Hind Rectifiers Ltd

BSE: 504036 | NSE: HIRECT | ISIN: INE835D01023 
Market Cap: [Rs.Cr.] 73 | Face Value: [Rs.] 2
Industry: Electronics - Components

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Auditor's Report




1. We have audited the attached Balance Sheet of HIND RECTIFIERS LIMITED as at31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement of theCompany for the year ended on that date annexed thereto. The financial statements of thebranches audited by other Auditors are incorporated in the annexed Balance Sheet and theStatement of Profit and Loss. These financial statements are the responsibility of theCompany's management. Our responsibility is to express an opinion on these financialstatements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted inIndia. Those Standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003, issued by the CentralGovernment of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956and on the basis of such checks of the books and records of the Company as we consideredappropriate and according to the information and explanations given to us, we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:

(a) We have obtained all the information and explanations, which to the best of ourknowledge 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 appears from our examination of those books and proper financialstatements adequate for the purposes of our audit have been received from the branches notvisited by us. The Branch Auditor's Reports have been forwarded to us and have beenappropriately dealt with;

(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account and with the audited financialstatements from the Branches;

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash FlowStatement dealt with by this report comply with the accounting standards referred to insub-section (3C) of Section 211 of the Companies Act, 1956;

(e) On the basis of the written representations received from the directors of thecompany as on March 31, 2013 and taken on record by the Board of Directors, we report thatnone of the Directors is disqualified as on March 31, 2013 from being appointed as aDirector in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act,1956.

(f) In our opinion and to the best of our information and according to the explanationsgiven to us, the said financial statements read with the Significant Accounting Policiesand Notes thereon give the information required by the Companies Act, 1956, in the mannerso required and give a true and fair view in conformity with the accounting principlesgenerally accepted in India:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31stMarch, 2013;

(ii) in the case of the Statement of Profit and Loss, of the Profit of the Company forthe year ended on that date; and

(iii) in the case of Cash Flow Statement, of the cash flows for the year ended on thatdate.

For and on behalf of
Chartered Accountants,
(Registration No.105069W)
Place : Mumbai Partner
Date: 31st May, 2013 Membership No. 033038


(Referred to in paragraph 3 of the Auditors' Report of even date to the members of HindRectifiers Limited on the financial statements for the year ended March 31, 2013)

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets;

(b) As informed the fixed assets have been physically verified by the management atreasonable intervals; and discrepancies noticed on such verification were not material andthe same have been properly dealt with in the books of account;

(c) The disposal of fixed assets during the year cannot be regarded as substantial anddo not affect the going concern assumption;

2. (a) As explained to us, Inventories (except stock lying with third parties, forwhich confirmations obtained in respect of such inventory) have been physically verifiedduring the year by the management;

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness;

(c) In our opinion, the Company is maintaining proper records of inventory.Discrepancies noticed on physical verification were not material, and the same have beenproperly dealt with in the books of account;

3. According to information and explanations given to us, the Company has neithergranted nor taken loans, secured or unsecured, from parties covered in the registermaintained under section 301 of the Act. Therefore, the provisions of clause 4(iii) of theOrder, are not applicable to the Company.

4. In our opinion, and according to the information and explanations given to us, thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to purchase of inventories and fixed assets and forsale of goods & services. We have not come across any major weakness in internalcontrol;

5. (a) In our opinion, and according to the information and explanations given to us,the particulars of contracts or arrangements that need to be entered in the registermaintained under Section 301 of the Companies Act, 1956 have been so entered;

(b) According to the information and explanations given to us, there are notransactions of purchase of goods and materials and sale of goods, materials and servicesexceeding Rs 5,00,000/- during the year in respect of each party made in pursuance ofcontracts or arrangements entered in the register maintained under Section 301 of theCompanies Act, 1956;

6. According to the information and explanations given to us, the Company has notaccepted any deposits from the public. Therefore, the provisions of Clause (vi) ofparagraph 4 of the Order are not applicable to the Company.

7. In our opinion, the Company has an internal audit system commensurate with the sizeand nature of its business;

8. According to the information and explanations given to us, the Company is in theprocess of preparing the Cost Records pursuant to the Companies (Cost Accounting Records)Rules, 2011 prescribed by the Central Government under section 209(1) (d) of the CompaniesAct, 1956.

9. (a) According to the records of the Company, the Company is regular in depositingundisputed statutory dues including Provident Fund (PF), Investor Education &Protection Fund, Employees' State Insurance (ESI), Income Tax, Sales Tax, Wealth Tax,Service Tax, Custom Duty, Excise Duty and Cess and other statutory dues with theAppropriate Authorities. According to the information and explanation given to us, thereare no undisputed amounts payable in respect of such statutory dues which have remainedoutstanding as at 31st March, 2013 for a period of more than six months from the day theybecome payable;

(b) The disputed statutory dues aggregating Rs 113.87 lacs, that have not beendeposited on account of disputed matters pending before Appropriate Authorities are asunder:

Forum where dispute is pending Amount
(Rs in lacs)
CEGAT - Central Excise & Gold (Control) Appellate Tribunal 94.80
(Net of Deposit of Rs 4.00 lacs)
Commissioner (Appeals) - Service Tax 0.59
Income Tax before the C.I.T. (Appeals), Mumbai 18.48

10. The Company does not have accumulated losses. The Company has not incurred cashlosses during the financial year covered by our audit and in the immediately precedingfinancial year;

11. In our opinion, and according to the information and explanations given to us, theCompany has not defaulted in repayment of dues to banks;

12. According to the information and explanations given to us, the Company has notgranted any loans and advances on the basis of security by way of pledge of shares,debentures and other securities;

13. The provisions of any special statute applicable to Chit Funds, Nidhis or MutualBenefit Funds / Societies are not applicable to the Company;

14. As the Company is not dealing or trading in shares, securities, debentures andother investments, the provisions of Clause 4(xiv) of the Companies (Auditor's Report)Order, 2003 is not applicable to the Company;

15. In our opinion, and according to the information and explanations given to us, theCompany has not given guarantees for loans taken by others from banks or financialinstitutions;

16. The Company has not taken any term loans during the year;

17. According to the Cash Flow Statement and other records examined by us and on thebasis of information and explanations given to us, on and overall basis, funds raised onshort term basis have, prima facie, not been used during the year for Long TermInvestment;

18. The Company has not made any preferential allotment of shares during the year; 19.The Company has not issued any debentures during the year; 20. The Company has not raisedany money by way of public issue during the year;

21. As per the information and explanations given to us, no material fraud on or by theCompany has been noticed during the year.

For and on behalf of
Chartered Accountants,
(Registration No.105069W)
Place : Mumbai Partner
Date : 31st May, 2013 Membership No. 033038

Peer Comparison

Company Market Cap
(Rs. in Cr.)
Bharat Electron 14,729.20 16.99 2.10 3.11 14.9 17.8 0.00
Honeywell Auto 4,652.85 48.23 5.96 15.51 11.6 16.1 0.00
Genus Power 637.77 10.53 1.47 5.35 9.6 9.1 0.65
Centum Electron 472.29 15.49 4.53 21.67 -7.2 -3.2 0.44
Yokogawa India 415.63 16.07 2.55 0.00 17.7 26.3 0.00
PG Electro. 229.25 0.00 1.88 19.38 -3.5 1.0 0.64
Zicom Electron. 208.74 17.52 1.28 5.47 5.8 11.6 0.36
Schneider APW 84.73 0.00 2.37 33.74 -7.9 -3.1 0.42
Tektronix (I) 78.35 61.49 2.52 0.00 4.2 8.9 0.00
Hind Rectifiers 73.29 0.00 1.12 6.38 15.2 14.0 0.26
Kernex Microsys. 67.50 0.00 0.52 5.53 0.5 3.8 0.13
MIC Electronics 62.01 0.00 0.18 18.46 -5.6 1.3 0.39
JCT Electronics 54.39 0.00 -0.11 0.00 0.0 0.0 0.00
BPL Display Dev 33.00 0.00 -0.24 0.00 0.0 0.0 50.59
Circuit Systems 24.66 57.35 0.72 0.00 -12.0 -6.4 0.28

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Key Information

Key Executives:

S K Nevatia , Chairman & Managing Director  

Uma S Nevatia , Executive Vice Chairperson  

D R Mehta , Director  

Niraj Ramkrishna Bajaj , Director  

Company Head Office / Quarters:
Lake Road,
Bhandup (W),
Phone : 91-22-25968027/28/29/31/25962432
Fax : 91-22-25962461
E-mail : corporate@hirect.com
Web : http://www.hirect.com
Adroit Corp. Services Pvt Ltd
19/20 Jaferbhoy Ind
1st Floor Makwana Rd
Marol Naka
Mumbai - 400 059

Fund Holding

Scheme Name No. of Shares
No data found


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