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Hilton Metal Forging Ltd.

BSE: 532847 Sector: Engineering
NSE: HILTON ISIN Code: INE788H01017
BSE LIVE 15:40 | 22 Sep 38.90 -1.30
(-3.23%)
OPEN

39.80

HIGH

40.50

LOW

38.40

NSE 15:43 | 22 Sep 38.65 -1.20
(-3.01%)
OPEN

39.50

HIGH

41.45

LOW

38.00

OPEN 39.80
PREVIOUS CLOSE 40.20
VOLUME 19471
52-Week high 54.55
52-Week low 14.60
P/E
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 39.80
CLOSE 40.20
VOLUME 19471
52-Week high 54.55
52-Week low 14.60
P/E
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Hilton Metal Forging Ltd. (HILTON) - Auditors Report

Company auditors report

To the Members of

Hilton Metal Forgings Limited

1. Report on Financial Statements:

We have audited the accompanying financial statements of HILTON METAL FORGINGSLIMITED as at March 31 2016 which comprise the Balance Sheet as at March 31 2016the Statement of Profit & Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

2. Managements Responsibility for the Financial Statements:

Management and Board of Directors of the Company are responsible for the matters statedin section 134(5) of the Companies Act 2013 with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flow of the company in accordance with the accounting principlesgenerally accepted in India including Accounting Standards specified under section 133 ofthe Companies Act 2013 read with rule 7 of Companies (Accounts) Rules 2014. Theresponsibility includes the design implementation and maintenance of internal controlrelevant to the preparation and gives a true and fair view and are free from materialmisstatement whether due to presentations of the financial fraud or error.

3. Auditors Responsibility:

Our responsibility is to express financial statements based on our audit. We have takeninto account the opinion on these provision of the Companies Act 2013 the accounting andauditing standards and matters which are required to be included in the Audit Report underthe provisions of the act and rules made there under. We conducted our audit in accordancewith the 143(10) of the Companies Act Standards on Auditing specified 2013. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgement including the assessment of the risks of material misstatementsof the financial statements whether due to fraud or error. In making those riskassessment the auditor considers internal financial control relevant to theCompany’s preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the company has place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by company management as well asevaluating the overall presentation of the financial statements.

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

4. Opinion:

In our opinion and to the best of our information and according to the explanationsgives 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 atMarch 31 2016;

(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 onthat date.

5. Report on other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 (the ‘Act’) we give in the annexure astatement on the matters specified in paragraphs 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 purpose of our audit;

b) In our opinion proper books of accounts as required by law have been kept by theCompany so far as 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 Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards specified under section 133 of theAct 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 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditors Report in accordance with rule 11 of the Companies (Audit & Auditors) Rules2014.

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 assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii) The company has transferred unclaimed dividend portion Rs. 129414/- of the year2007-2008 to the Investor Education and Protection Fund in time hence the question ofreporting delay in transferring such sums does not arise.

For M/s. R K Chaudhary & Associates
Chartered Accountants
Firm Registration Number: 133512W
R K Chaudhary
Proprietor
M No : 035487
Date: 27/05/2016
Place: Mumbai

ANNEXURE TO INDEPENDENT AUDITOR’S REPORT

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that

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

(b) As explained to us all the fixed assets according to the practice of the Companyare physically verified by the Management at reasonable intervals in a phasedverification-program which in our opinion is reasonable looking to the size of theCompany and the nature of its business. No material discrepancies were noticed on suchverification

(c) The Company has not disposed off any substantial part of its Fixed Assets so as toaffect its going concern;

(d) The Title Deeds of immovable properties are held in the name of the company.

(e) None of the Fixed Assets of the Company have been re-valued during the year.

2. As explained to us physical verification of inventory has been conducted by theManagement at reasonable intervals. No material discrepancies were noticed on suchverification

3. The procedure as explained to us which are adopted and followed by the Managementfor physical verification of the above referred inventory are in our opinion arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

4. On the basis of our examination of the inventory records of the Company we are ofthe opinion that the company is maintaining records of its inventory. No discrepancieswere noticed upon physical verification of inventories as compared to the book records.

5. We are of the opinion that the valuation of Stocks is fair & proper inaccordance with the normally accepted accounting principles and is on the same basis as inthe preceding year.

6. In our opinion and according to the information and explanations given to us thereare generally adequate internal control procedures commensurate with the size of theCompany and nature of its business with regards to the purchase of Raw Material includingcomponents Stores and Fixed Assets and for sale of goods. During the course of our Auditwe have not observed any major weakness in the internal control.

7. According to the information and explanations given to us the Company has notgranted / taken any secured or unsecured loans from companies firms Limited LiabilityPartnerships and other parties listed in the register maintained under Section 189 of theCompanies Act 2013.

8. The Company has not accepted any deposits from the public during the year.

9. As informed to us the Central Government has prescribed maintenance of cost recordunder sub section (1) of section 148 of the Act in respect of the companies products andare of the opinion that prima facie the prescribed accounts and records have been madeand maintained to the extent applicable.

10. a) According to the information and explanations given to us and based on therecords of the company examined by us the Company is regular in depositing the undisputedstatutory dues including Provident Fund Income Tax Sales Tax Wealth Tax Service Taxand other material statutory dues as applicable with the appropriate authorities inIndia

b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no undisputed dues of Income Tax Sales TaxWealth Tax Service Tax.

c) The company has transferred unclaimed dividend portion Rs. 129414/- of the year2007-2008 to the investor education and protection fund in time hence the question ofreporting delay in transferring such sums does not arise.

11. According to the records of the Company examined by us and as per the informationand explanations given to us the Company has not defaulted in repayment of loans orborrowings from Financial Institution Bank and Governments etc.

12. The Company has not raised any capital by way of public offer.

13. We have not noticed any fraud committed by the company or its officers or employeesduring the year.

14. The Managerial Remuneration paid is in accordance with the requisite approvalmandated by the provision of section 197 read with schedule V of the Companies Act.

15. The Company is not a Nidhi Company.

16. There are no transactions with the related parties as such provision of section 177and 188 of Companies Act 2013 are not applicable.

17. The Company has not made any preferential allotment or private placement of sharesor fully or party convertible debentures during the year.

18. The company has not entered into any non cash transaction with Directors or Personsconnected with them.

19. The Company neither has accumulated losses at the end of the financial year nor hasincurred cash losses both in the financial year under report and the immediatelypreceding financial year.

20. The company is not a Non-Banking Finance Company (NBFC) as such provision ofsection 45-IA of the Reserve Bank of India Act 1934 is not applicable.

For M/s. R K Chaudhary & Associates
Chartered Accountants
Firm Registration Number: 133512W
R K Chaudhary
Proprietor
M No : 035487
Date: 27/05/2016
Place: Mumbai