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Hind Aluminium Industries Ltd.

BSE: 531979 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE227B01019
BSE 11:56 | 20 Jan 48.85 -0.60
(-1.21%)
OPEN

47.55

HIGH

48.85

LOW

47.55

NSE 05:30 | 01 Jan Hind Aluminium Industries Ltd
OPEN 47.55
PREVIOUS CLOSE 49.45
VOLUME 6
52-Week high 89.70
52-Week low 38.40
P/E
Mkt Cap.(Rs cr) 31
Buy Price 47.50
Buy Qty 10.00
Sell Price 48.85
Sell Qty 59.00
OPEN 47.55
CLOSE 49.45
VOLUME 6
52-Week high 89.70
52-Week low 38.40
P/E
Mkt Cap.(Rs cr) 31
Buy Price 47.50
Buy Qty 10.00
Sell Price 48.85
Sell Qty 59.00

Hind Aluminium Industries Ltd. (HINDALUMINIUM) - Auditors Report

Company auditors report

TO THE MEMBERS OF HIND ALUMINIUM INDUSTRIES LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying Standalone financial statements of HIND ALUMINIUMINDUSTRIES LIMITED (‘the Company') which comprise the Balance Sheet as at 31stMarch 2018 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 significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 (hereinAfter referred to as "the Act") withrespect to the preparation of these standalone financial statements that give a true andfair view of the state of affairs (financial position) profit & loss (financialperformance including other comprehensive income) cash flows and changes in equity of thecompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (‘Ind AS') specified under Section 133 ofthe 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 standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone 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 standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the standalone 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 financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including Ind AS specified under Section133 of the Act:

a) in the case of the Balance Sheet of the state of affairs (financial position) ofthe Company as at March 31 2018;

b) in the case of the Statement of Profit and Loss of the profit (financialperformance including other comprehensive income) of the Company for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

d) in the case of the Statement of changes in equity of the changes in equity of theCompany for the year ended on that date.

OTHER MATTER

The Company had prepared separate set of financial statements for the year ended 31stMarch 2017 and 31st March 2016 in accordance with Accounting Standards prescribed underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rule 2014 (asamended) on which we issued Auditor's Report to the shareholders of the company dated 30thMay 2017 and 6th June 2016 respectively. These financial statements have beenadjusted for the differences in the accounting principles adopted by the Company ontransition to Ind AS which have been audited by us. Our opinion is not modified inrespect 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 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.

2. Further to our comments in Annexure A as required by Section143(3) of the Act wereport 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 relating to preparationof the aforesaid standalone financial statements have been kept so far as it appears fromour examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with the IndAS specified under Section 133 of the Act read with relevant rules issued thereunder;

(e) On the basis of the written representations received from the directors of theCompany as on 31st March 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2018 from being appointed as a director interms of Section 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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting;

(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 as detailed in Note No. 34 to the standalone financial statements hasdisclosed the impact of its pending litigation on its financial position;

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses;

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For MOTILAL & ASSOCIATES
Chartered Accountants
(Firm Registration No. 106584W)
CA. MUKESH P. MODY
Partner
M.No.FCA 042975
Mumbai 15thJune 2018

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

The Annexure A referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended on 31st March 2018. Wereport that:

(1) In Respect of its fixed assets:

(a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets of the company have been physically verified by the management atreasonable intervals. No material discrepancies between the book records and the physicalinventory have been noticed.

(c) All the title deeds of immovable properties are held in the name of the company.

(2) In respect of its inventories:

(a) As explained to us the inventory has been physically verified by the management atreasonable intervals.

(b) On the basis of our examination of the inventory records in our opinion thecompany is maintaining proper records of inventory. The discrepancies noticed on physicalverification of inventory as compared to book records were not material.

(3) According to the information and explanation given to us the company has grantedunsecured loan to Companies Firms Limited Liability Partnerships or other partiescovered in the register maintained under section 189 of the Companies Act. However theterms and conditions of such loans are not prejudicial to the Company's interest Receiptof the principle amount and interest is regular and there are no overdue amounts for morethan 90 days.

(4) In Our opinion and according to the information and explanations given to us duringthe course of the audit the company has not entered in any transaction that attract theprovisions of section 185 and 186 of the Companies Act 2013.

(5) According to the information and explanations given to us the Company has notaccepted any deposits from public during the year and hence reporting under paragraph 3(v) of the Order is not applicable to the Company.

(6) The maintenance of cost records has been specified by the Central Government undersub-section (1) of Section 148 of the Act. We have broadly reviewed the cost recordsmaintained by the Company and are of opinion that prima facie the prescribed costrecords have been made and maintained. We have however not made a detailed examinationof the cost records with a view to determine whether they are accurate or complete.

(7) In respect of statutory dues:

(a) Undisputed statutory dues including provident fund employees' state insuranceincome-tax sales tax service tax Goods and Services Tax duty of customs duty ofexcise value added tax cess and other material statutory dues as applicable havegenerally been regularly deposited to the appropriate authorities. Further no undisputedamounts payable in respect thereof were outstanding at the year-end for a period of morethan six months from the date they became payable.

(b) The dues outstanding in respect of Income Tax on account of any dispute is asfollows:

Name of the Statute Nature of Dues Amounts involved Rs. Assessment Year to which the amount relates Forum where dispute is pending
5959080 2012-13 C.I.T.(A) Mumbai
The Income Tax Act1961 Income Tax 12109703 2013-14 C.I.T.(A) Mumbai
3354187 2014-15 C.I.T.(A) Mumbai

(8) According to the information and explanations given to us and as per the records ofthe Company examined by us the Company has not defaulted in repayment of loans orborrowings to banks.

(9) According to the information and explanations given to us the Company has notraised any money by way of initial public offer (including debt instruments) or term loansduring the year and hence reporting under paragraph 3 (ix) of the Order is not applicableto the Company.

(10) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the company noticed or reported during the year nor have webeen informed of such case by the management.

(11) As per the information and explanations given by the management the managerialremuneration has been paid or provided in accordance with the provisions of section 197read with Schedule V to the Companies Act.

(12) The Company is not a Nidhi Company and hence reporting under paragraph 3 (xii) ofthe Order is not applicable to the Company.

(13) In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable Ind AS;

(14) Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review and hence reportingunder paragraph 3 (xiv) of the Order is not applicable to the company.

(15) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith him. Thus the provisions of section 192 of Companies Act 2013 are not applicable tothe company;

(16) In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For MOTILAL &ASSOCIATES
Chartered Accountants
(Firm Registration No. 106584W)
CA. MUKESH P. MODY
Partner
M.No.FCA 042975
Mumbai 15thJune 2018

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF HIND ALUMINIUM INDUSTRIES LIMITED

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. In conjunction with our audit of the standalone financial statements of HINDALUMINIUM INDUSTRIES LIMITED (the ‘Company') as of and for the year ended 31 March2018 we have audited the internal financial controls over financial reporting of theCompany as of that date.

Management's Responsibility for Internal Financial Controls

2. 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

3. 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 Reportingissued by the Institute of Chartered Accountants of India and the Standards on Auditingprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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.

5. 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

6. 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 detail 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 expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

c. Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. 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

8. In our opinion to the best of our Information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For MOTILAL & ASSOCIATES
Chartered Accountants
(Firm Registration No. 106584W)
CA. MUKESH P. MODY
Partner
M.No.FCA 042975
Mumbai 15thJune 2018