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Hindustan Tin Works Ltd.

BSE: 530315 Sector: Industrials
NSE: HINDTINWRK ISIN Code: INE428D01019
BSE LIVE 15:58 | 23 Oct 95.40 4.40
(4.84%)
OPEN

92.95

HIGH

96.15

LOW

90.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 92.95
PREVIOUS CLOSE 91.00
VOLUME 43993
52-Week high 116.80
52-Week low 57.10
P/E 16.77
Mkt Cap.(Rs cr) 99
Buy Price 0.00
Buy Qty 0.00
Sell Price 95.40
Sell Qty 522.00
OPEN 92.95
CLOSE 91.00
VOLUME 43993
52-Week high 116.80
52-Week low 57.10
P/E 16.77
Mkt Cap.(Rs cr) 99
Buy Price 0.00
Buy Qty 0.00
Sell Price 95.40
Sell Qty 522.00

Hindustan Tin Works Ltd. (HINDTINWRK) - Auditors Report

Company auditors report

To the Members of

HINDUSTAN TIN WORKS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of HINDUSTAN TIN WORKS LTD("the Company") which comprise the Balance Sheet as at March 31st 2016 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

Management's Responsibility for the 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 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 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.

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 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on 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 of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and reasonableness of the accountingestimates made by Companies Directors as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the 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 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 Statement of Profit and Loss of the Profit for the year endedon that date; and

(c) 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

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 to the extent applicable.

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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to adequacy of the Internal Financial Controls over financial reportingof the company and the operating effectiveness of such controls refer to our separateReport in "Annexure B"

g. With respect to the other matters 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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 28.1 to the financial statements;

II. The Company did not have any long-term contracts including derivative contracts forwhich 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.

For M.L. Puri & Co.
Chartered Accountants
FRN 002312N
M. L. Puri
Place : New Delhi Partner
Date : 30th May 2016 M. No. 009198

"ANNEXURE A" TO THE INDEPENDENTS AUDITORS' REPORT

(Referred to in paragraph 1 of our report of even date)

(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of the availableinformation.

b) As explained to us the Company has a regular programme of physical verification ofits fixed assets by which all fixed assets are verified in a phased manner which in ouropinion is reasonable having regard to the size of the Company and nature of its assets.Accordingly the physical verification of fixed assets has been carried out by themanagement during the year. We are informed that discrepancies noticed on suchverification were not material and have been properly dealt with in the books of account.

c) According to the information and explanations given to us the title deeds ofimmovable property are held in the name of Company.

(ii) The physical verification of the inventory has been carried out by the managementin accordance with the perpetual inventory programme at regular intervals during theyear. In our opinion the frequency of such verification is reasonable having regard tothe size of the Company and the nature of its business. The Company is maintaining properrecords of inventory. The discrepancies noticed on verification between the physicalstocks and book records were not material and have been properly dealt with in the booksof account.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under Section 189 of the CompaniesAct 2013.

(iv) According to the information and explanations given to us the Company hascomplied with Section 185 & 186 of the companies act 2013 in respect of loansinvestment guarantees and securities.

(v) The Company has not accepted any deposit from the public within the meaning ofSection 73 to 76 or any other relevant provisions of the Companies Act and rules framedthere under.

(vi) We have broadly reviewed the Cost Records maintained by the Company specified byCentral Government under Sub Section (1) of Section 148 of the Companies Act and are ofthe opinion that prima facie the prescribed records have been maintained. We havehowever not made a detailed examination of the Cost Records with a view to determinewhether they are accurate or complete.

(vii) (a) According to information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities. As explained to us the Company did not have any dues on accountof employees' state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax cess and other material statutory dues were in arrears as at 31stMarch2016 for a period of more than six months from the date they became payable (b)According to the information and explanations given to us the particulars of the disputeddues as at 31.03.2016 which have not been deposited on account of matters pending inappeal before appropriate authorities are as under:

Name of the Stature Nature of the Dues Amount Involved (Rs. in Lac) Period to which amount relates Forum where the dispute is pending
Haryana Local Area Development Tax Act 2000 Entry Tax 21.34 FY 2008-09 to FY 2015-16 Hon" ble Supreme Court
Total 21.34

(viii) According to information and explanations given to us the Company has notdefaulted in repayment of dues to any bank / financial institutions.

The Company does not have any debenture holders / bond holders as at the balance sheetdate.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments).

According to informations and explanations given to us the term loan raised by theCompany have been applied for the purpose it has been obtained.

(x) According to the information and explanations given to us no material fraud by thecompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V of the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a 'NIDHI company. Accordingly paragraph 3 (xii) of the Order is notapplicable.

(xiii) 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.

(xiv) 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.

(xv) 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 them. Accordingly paragraph 3(xv)of the Order is not applicable.

(xvi) The Company is not required to Registered under section 45-IA of the Reserve Bankof India Act 1934.

For M.L. Puri & Co.
Chartered Accountants
FRN No. 002312N
M. L. Puri
Place : New Delhi Partner
Date : 30th May 2016 M. No. 9198

"ANNEXURE B" TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2 of our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") Management's Responsibility forInternal 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"]. These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to 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 168 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 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 an 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 sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that 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 andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting 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 M.L. Puri & Co.
Chartered Accountants
FRN No. 002312N
M. L. Puri
Place : New Delhi Partner
Date : 30th May 2016 M. No. 9198