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Himalya International Ltd.

BSE: 526899 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE552B01010
BSE LIVE 15:40 | 22 Nov 26.55 -0.05
(-0.19%)
OPEN

27.30

HIGH

27.90

LOW

26.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 27.30
PREVIOUS CLOSE 26.60
VOLUME 93375
52-Week high 42.90
52-Week low 15.30
P/E
Mkt Cap.(Rs cr) 154
Buy Price 26.55
Buy Qty 172.00
Sell Price 0.00
Sell Qty 0.00
OPEN 27.30
CLOSE 26.60
VOLUME 93375
52-Week high 42.90
52-Week low 15.30
P/E
Mkt Cap.(Rs cr) 154
Buy Price 26.55
Buy Qty 172.00
Sell Price 0.00
Sell Qty 0.00

Himalya International Ltd. (HIMALYAINTL) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To the Members of Himalya International Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of HimalyaInternational Limited ("the Company) which comprise the balance sheet as at 31 March2016 the statement of profit and loss and the cash flow statement for the year then endedand a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the matters stated in Section 134(5) of the CompaniesAct2013 ("the Act") with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting principles generallyaccepted in India including the Accounting Standards referred to in section 133 of theAct read with rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting record in accordance with the provision of theAct for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities selection and application of appropriate accounting policies makingjudgements and estimates that are reasonable and prudent and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the account records relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe entity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement 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:

(I) in the case of the balance sheet of the state of affairs of the Company as at 31March 2016;

(ii) in the case of the statement of profit and loss of the loss for the year ended onthat date; and

(iii) in the case of the cash flow statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure "A" statement on the matters specified in theparagraph 3 & 4 of the order to the extent applicable.

As required by C&AG of India through directions/sub-directions dated 11.12.2015 and29.04.2016 and issued under Section 143(5) of the Act on the basis of writtenrepresentation received from the management we give our report on the matter specified inthe Annexure "B" attached

a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary 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 standalone financial statements comply with theAccounting Standards referred to in Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on 31 March2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f. We are enclosing herewith a report in "Annexure B" for our opinion onadequacy of internal financial controls system in place in the company and the operatingeffectiveness of such controls;

g. With respect to the other matters to be included in the Auditors Report inAccordance with Rule 11 of the Companies (Audit and Auditors)Rules2014 in our opinion andto the best of our information and according to the explanations given to us:

(1) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to in Note 27.16 to the financialstatements

(2) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-termcontracts including derivative contracts.

(3) There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.

For Anujeet Dandona & Co.

Chartered Accountants Firm Registration No.006118C

Sd/-

(Anujeet Singh)

Proprietor FCA.

Membership No.73662

Place: Dehradun Dated: 30.05.2016

ANNEXURE ‘A’

ANNEXURE A'

(Referred to under 'Report on Other Legal and Regulatory Requirements' of our Report ofeven date)

Report on Companies (Auditor's Report) Order2016 ('the Order') issued by the centralGovernment in terms of Section 143(11) of the companies Act 2013 ('the Act') of HimalyaInternational Limited ('the Company')

I. a.) The company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b.) According to information and explanation given to us there is a regular programmeof physical verification of these fixed assets by the management which in our opinion isreasonable having regard to size of the company and nature of its assets. As informed tous no material discrepancies were noticed on such verification.

c.) As informed to us and as verified by us during the course of our audit the titledeeds on immovable properties are held in name of company as at the balance sheet date.

ii. As informed to us the inventories were physical verified during the year by themanagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

iii. As informed to us the company has granted unsecured loans to companies covered inthe register maintained under section 189 of the Companies Act 2013. In respect of suchloans:

(Rs '000')
Name of the company Nature of loan Balance as on 31.03.2016 Maximum Amount Due
APJ Laboratories Ltd. Advance against purchase 56562 56562

a.) As informed to us and as verified by us the terms and condition of grant to suchloans are not prejudicial to the interest of the company.

b.) Repayment of the principle amount and payment of interest on such loans has notbeen stipulated as it is in the nature of "Advance against purchases"

c.) Not Applicable

iv. According to the information and explanation given to us the company has compliedwith the provision of section 185 and 186 of the Companies Act 2013 in respect of grantof loans making investments and providing guarantees and securities as applicable duringthe year.

v. The company has not accepted any deposits during the year and does not have anyunclaimed deposits as at March 31 2016 and therefore the provisions of clause 3(v) ofthe Order are not applicable to the Company.

vi. Reporting under clause 3(vi) of the order is not applicable as the company'sbusiness activities are not covered by the companies (Cost Record and Audits) Rules 2014.

vii. a.) According to records of the company and information and explanation given tous the company has generally been regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales- tax service-taxduty of customs duty of excise value added tax cess and any other statutory dues withthe appropriate authorities.

According to information and explanation given to us there are no outstanding statutorydues as referred above as at the last day of the financial year under audit for a periodof more than six months from the date they become payable. b.) As certified by themanagement on which we have relied upon the dues of income tax or sale tax or service taxor duty of custom or duty of excise or value added tax or cess which have not beendeposited on account of dispute and the forum where the dispute is pending are givenbellow:

viii. Based on our audit procedure and in accordance with the information andexplanation given to us by the company has not defaulted in repayment of dues to banks.The company does not have any loans or borrows from financial institutions or governmentand has not issued any debentures.

ix. The company has not raised any money during the year by way of initial public offeror further public offer (including debts instrument) or term loans and hence reportingunder clause 3(ix) of the Order is not applicable.

x. According to the information and explanation given to us there has been no fraudnoticed or reported during the year by the company or on the company by its officers oremployees.

xi. In our opinion the managerial remuneration paid/provided during the year is inaccordance with requisite approvals mandated by the provisions of section 197 read withSchedule V of Companies Act 2013.

xii. The company is not a nidhi company and hence reporting under clause 3(xii) of theOrder is not applicable.

xiii. According to the information and explanation given to us the Company is incompliance with Section 177 and 188 of the Act where applicable for all transactionswith the related parties and details of related party transactions have been disclosed inthe financial statements as required by the applicable accounting standards.

xiv. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Further theCompany has converted 2850604 Share Warrants of Rs.10/- each into Equity Shares of2850604 of Rs. 10 each at a premium of Rs. 1/- each as per the Scheme approved by BSE.

xv. As informed to us during the year the company has not entered into any non-cashtransactions with any of its directors or persons connected with the directors.

xvi. The Company is not required to get registered under section 45-IA of Reserve Bankof India Act 1934.

For Anujeet Dandona & Co.

Firm Registration No.006118C Chartered Accountants

Sd/-

(Anujeet Singh)

Proprietor FCA.

M No.73662 Place: Dehradun Dated: 30.05.2016

ANNEXURE B' TO THE INDEPENDENT AUDITORS' REPORT

Referred to under "Report on Other Legal and Regulatory Requirements " of ourReport of even date to the members of Himalya International Limited on the Financialstatement for the year ended March 2016.

"NOT APPLICABLE"

For Anujeet Dandona & Co.

Firm Registration No.006118C Chartered Accountants

Sd/-

(Anujeet Singh)

Proprietor FCA.

M No.73662 Place: Dehradun Dated: 30.05.2016

ANNEXURE C' TO THE AUDITORS' REPORT OF HIMALYA INTERNATIONAL

Referred to in paragraph 3(f) to "Report on Other legal and regulatoryrequirement" of the independent Auditors' Report of even date to the members ofHimalya International Limited on financial statement for the year ended March 312016.

Report on the Internal Financial Controls under clause (i) of Sub Section 3 of Section143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of HimalyaInternational Limited ("the Company") as of March 312016 in conjunction withour audit of the standalone financial statement of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls.

The Company's management is responsible for establishing and maintaining internalfinancial controls base on the internal control over financial reporting criteriaestablished by the company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants on India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's Policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and Completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting base on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable on an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respect. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence I/we have obtained is sufficient and appropriate to provide a basis forout audit opinion on the Company's internal financial controls system over financialreporting.

Meaning of Internal financial Controls over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purpose in accordance withegenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that

1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorization of management and directors of the company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statement.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the company consideringthe essential components of internal controls stated in Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Anujeet Dandona & Co.

Firm Registration No.006118C Chartered Accountants

Sd/-

(Anujeet Singh)

Proprietor FCA.

M No.73662

Place: Dehradun

Dated: 30.05.2016