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Heera Ispat Ltd.

BSE: 526967 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE025D01013
BSE LIVE 15:14 | 24 Apr Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.11
PREVIOUS CLOSE 2.22
VOLUME 1100
52-Week high 3.15
52-Week low 2.11
P/E 35.17
Mkt Cap.(Rs cr) 1
Buy Price 2.11
Buy Qty 200.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.11
CLOSE 2.22
VOLUME 1100
52-Week high 3.15
52-Week low 2.11
P/E 35.17
Mkt Cap.(Rs cr) 1
Buy Price 2.11
Buy Qty 200.00
Sell Price 0.00
Sell Qty 0.00

Heera Ispat Ltd. (HEERAISPAT) - Auditors Report

Company auditors report

To

The Members of

HEERA ISPAT LIMITED.

Report on the Financial Statements :

We have audited the accompanying Financial statements of HEERA ISPAT LIMITED ("thecompany") which comprise the Balance Sheet as at 31 March 2015 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 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. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 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 31stMarch 2015;

b) in the case of the Statement of Profit and Loss of the loss 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 Legal and Other Regulatory Requirements :

1. As required by the Companies (Auditor's Report) Order 2015 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to as the " Order") and on the basis of such checks of the books andrecords of the company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of 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 purposes 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 the written representations received from the Directors as on 31stMarch 2015 are taken on record by the Board of Directors none of the Director isdisqualified as on 31st March 2015 from being appointed as a Director in terms of Section164 (2) of the Act.

(f) 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 explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements ;

ii. In our opinion and as per the information and explanation provided to us theCompany has not entered into any long-term contracts including derivatives contractrequiring provision under applicable laws or accounting standards for materialforeseeable losses.

iii. the company is not required to transfer any amount to Investor Education andProtection Fund .

Date : 30th May 2015 For DJNV & Co.
Place : Ahmedabad Chartered Accountants
Sd/-
(DEVANG DOCTOR)
Partner
Membership No: 40650

ANNEXURE-A

Securities Laws

1. All Price Sensitive Information was informed to the stock exchanges form time totime

2. All investors complain directly received by the RTA & Company are recorded onthe same date of receipts and all are resolved within reasonable time.

Labour Laws

1. All the premises and establishments have been registered with the appropriateauthorities.

2. The Company has not employed any child labour/ Bonded labour in any of itsestablishments.

3. Provisions with relate to compliances of PF/ESI/Gratuity Act are not applicable toCompany.

Environmental Laws

As the company is engaged in the manufacturing activities so the Environmental laws areapplicable to the company.

1. The Company is not discharging the contaminated water at the public drains/ rivers.The Company has efficient water treatment plants at its factory premise.

2. The Company has been disposing the hazardous waste as per applicable rules.

Taxation Laws

The company follows all the provisions of the taxation and Income Tax Act 1961 andfiling the returns at proper time with Income tax department and all other necessarydepartments.

Place : Ahmedabad FOR KAMLESH M. SHAH & CO.
Date : 30/05/2015 PRACTICING COMPANY SECRETARIES
Sd/-
(Kamlesh M. Shah)
ACS: 8356 COP:2072

INDEPENDENT AUDITOR'S REPORT

To

the Members of

HEERA ISPAT LIMITED.

Report on the Financial Statements :

We have audited the accompanying Financial statements of HEERA ISPAT LIMITED ("thecompany")which comprise the Balance Sheet as at 31 March 2015 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 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. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 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 31stMarch 2015;

b) in the case of the Statement of Profit and Loss of the loss 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 Legal and Other Regulatory Requirements :

1. As required by the Companies (Auditor's Report) Order 2015 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to as the " Order") and on the basis of such checks of the books andrecords of the company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of 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 purposes 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 the written representations received from the Directors as on 31stMarch 2015 are taken on record by the Board of Directors none of the Director isdisqualified as on 31st March 2015 from being appointed as a Director in terms of Section164 (2) of the Act.

(f) 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 explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements ;

ii. In our opinion and as per the information and explanation provided to us theCompany has not entered into any long-term contracts including derivatives contractrequiring provision under applicable laws or accounting standards for materialforeseeable losses.

iii. the company is not required to transfer any amount to Investor Education andProtection Fund .

Date : 30th May2015 For DJNV& Co.
Place : Ahmedabad Chartered Accountants
Sd/-
(DEVANG DOCTOR)
Partner
Membership No:-39833

ANNEXURE TO THE AUDITOR'S REPORT

The Annexure referred to in our report to the members of HEERA ISPAT LIMITED forthe year Ended on 31st March2015 we report that:

(1) The company has no fixed assets thus the clause 3(i)(a) and (b) are not applicableto the company.

(2) As explained to us the company had not engaged during the year in any activitywhich involves hence verification of stock and other related matter are not applicable.

(3) The company has not granted any loans secured or unsecured to the parties coveredin the register maintained U/s 189 of the companies act 2013. Accordingly clause (III)(a) and (b) of the order are not applicable.

(4) In our opinion and according to the information and explanation given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business. During the course of our audit no major weakness has been noticedin the internal controls.

(5) The company has not accepted and\y loans or deposits which are "deposits"within the meaning of Rule 2(b) of the Companies.

(6) The company is not dealing in any products and hence the need for maintainence ofcost records under section 148(1) of the Act does not arise and hence para 3(vi) of CARO2015 is not applicable.

(7) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees' state insurance and duty of excise.

(b) According to the information and explanations given to us there are no materialdues of wealth tax duty of customs and cess which have not been deposited with theappropriate authorities on account of any dispute.

(c) The company is not required to transfer the amount of investor education andprotection fund in accordance with the relevant provisions of the Companies Act.

(8) The accumulated losses of the company are not more than 50% of its net worth. Thecompany has not incurred any cash losses during the financial year covered by our auditbut has incurred cash loss in the immediately preceding financial year. .

(9) According to the records of the company the company has not borrowed from financialinstitutions or banks or issued debentures till 31st March 2015. Hence in our opinion thequestion of reporting on defaults in repayment of dues to financial institutions or banksor debentures does not arise.

(10) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

(11) According to the records of the company the company has not taken any term loansduring the year hence comments under the clause are not called for.

(12) Based on the audit procedures performed and informations and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the course of our audit.

Place : Ahmedabad For DJNV & CO.
Date : Chartered Accountants
Firm Regn. No. 115145W
Sd/-
Devang Doctor
(Partner)
M. No. 39833