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Hisar Spinning Mills Ltd.

BSE: 521068 | NSE: | Series: NA | ISIN: INE689E01014 | SECTOR: Textiles - Spinning - Cotton Blended

BSE Live

May 13, 16:00
20.50 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
360
10-Day
390
30-Day
587
100
  • Prev. Close

    20.50

  • Open Price

    20.50

  • Bid Price (Qty.)

    20.50 (900)

  • Offer Price (Qty.)

    20.85 (100)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Hisar Spinning Mills is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Hisar Spinning Mills Limited (the Company) which comprise the Balance Sheet as at 31st March 2014, 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 Management is responsible for the preparation 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 Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control 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 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 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 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 the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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 31st March 2014; (b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the 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, 2003 (the Order) issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by 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 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account; (d) in our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013; (e) on the basis of written representations received from the directors as on 31st March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act; ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT (Annexure referred to in paragraph 1 under the heading Report on Other Legal and Regulatory Requirements of our Report of even date to the members of Hisar Spinning Mills Limited for the year ended 31st March 2014) 1 (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) The Company has a program for the physical verification of fixed assets at periodic intervals. In our opinion, the period of verification is reasonable having regard to the size of the Company and the nature of its fixed assets. No significant discrepancies were noticed on such verification. (c) Based on our scrutiny of the records of the company and the information and explanations given to us, we report that there was no sale of fixed assets during the financial year ended 31st March 2014. substantial or otherwise. Hence, the question of reporting whether the sale of any substantial part of fixed assets has affected the going concern of the company does not arise. 2. (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) 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) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, paragraphs 4(iii)(a) to 4(iii)(d) of the Order are not applicable to the Company. (b) The Company has taken unsecured loans from two parties covered in the register maintained under section 301 of the Act. The maximum amount involved during the year from these parties was Rs. 4236500/- but there was no year end balance of loans taken from such parties. (c) In our opinion, the rate of interest and other terms and conditions on which unsecured loans have been taken from parties covered in the register maintained under section 301 of the Act are not, prima facie, prejudicial to the interest of the Company. (d) The loans accepted by the Company from parties covered in the register maintained under section 301 of the Act are interest free loans. There is no amount outstanding as on the balance sheet date against such loans. Henceforth, paragraph 4(iii){g) of the Order is not applicable to the Company in respect of regularity of payment of the principal amount and interest. 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 purchase of inventory and fixed assets and for the sale of goods. The activities of the company do not involve the sale of services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. 5. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section. (b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Act and exceeding the value of five lakh rupees in respect of any party during the financial year under consideration. 6. The Company has not accepted any deposits from the public within the meaning of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed thereunder. 7. In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business. 8. 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 Act and are of 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 determining whether they are accurate or complete. 9. (a) The Company is generally regular in depositing the undisputed statutory dues including employees'' state insurance, provident fund, investor education and protection fund, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities, though there has been slight delay in a few cases. No undisputed amounts payable in respect thereof were outstanding at the year end for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income tax/sales tax/wealth tax/service tax/custom duty/excise duty/cess which have not been deposited with the appropriate authorities on account of any dispute. 10. The Company does not have any accumulated losses as at 31st March 2014 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank. According to records of the Company, the Company did not have any outstanding debentures during the year. 12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion and according to the information and explanations given to us, the Company is not a chit fund/ nidhi/ mutual benefit fund/ society. 14. The Company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of paragraph 4(xiv) of the Order are not applicable to the Company. 15 According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. 16. According to the records of the Company, the Company has not obtained any fresh term loan during the year under consideration. Hence, comments under para 4 (xvi) of the Companies (Auditor''s Report) Order, 2003 are not called for. 17. On the basis of an overall examination of the balance sheet of the Company, in our opinion, there are no funds raised on a short-term basis which have been used for long-term investment. 18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. 19. The Company has not issued any debentures. 20. The Company has not raised any money by public issues during the year. 21. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. for JAIN & ANIL SOOD Chartered Accountants Firm Registration No.010505N (RAJESH KUMAR JAIN) Place: Chandigarh Partner Date : 27.05.2014 Membership No. 088447