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Hindustan Hardy Spicer Ltd.

BSE: 505893 Sector: Auto
NSE: N.A. ISIN Code: INE724D01011
BSE LIVE 11:43 | 30 Nov 90.50 4.00
(4.62%)
OPEN

90.50

HIGH

90.50

LOW

90.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 90.50
PREVIOUS CLOSE 86.50
VOLUME 100
52-Week high 138.90
52-Week low 76.00
P/E
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 90.50
CLOSE 86.50
VOLUME 100
52-Week high 138.90
52-Week low 76.00
P/E
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Hindustan Hardy Spicer Ltd. (HINDHARDYSPICE) - Auditors Report

Company auditors report

To the Members of HINDUSTAN HARDY SPICER LIMITED.

We have audited the accompanying financial statements HINDUSTAN HARDY SPICER of LIMITED("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and the 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 Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act2013 ("the Act") with respect to the preparation andpresentation of these financial statement that give a true and fair view of the financialposition and financial Cash Flow 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 the Companies (accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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.

Auditors' 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 theprovision of the Act and the Rules made thereunder.

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 financial control relevant to the Company's preparation and fairpresentation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is basis for our audit opinion on financial statements.

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 2017 and its profit and its cash flow India of thestate of affairs for the year ended on that date.

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 Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order

2. As required by section 143 (3) of the Act 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 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 and Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) in our opinion the aforesaid financial statements specified under Section 133 ofthe Act.

e) on the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164 (2) ofthe Act

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";

g) With respect to the other matter to be included in the Auditor's Report inaccordance with rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) There are no litigations pending against the company which impacts its financialposition in its financial statements.

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There has been no delay in transferring amounts required to be transferred tothe investor Education and protection Fund by the Company.

(iv) The Company has provided requisite disclosures in the financial statements as toholding as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with the books of accountmaintained by the Company and as produced to us by the Management.

For J. L. BHATT & COMPANY
Chartered Accountants
Firm Reg. No: 101332W
YOGESH J. BHATT
Place: Mumbai Partner
Date: 19th May 2017 Membership No. 30170

ANNEXURE TO AUDITORS REPORT

"ANNEXURE A" REFERRED TO IN PARA 1 OF OUR REPORT ON REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS:

1. The nature of Company's activities during the year has been such that Clause (xii)in paragraph 3 of the Companies (Auditors' Report) Order 2017 is not applicable to theCompany : (i) {a} The company is maintaining proper records showing full particularsincluding quantitative details and situation of fixed assets.

{b} As explained to us all the assets have not been physically verified during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets.

No material discrepancies were noticed on such verification

{c} The Title deeds of immovable properties are held in the name of the Company.

(ii) As per the information furnished the inventory has been physically verifiedduring the year by the management. In our opinion the frequency of verification isreasonable. No material discrepancies were noticed on such verification.

(iii) The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other related parties covered in the register maintainedunder section 189 of the Companies Act 2013.

(iv) The company has not given or made any loans investments guarantees and securityduring the year under review.

(v) The Company has not accepted any deposits during the year under review.

(vi) The Company is not required to maintain cost records as specified by the CentralGovernment under sub-section (1) of section 148 of the Companies Act 2013.

(vii) {a} The company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund investor education protection fundemployees' state insurance income tax sale tax wealth tax custom duty excise dutycess and other material statutory dues applicable to it. According to the information andexplanations give to us no undisputed amounts payable in respect of income tax wealthtax sales tax customs duty excise duty and cess were in arrears as at 31st March 2017for a period of more than six months from the date they became payable.

{b) According to the information and explanation given to us there are no dues of saletax customs duty wealth tax excise duty and cess which have not been deposited onaccount of any dispute. In case of income tax demand outstanding for the following yearis disputed before the higher authorities and hence not deposited. The details of whichare as under:-

Nature of the dues Amount Period for which the Forum where the dispute amount relates is pending
(Rs. Lakhs)
Income Tax 20.64 lacs 2005-2006 Income Tax AppellateTribunal
Total 20.64 lacs

(viii) The Company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments). The term loans were applied for the purposes for whichthose were raised.

(x) As per the information and explanations given to us no fraud by the company or anyfraud on the Company by its officers or employees has been noticed or reported during theyear.

(xi) The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V of theCompanies Act 2013.

(xii) All transactions with the related parties are in compliance with section 177 and188 of the Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

(xiii) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xiv) According to the information and explanations given to us the company has notentered into non cash transactions with directors or persons connected with him.

(xv) The Company is not required to be registered under 45-IA of the Reserve Bank ofIndia Act 1934.

For J. L. BHATT & COMPANY
Chartered Accountants
Firm Reg. No: 101332W
YOGESH J. BHATT
Place: Mumbai Partner
Date: 19th May 2017 Membership No. 30170

"ANNEXURE B" REFERRED TO IN PARA 2 (F) OF OUR REPORT ON REPORT ON OTHER LEGALAND REGULATORY REQUIREMENTS : Report on the internal Financial Controls under Clause (i)of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of HINDUSTANHARDY SPICER LIMITED (" the Company") as of 31 March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon that date

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based 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 of India (‘ICAI') .Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based 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 Standard on Auditing issued by ICAI and deemed tobe prescribed under section 143(10) of the Companies Act2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining and understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is a basis for our audit opinion onthe company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal control over financial reporting is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditure of the company are being made only in accordance with authorizations ofmanagement and directors of the company and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

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 controlover financial reporting were 31st March 2017 based on the internal control overfinancial reporting operating effectively criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For J. L. BHATT & COMPANY
Chartered Accountants
Firm Reg. No: 101332W
YOGESH J. BHATT
Partner
Membership No. 30170
Place: Mumbai
Date: 19th May 2017