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Himachal Fibres Ltd.

BSE: 514010 Sector: Industrials
NSE: N.A. ISIN Code: INE723D01021
BSE LIVE 15:40 | 22 Sep 6.82 0.32
(4.92%)
OPEN

6.75

HIGH

7.15

LOW

6.15

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.75
PREVIOUS CLOSE 6.50
VOLUME 10580
52-Week high 20.00
52-Week low 5.00
P/E
Mkt Cap.(Rs cr) 59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.75
CLOSE 6.50
VOLUME 10580
52-Week high 20.00
52-Week low 5.00
P/E
Mkt Cap.(Rs cr) 59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Himachal Fibres Ltd. (HIMACHALFIBRES) - Auditors Report

Company auditors report

TO THE MEMBERS OF HIMACHAL FIBRES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of HIMACHAL FIBRESLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information

Management's Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting 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 controls 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 true 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 standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its profit/loss and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements as required by Section 143 (3) of theAct 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act.

FOR SUMAT GUPTA & CO.
CHARTERED ACCOUNTANTS
FIRM REG. NO. 010288N
-sd-
DATED: 30.05.2015 SUMAT GUPTA
PLACE: LUDHIANA PARTNER
(M.NO.086000)

Annexure to the Auditors’ Report

The Annexure referred to in our report to the members of M/s Himachal Fibres Limitedfor the year Ended on 31.03.2015. We report that:

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) According to the information and explanation give to us the fixed assets have beenphysically verified by the Management at reasonable intervals during the year. No seriousdiscrepancies were noticed on such verification. In our opinion the frequency ofverification is reasonable with regard to the size of the company and the nature of itsfixed assets.

(ii) (a) According to information and explanations given to us the stocks have beenphysically verified during the year by the management. In our opinion the frequency ofverification is reasonable.

(b) In our opinion the procedures of physical verification of above referred inventoryfollowed by the management are reasonable and adequate in relation to the size of thecompany and nature of its business.

(c.) In our opinion and according to the information and explanation given to us thecompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

(iii) According to the information and explanations given to us the company has notgranted any loans to the parties covered in the register maintained under section 189 ofthe Companies Act 2013 during the year under review.

(iv) In our opinion and according to the information and explanations give to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchase of inventory and fixed assets and also withregard to sale of goods and services.

(v) Clause (v) of the Companies (Auditor’s Report) Order 2015 is not applicableto the Company for the year under audit.

(vi) We have broadly reviewed the books of account maintained by the Company in respectof products where pursuant to the Rules made by the Central Government the maintenanceof cost records has been prescribed under sub-section (1) of Section 148 of the CompaniesAct 2013 and are of the opinion that prima facie the prescribed accounts and recordshave been made and maintained. We have however not made a detailed examination of therecords with a view to determining whether they are accurate or not.

(vii) (a) According to the records of the company the company is not regular indepositing the undisputed statutory dues including provident fund employee’s stateinsurance income tax sales tax wealth tax service tax custom duty excise duty cessand other material statutory dues with appropriate authorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax service tax sales tax custom duty excise duty and cess were outstanding as on 31.03.2015 for a period of more than sixmonths from the date these became payable except the following:-

S.No. Statute Nature Amount
1. Income Tax Act1961 Income Tax (FY12-13) Rs.3134800/-
2. Himachal Pradesh Sales Tax Act Works Contract Tax Payable Rs. 136008/-
3. Income Tax Act 1961 Fringe Benefit Tax Rs. 103040/-

(c) According to the information and explanations given to us there is no amount whichis required to be transferred to investor education and protection fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and rules made there underhas been transferred to such fund within time.

(i) The company has been registered for a period more than five years it hasaccumulated losses of Rs. 1396.91 Lacs at the end of the year which are more than fiftypercent of its net worth. However it has not incurred any cash losses during the currentand immediately preceding financial year.

(ii) According to the information and explanations given to us the company has madetimely repayment of dues to financial institution and banks.

(iii) According to the information and explanations given to us the company has notgiven any guarantee for loans taken by others from banks or financial institutions.

(iv) According to records examined by us and information and explanations given to uson an overall basis the company has applied term loans for the purpose for which theloans were obtained.

(v) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the company was noticed or reported during theyear.

FOR SUMAT GUPTA & CO.
CHARTERED ACCOUNTANTS
FIRM REG. NO. 010288N
-sd-
DATED: 30.05.2015 SUMAT GUPTA
PLACE: LUDHIANA PARTNER
(M.NO.086000)