You are here » Home » Companies » Company Overview » Hilton Metal Forging Ltd

Hilton Metal Forging Ltd.

BSE: 532847 Sector: Engineering
NSE: HILTON ISIN Code: INE788H01017
BSE 00:00 | 22 May 30.95 -1.10
(-3.43%)
OPEN

31.00

HIGH

33.45

LOW

30.65

NSE 00:00 | 22 May 31.00 -1.05
(-3.28%)
OPEN

33.50

HIGH

33.50

LOW

30.45

OPEN 31.00
PREVIOUS CLOSE 32.05
VOLUME 5392
52-Week high 54.55
52-Week low 21.80
P/E 23.81
Mkt Cap.(Rs cr) 39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 31.00
CLOSE 32.05
VOLUME 5392
52-Week high 54.55
52-Week low 21.80
P/E 23.81
Mkt Cap.(Rs cr) 39
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 2017 which comprise the Balance Sheet as at March 31 2017the 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 these financial statements that give a true andfair view of the financial position financial performance and cash flow of the company inaccordance with the accounting principles generally accepted in India including AccountingStandards specified under section 133 of the Companies Act 2013 read with rule 7 ofCompanies (Accounts) Rules

2014. The responsibility includes the design implementation and maintenance ofinternal control relevant to the preparation and presentations of the financial statementsthat gives a true and fair view and are free from material misstatement whether due tofraud or error.

3. Auditors Responsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provision of the Companies Act 2013 the accountingand auditing standards and matters which are required to be included in the Audit Reportunder the provisions of the act and rules made there under. We conducted our audit inaccordance with the

Standards on Auditing specified under section 143(10) of the Companies Act 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 the auditor's judgement including the assessment ofthe risks of material misstatements of the financial statements whether due to fraud orerror. In making those risk assessment the auditor considers internal financial controlrelevant to the Company's preparation and fair presentation of the financial statements inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the company has place an adequate internalfinancial control system over financial reporting and the operating effectiveness of suchcontrols.

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 financialstatements give the information required by the Act inthe 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 2017;

(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 yearended on that date.

5. 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 sub-section (11) of section 143 ofthe Companies Act 2013 (the ‘Act') we give in the annexure a statement on thematters 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 andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) In our opinion proper books ofaccounts as required by law have been kept by the Company so far as appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount.

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 writtenrepresentations received from the directors as on March 31 2017 taken on record by theBoard of Directors none of the directors is disqualified as on March 31 2017 from beingappointed as a director in terms of

Section 164(2) of the Act. f) In our opinion and to the best of our information andaccording to the explanations given to us we report as under with respect to othermatters to be included in the Auditors Report in accordance with rule 11 of the Companies(Audit & Auditors) Rules 2014. i) The Company does not have any pending litigationswhich would impact its financial position. ii) The Company did not have any long termcontracts including derivative contracts as such the question of commenting on anymaterial foreseeable losses thereon does not arise. iii) The company has transferredunclaimed dividend portion Rs 133921/- of the year 2008-2009 to the Investor Educationand Protection Fund in time hence the question of reporting delay in transferring suchsums does not arise.

For R. k. CHAUDHARY & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO.133512W
Sd/-
(R. k. CHAUDHARY)
PLACE: MUMBAI PROPRIETOR
DATE: 26-05-2017 M.NO. 035487

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 nameof 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 the

Companies 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 therecords of the company examined by us there are no undisputed dues of Income Tax SalesTax Wealth Tax Service Tax. c) The company has transferred unclaimed dividend portion Rs133921/- of the year 2008-2009 to the investor education and protection fund in timehence the question of reporting 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 R. k. CHAUDHARY & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO.133512W
Sd/-
(R. k. CHAUDHARY)
PLACE: MUMBAI PROPRIETOR
DATE: 26-05-2017 M.NO. 035487