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Viaan Industries

BSE: 537524|ISIN: INE324N01027|SECTOR: Domestic Appliances
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Viaan Industries is not listed on NSE
Mar 15
Auditor's Report (Viaan Industries) Year End : Mar '16

Report on the Financial Statements

1. We have audited the accompanying standalone financial statements of Viaan Industries Limited (Formerly known as Hindustan Safety Glass Industries Limited) (the Company) which comprises the balance sheet as at 31st March 2016, the Statement of Profit and loss, the cash flow statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. 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 of these Standalone 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statements based on our audit.

4. 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.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone 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 standalone 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 includes evaluating the appropriateness of the 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 standalone financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Opinion

8. 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 of the state of affairs of the Company as at March 31, 2016, and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements:

9. The provisions 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 Companies Act 2013, we give in the annexure a statement on the matters specified in paragraph 3 o\and 4 of the Order.

10. As required by Section 143(3) of the Act, we 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 Cash Flow 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 of the Companies (Accounts) Rules, 2014 (as amended);

e. On the basis of written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, 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 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 which would impact the standalone Financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company

ANNEXURE TO AUDITOR''S REPORT

(Referred to in paragraph I of our report of even date)

1

Reporting on maintaining and verifying and disposing of fixed assets

a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification

c) The Company does not have any immovable property; hence relevant clause is not applicable to the Company.

2

Physical verification and Maintenance of records of inventories

According to the information and explanations given to us, there is no Physical Inventory with the company at the year end therefore the said clause is not applicable to the Company.

3

Loan given by the company

According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not given any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013.

4

Loan to Director and Investment by the Company

According to the information and explanations given to us, the Company has not given any loans, investments, guarantees and security, hence provision of section 185 and 186 are not applicable to the company.

5

Deposits

During the year under report, the company has not accepted any deposits as stated in section 73 to 76. Hence clause 3(v) of the report are not applicable to the company.

6

Cost Records

The Company is engaged in the business of trading activity hence the central government has not specified maintenance of cost records.

7

Statutory Dues

a) According to the records of the Company and information and explanation given to us, the company has been generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, wealth tax, Income Tax and other statutory dues with the appropriate authorities during the year. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as 31st March 2016 for a period of more than six months from the date of becoming payable.

b) According to the records of the company and information and explanations given to us, no disputed dues of provident fund, employees'' state insurance, sales tax, service tax, value added tax, duty of custom, Income Tax and other statutory dues were payable during the year.

8

Default in repayment of dues

According to the information and explanations given to us, the company has not accepted any loans from financial institution, bank, Government or dues to debenture holders.

9

Utilization of IPO and Further Public Offer

According to the information and explanations given to us, the company has not raised any funds by way of Initial Public Offer (IPO) or further public offer (including debt instruments)

and terms loans hence the clause 3(xi) of the report are not applicable to the Company.

10

Reporting of Fraud

To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

11

Managerial Remuneration

According to the information and explanations given to us, the company and to the best of our knowledge and belief the company has paid the managerial remuneration in accordance with the requisite mandated by the provision of section 197 read with schedule V of the Companies Act 2013.

12

Nidhi Company

This clause 3(xii) of the report are not applicable to the Company,

13

Related Party Transactions:

According to the information and explanation given the company has disclosed all the transactions with the related parties in compliance with section 177 and 188 of the Companies Act 2013 and the details have been disclosed in the financial statements as required by the applicable accounting standards;

14

Private Placement or Preferential Issues

According to the information and explanations given to us, the company has made the preferential allotment or private placement of Equity Shares or fully or partly convertible debentures during the year under review as per the requirement of section 42 of the Companies Act 2013 have been complied with. The Amount raised have been used for the purpose for which the funds were raised.

15

Non Cash Transaction

According to the information and explanations given to us, the company has not entered into any non cash transactions with directors or persons connected with him.

16

Register with RBI Act 1934

According to the information and explanations given to us, the company is not required to be registered u/s. 45 IA of the RBI Act 1934.

For SEKHRI KANODIA & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No: 109389W

Sd/-

PARTNER

CA SANJEEV KUMAR CHOPRA

MEMBERSHIP NO.131611

PLACE: Mumbai

DATE : 27th May, 2016

Source : Dion Global Solutions Limited
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