You are here » Home » Companies » Company Overview » Hipolin Ltd

Hipolin Ltd.

BSE: 530853 Sector: Consumer
NSE: N.A. ISIN Code: INE963A01011
BSE LIVE 14:46 | 08 Nov 36.25 -0.10
(-0.28%)
OPEN

36.25

HIGH

36.25

LOW

36.25

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 36.25
PREVIOUS CLOSE 36.35
VOLUME 2500
52-Week high 52.00
52-Week low 25.85
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 36.25
CLOSE 36.35
VOLUME 2500
52-Week high 52.00
52-Week low 25.85
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Hipolin Ltd. (HIPOLIN) - Auditors Report

Company auditors report

To the Members of Hipolin Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Hipolin Limited ("theCompany") which comprise the Balance Sheet as at 31st March 2017 the Statement ofProfit and Loss and the Cash Flow Statement for the year that ended and a summary of thesignificant 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 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 of 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 theprovisions of the Act and Rules made there under. We conducted our audit in accordancewith the Standards on Auditing issued by the Institute of Chartered Accountants of Indiaas specified under section 143(10) of the Act. Those Standards require that we comply withthe ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 but not for the purpose of expressing anopinion on whether the company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Management as well as evaluating the overallpresentation of the financial statements.We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

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 of the state of affairs of the Company as at 31stMarch 2017 and its loss and its Cash Flows 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 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 2017 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2017 from being appointed as a Director in terms ofsection 164 (2) of the 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" to this report;

(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:

1) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements. Refer Note-31 to the financial statements;

2) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses;

3) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

4) The Company has provided requisite disclosure in its Financial Statements as toholding as well as dealings in Specified Bank Notes during period from 8th November 2016to 30th December 2016 and those are in accordance with the books of accounts maintainedby the Company and as produced by the Management to us. Refer Note-28 to thefinancial statements.

For Harish S. Patel & Co.
CharteredAccountants
(Firm Reg. No.103551W)
Place : Ahmedabad Harish S. Patel
Date : May 26 2017 Proprietor
Membership No. No.:8497

"Annexure A" to Independent Auditors' Report

[Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirements' of our report of even date to the financial statements of the Company forthe year ended on 31st March 2017.]

1) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) All the fixed assets have been physically verified by the management during theyear. There is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the company and nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given by the Management the titledeeds of immovable properties are held in the name of the company.

2) The inventory has been physically verified by the Management during the year. In ouropinion the frequency of verification is reasonable. No material discrepancies werenoticed on such physical verification.

3) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the Register maintained under section 189 of theAct. Accordingly the provisions of clause 3 (iii) (a) to (c) of the Order are notapplicable to the Company and hence not commented upon.

4) In our opinion and according to the information and explanations given to us thecompany has not given any loans made any investments given any guarantees or providedany security covered under the provisions of section 185 and 186 of the Act.

5) The company has not accepted any deposits from the public within the meaning ofsection 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

6) We have broadly reviewed the books of account maintained by the company pursuant tothe Rules made by the Central Government of India maintenance of cost records has beenprescribed under section 148(1) of the Companies Act 2013 related to the productsmanufactured by the Company and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. We have not however made a detailedexamination of the records with a view to determine whether they are accurate andcomplete.

7) (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regular indepositing undisputed statutory dues including Provident Fund Employees State InsuranceIncome-Tax Sales tax Service Tax Duty of Customs Duty of Excise Value added Tax Cessand any other statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of the above were in arrears as at March 31 2017 for a period of morethan six months from the date they became payable.

(c) According to the information and explanation given to us there are no dues ofprovident fund employees state insurance duty of customs cess which have not beendeposited with the appropriate authorities on account of any dispute. However accordingto information and explanations given to us the following dues of income tax VAT CSTand duty of excise / service tax have not been deposited by the Company on account ofdisputes;

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company did not have anyoutstanding loans or borrowings dues in respect of a financial institution or bank or togovernment or dues to debenture holders during the year.

9) Based upon the audit procedures performed and according to the information andexplanations given by the management the company has not raised moneys by way of initialpublic offer or further public offer (including debt instruments) and term Loans.Accordingly the provisions of clause 3 (ix) of the Order are not applicable to theCompany and hence not commented upon.

10) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no fraud on the Companyby the officers or employees of the Company has been noticed or reported during the year.

11) Based upon the audit procedures performed and according to the information andexplanations given by the management the managerial remuneration has been paid/providedin accordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act 2013;

12) In our opinion the company is not Nidhi Company. Therefore the Nidhi Rules 2014are not applicable to it. The provisions of clause 3 (xii) of the Order are not applicableto company.

13) According to the information and explanations given by the management alltransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

14) According to the information and explanations given to us and on an overallexamination of the Balance Sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review. Accordingly the provisions of clause 3 (xiv) of the Order are notapplicable to the Company.

15) Based upon the audit procedures performed and according to the information andexplanations given by the management the company has not entered into any non-cashtransactions with Directors or persons connected with him as referred to in Section 92 ofthe Companies Act 2013. Accordingly the provisions of clause 3 (xv) of the Order are notapplicable to the Company.

16) According to the information and explanations given to us the provisions ofSection 45 IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For Harish S. Patel & Co.
CharteredAccountants
(Firm Reg. No.103551W)
Place : Ahmedabad Harish S. Patel
Date : May 26 2017 Proprietor
Membership No. No.:8497

"Annexure B" to Independent Auditors' Report

[Referred to in paragraph number 2 (f) under the "Report on other legal andregulatory requirements" of the Independent Auditors' Report of even date to themembers of Hipolin Limited on the financial statements for the year ended 31st March2017]

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the CompaniesAct 2013 ("theAct")

We have audited the Internal Financial Controls over Financial Reporting of HipolinLimited ("the Company") as of 31st March 2017 in conjunction with our audit ofthe financial statements of the Company for the year ended on 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. 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 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 as specified under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and 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 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 March 31 2017 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 Harish S. Patel & Co.
CharteredAccountants
(Firm Reg. No.103551W)
Place : Ahmedabad Harish S. Patel
Date : May 26 2017 Proprietor
Membership No. No.:8497