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Hindustan Appliances Ltd.

BSE: 531918 Sector: Others
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Hindustan Appliances Ltd. (HINDAPPLIANCES) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

We have audited the accompanying financial statements of Hindustan AppliancesLimited (the Company) which comprise the Balance Sheet as at March 31 2014 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Management is responsible for 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 Standards notified underthe Companies Act 1956 (the Act) read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

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 issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 Company'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 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 312014;

(b) In the case of the Statement of Profit and Loss of the Profit of the Company forthe year ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

1) As required by the Companies (Auditor's Report) Order 2003 (the Order) issued bythe Central Government of India in terms of Section 227(4A) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2) As required by Section 227(3) of the Act we report that:

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 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 Accounting Standards notified under the Act read with theGeneral Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairsin respect of Section 133 of the Companies Act 2013

e) On the basis of the written representations received from the directors as on March31 2014 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of Section 274(1) (g) ofthe Act.

For A.C.MODI & ASSOCIATES

Chartered Accountants

Firm’s registration number: 116555W

ALPESG C.MODI

Proprietor

Membership number: 101342

Place: Mumbai

Date: 30 MAY 2014

ANNEXURE TO INDEPENDENT AUDITORS' REPORT

REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE

1. In respect of its fixed assets:

Based on our scrutiny of the company's books of accounts and other records andaccording to the information and explanations received by us from the management we areof the opinion that the question of commenting on maintenance of proper records of fixedassets physical verification of fixed assets and any substantial sale thereof does notarise since the company had no fixed assets at the end of the financial year nor at anytime during the financial year ended on that date.

2. In respect of its inventories:

a) As the company does not engaged in the business of manufacturing marketing andprocessing of any goods and articles the provisions of Clause (ii) of paragraph 4 of theCARO is not applicable.

3. In respect of its loans secured or unsecured granted or taken by the Companyto/from companies firms or other parties covered in the register maintained under section301 of the Companies Act 1956:

In respect loans taken from persons covered U/s.301 of the companies Act:

According to the information and explanations given to us the company has not takenany secured or unsecured loans from companies firms or other parties covered in theregister maintained under section 301 of the Companies Act 1956

In respect loans granted to the persons covered U/s.301 of the companies Act:

According to the information and explanations given to us the company has not grantedany secured or unsecured loans to companies firms or other parties covered in theregister maintained under section 301 of the Companies Act 1956

4. Having regard to the nature of the company's business and based on our scrutiny ofthe company’s records and the information and explanation received by us we reportthat the company's activities do not include purchase of inventory and sale of goods. Inour opinion and according to the information and explanation received by us there areadequate internal control procedure commensurate with the size of the Company and natureof its business with regards to purchase of fixed assets. During the course of audit wehave not observed any continuing failure to correct major weaknesses in internal controlsystem with regard to purchase of fixed assets.

5. In respect of transaction covered under section 301 of the Companies Act1956.:

a) In our opinion and according to the information and explanations given to us thetransactions made in pursuance of contracts or arrangement that needed to be enteredin to in the register maintained under section 301 of the Companies Act1956 have been soentered.

b) In our opinion and according to the information and explanations given to us therewas no any transactions was made in pursuance of contract or arrangement entered in theregister maintained under section 301 of the Companies Act 1956 and exceeding the valueof Rs. 500000 in respect of each party during the year have been made a prices whichappears reasonable as per information available with the company.

6. Based on scrutiny of the company's records and according to the information andexplanation provided by the management in our opinion the Company has not accepted anyloan or deposit which are deposits within the meaning of Rule2(b) of the Company's(Acceptance of Deposit) Rules1975 from the public. Therefore the provisions of Clause(vi) of paragraph 4 of the CARO are not applicable to the Company.

7. In our opinion the Company has an internal audit system commensurate with the sizeand nature of its business.

8. According to the information and explanation provided by the management the companyis not engaged in production processing manufacturing or mining activities. Hence theprovisions of section 209 (1) (d) of the Companies Act1956 do not apply to the company.Hence in our opinion no comment on maintenance of cost records under section 209(1) (d)is required.

9. In respect of statutory dues:

a) According to the records provided to us the Company is generally regular indepositing with appropriate authority undisputed statutory dues including amount ofProvident fund. Investor education and protection fund. Employee's state insurance IncomeTax Sales Tax Wealth Tax Service Tax Custom Duty Excise Duty Cess and other Materialstatutory dues applicable to it.

According to the Information and Explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at 31st March2014 for aperiod of more than six months from the date of becoming payable.

b) According to the records of the company and information and explanations given tous there are no dues of Income Tax Sales Tax Wealth Tax Service Tax Custom DutyExcise Duty Cess which have not been deposited on account of any dispute.

10. The Company does not have accumulated losses at the end of the financial year. TheCompany has not incurred cash losses during the financial year covered by the audit and inthe immediately preceding financial year.

11. According to the records of the company the company has not borrowed fromfinancial institutions or banks or issued debenture till the end of the financial year.Hence in our opinion the question of reporting of default in repayment of dues tofinancial institutions or bank or debenture does not arise.

12. In our opinion and according to the information and explanations given to us noloans and advances have been granted by the Company on the basis of security by way ofpledge of shares debentures and other securities.

13. In our opinion and to the best of our information and according to the explanationprovided by the management we are of the opinion that the company is neither a Chit FundNor a Nidhi/Mutual benefit society. Hence in our opinion the requirements of Para4(xiii) of the CARO do not apply to the company.

14. According to the Information and explanation given to us the company is not dealingor Trading in Shares Securities and Debentures. Investments in respect of all sharesdebentures and other investments have been held by the company in its own name and havealso maintained adequate and proper records.

15. According to the records of the company and the Information and Explanationprovided by the management the company has not given any guarantee for loans taken byothers from any banks or financial institution.

16. The Company has not obtained any term loan during the year. There was no terms loanoutstanding at the beginning of the year.

17. According to the Information and Explanations given to us and over all examinationof balance sheet of the Company we report that no fund raised on short term basis havebeen used for long term investment by the company.

18. According to the records of the company and the information and explanationprovided by the management the company has not made any preferential allotment of sharesto parties and Companies covered in the Register maintained under section 301 of theCompanies Act1956.

19. During the year the Company has not issued any debenture and also there is no anyoutstanding during the year hence the question of creating security or charge in respectof debenture does not arise.

20. During the year the Company has not raised any money by way of public issue.

21. During the course of examination of the books and records of the company carriedout in accordance with generally accepted auditing practices in India and according to theinformation and explanation given to us we have neither come across any instance of fraudon or by the company noticed or reported during the year nor have been informed of suchcases by the Management.

For A.C.MODI & ASSOCIATES

Chartered Accountants

Firm’s registration number: 116555W

ALPESG C.MODI

Proprietor

Membership number: 101342

Place: Mumbai

Date: 3 0 MAY 2014