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H. S. India Ltd.

BSE: 532145 Sector: Services
NSE: N.A. ISIN Code: INE731B01010
BSE LIVE 18:37 | 19 Oct 11.50 0.78
(7.28%)
OPEN

11.50

HIGH

11.50

LOW

11.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.50
PREVIOUS CLOSE 10.72
VOLUME 351
52-Week high 12.99
52-Week low 4.64
P/E 16.43
Mkt Cap.(Rs cr) 19
Buy Price 9.01
Buy Qty 200.00
Sell Price 11.50
Sell Qty 649.00
OPEN 11.50
CLOSE 10.72
VOLUME 351
52-Week high 12.99
52-Week low 4.64
P/E 16.43
Mkt Cap.(Rs cr) 19
Buy Price 9.01
Buy Qty 200.00
Sell Price 11.50
Sell Qty 649.00

H. S. India Ltd. (HSINDIA) - Auditors Report

Company auditors report

To

The Members of H S INDIA LIMITED

Report On the Financial Statement

We have audited the accompanying financial statements of H S INDIA LIMITED (“theCompany”) which comprise the Balance Sheet as at March 31 2016 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant 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 the Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a tme and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on these financial statements.

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

b) In the case of the Statement of Profit and Loss of the Profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order 2016 (the “Order”)issued by the Central Government of India in terms of Section 143(11) of the Act we givein the “Annexure A” a statement on the matters specified in paragraphs 3 and 4of the Order.

2. 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in “Annexure B”.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanation given to us:

i. The company does not have any pending litigations which would impact its financialposition;

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses; and

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For PARY & CO.
Chartered Accountants
FRN: 007288C
AKASH GAGLANI
Place : Mumbai Partner
Date : May 302016 Membership No.: 114255

Annexure A to the Independent Auditor's Report to the Members of the H S India Limiteddated 30th May 2016

Report on the matters specified in paragraph 3 of the Companies (Auditor's Report )Order 2016 (“the Order”) issued by the Central Government of India in terms ofSection 143 (11) of the Companies Act 2013 (“the Act”) as referred to inparagraph 1 of ‘Report on other Legal and Regulatory Requirement' section. We reportthat:

I. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

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

(c) The title deeds of Immovable properties are held in the name of the company.

II. As explained to us inventories have been physically verified during the yearby the management at reasonable intervals and no material discrepancies have been noticedon such verification.

III. According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under Section 189 of the Companies Act 2013.

IV. According to the Information and Explanation given to us and on the basis ofour examination of the books of accounts the Company has duly complied with theprovisions of Section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and securities.

V. Based on the audit procedures applied by us and according to the information andexplanations provided by the management the Company has not accepted deposits from publicwithin the meaning of directives issued by the Reserve Bank of India and provisions ofSections 73 to 76 or any other relevant provisions of the Act and the Rules framedthereunder are not applicable.

VI. As per information and explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of Section148 of the Companies Act 2013 for the Company's activities. Hence the provisions ofclause 3(vi) of the Order are not applicable to the company.

VII. (a) According to the records of the Company the Company is regular indepositing undisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales-tax Service Tax Custom Duty Excise Duty value added tax cess andany other statutory dues and there are no statutory dues outstanding as on 31 March 2016for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax sales tax service tax duty of customs duty of exciseor value added tax on account of any dispute.

VIII. Based on our audit procedures and on the basis of information andexplanations given by the management we are of the opinion that the Company has notdefaulted in repayment of dues to a financial institution bank government or debentureholders.

IX. According to the information and explanation given to us the Company has notraised money by way of initial public offer or further public offer (including debtinstruments) during the year under consideration. The Company has not availed any freshterm loan facility during the year under consideration.

X. Based on our audit procedures and on the basis of information and explanationgiven by the management we are of the opinion that no fraud by the Company or on thecompany by its officers or employees has been noticed or reported during the year.

XI. According to the information and explanation given to us the Company has paidmanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Companies Act 2013.

XII. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company and therefore the provisions of clause 3(xii) of the Orderare not applicable to the company.

XIII. Based on the information and explanations given to us the Company has compliedwith Section 177 and 188 of the Companies Act 2013 wherever applicable and the detailshave been disclosed in the financial statement etc. as required by the applicableaccounting standards.

XIV. In our opinion and according to the information and explanations given to us theCompany has not made any preferential Allottement or private placement of shares or fullyor partly convertible debentures during the year under review and hence not commentedupon.

XV. Based on the information and explanations given to us the Company has not enteredin to any non-cash transaction with directors or persons connected with him as per Section192 of the Companies Act 2013.

XVI. According information and explanation given to us the Company is not required tobe registered under Section 45-IA of the Reserve Bank of India Act 1934.

For PARY & CO.
Chartered Accountants
FRN: 007288C
AKASH GAGLANI
Place : Mumbai Partner
Date : May 30 2016 Membership No.: 114255

Annexure B to the Independent Auditor's Report to the Members of H S India Limited

Report on the Internal Financial Controls under Clause (i) of Sub Section 3 of Section143 of the Companies Act 2013 (“the Act”) as referred to in paragraph 2(f) of“Report on Other Legal and Regulatory Requirement” section.

We have audited the internal financial controls over Financial Reporting of H S IndiaLimited (“the Company”) as of 31sl March 2016 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial control based on “the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India”. These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the adequacy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal controls overfinancial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (“the Guidance Note”) and theStandards on Auditing issued by the Institute of Chartered Accountants of India anddeemed to be prescribed under Section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. Thosestandards and the Guidance note require that we comply with ethical requirements and planand perform audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exist and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend upon the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that:

a) Pertain to the maintenance of records that in reasonable details accurately andfairly reflect the transactions and dispositions of the assets of the Company.

b) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditure of the Company are being made only inaccordance with authorization of management and directors of the company; and

c) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to the error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the company has in all material respects an adequate internalfinancial controls systems over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31sl March 2016based on “the internal control over financial reporting criteria established by theCompany considering the essential components of internal controls stated in the Guidancenote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India”.

For PARY & CO.
Chartered Accountants
FRN: 007288C
AKASH GAGLANI
Place: Mumbai Partner
Date: May 30 2016 Membership No.: 114255