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Market Cap: [Rs.Cr.] 2.60 | Face Value: [Rs.] 10
The Members of Hira Automobiles Limited
1. We have audited the attached Balance Sheet of Hira Automobiles Limited as at 31March 2014, the Profit & Loss Account and also the Cash Flow Statement of the Companyfor the year ended on that date annexed there to. These financial statements are theresponsibility of the management of the company. Our responsibility is to express anopinion on these financial statements 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 misstatements. Anaudit includes, examining on a test basis, evidence supporting the amount and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by the management, as well as evaluating the overallpresentation of the financial statements. We believe that our audit provides a reasonablebasis for our opinion .
3. As required by the Companies (Auditor's report) order 2003 (as amended) issued bythe central government of India in terms of sub section (4A) of section 227 of theCompanies Act, 1956 , we enclose in the Annexure, a statement on the matters specified inthe paragraphs 4 & 5 of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3 above, we reportthat :-
i) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit ;
ii) 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 ;
iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with bythis report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet and Profit & Loss Account and Cash FlowStatement dealt with by this report are in compliance with the Accounting Standardsreferred to in sub-section (3c) of section 211 of the Companies Act,1956.
v) On the basis of written representations received from directors of the company as on31 March, 2014 and taken on record by the board of directors, we report that none of thedirectors is disqualified as on 31 March 2014, from being appointment as a director interms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to the explanationsgiven to us, the said accounts read together with significant accounting policies andother notes of accounts thereon, give the information required by the Companies Act, 1956in the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.
a) In the case of the Balance Sheet, of the state of affairs of the company as at 31March, 2014; and
b) In the case of Profit & Loss account, of the profit of the company for the yearended on that date; and
c) In the case of cash flow statement, of the cash flow for the year ended on thatdate.
For Pankaj Chugh and Associates
Registration No. 26311N
CA . Pankaj Chugh
Membership No. 529702
Place : Chandigarh
Date : 30-05-2014
Annexure To Auditors Report
Annexure referred to in paragraph 3 of our report of even date
1. (a) The Company has maintained proper records showing full particulars, includingquantitative details and situation of fixed assets at Corporate Office and in the processof maintaining at outlets.
(b) We have been informed that the fixed assets of the company have been physicallyverified by the management at reasonable intervals and no material discrepancies w e r enoticed on such verification.
(c) In terms of the information and explanation given to us the books and recordsexamined by us in the normal course of audit and to the best of our knowledge and belief,we state that no substantial part of fixed assets have been disposed off during y e a rand hence our comments regarding the effect on going concern are not required.
2. (a) As informed to us, physical verification of inventory of the company has beenconducted by the management at reasonable intervals. In our opinion, the Verification isreasonable.
(b) In our opinion and according to the explanations given to us, the procedures ofPhysical verification of inventory followed by the management are reasonable and adequatein relation to the size of the company and the nature of its business.
(c) In our opinion and according to the explanations given to us, the Company ismaintaining proper records of inventory. We have been informed that no materialdiscrepancies have been noticed on physical verification as compared to records.
3. (a) According to the information and explanation given to us ,the Company hasadvanced inter corporate deposits to three companies covered in the register maintainunder section 301 of the Companies Act,1956. Detail of amount of transactions and balanceoutstanding at year end is as under.
|i) Name of the Company||: Bajwa Arjun Property Developers (p) Ltd.|
|Debit Summation||: 3.05 Lacs|
|Credit Summation||: 19.08 Lacs|
|Balance Outstanding||: NIL|
|ii) Name of the Company||: Pacific Finlease (p) Ltd.|
|Debit Summation||: 1.52 Lacs|
|Credit Summation||: NIL|
|Balance Outstanding||: 15.60 Lacs|
|iii) Name of the Company||: Rahul Sidhu Enterprises (p) Ltd.|
|Debit Summation||: 114.66 Lacs|
|Credit Summation||: 203.44 Lacs|
|Balance Outstanding||: 114.00 Lacs|
|iv) Name of the Company||: RSG Studios (p) Ltd.|
|Debit Summation||: 255.23 Lacs|
|Credit Summation||: 230.23 Lacs|
|Balance Outstanding||: 25.00 Lacs|
(b) According to the information and explanation given to us ,the rate of interest andthe other terms and condition of loan given are not prima facie prejudicial to theinterest of the Company.
(c) There is no stipulation as to the time period for recovery of principal amount ofunsecured loan given.
(d) Further, as there is no stipulation as to the time period for recovery of principalamount of unsecured loan given, we are unable to comment on the overdue amount in respectof the said loan.
(e) During the year the Company has not taken any loan, secured or unsecured fromParties covered in the Register maintained u/s 301 of the Companies Act, 1956.
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, for the purchase of the inventory, fixed assets and also for thesale of goods. During the course of our audit, no major weakness has been noticed in theinternal control system in respect of these areas.
5. (a) According to the information and explanations given to us, we are of the opinionthat the particulars of contracts or arrangement referred to in section 301 of theCompanies Act,1956 have been so entered in the register required to be maintained underthat section and (b) According to the information and explanations given to us, thetransactions made in pursuance of such contracts or arrangements have been made at priceswhich are reasonable having regard to the prevailing market price at the relevant time.
6. According to the information and explanation given to us, the Company has accepteddeposit from public and due compliances have been made. Advances from customer for sale ofvehicles and against sale promotion schemes run by the Company to promote its sale arereceived during the period of audit.
7. In our opinion the internal audit system of the company is commensurate withits size and nature of business.
8. The maintenance of cost records under section 209(1)(d) of the Companies Act ,1956has not been prescribed by the Central government for the Company since it is notmanufacturing Company.
9. (a) According to the information and explanations given to us, the company isgenerally regular in depositing all undisputed statutory dues including provident fund,investor education and protection fund , employees state insurance ,income tax, sales tax,wealth tax , custom duty, excise duty, cess and any other statutory due with appropriateauthority during the year.
(b) According to the information and explanations given to us, no undisputed amountpayables in respect of provident fund, investor education and protection fund , employeesstate insurance ,income tax, sales tax, wealth tax , custom duty, excise duty, cess andany other undisputed statutory dues were outstanding at the year end ,for period of morethan six months from the date they become payables.
(c) According to the information and explanations given to us, there are no disputedamount payables in respect of provident fund, investor education and protection fund ,employees state insurance ,income tax, sales tax, wealth tax, custom duty, excise duty,cess by the Company
10. The company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses in current and immediately preceding financial year .
11. As informed to us, the company has not defaulted in repayment of dues to financialinstitutions or banks.
12. As informed to us, the company has not granted loans and advances on the basis ofsecurity by way of pledge of shares, debentures or other securities.
13. In our opinion the company is not a chit-fund, nidhi or mutual benefitfund/society. Therefore, the provisions of clause 4 (xiii) of the Companies(Auditors Report) order, 2003 (as amended) are not applicable to the Company.
14. In our opinion the company is not dealing or trading in shares, securities,debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of theCompanies (Auditors Report) order ,2003 (as amended) are not applicable to theCompany. investments. Accordingly, the provisions of clause 4 (xiv) of the Companies(Auditors Report) order ,2003 (as amended) are not applicable to the Company.
15. As informed to us, the company has not given any guarantee for loans, taken byothers from bank or financial institutions, the terms and conditions whereof areprima-facie prejudicial to the interest of the Company.
16. As informed to us, the proceeds of the loans taken by the company are applied forthe purpose for which the loans were obtained.
17. The company has not maintained any preferential allotment of shares to parties andcompanies covered in the register maintained under section 301 of the Companies Act, 1956.
18. The company has not issued debenture, therefore the company has not created anysecurity on debentures.
19. The company has not raised any money from public issues during the year exceptunpaid allotment money.
20. Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanation given bythe management, we report that no fraud by the company has been noticed or reported duringthe course of our audit.
For Pankaj Chugh and Associates
Registration No. 26311N
Place : Chandigarh
Date : 30-05-2014
|No Related Research Found|
|No Related Research Found|
S Rahul Inder Singh Sidhu , Chairman
Simran Bajwa , Whole-time Director
Neha Sidhu , Director
Ramesh Kumar , Director
Company Head Office / Quarters:
# 20 Sector 8A,
Phone : Chandigarh- / Chandigarh-
Fax : Chandigarh- / Chandigarh-
E-mail : firstname.lastname@example.org
Beetal Fin.&Computer Ser.P Ltd
Beetal House 3rd Flr,Behind Local Shp Cen,Nr Dada Harsukh Das ,New Delhi - 110062
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