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Hind Industries Ltd.

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Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2007 2006

Auditor's Report

We have audited the accompanying standalone financial statements of Hind Industries Limited, (the Company) which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS The Company''s Board of Directors are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation and presentation of the standalone financial statement that give true and fair view of the financial position, financial performance and cash flow of the company in accordance with the accounting principles generally accepted in India, including Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014. This responsibility also included maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the company and for preventing and detecting the 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 control that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give true and fair view and free from material misstatements whether due to fraud & error. AUDITORS'' 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 & auditing standards and the matter which are required to be included in the audit report under the provision 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 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 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 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 the 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 on the 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: (a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015; (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. EMPHASIS OF THE MATTER Reference is drawn, (a) To note no. 33, relating to items under reconciliation. (b) To note no. 34, relating to stock, held by subsidiary company, during the year. Our opinion is not qualified in respect of above. 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 term of sub-section 11 of section 143 of the Act, we give in the annexure, a statement on the matters specified in the paragraph 3 and 4 of the Order to the extent applicable. 2. As required by Section 143 (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 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 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, aforesaid standalone financial statement comply with Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Account) Rule, 2014. e. On the basis of the written representations received from the directors as on March 31, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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 Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rule, 2014, in our opinion and to the best of our information and according to the explanation given to us. (i) The Company has disclosed the impact of pending litigation on its financial position in its financial statement as refer to note no 27 to the financial statements. (ii) The Company has made provision as required under the applicable law or accounting standard for material foreseeable losses to the financial statement. (iii) There were no amounts which were required to be transferred to the Investor Education & Protection fund by the company. Annexure to Independent Auditors'' Report Referred to in Paragraph 1 under the heading of Report on Other Legal and Regulatory Requirements of our report of even date to the Members of Hind Industries Limited. 1. In respect of its fixed assets: a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. 2. In respect of its inventories: a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. 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) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records. 3. According to the information and explanation given to us, the Company has granted loan secured and unsecured to the companies, firms or the other parties concerned in the Register maintain under section 189 of the Companies Act, 2013. In respect of such loans, a) the receipt of principal amount and interest have been as per stipulation. b) there is no overdue amount in excess of Rs. 1 lakh remain outstanding at the year end. 4. 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 purchases of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system. 5. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of clause (v) of paragraph 3 of the CARO, 2015 are not applicable to the Company. 6. To the best of our knowledge and as explained to us, the Central Government has not prescribed the maintenance of cost records under of Section 148(1) of the Companies Act, 2013 for the products of the Company. 7. In respect of statutory dues: a) According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess, and other material statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at March 31, 2015 for a period of more than six months from the date of becoming payable, except as given below. 1. Provident Fund (EPF) payable of Rs. 297,234/- for the month of September, 2014. 2. Employee State Insurance (ESIC) payable of Rs. 75,835/- for the month of September, 2014. 3. Income Tax of Rs. 8,955,958/- for the assessment year 2013-14. 4. Income Tax of Rs. 10,989,661/- for the assessment year 2014-15. b) Details of dues of Sale Tax, Income Tax which have not been deposited as on March 31, 2015 on account of disputes are given below: S. Name of the Nature of Amount (Rs.) No. Statute Dues (in crores) 1. VAT & CST Act, 1944 Demand 0.92 2. Income Tax Demand 77.52 Name of the Period to which Forum where Statute the amount relates dispute is pending VAT & CST Act,1994 Assessment Year Appellate Authorities, 2008-2009 Ghaziabad To 2013-2014 Income Tax Assessment Year Income Tax Commissioner 2010-2011 and (Appeals),New Delhi 2011-2012 8. The Company does not have accumulated losses at the end of the financial year. The Company has incurred cash losses during the financial year covered by the audit and has not incurred cash losses in the immediately preceding financial year. 9. According to the information and explanations given by the management, Company has not defaulted in the payment of the dues to the financial institutions as on March 31, 2015 except amount due to Jammu & Kashmir Bank of Rs. 203.68 lacs. 10. The Company has given guarantee for loans taken by others from banks and financial institutions. According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima facie prejudicial to the interest of the Company. 11. According to the information and explanation given to us the term loans outstanding at the beginning of the year have been applied for the purposes for which they were raised. 12. In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year. For M/s M. K. AGGARWAL & CO. Chartered Accountants (FRN - 01411N) (C.A. ATUL AGGARWAL) Place: New Delhi Partner Date : 04-09-2015 (M. No. 99374)