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Hydro S and S Industries
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« Mar 13
Auditor's Report (Hydro S and S Industries) Year End : Mar '14
REPORT ON THE FINANCIAL STATEMENTS
 
 We have audited the accompanying financial statements of HYDRO S & S
 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 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 Standards notified under the Companies
 Act,1956 (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 and in accordance with the
 accounting principles generally accepted in India. This responsibility
 includes the design, implementation and maintenance of internal control
 relevant to the preparation and presentation of the financial
 statements that given 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, of the loss 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 OTHER LEGAL AND REGULATORY REQUIREMENTS
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (as
 amended)(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 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 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 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 the 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 referred to in paragraph 1 under the heading  AAI- Report on
 Other Legal and Regulatory Requirements'' of our report of even date on
 the financial statements for the year ended on 31st March 2014:
 
 i) a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b) These fixed assets have been physically verified by the management
 at the end of the financial year, which in our opinion is reasonable
 having regard to the size of the Company and the nature of its assets.
 According to the information and explanations given to us, no material
 discrepancies were noticed on such verification.
 
 c) In our opinion, the fixed assets disposed off during the year, do
 not constitute a substantial part of the fixed assets of the company
 and such disposal has not affected the going concern status of the
 company.
 
 ii) a) As explained to us, the inventories held by the Company were
 physically verified during the year by the management at reasonable
 intervals.
 
 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) In our opinion and according to the information and explanations
 given to us, the company is maintaining proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 iii) a) The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 u/s 301 of the Act.
 
 b) The company has taken an unsecured loan from a Company covered in
 the register maintained u/s 301 of the Act.  The maximum balance
 outstanding during the year is Rs. 1476 lakhs and the balance as at
 31st March 2014 is Rs.1442 lakhs.
 
 iv) In our opinion and according to the information and explanations
 given to us, there exists an adequate internal control system
 commensurate with the size of the Company and the nature of its
 business with regard to the purchase of inventory and fixed assets and
 for the sale of goods and services. Further on the basis of our
 examination of the books and records of the Company, there is no
 continuing failure to correct major weaknesses in the aforesaid
 internal control system of the company.
 
 v) a) The entries relating to particulars of contracts or arrangements
 referred to in section 301 of the Act have been made in the register
 required to be maintained under that section  ADs- and
 
 b) In our opinion and to the best of our knowledge and belief, wherever
 applicable the transactions made in pursuance of such contracts or
 arrangements have been made at prices which are reasonable having
 regard to the prevailing market prices at the relevant time.
 
 vi) The Company has not accepted any deposits from the public during
 the year to which the directives issued by the Reserve Bank of India
 and the provisions of sections 58 A and 58 AA or any other relevant
 provisions of the Act and the rules framed there under are applicable.
 
 vii) In our opinion, the company has an internal audit system
 commensurate with its size and nature of its business.
 
 viii) According to the records produced and information given to us,
 the cost records prescribed by the Central Government under Sec.209 (1)
 (d) of are being maintained by the Company. No examination of such
 records has been carried out by us.
 
 ix) According to the records of the Company,
 
 a) The Company is regular in depositing undisputed statutory dues
 including provident fund, investor education and protection fund,
 employee''s state insurance, income tax, sales tax, wealth tax, service
 tax, customs duty, excise duties and cess and any other statutory dues
 applicable to it, with the appropriate authorities during the year.
 
 b) there are no dues of income tax, sales tax, wealth tax, service tax,
 customs duty, excise duty and cess which have not been deposited on
 account of any dispute except the following pending in appeals:
 
 (i) Income tax of Rs. 45.05 lakhs before the First Appellate Authority
 
 (ii) Customs duty of Rs. 26.78 lakhs before the First Appellate
 Authority
 
 (iii) Sales tax of Rs. 12.75 lakhs before the First Appellate Authority
 and
 
 (iv) Central Excise and Service tax authorities as under:
 
 a.  First Appellate Authority Rs. 12.63 lakhs and
 
 b.  Second Appellate Authority Rs. 2.42 lakhs
 
 x) The Company has accumulated loss at the end of the financial year
 i.e. 31.03.2014 which is more than fifty percent of its net worth. The
 Company has incurred cash loss in this financial year ended 31.03.2014
 and in the preceding financial year ended 31.03.2013.
 
 xi) On the basis of records produced, the Company has not defaulted in
 repayment of the dues to any financial institution or bank during the
 financial year.
 
 xii) As per the records maintained, no loans or advances have been
 granted by the Company on the basis of security by way of pledge of
 shares, debentures and other securities.
 
 xiii) The provisions of Special statute applicable to chit, nidhi,
 mutual fund / societies are not applicable to the Company.
 
 xiv) On the basis of records maintained and in our opinion, the Company
 does not deal or trade in shares, securities, debentures and other
 investments.
 
 xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 xvi) As per the information and explanations given to us, term loans
 have been applied for the purpose for which these term loans were
 obtained.
 
 xvii) In our opinion, based on the information and explanations given
 to us and on an overall examination of the books and records of the
 company, the funds raised on short term basis prima facie have not been
 used for long term investments.  No long term funds have been used to
 finance short-term assets except permanent working capital.
 
 xviii) The company has not made any preferential allotment of shares
 during the financial year to any party.
 
 xix) The company has not issued any debentures during the financial
 year.
 
 xx) The company has not raised any money by public issues during the
 financial year.
 
 xxi) On the basis of the audit procedures carried out and information
 and explanations given by the management, we state that no fraud on or
 by the Company has been noticed or reported during the course of our
 audit.
 
                                      For P. SRINIVASAN  ACY- Co.,
 
                                      Chartered Accountants
 
                                      (Firm Registration No. : 004054S)
 
 Place : Chennai                      CA. P. SRINIVASAN
 
 Date : 28.05.2014                    Partner
 
                                      Membership No. : 02090
Source : Dion Global Solutions Limited
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