You are here » Home » Companies » Company Overview » Himalchuli Food Products Ltd

Himalchuli Food Products Ltd.

BSE: 511169 Sector: Financials
NSE: N.A. ISIN Code: INE552N01015
BSE LIVE 10:07 | 25 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.50
PREVIOUS CLOSE 10.96
VOLUME 100
52-Week high 11.50
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.50
CLOSE 10.96
VOLUME 100
52-Week high 11.50
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Himalchuli Food Products Ltd. (HIMALCHULIFOOD) - Auditors Report

Company auditors report

To

THE MEMBERS OF HIMALCHULI FOOD PRODUCTS LTD

Report on the Financial Statements

We have audited the accompanying financial statements of HIMALCHULI FOOD PRODUCTSLTD ("the Company") which comprise the Balance Sheet as at March 31 2016and the Statement of Profit and Loss and Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Management and Board of Directors of the Company are responsible for the mattersstated in Section

134(5) of the Companies Act 2013 ("the Act") with respect to the preparationof these 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 Companies (Accounts) Rules 2014. Thisresponsibility includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent;design implementation and maintenance of adequate internal financial control that areoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by management and Board ofDirectors as well as evaluating 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 Profit and Loss Account of the Loss for the year ended on thatdate; and

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

Emphasis of Matter

The company has huge accumulated losses at the end of the year. Further the company isnot engaged in trading and manufacturing activities during the year and has financialinstability being short term loan payables. The ability of company to continue as a goingconcern is dependent upon the results of the management measures to meet the contingenciesand implementation of those measures its future profitability and its financialviability on which we are unable to express any opinion presently.

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) of section 143 of the Act we give inthe Annexure A a statement on the matters specified in paragraph 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that: a. We have obtained allthe information and explanations which to the best of our knowledge and belief werenecessary 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 appears from our examination of those books;

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this

Report are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the AccountingStandards referred to in 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) of theAct.

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" and

g. 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 theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014:

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 does not arise.

III. There has not been an occasion in case of the company during the year under reportto transfer any sums to the investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

C. S. JARIWALA & CO

Chartered Accountants

FRN - 114906W

(ANUJ C. JARIWALA - PARTNER)

Membership No. 109919

Date : 27 May 2016

Place : Surat

Annexure-A to the Auditors’ Report

Annexure referred to in above paragraph of our report of even date to the members ofCompany on the accounts of the Company for the year ended 31 st March 2016.

1. FIXED ASSETS:

a) As explained to us there is no fixed assets of the company hence question ofmaintaining quantitative details and situation of fixed assets and physical verifi cationby management at reasonable frequency during the year does not arise.

2. INVENTORIES:

a) As explained to us there is no inventory during the year; hence the question ofphysically verification by the management at reasonable frequency during the y ear doesnot arise.

3. In respect of loan secured or unsecured granted by the company to / fromcompanies firms or other parties covered in the register maintained under section 189 ofthe companies Act 2013 : The following are the particulars of loans given by thecompany;

Sr. No. Name of Party Relation with Company Amount Rs. Year End Balance Rs.

The Company has not granted any Loan during the Year

4. In our opinion and according to the information and explanations given to usthe Company has complied with the provisions of section 185 and section 186 of the Actwith respect to the loans and investments made.

5. The company has accepted deposits in nature of current account transaction loanfrom shareholders and directors and friends of the directors during the period andconsequently to that extent the provisions of section 73 to 76 of the Companies Act2013 and rules framed there under are in our opinion applicable.

6. The central government has not prescribed maintenance of cost reco rds underSection 148(1) of the Companies Act 2013.

7. IN RESPECT OF STATUTORY DUES :

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 undisputed statutory dues including Provident Fund Employees’ State Insurance IncomeTax Sales Tax Wealth Tax Service Tax Custom Duty Excise Duty and other materialstatutory as applicable with the appropriate authorities in India. Further to addedthat In our opinion and according to the records of the company the company has noliabilities of Provident Fund & ESI.

b) According to the information and explanations given to us and based on therecords of the company examined by us there are no dues of income Tax Wealth TaxService Tax Sales Tax Customs Duty and Excise Duty which have not been deposited onaccount of any disputes.

c) There has not been on occasion in case of the company during the year underreport to transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise.

8. According to the records of the Company examined by us and as per theinformation and explanations given to us the company has not avai led of any loans fromfinancial institutions or banks and has not issued debentures. Accordingly paragraph3(viii) of the Order is not applicable.

9. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and terms loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable.

10. According to the information and explanation given to us no material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not paid/provided formanagerial remuneration. Accordingly the provisions of section 197 read with Schedule V ofthe Act are not applicable.

12. In our opinion and according to the information and explanations given to usthe Company is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16. The Company is not required to be registered under section 45 -IA of theReserve Bank of India Act 1934.

For and on behalf of

C. S. JARIWALA & CO

Chartered Accountants

FRN - 114906W

ANUJ C. JARIWALA PARTNER

Membership No. 109919

Date: 27 May 2016

Place: Surat