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Haldyn Glass Ltd.

BSE Live

Apr 07, 16:00
19.75 0.75 (3.95%)
Volume
AVERAGE VOLUME
5-Day
11,222
10-Day
11,386
30-Day
18,650
11,585
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    19.00

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    19.45

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  • Offer Price (Qty.)

    0.00 (0)

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Haldyn Glass is not listed on NSE

Annual Report

For Year :
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Auditor's Report

ANNUAL REPORT 2005-2006 AUDITORS' REPORT To The Members of Haldyn Glass Gujarat Limited 1. We have audited the attached Balance Sheet of Haldyn Glass Gujarat Limited as at 31st March, 2006 and also the Profit and Loss Account and the Cash Flow statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the 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. 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, we give in the Annexure, a statement on the matters specified in paragraphs 4 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that; (a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. (b) In our opinion, proper books of account, as required by law have been kept by the Company so far as it appears from our examination of such books. (c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. (d) 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. (e) On the basis of the written representations received from the Directors and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2006 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 read with significant accounting policies and other 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2006; ii) In the case of Profit and Loss Account, of the profit for the year ended on that date, and iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. For CHATURVEDI SOHAN & CO. Chartered Accountants Sohan Chaturvedi Partner M. No.: 30760 Place : Mumbai Date : 27th May, 2006 ANNEXURE TO THE AUDITORS' REPORT Haldyn Glass Gujarat Limited (Referred to in paragraph 3 of our report of even date) i) The nature of the Company's business / activities during the year is such that clauses (viii) & (xiii) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company for the year ended 31s March' 2006. ii) In respect of its Fixed assets: (a) The Company has maintained proper records showing full particulars including quantitative details and the location of Fixed Assets. However, the same needs updation. (b) The Company has physically verified certain assets during the year in accordance with a program of verification, which in our opinion provides for physical verification of the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification. (c) In our opinion and according to the information and explanations given to us, the Company has not made any substantial disposals during the year. iii) In respect of its inventory: (a) The inventory has been physically verified by management during the year. In our opinion the frequency of verification is 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 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 inventory and no material discrepancies were noticed on physical verification. iv) In our opinion and according to the information and explanations given to us, the Company during the year has not granted / taken any loans secured or unsecured to / from companies, firms or other parties as per register maintained under section 301 of the Companies act 1956. Accordingly paragraph (iii) (b), (c) and (d) of the order are not applicable. v) 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 nature of its business with regards to purchase of inventory, fixed assets, sales of goods and services. vi) In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act, 1956; (a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered into the register have been so entered. (b) Transactions made in pursuance of contracts or arrangements entered into the register maintained under section 301 and exceeding the value of five lacs rupees in respect of any party during the year, these in our opinion and according to the information and explanations given to us, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. vii) The Company has not accepted any deposits from the public. Therefore, the provisions of section 58A and 58AA of the companies act, 1956, and rules framed there under and the directives issued by the Reserve Bank of India are not applicable. viii) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business. ix) According to the information and explanations given to us in respect of statutory and other dues; (a) The Company has been generally 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 and any other statutory dues with the appropriate authorities during the year. (b) according to information and explanations given to us there are no undisputed amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty were outstanding at the year end for a period of more than six months from the date they became payable. (c) Disputed dues in respect of Sales Tax - aggregating to Rs.581.74 lacs - pending before Sales Tax Authorities (including appeal to be filed) have not been deposited since the matters are pending before relevant Appellate Authorities, as listed below: Authority where the dispute is pending Assessment Year Amount (Rs. In Lacs) DCST, Appeal - 2, Vadodra 1995-96 0.64 DCST, Appeal - 2, Vadodra 1996-97 3.03 DCST Appeal - 2, Vadodra 1997-98 343.72 DCST, Appeal - 2, Vadodra 1998-99 451.20 DCST, Appeal - 4, Vadodra 1999-2000 9.11 DCST, Appeal - 4, Vadodra 2000-01 4.00 Appeal to be filed 2001-02 61.59 Total 873.29 Less: Liability Recognised 291.55 Balance 581.74 DCST - Dy. Commissioner of Sales Tax x) The Company does not have accumulated losses as on 31s' March 2006 and has not incurred cash losses in current year and immediately preceding financial year. xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions, banks and debenture-holders in view of deferment received. xii) According to the information and explanations given to us, the Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii) In our opinion and according to the information and explanation given to us, the Company is not a dealer Trader in the securities. xiv) In our opinion and according to the information and explanations given to us, guarantees given by the Company for loans taken by others from banks and financial institutions, includes guarantee given on behalf of a Company, which was covered under Section 2(46AA) of the Companies Act, 1956 relating to Sick Industrial Company. The Company has got representation from such Company that, (i) has assets fully covering the amount of liability and (ii) has given counter guarantees (iii) has gone for One Time Settlement scheme with one of the financial institution. In view of the above we are of the opinion that the guarantee given are not prejudicial to the interest of the Company. xv) Based on information and explanation given to us by the management, the term loans were applied for the purpose for which the loans were obtained. xvi) According to the information and explanation given to us and on overall examination of the Balance Sheet of the Company we are of the opinion that no funds raised on short term basis has been used for long term investments. xvii) The Company has not made any preferential allotment during the year. xviii) According to the information and explanations given to us and the records examined by us, securities have been created in respect of the debentures issued. xix) The Company has not raised any money by public issue during the year. xx) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For CHATURVEDI SOHAN & CO. Chartered Accountants Sohan Chaturvedi Partner M. No.: 30760 Place : Mumbai Date : 27th May, 2006