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Hawkins Cooker Ltd.

BSE: 508486 Sector: Consumer
NSE: HAWKINCOOK ISIN Code: INE979B01015
BSE 00:00 | 17 Jan 3996.95 82.85
(2.12%)
OPEN

3959.95

HIGH

4035.00

LOW

3900.00

NSE 05:30 | 01 Jan Hawkins Cooker Ltd
OPEN 3959.95
PREVIOUS CLOSE 3914.10
VOLUME 2671
52-Week high 4051.00
52-Week low 2606.10
P/E 36.96
Mkt Cap.(Rs cr) 2,114
Buy Price 3996.95
Buy Qty 18.00
Sell Price 4000.00
Sell Qty 4.00
OPEN 3959.95
CLOSE 3914.10
VOLUME 2671
52-Week high 4051.00
52-Week low 2606.10
P/E 36.96
Mkt Cap.(Rs cr) 2,114
Buy Price 3996.95
Buy Qty 18.00
Sell Price 4000.00
Sell Qty 4.00

Hawkins Cooker Ltd. (HAWKINCOOK) - Auditors Report

Company auditors report

TO THE MEMBERS OF HAWKINS COOKERS LIMITED

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of HAWKINS COOKERSLIMITED ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Cash Flows and the Statement of Changes in Equity for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 Ind AS financial statements that give a true and fair view of the state ofaffairs (financial position) profit (financial performance including other comprehensiveincome) cash flows and the changes in equity of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act.

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 financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true 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 Ind AS financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the 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 the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating the overallpresentation 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 informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs (financial position) of the Company as at March 31 2018 and its profit(financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

Other Matter

The comparative financial information of the Company for the year ended March 31 2017and the transition date opening Balance Sheet as at April 01 2016 included in these IndAS Financial Statements are based on the previously issued statutory Financial Statementsprepared in accordance with the Accounting Standards specified under Section 133 of theCompanies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014(‘previous GAAP') audited by the predecessor auditor whose reports for the year endedMarch 31 2017 and March 31 2016 dated May 25 2017 and May 19 2016 respectivelyexpressed an unmodified opinion on those Financial Statements as adjusted for thedifferences in accounting principles adopted by the Company on transition to the Ind ASwhich have been approved by the Company's Board of Directors and audited by us. Ouropinion is not modified in respect of this matter.

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 in terms of Section 143(11) of the Act we give in the" Annexure A " a statement on the matters specified in the paragraph3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss(including Other Comprehensive Income) the Statement of Cash Flows and the Statement ofChanges in Equity dealt with by this Report are in agreement with the books of account. d)In our opinion the aforesaid Ind AS Financial Statements comply with the IndianAccounting Standards (Ind AS) specified under Section 133 of the Act read withrelevant rules issued thereunder. e) On the basis of the written representations receivedfrom the Directors of the Company as on March 31 2018 and taken on record by theBoard of Directors none of the Directors of the Company is disqualified as on March 312018 from being appointed as a director in terms of Section 164 (2) of the Act. f) Withrespect to the adequacy of the internal financial controls over financial reporting of theCompany and the operating effectiveness of such controls refer to our separate report in"annexure B". g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us: i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Ind AS Financial Statements – Refer Note 34 2(a) to the IndAS Financial Statements. ii. The Company did not have any long-term contracts includingderivative contracts during the year ended March 31 2018 for which there were materialforeseeable losses. iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

For KALYANIWALLA & MISTRY LLP
Chartered Accountants
Firm Regn. No. 104607W/W100166
Daraius Z. Fraser
Mumbai Partner
May 30 2018 Membership No. 42454

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(referred to in paragraph 1 ‘report on other legal and regulatory requirements' inour independent auditor's report to the members of the Company on the ind aS financialStatements for the year ended march 31 2018.)

Statement on matters specified in paragraphs 3 & 4 of the Companies (auditor'sreport) order 2016: i. Fixed Assets: (a) The Company has maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us the Company has a programme for physical verification of fixedassets at periodic intervals. In our opinion the period of verification is reasonablehaving regard to the size of the company and the nature of its assets. The discrepanciesnoticed on such verification are not material and have been properly dealt with in thebooks of account.

(c) According to the information and explanations given to us and the records examinedby us and based on the examination of the registered sale deed provided to us we reportthat the title deeds comprising all the immovable properties of land and buildings whichare freehold are held in the name of the Company (formerly known as

Pressure Cookers & Appliances Limited) as at the balance sheet date except thefollowing:

Particulars of the land Gross block (as at march 31 2018) Net block (as at march 31 2018) Remarks
Freehold Land located at Hoshiarpur admeasuring 20 Acres Rs.2 Lakhs Rs.2 Lakhs The possession of land has been given to the Company by the Government of Punjab as per the agreement; the conveyance of which is yet to be finalized.

In respect of the immovable properties of land that have been taken on lease anddisclosed as fixed assets in the financial statements the lease agreements are in thename of the Company (formerly known as Pressure Cookers & Appliances Limited) wherethe Company is the lessee in the agreement except the following:

Particulars of the Land Gross Block (as at March 31 2018) Net Block (as at March 31 2018) Remarks
Leasehold Land located at Jaunpur (Satharia) Plot no. A1 A2 A14 A15 admeasuring 24282 square metres Rs.0.83 Lakh Rs.0.57 Lakh The registered lease deed is in the name of M/s PCA Engineers Limited the erstwhile Company that was merged with the Company under Section 391 to 394 of the Companies Act 1956 in terms of the approval of the Honourable High Court of Bombay. The Company has applied to UP State Industries Development Corporation Limited for transfer of the lease in the name of the Company.

ii. The Management has conducted physical verification of inventory at reasonableintervals. The discrepancies noticed on physical verification were not material inrelation to the operations of the Company and the same have been properly dealt with inthe books of account. iii. The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Act. Therefore the provisions of sub-clauses(a) (b) and (c) of paragraph 3(iii) of the Order are not applicable. iv. In our opinionand according to the information given to us the Company has not advanced any loans to thepersons covered under Section 185 or given any loans guarantees or securities or made anyinvestments as per the provisions of Section 186 of the Act. v. In our opinion andaccording to the information and explanations given to us the Company has complied withthe directives issued by the Reserve Bank of India and the provisions of Section 73 to 76or any other relevant provisions of the Act and the rules framed thereunder as amendedwith regard to the deposits accepted from the public. According to the information andexplanations given to us no order has been passed by the Company Law Board or theNational Company Law Tribunal or the Reserve Bank of India or any Court or any otherTribunal. vi. The maintenance of cost records has not been specified by the CentralGovernment under section 148(1) of the Act. vii. (a) According to the information andexplanations given to us and on the basis of the records examined by us the Company isgenerally regular in depositing undisputed statutory dues including Provident FundEmployees' State Insurance Income Tax Sales Tax Service Tax Duty of Customs Duty ofExcise Value Added Tax Cess and any other statutory dues with the appropriateauthorities wherever applicable. We have been informed that there are no undisputed dueswhich have remained outstanding as at March 31 2018.

(b) According to the information and explanation given to us there are no duesoutstanding of Income Tax Sales Tax Service Tax Duty of Customs Duty of Excise Valueadded tax Goods and Services Tax on account of any dispute other than the following:

name of the Statute nature of dues financial year (f .y.) to which the amount relates amount involved (Rs. In lakhs) amount paid (Rs. In lakhs) amount unpaid (Rs. In lakhs) forum where dispute is pending
Income Tax Act 1961 Wealth Tax 2004-2005 0.10 0.10 Commissioner of Income Tax (Appeals)
Tax deducted at Source and Interest thereon. 2008-2009 and 2010-2011 0.56 0.56 Commissioner of Income Tax (Appeals)
Sales Tax Value Added Tax Sales Tax Value Added Tax 2006 to 2008 2010-2011 and 38.31 3.87 34.44 Appellate Authority – upto Commissioner's level
Central Sales Central Sales 2012 to 2015
Tax Goods and Tax Goods and 2005-2006 26.69 6.68 20.01 Patna High Court
Service Tax and Service Tax & 2009 to 2011 and 166.33 6.85 159.48 Joint Commissioner of
Purchase Tax Purchase Tax 2013-2014 Sales Tax
1987-1988 78.41 77.31 1.10 Assistant Commissioner of
2000-2001 and Taxes
2005-2006 to
2010-2011
2010-2011 and 5.57 5.57 Additional Commissioner
2017-2018
1999 to 2006 and 50.25 0.39 49.86 Commercial Tax Tribunal
2007 to 2009
Central Excise Excise Duty 2011-2012 to 47.88 2.85 45.02 Commissioner of Central Excise
Act 1944 and Service Tax and 2015-2016 Appeals
Finance Act Penalties 1981-1984 and 1304.83 52.37 1252.45 Customs Excise and Service
1994 2002-2015 Tax Appellate Tribunal

viii. According to the information and explanations given to us and based on thedocuments and records produced before us there have been no defaults in the repayment ofdues to banks. The Company does not have loans or borrowings from financial institutionsand government. The Company has not issued any debentures. ix. According to theinformation and explanations given to us the Company has neither raised money throughinitial public offer or further public offer (including debt instruments) nor taken anyterm loans during the year. x. During the course of our examination of the books ofaccount and records of the Company and according to the information and explanation givento us and representations made by the Management no material fraud by or on the Companyby its officers or employees has been noticed or reported during the year. xi. Accordingto the information and explanations given to us and based on our examination of therecords of the Company the Company has paid/ provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act. xii. In our opinion and according to the information andexplanations given to us the Company is not a Nidhi Company. xiii. According to theinformation and explanations given to us and based on our examination of the records ofthe

Company transactions with related parties are in compliance with Section 177 and 188of the Act where applicable and details of such transactions have been disclosed in theInd AS Financial Statements as required by the applicable accounting standards. xiv.According to the information and explanations given to us and based on our examination ofthe records of the Company the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year. xv.According to the information and explanations given to us and based on our examination ofthe records of the Company the Company has not entered into non-cash transactions withthe Directors or persons connected with him. Hence the provisions of Section 192 of theAct are not applicable. xvi. The Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934. Hence the provisions of Section 192 of theAct are not applicable.

For KALYANIWALLA & MISTRY LLP
Chartered Accountants
Firm Regn. No. 104607W/W100166
Daraius Z. Fraser
Mumbai Partner
May 30 2018 Membership No. 42454

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in Paragraph 2(f) ‘Report on Other Legal and Regulatory Requirements'in our Independent Auditor's Report to the members of the Company on the Ind AS financialstatements for the year ended March 31 2018.) Report on the Internal Financial Controlsunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of HAWKINSCOOKERS LIMITED ("the Company") as of March 31 2018 in conjunction withour audit of the Ind AS financial statements of the Company for the year ended on thatdate.

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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 Ind AS 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 Ind AS 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 (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial 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 2018 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 ofChartered Accountants of India.

For KALYANIWALLA & MISTRY LLP
Chartered Accountants
Firm Regn. No. 104607W/W100166
Daraius Z. Fraser
Mumbai Partner
May 30 2018 Membership No. 42454