To the Members of Haldyn Glass Limited
Report on the Standalone Indian Accounting Standards ('Ind AS') Financial Statements
1. We have audited the accompanying standalone Ind AS financial statements of HaldynGlass Limited ("the Company") which comprise the Balance Sheet as at March312018 and the Statement of Profit and Loss (including the statement of OtherComprehensive Income) the Statement of Cash Flow and the Statement of Changes in Equityfor the year then ended and a summary of significant accounting policies and otherexplanatory information.
Management's Responsibility for the Ind AS Financial Statements
2. 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 standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed undersection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended and other accounting policies generally accepted in India.
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 frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent and design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalone Ind ASfinancial statements that give a true and fairview and are free from materialmisstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing as prescribed under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone 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 standalone Ind AS financial statements.
4. In our opinion and to the best of our information and according to the explanationsgiven to us the standalone 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 of the state of affairs of the Companyas at March 312018 and its profit including other comprehensive income its cash flowsand the changes in equity for the year ended on that date.
5. Emphasis of Matter
Without qualifying our opinion attention is invited to Note no. 45.1 of the standaloneInd AS financial statements regarding managerial remuneration paid to Managing Directorand Executive Chairman in excess of limits specified under section 197 of the CompaniesAct 2013 read with Schedule V which is subject to approval of Central Government.
6. Other Matter
The comparative financial information of the Company for the year ended March 312017and the transition date opening balance sheet as at April 12016 included in thesestandalone Ind AS financial statements for the year ended March 312017 and March 312016are based on the statutory financial statements prepared in accordance with the Companies(Accounting Standards) Rules 2006 (as amended) audited by us on which we expressed anunmodified opinion dated May 24 2017 and May 27 2016 respectively as adjusted for thedifferences in accounting principles adopted by the Company on transition to the Ind ASwhich have been audited by us.
Our opinion on the standalone Ind AS financial statements and our report on Other Legaland Regulatory reguirements below is not modified in respect ofthese matters.
Report on Other Legal and Regulatory Requirements
7. 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 Companies Act 2013 and on the basis of such verification of the books and records asconsidered appropriate and available and according to the information and explanationsgiven to us we enclose in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 ofthe order to the extent applicable.
8. As required by section 143 (3) of the Act based on our audit 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 Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Cash Flow and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.
d) In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and Companies (Indian Accounting Standards) Rules 2015as amended.
e) On the basis of written representations received from the directors as on March312018 taken on record by the Board of Directors none ofthe directors is disqualifiedas on March 312018 from being appointed as a director in terms of section 164 (2) of theAct.
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:
i. The Company has disclosed the impact of pending litigations on the financialposition in its standalone Ind AS financial statements as referred to in Note 34 to thestandalone Ind AS financial statements;
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and
iii. There has been no delay during the year in transferring the amount which wererequired to be transferred to the Investor Education and Protection Fund by the Company.
| ||Chartered Accountants |
| ||Firm Registration No. 106655W |
| ||(S. M. Chitale) |
|Place : Mumbai ||Partner |
|Date : May 24 2018 ||M. No.111383 |