| We have audited the accompanying financial statements of HILTON METAL
FORGINGS LIMITED as at March 31, 2015 which comprise the Balance Sheet
as at March 31, 2015, the Statement of Profit & Loss and Cash Flow
Statement for the year then ended and a summary of signifcant
accounting policies and other explanatory information.
2. Managements Responsibility for the Financial Statements:
Management and Board of Directors of the Company are responsible for
the matters stated in section 134(5) of the Companies Act 2013 with
respect to the preparation of these financial statements that give a
true and fair view of the financial position, financial performance and
cash fow of the company in accordance with the accounting principles
generally accepted in India including Accounting Standards specified
under section 133 of the Companies Act, 2013, read with rule 7 of
Companies (Accounts) Rules, 2014. The responsibility includes the
design, implementation and maintenance of internal control relevant to
the preparation and presentations of the financial statements that gives
a true and fair view and are free from material misstatement, whether
due to fraud or error.
3. Auditors Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the provision
of the Companies Act, 2013, the accounting and auditing standards and
matters which are required to be included in the Audit Report under the
provisions of the act and rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
section 143(10) of the Companies Act, 2013. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatements of the financial statements whether
due to fraud or error. In making those risk assessment, the auditor
considers internal financial control relevant to the Company's
preparation and fair presentation of the financial statements in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on whether the company
has place an adequate internal financial control system over financial
reporting and the operating effectiveness of such controls. An audit
also includes evaluating the appropriateness of accounting policies
used and the reasonableness of the accounting estimates made by company
management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
4. Opinion:
In our opinion and to the best of our information and according to the
explanations gives to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
5. Report on other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013 (the 'Act')
we give in the annexure a statement on the matters specifed in
paragraphs 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 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 have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
specified under section 133 of the Act, read with rule 7 of the
Companies (Accounts) Rules 2014;
e) On the basis of written representations received from the directors
as on March 31, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditors Report in accordance with rule
11 of the Companies (Audit & Auditors) Rules, 2014.
i) The Company does not have any pending litigations which would impact
its financial position.
ii) The Company did not have any long term contracts including
derivative contract, as such the question of commenting on any material
foreseeable losses thereon does not arise.
(iii) During the year under report, the company has transferred an
amount of Rs 46,276/- being unclaimed refund amount, to the Investor
Education and Protection Fund.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that
1. (a) The Company has maintained proper records showing particulars,
including quantitative details and situation of its fxed assets;
(b) As explained to us all the fixed assets, according to the practice
of the Company are physically verified by the Management at reasonable
intervals, in a phased verification-program, which, in our opinion, is
reasonable, looking to the size of the Company and the nature of its
business.
(c) The Company has not disposed off any substantial part of its Fixed
Assets so as to affect its going concern;
2. None of the Fixed Assets of the Company have been re-valued during
the year.
3. The procedure as explained to us, which are adopted and followed by
the Management for physical verification of the above inventory, in our
opinion, are reasonable and adequate in relation to the size of the
company and the nature of its business.
4. On the basis of our examination of the inventory records of the
Company, we are of the opinion that the company is maintaining records
of its inventory. No discrepancies were noticed upon physical
verification of inventories as compared to the book records.
5. We are of the opinion that the valuation of Stocks is fair & proper
in accordance with the normally accepted accounting principles and is
on the same basis as in the preceding year.
6. According to the information and explanations given to us, the
Company has not granted / taken any secured or unsecured loans from
companies, firms and other parties listed in the register maintained
under Section 189 of the Companies Act, 2013.
7. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regards to the purchase of Raw Material, including components,
Stores and Fixed Assets and for sale of goods. During the course of our
Audit, we have not observed any major weakness in the internal control.
8. The Company has not accepted any deposits from the public during
the year.
9. As informed to us, the Central Government has prescribed
maintenance of cost record under sub section (1) of section 148 of the
Act in respect of the company's products and are of the opinion that,
prima facie the prescribed accounts and records have been made and
maintained to the extent applicable.
10. a) According to the information and explanations given to us and
based on the records of the company examined by us, the Company is
regular in depositing the undisputed statutory dues including Provident
Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax and other material
statutory dues, as applicable, with the appropriate authorities in
India
b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no undisputed
dues of Income Tax, Sales Tax, Wealth Tax, Service Tax.
c) During the year under report, the company has transferred an amount
of Rs 46,276/- being unclaimed refund amount, to the Investor Education
and Protection Fund, within the stipulated time frame.
11. The Company neither has accumulated losses at the end of the
financial year nor has incurred cash losses, both, in the financial year
under report and the immediately preceding financial year.
12. On the basis of the records examined by us and according to the
information and explanation given to us the Company has not defaulted
in repayment of dues to financial institutions and banks.
13. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
14. The company has availed medium term loan for procurement of
machinery from a bank. The terms and condition of the repayment are not
prejudicial to the interest of the company.
15. During the course of our examination of the books and records of
the company carried in accordance with the auditing standards generally
accepted in India, We have neither come across in instance of fraud on
or by the company notice or reported during the course of our audit nor
have we been informed of any such instance by the management.
For R. K. CHAUDHARY & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM REGISTRATION
NO.133512W
PLACE: MUMBAI (R. K. CHAUDHARY)
DATE: 26-5-2015 PROPRIETOR
M.NO. 03548 |