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Hemang Resources Ltd.

BSE Live

May 05, 16:00
6.47 0.00 (0.00%)
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31
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    6.47 (32)

Hemang Resources is not traded on BSE in the last 30 days

NSE Live

Dec 27, 11:22
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Hemang Resources is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2007 2006

Auditor's Report

We have audited the accompanying standalone financial statements of HEMANG RESOURCES 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 Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 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 internal control on financial statements. 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, of the state of affairs of the Company as at 31st March, 2015, and its profit and its cash flows for the year ended on that date. 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 a statement on the matters specified in paragraphs 3 and 4 of the Order. 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 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 standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors 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 Refer Note 2.7(b) to 2.7(i) & 2.11 to 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 Auditor''s Report as referred in paragraph first of our report of even date to the members of Hemang Resources Limited for the year ended 31st March 2015 As required by the Companies (Auditor''s Report) Order issued by the Central Government in the terms of Section 143(11) of the Companies Act, 2013, we further report that:- (1) Fixed Assets:- (a) As informed to us, the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As per information and explanation given to us these fixed assets have been physically verified by the management at reasonable intervals no material discrepancies were observed. (2) Inventories: - (a) As explained to us, physical verification of Inventories has been conducted at reasonable interval by the management. (b) In our opinion and according to the information and explanation given to us, 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 explanation given to us, the Company has maintained proper records of its inventories and no material discrepancies have been noticed on such physical verification by the management. (3) Loan Granted:- (a) According to the information and explanation given to us, the Company has granted unsecured loans to parties covered under section 189 of the Act. The number of parties and amount involved in the transactions are as under: (Amount in R) Maximum balance Balance as on S. No. Name of Parties during the year 31/03/2015 1. Bhatia Global Trading Limited 21,32,00,000/- NIL (b) The rate of interest and other terms and conditions of such loan are not prima facie prejudicial to the interest of the company. (c) As per the terms of the agreement provided to us the receipt of principal and interest are as per the terms of the agreement. (d) As explained & informed to us, no amount is overdue as at the end of the year. (4) Internal Control Procedure: - 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 and other assets and for the sale of goods and services. During the course of our audit, we have not observed any major weakness or continuing failure to correct major weakness in the internal control system of the company in respect of these areas. (5) Public Deposit: - In our opinion and according to the information and explanation given to us, the company has neither accepted nor invited any deposit from public within the provision of Section 73 to 76 of Companies Act, 2013 and rules made there under. (6) Cost Record: - As informed to us, the Central Government has not prescribed the maintenance of cost record under Section 148(1) of the Companies Act, 2013. (7) Statutory Dues: - (a) According to the information and explanation given to us, the Company has been generally regular in depositing undisputed dues relating to Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duties of Customs, Duties of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with appropriate authorities. Following are undisputed statutory dues payable which are outstanding as at 31-03-2015 for a period of more than 6 months from the date they become payable. (Amount in R) Name of the Statute Nature of Amount Period to which Dues the amount relates Employee''s Provident Employee''s and 8984 July 2014 Fund & miscellaneous Employers'' Provisions Act, 1952 Contribution to PF Employee''s Provident Employee''s and 8984 August 2014 Fund & miscellaneous Employers'' Provisions Act, 1952 Contribution to PF Name of the Statute Due Date Date of Employee''s Provident 20th August Not Paid Fund & miscellaneous 2014 Provisions Act, 1952 Employee''s Provident 20th September Not Paid Fund & miscellaneous 2014 Provisions Act, 1952 (b) As informed and explained to us, there are dues of Income Tax, Commercial Tax and other material statutory dues which have not been deposited on accounts of dispute, which are detailed as below:- (Amount in R) Amount Financial Year to Statue Forum where Dispute is involved which the amount pending relates Income Tax Act CIT (Appeals) 110,000/- 1995-96 Stamp Duty Act High Court 10,62,000/- 2004-05 Commercial Tax Joint Commissioner 36,67,832/- 2006-07 (Surat) Sales Tax Deputy Commissioner 38,340/- 2007-08 (Maharashtra) Custom Duty Commissioner (Appeals) 2,35,04,116/- 2012-13 Maharashtra Vat Deputy Commissioner 52,71,446/- 2010-11 As informed to us the order was received at the end of the Custom Duty year, the Company is in 81,91,647/- 2013-14 process of filing of appeal with CESTAT. (c) As per the information and explanations given to us there is no amount that is required to be transferred to Investor Education and Protection Fund in accordance with relevant provisions of Companies Act, 1956 (1 of 1956) and rules made hereunder. (8) Accumulated Cash Losses: - The Company has no accumulated losses at the end of the reporting period. Further, the Company has not incurred any cash losses during the period covered by the report and immediately preceding the financial year. (9) Default in repayment of dues to Financial Institutions, Banks or debenture holders: - According to information and explanation given to us, the company has delayed in repayment of dues of Letter of Credit and Buyers'' Line of Credit to various Banks. The details of the delay are given as under: (Amount in R) Actual Date S. No. Party Amount Due Date of payment Delay in Days 1 Bank Of India 116545450 10-Feb-14 12-May-14 91 2 Bank Of India 43584065 15-Feb-14 16-May-14 90 3 Bank Of India 13178225 19-Feb-14 17-May-14 87 4 Bank Of India 112087031 26-Aug-14 09-Sep-14 14 5 Central Bank 55680174 23-Apr-14 01-May-14 8 of India 6 Central Bank 113445040 23-May-14 26-Jun-14 34 of India 7 Central Bank 42772411 23-May-14 03-Jul-14 6 of India 8 Central Bank 84944926 03-Oct-14 09-Oct-14 6 of India (10) Guarantee given by the Company for Loan taken by others: - As informed and explained to us, the company has given corporate guarantee on behalf of group Company. In absence of terms, conditions and interest for continuance of such guarantee by the company, we are unable to comment on its effect on the interest of the company. The name of the receiving party, nature of guarantee and amount involved therein are detailed as below: S. No. Name of the company Type of Guarantee Name of Bank / Amount Party (In Rupees) 1 Bhatia Global Trading Corporate Guarantee Union Bank of 181,66,00,000/- Limited. for credit facility India (11) Utilization of Terms Loans: - According to information and explanation given to us, no term loan has been obtained by the company either in current financial year or in preceding financial years; hence the clause is not applicable. (12) Fraud Noticed or Recorded: - To the best of our knowledge and belief and according to the information& explanation given to us, no fraud on or by the Company was noticed or recorded during the period. FOR: R.S. BANSAL & COMPANY CHARTERED ACCOUNTANTS FRN 000939C Sd/- (VIJAY BANSAL) (PARTNER) M.No. 075344 Date: 28th May 2015 Place: Indore