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Hindustan Adhesives Ltd.

BSE Live

Sep 24, 16:00
259.00 -2.05 (-0.79%)
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AVERAGE VOLUME
5-Day
4,655
10-Day
2,965
30-Day
3,796
11,198
  • Prev. Close

    261.05

  • Open Price

    260.00

  • Bid Price (Qty.)

    259.00 (1135)

  • Offer Price (Qty.)

    260.85 (100)

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Dec 27, 11:22
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Hindustan Adhesives is not listed on NSE

Annual Report

For Year :
2018 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

1. We have audited the attached Balance Sheet of M/s Hindustan Adhesives Limited as on 31st March, 2011, the Profit and Loss Account for the year ended on that date and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors'' Report) Order, 2003, as amended, issued by the Central Government of India under sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph (4) & (5) of the said Order. 4. Further to our comments in Annexure referred to above, we report that: (i) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit; (ii) 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; (iii) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; (v) On the basis of written representations received from the directors, as on 31st March, 2011, and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31 st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; (vi) Subject to our comments above, in our opinion and to the best of our information and according to the explanations given to us, the said statements of accounts read together with the Notes appearing in Schedule ''IT give the information required by the Companies Act, 1956 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; (b) in the case of Profit and Loss Account, of the Profit of the Company for the year ended on that date; and (c) in case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. ANNEXURE TO THE AUDITOR''S REPORT (Referred to in paragraph 3 of our Report of even date) (i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) The management at reasonable intervals has physically verified the fixed assets, no material discrepancies were noticed on such verification. (ii) (a) The physical verification of inventory has been conducted by the management at reasonable intervals. (b) In our opinion the procedures of physical verification of inventory 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 the Company is maintaining proper records of inventory and the discrepancies noticed on physical verification were not material and have been properly dealt with in the books of accounts; (iii) In respect of loans, secured or unsecured, granted or taken by the company to or from companies, firms or other parties covered under the register maintained U/s. 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) The Company has taken unsecured loans from 6 parties covered under the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved in such loans during the year aggregates to Rs. 157.17 Lacs and the closing balance outstanding as on 31st March 2011 is Rs. 41.61 Lacs. (b) In our opinion the terms and conditions of such loans taken by the company are prima facie not prejudicial to the interests of the company (c) There is no pre-determined schedule for repayment of unsecured loans. (d) As there is no schedule for repayment of unsecured loans taken by the company, therefore, we are not in a position to comment on steps, if any, taken by the company for repayment of the same. (e) The company has not granted any loans to companies, firms or other parties covered under the register maintained U/s. 301 of the Companies Act, 1956, except temporary advances given to one of its director which has been recovered as stipulated. The maximum amount innolved in such loan during the year aggregates to Rs. 20 Lacs and the closing balance outstanding as on 31st March, 2011 in Rs. 2.46 Lacs. (iv) In our opinion and according to the information and explanations given to us the company has an adequate internal control procedure 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. There is no continuing failure or weakness in internal control system. (v) According to the information and explanation given to us, the transactions that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956 has been so entered. In our opinion and according to the information & explanation given to us, there were no transactions made in pursuance of contracts or arrangements entered in the register mentioned under section 301 of the Companies Act exceeding the value of Rs. Five lacs in respect of any party during the year. (vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any public deposits for which the provisions for compliance U/s.58 and 58AA or any other relevant provisions of the Companies Act, 1956 applies, (vii) The Company has an internal audit system commensurate with its size and nature of its business. (viii) The Central Government has not prescribed maintenance of cost records for the company U/s.209 (1 )(d) of the Companies Act, 1956. (ix) (a) The Company is generally regular in depositing undisputed applicable statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and any other statutory dues with the appropriate authorities. Except for certain cases of delays in deposites. ) Following disputed dues of Sales Tax and Excise Duty/cess have not been deposited: - SI. Name of the Statue/ Amount Period to which Authority where No. Nature of Dues (Rs.) Amount Relates dispute is pending 1. The Central Sales Tax 14,885/- 2005-06 Deputy Commissioner, Trade Tax Noida Act, 1956 (Central Sales Tax) 15,000/- 2006-07 do 4,62,997/- 2007-08 Com. trade Tax, Noida Dy. 1,43,574/- 2007-08 do 480/- 1999-00 (Sales Tax Assessment) VTO - Delhi 2. Sales Tax Officer-Delhi 3,337/- 2003-04 Sales Tax Officer, VAT Delhi 3. The Central Excise Act, 1944 1,95,000/- March, 1998 High Court (Penalty for wrong MODVAT Credit) (x) The Company has been registered for a period of more than five years, and the company does not have any accumulated losses during the year under report. (xi) According to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions and banks during. (xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The provisions of any special statute applicable to Chit Fund, Nidhi /Mutual Benefit Fund/Societies are not applicable to this company. (xiv) The company is not dealing or trading in business of securities, debentures and other investments. (xv) According to the information and explanations given to us, the company has given a corporate guarantee of Rs. 14.63 crore to bank against loan taken by M/s Bagla Polifilms Ltd., for which approval from Central Government under section 295 of Companies Act,1956 dated 19-03-2010 has been obtained by the Company. (xvi) In our opinion and according to the information and explanations given to us, the term loans obtained in earlier years and continued to remain outstanding during the financial year under report are applied for the purpose for which the loans were obtained. (xvii) According to the information and explanations given to us and on an overall examination of financial statements of the company and after placing reliance on the reasonable assumption made by the company for the classification of long term and short term use of funds we are of the opinion that, prima-facie, long term funds have not been utilised for short term purposes and vice-versa. (xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/s.301 of the Companies Act, 1956. (xix) The Company has not issued any debentures since inception. (xx) The company has not raised any money by public issue during the year. (xxi) According to the information and explanations given to us no fraud on or by the company has been noticed or reported during the year under report. For SALARPURIA & PARTNERS Firm Registration No. 302113E Chartered Accountants Place: 1008, Chiranjiv Tower, (KAMAL KUMAR GUPTA) 43, Nehru Place, New Delhi-110 019 Partner Date : 03.09.2011 M. No. 89190