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Hindustan Wires Ltd.

BSE: 504713 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE075C01010
BSE 00:00 | 27 Aug 39.90 0
(0.00%)
OPEN

42.50

HIGH

42.50

LOW

39.75

NSE 05:30 | 01 Jan Hindustan Wires Ltd
OPEN 42.50
PREVIOUS CLOSE 39.90
VOLUME 1501
52-Week high 53.75
52-Week low 26.30
P/E
Mkt Cap.(Rs cr) 39
Buy Price 39.90
Buy Qty 500.00
Sell Price 42.50
Sell Qty 199.00
OPEN 42.50
CLOSE 39.90
VOLUME 1501
52-Week high 53.75
52-Week low 26.30
P/E
Mkt Cap.(Rs cr) 39
Buy Price 39.90
Buy Qty 500.00
Sell Price 42.50
Sell Qty 199.00

Hindustan Wires Ltd. (HINDWIRES) - Auditors Report

Company auditors report

TO THE MEMBERS OF HINDUSTAN WIRES LIMITED

Report on the Ind AS Financial statement s

1. We have audited the accompanying Ind AS financial statement of HINDUSTANWIRES LIMITED ("the Company") which comprises 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 ended anda summary of the significant accounting policies and other explanatory information (hereinafter referred to as "Ind AS financial statement s").

Management's Responsibility for the Ind AS Financial statement s

2. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these Ind AS financial statement s that give a true and fair view ofthe financial position financial performance including other comprehensive income cashflows and changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with relevant rules issued thereunder.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting 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 controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statement s that give a true give a true and fair view andfree from material mis statement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these standalone IndAS financial statement s based 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 in accordance with the Standards on Auditingspecified under Section 143(10) of the Companies Act

2013 Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the standaloneInd AS financial statement s are free from material mis statement .

4. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the standalone

Ind AS financial statement s. The procedures selected depend on theauditor's judgment including the assessment of the risks of material mis statement of thestandalone Ind AS financial statement s whether due to fraud or error in making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statement s that give a true andfair view in order to design audit

An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statement s.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the standalone Ind ASfinancial statement s.

Opinion

6. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone Ind AS financial statement s givethe information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India includingthe Ind AS of the financial position of the Company as at 31st March 2018 and itsfinancial performance including othercomprehensiveincomeitscashflowsand the changes inequity for the year ended on that date.

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 section143(11) of the Act we give in the AnnexureA specifiedin the paragraph statementon 3 and 4 of the matters order.

8 As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of our audit.

(b) In our opinion proper books of accounts as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The balance sheet the statement ofprofit flowsand thestatement of changes in equity lossthe statement ofcash dealt with by this Report are inagreement with the books of accounts.

(d) In our opinion the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under

Section 133 of the Act read with relevant rules issued thereunder;

(e) On the basis of the written representation received from thedirectors as on 31st March 2018 and taken on record by the

Board of Directors none of the directors is disqualified as on 31stMarch 2018 from being appointed as a director in terms of Section 164(2) of the Act 2013.

(f) With respect to the adequacy of the internal controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; our report express an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial control overfinancial reporting.

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous: i) The Company has disclosed the impact of pending litigation on its financialposition in its Ind As financial statement 6 . Refer note 32 to the Ind As financialstatement s. ii) The Company did not have any long term contracts including derivativecontracts for which there were any material foreseeable losses ; and iii) The Company didnot have any dues required to be transferred by it to the Investor Education andProtection Funds.

FOR M.L. GARG & COMPANY CHARTERED ACCOUNTANTS

FRN 001604N

(MANISH K GARG) PARTNER

M.NO. 96238

PLACE OF SIGNATURE: NOIDA DATE : 16TH MAY 2018

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure "A" referred to in paragraph 7 of our report ofeven date to the members of Hindustan Wires Limited on the Standalone Ind ASFinancial statement s for the year ended 31st March 2018.

(i) In respect of the Company's fixed assets:

(a) The Company has maintained records showing full particularsincluding quantitative details and situation of fixed assets. (b) The fixed assets werephysically verified during the year by the Management in accordance with a regularprogramme of verification which in our opinion provides for physical verification of thefixed assets at reasonable intervals. According to the information and explanations givento us no material discrepancies were noticed on such verification.

(c) According to the records of the company title deeds of immovableproperties of the company are held in the name of the company.

(ii) As explained to us the inventories were physically verifiedduring the year by the Management at reasonable intervals and no material discrepancieswere noticed on physical verification.

(iii) According to the information and explanations given to us theCompany has granted loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the Register maintained under Section 189 of theCompanies Act

2013. The rate of interest and other terms and conditions of such loanswere not prima facie prejudicial to the interest of the Company.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has compiled with the provision of Sections 185 and 186 of theCompanies Act 2013 with respect to loans and investments made by company.

(v) According to the information and explanations given to us theCompany has not accepted any deposit under Sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules2014 as amended.

(vi) The Central government of India has not prescribed maintenance ofcost accounts for the type of activities of the company pursuant to the rule made bycentral Government of India for the maintenance of cost records clause (d) of sub section(1) of Section 148 of the Company Act2013.

(vii) According to the records examined by us in respect of statutorydues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income-tax SalesTax Service Tax Goods and Service Tax Customs Duty Excise Duty Value Added Tax cessand other material statutory dues applicable to it to the appropriate authorities.

(b) There were no undisputed amounts payable in respect of ProvidentFund Employees' State Insurance Income-tax Sales Tax Service Tax Goods and ServiceTax Customs Duty Excise Duty Value Added Tax Cess and other material statutory dues inarrears as at March 31 2018 for a period of more than six months from the date theybecame payable. (c) Accordingly to the records of the company there were no dues inrespect of income tax Service Tax custom duty Sales tax and Excise Duty Goods andService Tax which have not been deposited on account of disputes. (viii) In our opinionand according to the information and explanations given to us the Company has not takenany loans or borrowings from financial institutions and banks. The Company has not takenany loan or borrowing from government and has not issued any debentures.

(ix) In our opinion and according to the information and explanationsgiven to us no money raised by way of term loans by the Company during the year. TheCompany has not raised moneys by way of initial public offer (including debt instruments)during the year. (x) To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company and no material fraud on the Company byits officers or employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanationsgiven to us the Company has paid managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xii) In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company and hence reporting under clause (xii) ofthe Order is not applicable.

(xiii) In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Section 177 and 188 of the Companies Act2013 where applicable for all transactions with the related parties and the details ofrelated party transactions have been disclosed in the financial statement s as required bythe applicable accounting standards.

(xiv) In our opinion and according to the information and explanationsgiven to us During the year the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures and hence reportingunder clause (xiv) of order 2016 is not applicable to the Company.

(xv) In our opinion and according to the information and explanationsgiven to us during the year the Company has not entered into any non-cash transactionswith its directors or directors of its holding subsidiary or associate company or personsconnected with them and hence provisions of section 192 of the Companies Act 2013 are notapplicable.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934 & hence reporting under clause (xvi) of orderis not applicable to the Company.

FOR M.L. GARG & COMPANY CHARTERED ACCOUNTANTS

FRN 001604N

(MANISH K GARG) PARTNER

M.NO. 96238

PLACE OF SIGNATURE: NOIDA DATE : 16TH MAY 2018

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 8(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report of even date) Report on the InternalFinancial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting ofHindustan Wires Limited ("the Company") as of March 31 2018in conjunction with our audit of the Ind AS financial statement s of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the

Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India (the "GuidanceNote"). 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 policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompaniesAct 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting of the Company based on our audit. Weconducted our audit in accordance with the Guidance Note and the Standards on Auditingprescribed under Section

143(10) of the Companies Act 2013 to the extent applicable to anaudit of internal financial controls. Those Standards and the

Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material mis statement of the financial to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide of financial reporting and the preparation of financialstatement s for external purposes in principles. A company's internalfinancialreportingincludes those policies and procedures that (1) pertain to the control overmaintenance 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 financialstatement s in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statement s.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material mis statement s due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial may becomeinadequate because of changes in conditions or that the degree of compliance with thecontroloverfinancial policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancialcontrols system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on thecriteria for internal financial control over financial reporting established by the

Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Control Over Financial Reportingissued by the Institute of Chartered Accountant of India.

FOR M.L. GARG & COMPANY CHARTERED ACCOUNTANTS

FRN 001604N

(MANISH K GARG) PARTNER

M.NO. 96238

PLACE OF SIGNATURE: NOIDA DATE : 16TH MAY 2018