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Hind Rectifiers Ltd

BSE: 504036 | NSE: HIRECT ISIN: INE835D01023
Market Cap: [Rs.Cr.] 104.22 Face Value: [Rs.] 2
Industry: Electronics - Components

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Auditor's Report

TO THE MEMBERS OF

HIND RECTIFIERS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Hind Rectifiers Limited,("the Company"), which comprise the Balance Sheet as at 31st March, 2015, theStatement of Profit and Loss and Cash Flow Statement for the year then ended, and asummary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the 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 financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India, including the Accounting Standards specified under Section133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign, implementation and maintenance of adequate internal financialcontrols, that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords, relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement, whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act, the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal financial control relevant to the preparation of the of theCompany that give a true and fair view in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company’s Directors, as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us, the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India, of the state of affairs of the Company as at 31stMarch, 2015, and its loss for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. 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 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 have been kept by theCompany so far as it appears from our examination of those books and proper returnsadequate for the purposes of our audit have been received from the branches not visited byus.

c. The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of account.

d. In our opinion, the aforesaid financial statements comply with the AccountingStandards specified Section 133 of the Act, read with Rule 7 of the Companies (Accounts)Rules, 2014.

e. On the basis of the written representations received from the Directors as on 31stMarch, 2015 taken on record by the Board of Directors, none of the Directors isdisqualified as on 31st March, 2015 from being appointed as a Director in terms of Section164 (2) of the Act.

2. As required by the Companies (Auditor’s Report) Order, 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act, we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

For and on behalf of
KHANDWALA & SHAH,
Chartered Accountants,
Firm Regn. No.105069W
(UDAY J. SHAH)
Place: Mumbai Partner
Date : 27th May, 2015 Membership No.033038

Annexure to the Independent Auditors’ Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

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

(b) The fixedassets have been physically verified by the management during the year atreasonable intervals having regard to the size of the Company and the nature of itsassets. The discrepancies noticed on such verification were, in our opinion, not materialand have been properly dealt with in the books of account.

2. (a) Physical verification of inventory has been conducted by the management atreasonable intervals during the year except in case of inventory lying with third partieswhere confirmations have been obtained.

(b) In our opinion and according to the information and explanations given to us, theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticedon physical verification of inventory as compared to book records have been properly dealtwith in the books of account.

3. Based on audit procedures applied by us and according to the information andexplanations given to us, the Company has not granted any loans to companies, firms orunder Section 189 of the Companies Act, 2013.

4. In our opinion and according to the information and explanations given to us, havingregard to the explanation that some of the items purchased are under specific marketingarrangements or goods of technical specification in respect of which comparablealternative quotations are not available, there is an adequate internal control systemcommensurate with the size of the Company and the nature of its business, for the purchaseof inventory and fixed assets and for the sale of goods and services. During the course ofour audit, we have not observed any continuing failure to correct major weaknesses in theinternal control system of the Company.

5. In our opinion and according to the information and explanantions given to us, theCompany has complied with the provisions of Section 26, 73 and 74 of the Companies Act,2013 and the rules made thereunder.

6. We have broadly reviewed the cost records maintained by the Company in accordancewith Section 148(1) of the Act and are of the opinion that prima facie the prescribed costrecords have been maintained .We have, however, not made a detailed examination of thecost records with a view to determine whether they are accurate or complete.

7. (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, 2015 for a period of more than six months from the day theybecome payable;

(b) The disputed statutory dues aggregating Rs. 206.08 lacs, that have not beendeposited on account of disputed matters pending before Appropriate Authorities are asunder:

Name of the Statute Nature of Dues Amount (in lacs) Period to which the amount relates Forum where dispute is pending
Central Excise Act Excise Duty 79.83 2005-2011 Central Excise & Service Tax Appellate Tribunal
(net of advance of Rs. 5.44 lacs)
Central Excise Act Excise Duty 14.05 2010-2014 Departmental Authorities
Central Sales Tax and Local Sales Tax Act Central Sales Tax and Local Sales Tax 112.20 (net advance of Rs. 29.16 lacs) 2006-2012 Departmental Authorities

8. The Company does not have accumulated losses. Howsoever, the Company has incurredcash loss during the current financial year and also in the immediately precedingfinancial year.

9. According to the information and explanations given to us and the records of theCompany examined by us, the Company is regular in repaying loans taken from banks.Accordingly, there have been no defaults in repayment of dues.

10. The Company has not given any guarantee for loans taken by others from bank orfinancial institutions

11. No term loans were obtained by the Company during the year.

12. 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, no fraud on or by the Companyhas been noticed or reported during the year.

For and on behalf of
KHANDWALA & SHAH,
Chartered Accountants,
Firm Regn. No.105069W
(UDAY J. SHAH)
Place: Mumbai Partner
Date : 27th May, 2015 Membership No.033038

   

Futures & Options Quote
Future Data Not present
Key Information

Key Executives:

S K Nevatia , Chairman & Managing Director

Uma S Nevatia , Executive Vice Chairperson

Bharat Swaroop , Director

Pawan Kumar Golyan , Director


Company Head Office / Quarters:

Lake Road,
Bhandup (W),
Mumbai,
Maharashtra-400078
Phone : Maharashtra-91-22-25696789 / Maharashtra-
Fax : Maharashtra- / Maharashtra-
E-mail : corporate@hirect.com
Web : http://www.hirect.com

Registrars:

Adroit Corp. Services Pvt Ltd
19/20 Jaferbhoy Ind,1st Floor Makwana Rd,Marol Naka,Mumbai - 400 059

 
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