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Himatsingka Seide Ltd.

BSE: 514043 | NSE: HIMATSEIDE |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE049A01027 | SECTOR: Textiles - Synthetic & Silk

BSE Live

Dec 08, 10:00
208.00 0.85 (0.41%)
Volume
AVERAGE VOLUME
5-Day
27,090
10-Day
27,357
30-Day
23,383
2,913
  • Prev. Close

    207.15

  • Open Price

    208.00

  • Bid Price (Qty.)

    207.95 (22)

  • Offer Price (Qty.)

    208.00 (2)

NSE Live

Dec 08, 10:00
208.20 1.15 (0.56%)
Volume
AVERAGE VOLUME
5-Day
162,973
10-Day
133,903
30-Day
154,906
26,279
  • Prev. Close

    207.05

  • Open Price

    207.10

  • Bid Price (Qty.)

    207.95 (52)

  • Offer Price (Qty.)

    208.25 (22)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

Report on the Financial Statements We have audited the accompanying fnancial statements of HIMATSINGKA SEIDE LIMITEd (the Company) which comprise the Balance Sheet as at March 31, 2013, the Statement of Proft and Loss and the Cash Flow Statement for the year then ended, and a summary of the signifcant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Management is responsible for the preparation of these fnancial statements that give a true and fair view of the fnancial position, fnancial performance and cash fows of the Company in accordance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 (the Act) 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 fnancial 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 fnancial 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 fnancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the fnancial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the fnancial 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 fnancial 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 the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the fnancial statements. We believe that the audit evidence we have obtained is suffcient 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 fnancial 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, 2013; b) in the case of the Statement of Proft and Loss, of the proft of the Company for the year ended on that date and c) in the case of the Cash Flow Statement, of the cash fows of the Company for the year ended on that date. emphasis of Matter As referred to in Note 36(3) of the Financial Statement, in accordance with the hedge accounting principles per Accounting Standard (AS) 30 Financial Instruments: Recognition and Measurement, from April 01, 2012 the Company designated pre- shipment credit (PCFC) which are taken and repayable in foreign currency from future exports, as hedging instrument to hedge its foreign currency risk against such committed export sales. The exchange gain / loss on such hedging, where the hedge is effective, is transferred to the Hedge Reserve in the Balance Sheet. As per the principles all such items in the Hedge reserve will be transferred back to the Statement of Proft and Loss on occurrence of the hedged transaction. The net exchange gain in respect of the above as on March 31, 2013 was Rs. 185 Lakhs. Our opinion is not qualifed in respect of this matter. Report on other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specifed in paragraphs 4 and 5 of the Order. 2. As required under provisions of 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 it appears from our examination of those books. c) The Balance Sheet, the Statement of Proft and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books. d) In our opinion, the Balance Sheet, Statement of Proft and Loss and Cash Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the Act. e) On the basis of written representations received from the directors as on March 31, 2013 taken on record by the Board of Directors, none of the directors is disqualifed as on March 31, 2013 from being appointed as a director in terms of Section 274(1)(g) of the Act. ANNExURE TO THE AUDITORS'' REPORT (Referred to in paragraph 1 under Report on other Legal and Regulatory Requirements'' section of our report of even date) i) Having regard to the nature of the Company''s business / activities, during the year, clauses vi, xii, xiii, xiv, xix, xx of paragraph 4 of the Order are not applicable to the Company. ii) In respect of its fxed assets: a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fxed assets. b) The fxed assets were physically verifed during the year by the Management in accordance with a regular programme of verifcation which, in our opinion, provides for physical verifcation of all the fxed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verifcation. c) The fxed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fxed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company. iii) In respect of its inventory: a) As explained to us, the inventories were physically verifed 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 verifcation 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 verifcation. iv) In respect of loans, secured or unsecured, granted by the Company to companies, frms or other parties covered in the Register maintained under Section 301 of the Companies Act 1956, according to the information and explanations given to us: a) The Company has granted loans aggregating Rs. 6,901.22 lakhs to one subsidiary during the year. At the year-end, the outstanding balances of such loans aggregated to Rs. 9,970.72 lakhs (from two subsidiaries) and the maximum amount involved during the year was Rs. 9,970.72 lakhs (from two subsidiaries). b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie, not prejudicial to the interests of the Company. c) The receipts of principal amounts and interest have been as per stipulations. d) There are no overdue amounts in respect of such loans remaining outstanding as at the year-end In respect of loans, secured or unsecured, taken by the Company from companies, frms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: a) The Company has not taken any loans during the year. At the year-end, the outstanding balance of such loans taken aggregated Rs. 2,145.30 lakhs (from one party) and the maximum amount involved during the year was Rs. 2,170.30 Lakhs (from one party). b) The rate of interest and other terms and conditions of such loans are, in our opinion, prima facie, not prejudicial to the interests of the Company. c) The payments of principal amounts and interest in respect of such loans are as per stipulations. v) In our opinion and according to the information and explanations given to us, having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fxed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system. vi) In respect of contracts or arrangements entered in the Register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us: a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the Register maintained under the said Section have been so entered. b) Where each of such transactions is in excess of Rs. 5 lakhs in respect of any party, and having regard to the explanations that some of the items purchased are of special nature and suitable alternative sources are not readily available for obtaining comparable quotations, as stated in para (v) above, the transactions have been made at prices which are, prima facie, reasonable having regard to the prevailing market prices at the relevant time. vii) In our opinion, the internal audit function carried out during the year by frm of Chartered Accountants appointed by the management have been commensurate with the size of the Company and the nature of its business. viii) 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 of are the opinion that, prima 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 if they are accurate or complete. ix) According to the information and explanations given to us, in respect of statutory dues: a) The Company has generally been regular in depositing undisputed dues, including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it with the appropriate authorities. b) There were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues in arrears as at March 31, 2013 for a period of more than six months from the date they became payable. x) The Company does not have accumulated losses at the end of the fnancial year. The Company has not incurred cash losses in the fnancial year and in the immediately preceding fnancial year. xi) In our opinion and according to the information and explanations given to us, the Company has been not defaulted in the repayment of dues to fnancial institutions, banks and debenture holders. xii) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company for loans taken by others from banks and fnancial institutions are not, prima facie, prejudicial to the interests of the Company. xiii) In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained, other than temporary deployment pending application. xiv) 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 funds raised on short-term basis have, prima facie, not been used during the year for long-term investment. xv) In our opinion and according to the information and explanations given to us, the Company has not made any allotment of shares during the year. xvi) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. For deLoITTe HASkINS & SeLLS, Chartered Accountants (Registration No. 008072S) Bangalore, May 25, 2013 S. Sundaresan Partner (Membership No. 25776)