITY
Our responsibility is to express an opinion on these standalone financial statements based on our audit. In conducting our audit, 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 thereunder.
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.
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 auditorâs 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 Companyâs 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 Companyâs Directors, as well as evaluating the overall presentation of the standalone financial statements.
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
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 including Ind AS specified under Section 133 of the Act:
a) in the case of the Balance Sheet, of the state of affairs (financial position) of the Company as at March 31, 2018;
b) in the case of the Statement of Profit and Loss, of the profit (financial performance including other comprehensive income) of the Company for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.
d) in the case of the Statement of changes in equity, of the changes in equity of the Company for the year ended on that date.
OTHER MATTER
The Company had prepared separate set of financial statements for the year ended 31st March 2017 and 31st March 2016 in accordance with Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014 (as amended) on which we issued Auditorâs Report to the shareholders of the company dated 30th May 2017 and 6th June 2016 respectively. These financial statements have been adjusted for the differences in the accounting principles adopted by the Company on transition to Ind AS, which have been audited by us. Our opinion is not modified in respect of this matter.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. Further to our comments in Annexure A, as required by Section143(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 purposes of our audit;
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid standalone financial statements have been kept so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows and the Statement of Changes in Equity 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 Ind AS specified under Section 133 of the Act, read with relevant rules issued thereunder;
(e) On the basis of the written representations received from the directors of the Company as on 31st March, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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 âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting;
(g) With respect to the other matters to be included in the Auditorâs 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, as detailed in Note No. 34 to the standalone financial statements, has disclosed the impact of its pending litigation on its financial position;
(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 A TO THE INDEPENDENT AUDITORSâ REPORT
The Annexure A referred to in our Independent Auditorsâ Report to the members of the Company on the standalone financial statements for the year ended on 31st March 2018. We report that:
(1) In Respect of its fixed assets:
(a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The fixed assets of the company have been physically verified by the management at reasonable intervals. No material discrepancies between the book records and the physical inventory have been noticed.
(c) All the title deeds of immovable properties are held in the name of the company.
(2) In respect of its inventories:
(a) As explained to us the inventory has been physically verified by the management at reasonable intervals.
(b) On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.
(3) According to the information and explanation given to us, the company has granted unsecured loan to Companies, Firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act. However, the terms and conditions of such loans are not prejudicial to the Companyâs interest, Receipt of the principle amount and interest is regular and there are no overdue amounts for more than 90 days.
(4) In Our opinion and according to the information and explanations given to us during the course of the audit, the company has not entered in any transaction that attract the provisions of section 185 and 186 of the Companies Act, 2013.
(5) According to the information and explanations given to us, the Company has not accepted any deposits from public during the year and hence reporting under paragraph 3 (v) of the Order is not applicable to the Company.
(6) The maintenance of cost records has been specified by the Central Government under sub-section (1) of Section 148 of the Act. We have broadly reviewed the cost records maintained by the Company and are of opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(7) In respect of statutory dues:
(a) Undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales tax, service tax, Goods and Services Tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have generally been regularly deposited to the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they became payable.
(b) The dues outstanding in respect of Income Tax on account of any dispute is as follows:
Name of the Statute |
Nature of Dues |
Amounts involved Rs. |
Assessment Year to which the amount relates |
Forum where dispute is pending |
The Income Tax Act,1961 |
Income Tax |
59,59,080 |
2012-13 |
C.I.T.(A), Mumbai |
1,21,09,703 |
2013-14 |
C.I.T.(A), Mumbai |
||
33,54,187 |
2014-15 |
C.I.T.(A), Mumbai |
(8) According to the information and explanations given to us and as per the records of the Company examined by us, the Company has not defaulted in repayment of loans or borrowings to banks.
(9) According to the information and explanations given to us the Company has not raised any money by way of initial public offer (including debt instruments) or term loans during the year and hence reporting under paragraph 3 (ix) of the Order is not applicable to the Company.
(10) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.
(11) As per the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the provisions of section 197 read with Schedule V to the Companies Act.
(12) The Company is not a Nidhi Company and hence reporting under paragraph 3 (xii) of the Order is not applicable to the Company.
(13) In our opinion and according to the information and explanations given to us all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013, where applicable, and the details have been disclosed in the Financial Statements etc., as required by the applicable Ind AS;
(14) Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review, and hence reporting under paragraph 3 (xiv) of the Order is not applicable to the company.
(15) In our opinion and according to the information and explanations given to us, the Company has not entered into any noncash transactions with directors or persons connected with him. Thus the provisions of section 192 of Companies Act, 2013 are not applicable to the company;
(16) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE B TO THE INDEPENDENT AUDITORâS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF HIND ALUMINIUM INDUSTRIES LIMITED
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
1. In conjunction with our audit of the standalone financial statements of HIND ALUMINIUM INDUSTRIES LIMITED (the âCompanyâ) as of and for the year ended 31 March 2018, we have audited the internal financial controls over financial reporting of the Company as of that date.
Managementâs Responsibility for Internal Financial Controls
2. The Companyâs 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 companyâs 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 Companies Act, 2013.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on the Companyâs 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 issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and 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 auditorâs 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 Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A companyâs 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 companyâs internal financial control over financial reporting includes those policies and procedures that:
a. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
b. 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 authorisations of management and directors of the company; and
c. Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs 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 MOTILAL & ASSOCIATES
Chartered Accountants
(Firm Registration No. 106584W)
CA. MUKESH P. MODY
Partner
M.No.FCA 042975
Mumbai, 15thJune, 2018
Mar 31, 2016
TO THE MEMBERS OF HIND ALUMINIUM INDUSTRIES LIMITED
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of HIND ALUMINIUM INDUSTRIES LIMITED(''the Company''), which comprise the Balance Sheet as at 31st March, 2016, the Profit and Loss Statement, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
MANAGEMENTâS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for the matters stated in section 134 (5) of the Companies Act, 2013 (hereinafter referred to as âthe Actâ) 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, which have been used for the purpose of preparation of the financial statements by the Directors of the Company, as aforesaid.
AUDITORSâ RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit. 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.
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.
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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
OPINION
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:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;
b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.
OTHER MATTERS
We did not audit the financial statements of the subsidiaries and joint venture. These financial statements have been audited by the other auditors, whose reports have been furnished to us as at 31st March, 2015 & 31st December,2015 respectively. As informed to us the financial statements for the year 2015-16 are not consolidated for the year under audit as referred to in note no. 10B& 10C(c) and note no. 24.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section143(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 purposes of our audit;
b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid financial statements have been kept 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 financial statements 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 the written representations received from the directors of the Company as on 31st March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, 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 âAnnexure Bâ. g 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 has disclosed the impact of pending litigations on its financial position in its financial statements as referred to in Note 31of 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 A TO THE INDEPENDENT AUDITORS'' REPORT â
The Annexure A referred to in our Independent Auditors'' Report to the members of the Company on the financial statements for the year ended on 31st March 2016. We report that:
(1) In Respect of its fixed assets:
(a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The fixed assets of the company have been physically verified by the management at reasonable intervals. No material discrepancies between the book records and the physical inventory have been noticed.
(c) All the title deeds of immovable properties are held in the name of the company.
(2) In respect of its inventories:
(a) As explained to us the inventory has been physically verified by the management at reasonable intervals.
(b) On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material.
(3) According to the information and explanation given to us, the company has granted unsecured loan to Companies, Firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act. However the terms and conditions of such loans are not prejudicial to the company''s interest. Receipt of the Principal amount and Interest is regular and there are no overdue amounts for more than 90days.
(4) In Our opinion and according to the information and explanations given to us during the course of the audit, the company has not entered in any transaction that attract the provisions of section 185 and 186 of the Companies Act, 2013.
(5) According to the information and explanations given to us, the Company has not accepted any deposits from public. Therefore, the provisions of clause (v) of the paragraph 3 of the CARO 2016 are not applicable to the Company.
(6) We have broadly reviewed the cost records maintained by the company pursuant to the Rules made by the Central Government for maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013 and are of the opinion that prima facie the prescribed accounts and cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(7) In respect of statutory dues:
(a) According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, the company is generally regular in depositing the undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues as applicable with the appropriate authorities.
According to the information and explanations given to us no undisputed amounts payable in respect of provident fund, employees'' state insurance, income-tax, service-tax, excise duty, sales tax, customs duty and cess were in arrears, as at 31st March, 2016 for the period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no material dues of wealth tax, income tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to the information and explanations given to us, the particulars of dues of income tax as at 31st March, 2016 which have not been deposited on account of any dispute, are given below:
Name of the Statute |
Nature of Dues |
Amounts involved Rs. |
Assessment Year to which the amount relates |
Forum where dispute is pending |
The Income |
Income Tax |
2,30,102 |
2000-01 |
Assessing Officer |
Tax Act. |
1,19,814 |
2002-03 |
Assessing Officer |
|
8,29,898 |
2005-06 |
I.T.A.T, Mumbai |
||
73,473 |
2006-07 |
Assessing Officer |
||
11,964 |
2007-08 |
Assessing Officer |
||
4,59,260 |
2008-09 |
Assessing Officer |
||
1,33,170 |
2009-10 |
Assessing Officer |
||
1,14,730 |
2011-12 |
Assessing Officer |
||
33,95,684 |
2012-13 |
C.I.T.(A), Mumbai |
(8) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institution and banks.
(9) According to the information and explanations given to us the Company has raised new term loan during the year.
The term loans outstanding at the beginning of the year and those raised during the year have been applied for the purposes for which they were raised.
(10) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.
(11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the provisions of section 197 read with Schedule V to the Companies Act.
(12) The Company is not a Nidhi Company hence the provisions of the Nidhi Company and the Nidhi Rules, 2014 is not applicable to the company.
(13) In our opinion and according to the information and explanations given to us all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013, where applicable, and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards;
(14) Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review, thus requirement of section 42 of the Companies Act, 2013 is not applicable to the company.
(15) In our opinion and according to the information and explanations given to us Company has not entered into any noncash transactions with directors or persons connected with him. Thus the provisions of section 192 of Companies Act, 2013 are not applicable to the company;
(16) In our opinion and according to the information and explanations given to us Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE B TO THE INDEPENDENT AUDITORâS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF HIND ALUMINIUM INDUSTRIES LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of HIND ALUMINIUM INDUSTRIES LIMITED (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
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 Companies Act, 2013.
Auditorsâ Responsibility
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 âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. 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.
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.
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
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
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
In our opinion, 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, 2016, 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 Motilal & Associates
Chartered Accountants
(FR No. 106584W)
CA. Mukesh P. Mody
Partner
Membership No. 042975
Place: Mumbai
Date: 6thJune, 2016
Mar 31, 2015
We have audited the accompanying standalone financial statements of
HIND ALUMINIUM INDUSTRIES LIMITED ('the Company'), which comprise the
Balance Sheet as at 31st March, 2015, the Profit and Loss Statement,
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 STANDALONE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters
stated in section 134 (5)of the Companies Act, 2013 (here in after
referred to as "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 judgements 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, which have been used for
the purpose of preparation of the standalone financial statements by
the Directors of the Company, as aforesaid.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. 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.
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,
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. 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
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:
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, ofthe profit of the
Company for the year ended on that date; and
c) in the case ofthe Cash Flow Statement, ofthe cash flows ofthe
Company for the year ended on that date.
OTHER MATTERS
We did not audit the financial statements ofthe subsidiaries. These
financial statements have been audited by other auditors, whose reports
have been furnished to us as at 31st March, 2015. The financial
statements for the year 2014-15 are not consolidated for the year under
audit as referred to in note no. 10C(c)of the standalone financial
statements.
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 Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 ofthe Order,
to the extent applicable.
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 recessary for the
purposes of our audit;
(b) In our opinion, proper books of account as required by law relating
to preparation ofthe aforesaid financial statements have been kept 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 ofthe Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
directors ofthe Company as on 31st March, 2015, taken on record by the
Board of Directors, none of the directors is disqualified as on 31st
March, 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 has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in Note
30 of 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.
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
on 31 st March 2015. We report that:
1 In Respect of its fixed assets:
(a) The company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The fixed assets of the company have been physically verified by
the management at reasonable intervals. No material discrepancies
between the book records and the physical inventory have been noticed.
2 In respect of its inventories:
(a) As explained to us the inventory has been physically verified by
the management at reasonable intervals.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are 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, in our
opinion, the company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
3 According to the information and explanation given to us, the company
has granted unsecured loan to companies, firms or other parties covered
in the register maintained under section 189 of the Companies Act.
(a) Receipt ofthe Principal amount and Interest is regularand
(b) The overdue amount is not above Rs. 1,00,000.
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 purchases of inventory, fixed assets and with
regard to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
5 According to the information and explanations given to us, the
Company has not accepted any deposits from public. Therefore, the
provisions of clause (v) ofthe paragraph 3 ofthe CARO 2015 are not
applicable to the Company.
6 We have broadly reviewed the cost records maintained by the company
pursuant to the Rules made by the Central Government for maintenance of
cost records under sub-section (1) of section 148 of the Companies Act,
2013 and are of the opinion that prima facie the prescribed accounts
and cost records have been maintained. We have, however, not made a
detailed examination ofthe cost records with a view to determine
whether they are accurate or complete.
7 In respect of statutory dues:
(a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is generally regular in depositing the
undisputed statutory dues including provident fund, employees'state
insurance, income-tax, sales-tax,wealth tax, service tax, duty of
customs, duty of excise, value added tax, cess and any other statutory
dues as applicable with the appropriate authorities.
According to the information and explanations given to us no undisputed
amounts payable in respect of provident fund, employees' state
insurance, income-tax, service-tax, excise duty, sales tax, customs
duty and cess were in arrears, as at 31 st March, 2015 for the period
of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no material dues of wealth tax, income tax, duty of customs and
cess which have not been deposited with the appropriate authorities on
account of any dispute. However, according to the information and
explanations given to us, the particulars of dues of sales'tax, excise
duty, service tax and value added tax as at 31 st March, 2015 which
have not been deposited on account of any dispute, are as follows:
Name ofthe Nature of Dues Amounts involved
Statute
The Income Income Tax 2,30,102
TaxAct. 1,19,814
8,29,898
73,473
11,964
4,59,260
1,33,170
1,14,730
94.59.080
Name ofthe Assessment Forum where dispute
Statute Yeartowhichthe is pending
amount relates
The Income 2000-01 Assessing Officer
TaxAct. 2002-03 Assessing Officer
2005- 06 I.T.A.T, Mumbai
2006- 07 Assessing Officer
2007- 08 Assessing Officer
2008- 09 Assessing Officer
2009- 10 Assessing Officer
2011- 12 Assessing Officer
2012- 13 C.I.T.(A), Mumbai
c) According to the records of the Company and information &
explanations given to us, there are no amounts that are due to be
transferred to the Investor Education and Protection Fund in accordance
with the relevant provisions of the Companies Act, 1956(1 of 1956) and
rules made there under.
8 The company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
9 Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institution and banks.
10 In our opinion and according to the information and explanations
given to us, the company has not given any guarantees for loans taken
by others from banks or financial institutions.
11 The Company has raised new term loan during the year. The term loans
outstanding at the beginning of the year and those raised during the
year have been applied for the purposes for which they were raised.
12 During the course of our examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanation
given to us, we have neither come across any instance of fraud on or by
the company, noticed or reported during the year, nor have we been
informed of such case by the management.
For MOTILAL & ASSOCIATES
Chartered Accountants
(FRNo.106584W)
CA. M.P.MODY
Partner
Membership No 042975
Date: 30th May, 2015
Place: Mumbai,
Mar 31, 2014
We have audited the accompanying financial statements of Hind Aluminium
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31,2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company''s 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 principles generally accepted in India
including Accounting Standards notified under the Companies Act, 1956
(the Act) read with the General Circular 15/2013 dated 13th
September,2013 of Ministry of Corporate Affairs in respect of Section
133 of the Companies Act, 2013 and in accordance with the accounting
principles generally accepted in India. This responsibility includes
the design, implementation and maintenance of internal controls
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, but not for the purpose of expressing an opinion on the
effectiveness of the Company''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 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 31,2014;
b) In the case of the Statement of Profit and Loss Account, of the
profit of the Company for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
REPORT ON THE 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, 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, 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
notified under the Act read with the General Circular 15/2013 dated
13th September,2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e) On the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of Section 274(1)(g) of the Act.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" section of our report of even date]
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
(b) As explained to us, all the fixed assets have been physically
verified by the management during the year in a phased periodical
manner, which in our opinion is reasonable having regard to the size of
the Company and nature of its assets. No material discrepancies were
noticed on such physical verification.
(c) The fixed assets disposed off during the year, 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. In respect of its inventories:
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. According to the information and explanations given to us, in
respect of loans, secured or unsecured, granted or taken by the company
to/from companies, firms or other parties covered in the register
maintained under Section 301 of the companies Act, 1956 :
(a) The Company has given loan to a subsidiary. In respect of the said
loan, the maximum amount outstanding at any time during the year was
Rs. 1,51,534/- and the year-end balance is Rs. Nil.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans given by the Company, are not prima facie prejudicial to the
interest of the company.
(c) The principal amount is repayable on demand while the interest is
payable annually at the discretion of the Company.
(d) In respect of the said loans and interest thereon, there are no
overdue amounts.
(e) The company has not taken any loan during the year from companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956. Consequently, the requirements of
Clauses(iii) (f) and
(iii) (g) of paragraph 4 of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and also for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements that need to be entered into the register maintained under
Section 301 of the Companies Act 1956, have been so entered.
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956, and exceeding the value of Five Lakhs rupees in
respect of each party during the year have been made at prices which
appear reasonable as per the information available with the Company.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public
during the year. Therefore the provisions of clause (vi) of paragraph 4
of the order are not applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209 (1)(d) of the
Companies Act, 1956 and are of the opinion that prime facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9. In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Customs
Duty, Excise Duty, Service Tax, Cess and other Statutory Dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2014 for a period of more than six months
from the date of becoming payable.
(b) According to the information and explanations given to us, there
are no dues in respect of Income-Tax, Sales-Tax, Custom Duty,
Wealth-Tax, Excise Duty, Service Tax or Cess which have not been
deposited on account of any dispute. The details of dues of Income Tax
which have not been deposited as at 31st March, 2014 by the Company on
account of dispute are given below:
Particulars Assessment years to Forum where
Which the matters dispute is Amount
Pertains pending Rs.
Income Tax 2005-06 Income Tax Officer 2,27,381/-
Act, 1961 2007-08 Income Tax Officer 11,964/-
2010-11 Commissioner
(Appeals) 1,33,170/-
2011-12 Income Tax Officer 1,14,730/-
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. According to the information and explanations given to us and the
records examined by us, the Company has not defaulted in repayment of
dues to any financial institution or banks.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund/nidhi/mutual
benefit fund/society. Therefore the provisions of clause (xiii) of
paragraph 4 of the order are not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of paragraph 4 of the order are not
applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. In our opinion and according to the information and explanations
given to us, the company has not raised new term loans during the year.
The term loans outstanding at the beginning of the year have been
applied for the purposes for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long term investment.
18. The Company has not made any preferential allotment of shares
during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any monies by public issue during the
year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by the Management.
For A.J. BALIYA & ASSOCIATES
Chartered Accountants
(Firm Registration No. 100948W)
CA. MUKESH P. MODY
Place :Mumbai (Partner)
Dated: 30th May,2014 (Membership No. 042975)
Mar 31, 2012
1. We have audited the attached Balance Sheet of Hind Aluminium
Industries Limited as at March 31, 2012 and the Statement of Profit and
Loss and the Cash Flow Statement of the Company for the year ended on
that date, both annexed thereto (together referred to as ' financial
statements'). 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 Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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 (Auditor's Report) Order, 2003, issued
by the Central Government of India In terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we enclose in the annexure a statement on the matters specified in
paragraph 4 and 5 of the said Order to extent applicable.
4. Further to our comments in the annexure referred to in paragraph 3
above, we report as follows:
(a) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes 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 accounts;
(d) in our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in section 211(3C) of the Companies
Act, 1956;
(e) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the notes thereon 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 the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2012;
(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.
5. On the basis of written representations received from the directors
as on March 31,2012 and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on March 31,
2012from being appointed as a director in terms of Section 274 (1 )(g)
of the Companies Act, 1956;
ANNEXURETOAUDITORS' REPORT
[Referred to in paragraph 3 of our report of even date]
(1) (a) The Company has maintained proper records to show full
particulars including quantitative details and
situation of fixed assets.
(b) As explained to us, the fixed assets have been physically verified
during the year by the management in accordance with a regular
programme of verification which, in our opinion provides for physical
verification of all the fixed assets at reasonable intervals. According
to the information and explanation given to us the Management is in the
process of reconciling the results of such physical verification with
the fixed assets register. Management believes that differences if any,
arising out of such reconciliation are not expected to be material.
(c) The fixed assets disposed off during the year, 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) In respect of its inventories:
(a) As explained to us, inventories have been physically verified by
the management at reasonable intervals during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(3) According to the information and explanations given to us, the
Company has neither granted nor taken any loans, secured or unsecured,
from companies, firms 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 exist adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal control.
(5) (a) In our opinion and according to the information and
explanations given to us, the contracts and arrangements that need to
be entered in the register maintained under Section 301 of the Companies
Act 1956, have been entered in the said register.
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956, and exceeding the value of Rupees Five Lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time where such market prices are available.
(6) According to the information and explanations given to us, the
Company has not accepted any deposits from the public.
(7) In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
(8) We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the Central Government for
maintenance of cost records under Section 209 (1 )(d) of the Companies
Act, 1956 in respect of activities of manufacturing of wire roads &
conductor and are of the opinion that prime facie, the prescribed
accounts and records have been made and maintained. We have however,
not made a detailed examination of the records with a view to
determining whether they are accurate or complete.
(9) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees' State Insurance, Income-Tax, Sales-Tax,
Wealth Tax, Customs Duty, Excise Duty, Cess, Service Tax and other
material statutory dues applicable to it with the appropriate
authorities. As explained to us, there were no undisputed amounts
payable in respect of the aforesaid dues were outstanding as at 31st
March, 2012 for a period of more than six months from the date of
becoming payable.
(b) There are no dues of Sales-Tax, Custom Duty, Wealth-Tax, Excise
Duty, Service Tax or Cess which have not been deposited on account of
any dispute. The details of dues of Income Tax which have not been
deposited as at 31 st March, 2012 by the Company on account of dispute
are given below:
Particulars Assessment years to Forum where
Which the matters dispute is Amount
Pertains pending
Income Tax 2003-04 Commissioner (Appeals) 11,13,326/-
Act, 1961 2006-07 Commissioner (Appeals) 10,51,442/-
2007-08 Commissioner (Appeals) 4,41,875/-
2008-09 Commissioner (Appeals) 4,59,260/-
2009-10 Commissioner (Appeals) 17,28,430/-
(10) The Company has no accumulated losses at the end of the financial
year and the Company has not incurred cash losses in the financial year
and in the immediately preceding financial year.
(11) In our opinion and according to the information and explanations
given to us and the records examined by us, the Company has not
defaulted in repayment of dues to any financial institutions or banks.
(12) According to the information and explanations given to us the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(13) The Company is not a chit fund or a nidhi/mutual benefit
fund/society.
(14) In our opinion and according to the information and explanations
given to us, 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, the
Company has not given any guarantees for loan taken by others from
banks and financial institutions.
(16) In our opinion and according to the information and explanation
given to us, the term loans availed by the company were, prima facie,
applied by the company during the year for the purposes for which the
loans were obtained, other than amount temporary deployed pending
utilization of the funds for the intended use.
(17) In our opinion and according to the information and explanations
given to us, and on an overall examination of the balance sheet, we
report that funds raised on short-term basis have not been used during
the year for long term investment.
(18) According to the information and explanations given to us, the
year Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under section
301 of the Companies Act., 1956.
(19) According to the information and explanations given to us, the
Company has not issued any debentures during the year.
(20) According to the information and explanations given to us, during
the year covered by our audit report, the Company has not raised any
money by public issue.
(21) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by the Management.
FOR A. J. BALIYA& ASSOCIATES
Chartered Accountants
CA. Mukesh P. MODY
Partner
Place : Mumbai M.No.FCA 42975
Dated : 8th June, 2012.
Mar 31, 2011
We have audited the attached Balance Sheet of Hind Aluminium Industries
Limited as at March 31,2011 and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date both 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.
1. 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 misstatement. 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.
2. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we set out in the annexure a statement on the matters specified in
paragraph 4 and 5 of the said Order to extent applicable.
3. Further to our comments in the annexure referred to above, we
report that:
(i) 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;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
these books of accounts;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the directors
as on March 31, 2011 and taken on record by the Board of Directors, we
report that none of the directors of the Company 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;
Subject to above in our opinion and to the best of our information and
according to the explanations given to us, the said accounts 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:
(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 and Loss Account, of the Profit for the year
ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO AUDITORS' REPORT
[[Referred to in paragraph 2 of our report of even date]
(1) (a)The Company has maintained proper records to show 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 during the year in a phased periodical manner, which
in our opinion is reasonable having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
(c) The fixed assets disposed off during the year, 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) In respect of its inventories:
(a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
(3) The Company has neither granted nor taken any loans, secured or
unsecured, from companies, firms 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 exist adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal control.
(5) (a) ln our opinion and according to the information and
explanations given to us, the contracts and arrangements that need to
be entered in the register maintained under Section 301 of the
Companies Act 1956, have been entered in the said register.
(b) ln our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956, and exceeding the value of Rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time where such market prices are available.
(6) The Company has not accepted any deposits from the public.
(7) In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
(8) To the best of our knowledge, the Central Government has prescribed
maintenance of cost records under Section 209 (1)(d) of the Companies
Act, 1956. In our opinion, prime facie, the prescribed accounts and
records have been maintained. However, we are not required to and have
not made examination of the records.
(9) In respect of statutory dues:
(a)According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Customs
Duty, Excise Duty, Cess, Service Tax and other material statutory dues
have been regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2011 for a period of more than six months
from the date of becoming payable..
(b)According to the information and explanations given to us, except
income tax there are no dues in respect of Sales-Tax, Custom Duty,
Wealth-Tax, Excise Duty, Service Tax or Cess outstanding on account of
any dispute. The details of dues of Income Tax which have not been
deposited on account of dispute are given below:
Particulars Assessment years to Forum where
Which the matters dispute is Amount
Pertains pending Rs.
Income Tax 2003-04 Commissioner (Appeals) 11,13,326/-
Act, 1961 2006-07 Commissioner (Appeals) 10,51,442/-
2007-08 Commissioner (Appeals) 4,41,875/-
(10) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
(11) According to the information and explanations given to us and the
records examined by us, the Company has not defaulted in repayment of
dues to any financial institution or bank.
(12) In our opinion and according and explanation given to us no loans
and advances have been granted by the Company on the basis of security
by way of pledge of shares, debentures and other securities.
(13) The Company is not a chit fund or a nidhi/mutual benefit
fund/society.
(14) In our opinion and according to the information and explanations
given to us, 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, the
Company has not given any guarantees for loan taken by others from
banks and financial institutions.
(16) To the best of our knowledge and belief and according to the
information and explanation given to us, in our opinion, term loans
availed by the company were, prima facie, applied by the company during
the year for the purposes for which the loans were obtained, other than
amount temporary deployed pending utilization of the funds for the
intended use.
(17) In our opinion and according to the information and explanations
given to us, and on an overall examination of the balance sheet of the
Company, we report that no funds raised on short-term basis have been
used for long term investment.
(18) During the year Company has made preferential allotment of
13,00,000 equity shares of Rs.10/- each fully paid up at the premium of
Rs.33/- per share to parties and a company . covered in the Register
maintained under section 301 of the Companies Act.
(19) The Company has not issued any debentures during the year.
(20) The Company has not raised any money by public issue during the
year.
(21) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by the Management.
FOR A.J. BALIYA & ASSOCIATES,
Chartered Accountants
(CA M. P. MODY)
Partner
Membership No.FCA 42975
Place: Mumbai
Dated: 30th May, 2011.
Mar 31, 2010
We have audited the attached Balance Sheet of Hind Aluminium Industries
Limited as at March 31,2010 and also the Profit and Loss Account and
the Cash Flow Statement for the year ended on that date both annexed
thereto. These financial statements are the responsibility of the
Companys Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
1. 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 misstatement. 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.
2. 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 and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we set out in the annexure a statement on the matters specified in
paragraph 4 and 5 of the said Order to extent applicable.
3. Further to our comments in the annexure referred to above, we
report that:
(I) 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;
(ii) In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
these books of accounts;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representation received from the directors
as on March 31, 2010 and taken on record by the Board of Directors, we
report that none of the directors of the Company 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 oftheCompaniesAct, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 st March, 2010;
(b) In the case of Profit and Loss Account, of the Profit for the year
ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows forthe year
ended on that date.
[Referred to in paragraph 2 of our report of even date]
(1) (a)The Company has maintained proper records to showfull
particulars including quantitative details and situation of fixed
assets.
(b)As explained to us, the fixed assets have been physically verified
by the management during the year in a phased periodical manner, which
in our opinion is reasonable having regard to the size of the Company
and nature of its assets. No material discrepancies were noticed on
such physical verification.
(c)The fixed assets disposed off during the year, 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) In respect of its inventories:
(a)As explained to us, inventories have been physically verified by the
management at regular intervals during the year.
(b)ln our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c)The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
(3) The Company has neither granted nor taken any loans, secured or
unsecured, from companies, firms 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 exist adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal control.
(5) (a)ln our opinion and according to the information and explanations
given to us, the contracts and arrangements that need to be entered in
the register maintained under Section 301 of the Companies Act 1956,
have been entered in the said register.
(b)ln our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act 1956, and exceeding the value of Rupees five Lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time where such market prices are available.
(6) The Company has not accepted any deposits from the public
(7) In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
(8) To the best of our knowledge, the Central Government has prescribed
maintenance of cost records under Section 209 (1)(d) of the Companies
Act, 1956. In our opinion, prime facie, the prescribed accounts and
records have been maintained. However, we are not required to and have
not made examination of the records.
(9) In respectof statutory dues:
(a)According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Customs
Duty, Excise Duty, Cess, Service Tax and other material statutory dues
have been regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31 st March, 2010 for a period of more than six
months from the date of becoming payable.
(b)According to the information and explanations given to us, except
income tax there are no dues in respect of Sales-Tax, Custom Duty,
Wealth-Tax, Excise Duty, Service Tax or Cess outstanding on account of
any dispute. The details of dues of Income Tax which have not been
deposited on account of dispute are given below.
Particulars Assessment years to Forum where Amount
Which the matters dispute is Rs.
Pertains pending
Income Tax 2003-04 I.T.A.T., Mumbai 11,13,326/-
Act, 1961 2005-06 Commissioner (Appeals> 25,54,788/-
2006-07 Commissioner (Appeals) 10,51,442/-
2007-08 Commissioner (Appeals) 4,41,875/-
(10) The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current and
immediately preceding financial year.
(11) According to the information and explanations given to us and the
records examined by us, the Company has not defaulted in repayment of
dues to any financial institution or bank
(12) In our opinion and according and explanation given to us no loans
and advances have been granted by the Company on the basis of security
by way of pledge of shares, debentures and other securities.
(13) The Company is not a chit fund or a nidhi/mutual benefit
fund/society.
(14) In our opinion and according to the information and explanations
given to us, 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, the
Company has not given any guarantees for loan taken by others from
banks and financial institutions.
(16) To the best of our knowledge and belief and according to the
information and explanation given to us, in our opinion, term loans
availed by the company were, prima facie, applied by the company during
the year for the purposes for which the loans were obtained, other than
amount temporary deployed pending utilization of the funds for the
intended use.
(17) In our opinion and according to the information and explanations
given to us, and on an overall examination of the balance sheet of the
Company, we report that no funds raised on short-term basis have been
used for long term investment.
(18) The Company has not made any preferential allotment of shares
during the year.
(19) The Company has not issued any debentures during the year.
(20) The Company has not raised any money by public issue during the
year.
(21) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by the Management.
FOR A. J. BALIYA & ASSOCIATES
Chartered Accountants
(CA M.P. MODY)
Partner.
Membership No.FCA42975
PLACE: MUMBAI
DATED: 15th JUNE, 2010.
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