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Hisar Spinning Mills Ltd.

BSE: 521068 Sector: Industrials
NSE: N.A. ISIN Code: INE689E01014
BSE LIVE 13:35 | 20 Sep 9.00 0.04
(0.45%)
OPEN

9.00

HIGH

9.00

LOW

9.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.00
PREVIOUS CLOSE 8.96
VOLUME 100
52-Week high 10.65
52-Week low 5.69
P/E 3.86
Mkt Cap.(Rs cr) 3
Buy Price 9.00
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.00
CLOSE 8.96
VOLUME 100
52-Week high 10.65
52-Week low 5.69
P/E 3.86
Mkt Cap.(Rs cr) 3
Buy Price 9.00
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00

Hisar Spinning Mills Ltd. (HISARSPGMILLS) - Auditors Report

Company auditors report

To The Members of Hisar Spinning Mills Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of Hisar Spinning MillsLimited ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134 (5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments 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 accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. 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 thereunder.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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 ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

7. 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

8. 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 of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder.

10. 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 purposes 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 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) 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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

for JAIN & ANIL SOOD
Chartered Accountants
Firm's Regn No. 010505N
(RAJESH KUMAR JAIN)
Place: Hisar Partner
Date: 30.05.2015 Membership No. 088447

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 9 of the Independent Auditor's Report of even date to themembers of Hisar Spinning Mills Limited on the financial statements as of and for the yearended 31st March 2015).

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a program for the physical verification of fixed assets at periodicintervals. In our opinion the period of verification is reasonable having regard to thesize of the Company and the nature of its fixed assets. No significant discrepancies werenoticed on such verification.

2. (a) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate In relation to the size of the Company and the nature of itsbusiness.

(c) On the basis of our examination of the records of inventory we are of the opinionthat the Company is maintaining proper records of Inventory. The discrepancies noticed onverification between the physical stocks and the book records were not material.

3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act Thusparagraph 3(iii) of the Order is not applicable.

4. In our. opinion and according to the information and explanations given to us. thereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods. The activities of the Company do not involve the sale of services. During thecourse of our audit we have not observed any continuing failure to correct majorweaknesses in internal control system.

5. The Company has not accepted any deposits from the public.

6. The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act for any of the products of the Company.

7. (a) The Company is generally regular in depositing the undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax wealth taxservice tax. duty of customs duty of excise value added tax cess and any otherstatutory dues as applicable with the appropriate authorities though there has beenslight delay in few cases. According to the information and explanations given to us noundisputed amounts payable in respect of such statutory dues were in arrears as at 31stMarch. 2015 for a period of more than six months from the date they became payable.

(b) There are no dues of income tax or sales tax or wealth tax or service tax or dutyof customs or duty of excise or value added tax or cess which have not been deposited onaccount of any dispute.

(c) There were no amounts which were required to be transferred to Investor Educationand Protection Fund. Thus paragraph 3(vii)(c) of the Order is not applicable.

8. The Company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year and in the immediately precedingfinancial year.

9. The Company has not defaulted in repayment of dues to a financial institution orbank. The Company did not have any outstanding debentures during the year.

10. The Company has not given any guarantee for loans taken by others from banks orfinancial institutions.

11. The Company has not obtained any fresh term loan during the year underconsideration. Hence comments under paragraph 3(xi) of the Order are not called for.

12. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit.

for JAIN & ANIL SOOD
Chartered Accountants
Firm's Regn No. 010505N
(RAJESH KUMAR JAIN)
Place: Hisar Partner
Date: 30.05.2015 Membership No. 088447

8. The Company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year and in the immediately precedingfinancial year.

9. The Company has not defaulted in repayment of dues to a financial institution orbank. The Company did not have any outstanding debentures during the year.

10. The Company has not given any guarantee for loans taken by others from banks orfinancial institutions.

11. The Company has not obtained any fresh term loan during the year underconsideration. Hence comments under paragraph 3(xi) of the Order are not called for.

12. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the course of our audit.

for JAIN & ANIL SOOD
Chartered Accountants
Firm's Regn No. 010505N
(RAJESH KUMAR JAIN)
Place: Hisar Partner
Date: 30.05.2015 Membership No. 088447