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Hind Syntex Ltd.

BSE: 503881 | NSE: HINDSYNTEX | Series: NA | ISIN: INE155B01012 | SECTOR: Textiles - Spinning - Synthetic Blended

BSE Live

Mar 11, 16:00
1.66 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
595
10-Day
491
30-Day
541
938
  • Prev. Close

    1.66

  • Open Price

    1.66

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    1.66 (1022)

Hind Syntex is not traded on BSE in the last 30 days

NSE Live

Mar 11, 15:32
1.45 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
484
10-Day
454
30-Day
318
1,356
  • Prev. Close

    1.45

  • Open Price

    1.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Hind Syntex is not traded on NSE in the last 30 days

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2006

Auditor's Report

We have audited the accompanying financial statements of HIND SYNTEX LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the 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 and presentation 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 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 there under. We conducted our audit in accordance with the Standards on Auditing, as 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 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 incluues evaluating the appropriateness of 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 financial statements. Opinion 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, of the state of affairs of the Company as at 31 st March, 2015, 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 theAnnexure 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 further 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 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 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 ofthe Companies (Accounts) Rules, 2014; e) on the basis ofthe written representations received from the directors as on 31st March, 2015 and taken on record by the Board of Directors, none ofthe directors is disqualified as on 31 st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and 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 does not have any pending litigations except as stated in para vii(b) of the annexure to this report which would impact its financial position. ii. ) the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses, and iii. ) there were no amounts due which were required to be transferred to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditor''s Report (Referred to in paragraph-1 on Other Legal and Regulatory Requirements of our Report of even date to the members of Hind Syntex Limited on the Financial Statements ofthe Company for the year ended 31 st March, 2015) On the basis of such checks, as we considered appropriate during the course of our audit, we report that: i. a) The Company is generally maintaining proper records to show full particulars including quantitative details and situation of its Fixed Assets. b) As explained to us, Fixed Assets have been physically verified by the management at regular intervals, and as informed to us no material discrepancies were noticed on such verification. ii. a) The inventories have been physically verified during the year at reasonable intervals 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 is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material in relation to the operations of the Company and the same have been properly dealt with in the books of account. > iii. According to the information and explanations given to us, the Company has not granted any loan, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Accordingly, clause 3(iii)(a) and (b) ofthe Order are not applicable. iv. 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 inventories and fixed assets and for sale of products and services. Further during the course of our audit, we have not observed any weaknesses or continuous failure to correct any major weakness in the aforesaid internal control system ofthe Company. v. According to the information and explanations given to us, the Company has not accepted any deposits from the public during the year within the meaning of sections 73 to 76 of the Act and the rules framed there under to the extent notified. vi. We have broadly reviewed the books of account maintained by the Company in respect of the products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been prescribed u/s 148(1) of the Act and are ofthe opinion that prima facie, the prescribed accounts and records have been maintained. We have not, however, made a detailed examination ofthe records with a view to determine whether the same are accurate or complete. vii a) As per records of the Company and according to the information and explanations given to us, the Company is generally regular in depositing undisputed applicable statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Wealth Tax, Value Added Tax, Cess and any other statutory dues with the appropriate authorities and there are no undisputed amount payable in respect of the same which were in arrear as on 31 st March, 2015 for a period of more than six months from the date the same became payable. b) According to the information and explanations given to us, the Company has not deposited the following dues on account of disputes with the appropriate authorities: Name of the statue Nature of the dues Amount in Rs. Entry Tax Act,1976 Entry Tax 410,968 Employees'' Provident Fund and Miscellaneous Provident Fund 1,083,267 Provisions Act, 1952 CENVAT Credit Availing of and Rules, 2004 and Central Utilisation of 76,028 Excise Act, 1944 CENVAT Credit CENVAT Credit Rules, Availing of and 71,534 2004 and Central Excise Utilisation of Act, 1944 CENVAT Credit Name of the Statute Period to which Forum where dispute is the amount relate pending Entry Tax Act, 1976 1997-98 High Court, Indore Employees'' Provident April 2008 to Employees''Provident Fund and Miscellaneous December 2010 Fund Appellate Tribunal, Provisions Act, 1952 New Delhi CENVAT Credit Rules, September 2010 Asstt. Commissioner of 2004 and Central to December 2012 Central Excise Excise Act, 1944 CENVAT Credit Rules, January 2013 to Asstt. Commissioner of 2004 and Central November 2013 Central Excise Excise Act, 1944 c) According to the information and explanations given to us, there were no amount due which is required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under. viii. In our opinion, the accumulated losses of the Company as at the end of the financial year have not exceeded fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered by our audit but has incurred cash losses in the immediately preceding financial year. ix. In our opinion and according to the information and explanations given to us, the Company has not obtained any loan from Bank or Financial Institution or issued any debentures. Accordingly, clause 3(ix) of the Order is not applicable. x. According to the information and explanations given to us, the Company has given the corporate guarantees to banks for loans taken by an associate company and terms and conditions of which are not prima facie prejudicial to the interest of the Company. However, during the year, the Company has exceeded the limit sanctioned by the shareholders for giving corporate guarantee. As informed to us the Company is taking necessary steps to ratify the same in the ensuing Annual General Meeting of the shareholders. xi. According to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that no term loan was obtained by the Company during the year. xii. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year nor we have been informed of such case by the management For V. SINGHI & ASSOCIATES Chartered Accountants Firm Registration No. 311017E (V.K.SINGHI) Partner Date: 30 th May, 2015 Membership No. 050051 Place; Kolkata