1. We have audited the accompanying Financial Statements of Haldyn
Glass Limited [the Company], which comprise the Balance Sheet as at
31st March 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. The Company''s Board of Directors is responsible for the matters
stated in Section 134[5] of the Companies Act, 2013 [the Act] with
respect to the preparation of these financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies [Accounts] Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor''s Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit.
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 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 judgement, 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 and fair presentation 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 accounting policies used and
the reasonableness of the accounting estimates made by 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
4. 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 31st March, 2015;
b] in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c] in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
5 As required by the Companies [Auditor''s Report] Order, 2015 [the
Order], issued by the Central Government of India in terms of Section
143[11] of the Companies Act, 2013, and on the basis of such
verification of the books and records as considered appropriate and
available and according to the information and explanations given to
us, we enclose in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the said order.
6. As required by Section 143[3] of the Act, we report that:
[a] We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 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 written representations received from directors as
on 31st March 2015 and taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March 2015 from being
appointed as 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 to the extent
determinable/ascertainable Refer Note 31 to the financial statements.
ii] The Company does not have any long term contracts including
derivative contracts for which there are any material foreseeable
losses and thus no provision is required under the applicable law or
Accounting Standards towards material foreseeable losses.
iii] There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
Statement on the matters specified in paragraphs 3 and 4 of Companies
[Auditor''s Report] Order, 2015
[Referred to in paragraph 5 of our Audit Report of even date]
i] a] The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets and certain particulars in respect of plant and machinery,
office equipments and furniture & fixture are being updated by the
company.
b] According to information and explanations given to us, fixed assets
of the Company are being physically verified according to a phased
programme of verification so as to verify all assets within a period of
three years, which in our opinion, is reasonable having regard to the
size of the Company and the nature of its fixed assets. As informed,
during the year no material discrepancies to the extent reconciled with
the records available in this respect were noticed on such
verifications.
ii] a] As informed to us, the inventories have been physically verified
by the management at periodic intervals. In our opinion and according
to the information and explanations given to us, the frequency of such
verification is reasonable.
b] In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the Company and 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 inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material having regard to the size of the
Company and nature of its operations and have been properly dealt with
in the books of account.
iii] a] According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013. Accordingly, the provisions relating
to same contained in Clause [iii] [a] to [b] of the Order are not
applicable.
iv] In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal control system.
v] As informed, the Company has not accepted any deposits during the
year from public within the meaning of the directives issued by Reserve
Bank of India and the provisions of sections 73 to 76 or any other
relevant provisions of the Companies Act, 2013 and rules framed there
under. Accordingly, the provisions relating to same contained in Clause
[v] of the Order are not applicable.
vi] According to information and explanations given to us the Company
is required to maintain cost records as prescribed by the Central
Government under section 148 of the Companies Act, 2013. We have
broadly reviewed the books of accounts maintained by the Company
pursuant to the rules made by the Central Government for the
maintenance of the cost records under section 148 of the Companies Act,
2013 and are of the opinion that prima facie, the prescribed records
have been maintained. We have however not made a detailed examination
of the said records with a view to determine whether they are accurate
and complete.
vii] a] According to the information and explanations given to us the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including Provident Fund, Employees'' State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and other material statutory dues applicable to it as per
the available records as far as ascertained by us on our verification.
According to the information and explanations given to us, there were
no undisputed amounts payable in respect of outstanding statutory dues
as aforesaid as at 31st March 2015 for a period of more than six months
from the date they became payable.
b] According to the records examined by us and as per the information
and explanations given to us, the particulars of statutory dues as at
March 31, 2015 which have not been deposited on account of disputes and
the forum where the dispute is
Name of the
Statute Nature of
Tax Amount Period to which the Forum
where dispute
[Rs. In
Lakhs] amount relates is pending
Central Sales
Tax Act Sales Tax 471.99 F.Y. 1999-2000 to DSCT Appeal-2
F.Y. 2003-2004 & Vadodara
2008-2009 to
2010-2011
Income Tax
Act, 1961 Income Tax 186.06 F.Y. 2007-2008 CIT [Appeals]*
1.21 F.Y. 2008-2009 CIT [Appeals]
272.26 F.Y. 2009-2010 CIT [Appeals]*
6.87 F.Y. 2010-2011 Assessing
Officer
196.54 F.Y. 2011-2012 Assessing
Officer
Fringe
Benefit
Tax 0.35 F.Y. 2008-2009 Assessing
Officer
* Order passed by relevant authority, revised order pending to be
received from Assessing Officer.
c] There are no amounts due as on 31st March 2015 which are required to
be transferred to investor education and protection fund in accordance
with the relevant provisions of Companies Act, 2013 and rules.
viii] Based on the financial statements covered pursuant to this
report, the Company has no accumulated losses as at the year ended 31st
March 2015 and has not incurred cash losses during the current
financial year and the immediately preceding financial year.
ix] According to information and explanation provided to us, the
Company has not defaulted in repayment of dues to Financial
Institutions, banks or debenture holders.
x] 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 and accordingly, the provisions of clause
3[x] of the Order are not applicable to the Company.
xi] According to the information and explanations given to us, no term
loans have been obtained by the Company.
xii] During the course of our examination of books of account and as
far as records/details made available and verified by us and according
to the information and explanations given to us, we have neither come
across any instance of material fraud on or by the Company, noticed and
reported during the year, nor we have been informed of such case by the
management.
For Mukund M. Chitale & Co.
Chartered Accountants
Firm Registration No. 106655W
[S.M. Chitale]
Place : Mumbai Partner
Dated : 29th May 2015 Membership No. 111383
