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H. S. India Ltd.

BSE: 532145 Sector: Services
NSE: N.A. ISIN Code: INE731B01010
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NSE 05:30 | 01 Jan H. S. India Ltd
OPEN 6.86
PREVIOUS CLOSE 6.86
VOLUME 1090
52-Week high 10.24
52-Week low 6.15
P/E 6.07
Mkt Cap.(Rs cr) 11
Buy Price 6.24
Buy Qty 100.00
Sell Price 6.86
Sell Qty 96.00
OPEN 6.86
CLOSE 6.86
VOLUME 1090
52-Week high 10.24
52-Week low 6.15
P/E 6.07
Mkt Cap.(Rs cr) 11
Buy Price 6.24
Buy Qty 100.00
Sell Price 6.86
Sell Qty 96.00

H. S. India Ltd. (HSINDIA) - Auditors Report

Company auditors report

Independent Auditor’s Report

To

The Members of H S INDIA LIMITED

Report on the Financial Statement

We have audited the accompanying Ind-AS financial statements of H S INDIA LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2018 theStatement of Profit and Loss including the Statement of Other Comprehensive Income theCash Flow Statement and the Statement of Changes in Equity 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 is responsible for the matters stated in theSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance including other comprehensive Income cash flows andchanges in Equity of the company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified underSection 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015 asamended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind-AS financial statements that give a hue and fair view and are free from materialmisstatement whether due to fraud or error.

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 thereunder.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit 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 the Company’s Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

a) of the state of affairs of the Company as at 31s(March 2018;

b) of the Profit including other comprehensive income for the year ended on that date;

c) of the cash flows for the year ended on that date; and

d) the changes in equity 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 Section 143(11)of the 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 it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Companies (Indian AccountingStandards) Rules 2015 as amended.

e) On the basis of written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 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".

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 explanation 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; and

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

For PARY & CO.
Chartered Accountants
FRN: 007288C
Akasli Gaglani
Place : Mumbai Partner
Date : SO* May 2018 Membership No.: 114255

Annexure A to the Independent Auditor’s Report to the Members of the H S IndiaLimited dated 30"1 May 2018

Report on the matters specified in paragraph 3 of the Companies (Auditor’s Report)Order 2016 ("the Order") issued by the Central Government of India in terms ofSection 143(11) of the Companies Act 2013 ("the Act") as referred to inparagraph 1 of ‘Report on other Legal and Regulatory Requirement’ section. Wereport that:

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

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; 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 explained to us inventories have been physically verified during the year bythe management at reasonable intervals and no material discrepancies have been noticed onsuch verification.

III. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under Section 189 of the Companies Act 2013.

IV. According to the Information and Explanation given to us and on the basis of ourexamination of the books of accounts the Company has duly complied with the provisions ofSection 185 and 186 of the Companies Act 2013 in respect of loans investmentsguarantees and securities.

V. Based on the audit procedures applied by us and according to the information andexplanations provided by the management the Company has not accepted deposits from publicwithin the meaning of directives issued by the Reserve Bank of India and provisions ofSections 73 to 76 or any other relevant provisions of the Act and the Rules framedthereunder are not applicable.

VI. As per information and explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of Section148 of the Companies Act 2013 for the Company’s activities. Hence the provisions ofclause 3(vi) of the Order are not applicable to the company.

VII. (a) According to the records of the Company the Company is regular in depositingundisputed statutory dues including Employees’ Provident Fund Employees’ StateInsurance Income-tax Sales-tax Service Tax Custom Duty Excise Duty Value Added TaxCess Goods and Services Tax and any other statutory dues applicable to it.

(b) No undisputed amount payable in respect of Provident fund employees stateinsurance Income Tax Service Tax Sales Tax duty of customs duty of excise valueadded tax Goods and Service Tax cess and other statutory dues were outstanding as on31st March 2018 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us there is no amountspayable in respect of Income Tax Sales Tax Service Tax duty of customs duty of exciseValue Added Tax Goods and Services Tax or cess on account of any dispute. VIII.

VIII. Based on our audit procedures and on the basis of information arid explanationsgiven by the management we are of the opinion that the Company has not defaulted inrepayment of dues to a financial institution bank government or debenture holders.

IX. According to the information and explanation given to us the Company has notraised money by way of initial public offer or further public offer (including debtinstruments) during the year under consideration. The Company has not availed any freshterm loan facility during the year under consideration.

X. Based on our audit procedures and on the basis of information and explanation givenby the management we are of the opinion that no fraud by the Company or on the company byits officers or employees has been noticed or reported during the year.

XI. According to the information and explanation given to us the Company has paidmanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Companies Act 2013.

XII. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company and therefore the provisions of clause 3 (xii) of the Orderare not applicable to the company.

XIII. Based on the information and explanations given to us the Company has compliedwith Section 177 and 188 of the Companies Act 2013 wherever applicable and the detailshave been disclosed in the financial statement etc. as required by the applicableaccounting standards.

XIV. In our opinion and according to the information and explanations given to us theCompany has not made any preferential Allottement or private placement of shares or fullyor partly convertible debentures during the year under review and hence not commentedupon.

XV. Based on the information and explanations given to us the Company has not enteredin to any non-cash transaction with directors or persons connected with him as per Section192 of the Companies Act 2013.

XVI. According information and explanation given to us the Company is not required tobe registered under Section 45-IA of the Reserve Bank of India Act 1934.

For PARY & CO.
Chartered Accountants
FRN: 007288C
Akash Gaglani
Place : Mumbai Partner
Date •30lh May 2018 Membership No.: 114255

Annexure B to the Independent Auditor’s Report to the Members of H S India Limited

Report on the Internal Financial Controls under Clause (i) of Sub Section 3 of Section143 of the Companies Act 2013 ("the Act") as referred to in paragraph 2(f) of"Report on Other Legal and Regulatory Requirement" section.

We have audited the internal financial controls over Financial Reporting of H S IndiaLimited ("the Company") as of 31st March 2018 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 control 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 theprevention and detection of frauds and errors the adequacy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal controlsover financial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting ("the Guidance Note") and theStandards on Auditing issued by the Institute of Chartered Accountants of India anddeemed to be prescribed under Section 143(10) of the Act to the extent applicable to anaudit 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 audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exist and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend upon the auditor’s judgment including the assessment of the risks of materialmisstatement 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 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 processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that:

a) Pertain to the maintenance of records that in reasonable details accurately andfairly reflect the transactions and dispositions of the assets of the Company.

b) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditure of the Company are being made only inaccordance with authorization of management and directors of the company; and

c) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea 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 the 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 systems over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2018 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal controls stated in the Guidance note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India".

For PARY & CO.
Chartered Accountants
FKN: 007288C
Akash Gaglani
Place: Mumbai Partner
Date: 30th May 2018 Membership No.: 114255