| We have audited the accompanying financial statements of Hardcastle And
waud manufacturing company limited ("the company) which comprise the
Board sheet as at 31st March 2015 the statement of profit and loss and
the cash flow statement for the year ended an a summary of the
significant accounting policies and other and a summary of information.
Management's Responsibility for the Standalone Financial Statements
The company Board of Directors is responsible that give a true for the
matters stated in section 134(5) of the company's Act,2013 ("the Act")
with respect to the preparation of these financial statements that give
s true and fair view of the financial position financial performance and
cash flows of the company in accordance with the accounting principle
generally accent Performance and flows of the Company if with Rule
7ofthe Companies the Act, provisions of the Act for safeguarding of
maintenance of adequate accounting records in accordance with the
expropriate accounting policies;
Auditor responsibility
Out responsibly, is to option or, the standalone statements basso on
out and audit.
We believe that the audit evidence we have obtained is sufficient, and
appropriate to provide a basis for our audit, financial statements based
on our audit. opinion on the financial statements obtain reassurance
assurance about where her the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amount and the disclosure in the financial statements The
procedures fraud or error in making those risk assessments the auditor
considers the internal financial control misstatement of the financial
statements whether due to fraud that give a true and fair view in order
to design audit procedures that are appropriate in the circumstances but
not for the purpose of expressing an opinion on where her the company
has in place an adequate internal financial controls system over
financial reporting and the operating effectiveness made by companies
Directors as well as evaluating the overall presentation of the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanation grand its cash for the year ended on that date. given 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 principle generally accepted in India of
the state of affairs of the company as at 31st March 2015 its profit
and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the compare (Auditors Report) order 2015 ("the Order)
issued by the central Governance of India in items of sub section (11)
of section 143 of the companies Act, 2013 we give in the Annexure a
statements on the matters specified in paragraph 3 and 4 of the order
to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the in dormancy and explanation
which to the best of our knowledge 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 the company so far as it appears from our examination of those
books
(c) The Balance sheet statements of profit and loss and cash flow
statements dealt with by this report are in agreement with the books
of account
(d) In our opinion the aforesaid financial statements company with the
applicable accounting standards specified under section 133 of the Act,
read with Rule 7 of the companies (Account) Rules 2014:
(e) On the basis of written representations received from the directors
as on March 31, 2015 and taken on records by the board of Directors none
of the directors is disqualified as on March 31.2015 from being
applicable as a director in items of section 164(2) of the act.
(f) In our opinion to the best of our information explanations given to
us, we report as under with respect to other matters to be included in
the Auditor s Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules 2014
i, The Company does not have any pending litigations which would impact
its financial position :
ii. The Company does not have any long term control including
derivative contracts: as such the question of does not arise:
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
Ref.: HARDCASTLE AND WAUD MANUFACTURING COMPANY LIMITED
i. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification.
ii. (a) The management has conducted physical
verification of inventories at reasonable intervals.
(b) The procedures followed by the management for physical verification
of inventories are, in our opinion, reasonable and adequate in relation
to the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventories and no
discrepancies were noticed on verification between the inventories and
the book records.
iii. The Company has not granted loans, secured or unsecured to firms,
companies or other parties covered in the register maintained under
Section 189 of the Companies Act, 2013 and hence the provisions of
clause (iii) (a) and (b) of paragraph 3 of the Companies (Auditor's
Report) Order, 2015 are not applicable to the Company.
iv, In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and goods and sale of goods and services.
Further, on the basis of our examination of the books and records of
the Company and according to the information and explanations given to
us, no major weakness has been noticed in the internal controls.
v. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from pubic
within the meaning of Sections 73 to 76 of the Companies Act, 2013 and
the rules framed there under.
vi. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the activities of
the Company.
vii. a) According to the information and explanation given to us and
on the basis of our examination of records of the Company amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including provident fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, duty of customs, duty
of excise, value added tax, cess and any other statutory dues have
generally been regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March
2015 for a period of more than six months from the date they became
payable.
b) Details of dues of Sales tax and Excise Duty which have not been
deposited as on 31st March, 2015 on account of disputes are given
below.
Nature of Dues Forum where dispute
is pending Period to which
the Amount relates Amount
Involved
(in Rs.)
Central Excise Commissioner of
Central Excise
(Appeals), Mumbai 1997-1998 9,58,855
Sales Tax
Deputy Comm. of
ST (Appeals-I).
Mumbai 2000-2001 2,67,492
Sales Tax Sales Tax Officer,
Mumbai 2004-2005 3,30,744
Sales Tax Deputy Comm. of ST
(Appeals-l).Chennai 2002-2011 3,93,095
Total 19,50,186
c) According to the information and explanations given to us, there
were no amounts which were required to be transferred to the Investor
Education and Protection Fund.
viii. The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
ix. The Company has not taken any loan or issued debentures.
x. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for the loans
taken by others from banks or financial institutions during the period
covered by audit.
xi. In our opinion and according to the information and explanations
given to us, the Company has not taken any term loan
xii. According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported during
the course of our audit.
For GMJ & Co
Chartered Accountants
Firm's Regn. No. 103429W
CA Atul Jain
Place: Mumbai Partner
Date: 13th May, 2015 M- No 037097 |