| We have audited the accompanying financial statements of The Hindustan
Housing Company Limited ("the Company"), which comprise the
Balance Sheet as at March 31,2015, the Statement of Profit and Loss,
Cash Flow Statement for the year then ended and a summary of
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 Section 134(5) of the Companies Act, 2013 ("the Act")
with respect to the preparation of these financial statements to give
a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Accounting
Standards referred to in Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014. This responsibility also
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial
controls, that are operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation
and presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act and the Rules made there under including the
Accounting and Auditing Standards and matters which are required to be
included in the audit report.
We have conducted our audit in accordance with the Standards on
Auditing specified under Section 143(10) of the Act. 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 misstatement.
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 misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give
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 whether the Company has in place an adequate
internal financial controls 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 the Company's
Directors, 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 on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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, of the state of affairs of the Company as
at March 31, 2015 and 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 Companies (Auditor's Report) Order, 2015
issued by the Central Government of India in terms of sub-section (11)
of the Section 143 of the Act (hereinafter referred to as "the
Order"), and on the basis of such checks of the books and records of
the Company as we considered appropriate and according to the
information and explanations given to us, we give in the Annexure a
statement on the matters specified in paragraph 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 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
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, and 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. With respect to the other matters to be included in the Auditor's
Report in accordance . with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our knowledge
and belief and according to the information and explanations given to
us:
i. The Company has disclosed the impact of pending litigations, if any
as at March 31st 2015 on its financial position in its financial
statements. '
ii. The Company has made provision as at March 31st 2015 as required
under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts. The Company has
not entered in to any Derivative Contracts during the financial year.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company during the year ended March 31st20I5.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT
(The Annexure referred to in our report to the members of The
Hindustan Housing Company Limited
('the Company') for the year ended March 31,2015.)
(i) In respect of its Fixed Assets:
(a) The Company has generally maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As per the explanation given to us, the Fixed Assets were
physically verified by the Management in accordance with a regular
programme covering all the assets over a period of three years, which
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. Pursuant to the program, the management
during the year has physically verified a portion of the fixed assets
and no material discrepancies were noticed on such verification. In
our opinion, this periodicity of physical verification is reasonable
having regard to the size of the Company and nature of is assets.
(ii) The Company is a service company, primarily rendering various
administrative and allied services. Accordingly, it does not hold any
Inventory. Consequently, clauses (ii) (a) to (ii) (c) of paragraph 3
of the Order, are not applicable to the Company.
(iii) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act during the year. Consequently, clauses
(iii) (a) and (iii) (b) of paragraph 3 of the Order, are not
applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets and for rendering of
services. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) The Company has not accepted deposits from the public, of the
nature covered under the provisions of Sections 73 to 76 of the Act
and the Rules framed there under to the extent notified.
(vi) In our opinion and as per the information and explanation given
to us and based on our review, the Company, at present, is not
required to maintain cost records prescribed under sub section (I) of
Section 148 of the Act, as the Central Government has not specified
the maintenance of cost records for any of the services of the
Company.
(vii) In respect of Statutory Dues:
(a) According to the information and explanations given to us and the
records of the Company examined by us, in our opinion, the Company is
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income Tax, Service Tax, Entry Tax, Cess and other
material statutory dues applicable to it with the appropriate
authorities. There were no dues towards Custom Duty, Wealth Tax, Sales
Tax, Entry Tax and Excise Duty during the year. According to
information and explanations given to us, there were no undisputed
amounts payable in respect of Income Tax, Service Tax, and other
material statutory dues in arrears as on March 31,2015 for a period of
more than six months from the date they become payable.
(b) According to information and explanations given to us upon our
enquiries in this regard and records of the Company, there are no
disputed statutory dues in respect Income Tax, Service Tax, Provident
Fund and other material statutory dues unpaid as at the last day of
the financial year.
(c) According to information and explanations given to us, the amount
required to be transferred to the Investor Education and Protection
Fund has been transferred within the stipulated time in accordance
with the provisions of the Companies Act, 1956 and the Rules made
there under.
(viii) In our opinion and according to the information & explanations
given to us the Company does not have any accumulated losses at the
end of the financial year and has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(ix) According to the records of the Company examined by us and
information and explanations given to us, there were no dues to Banks,
financial institution or debenture holders.
(x) In our opinion and according to information & explanations given
to us and the representations made by the Management, the Company has
not given any guarantee for loans taken from financial institutions
and/ or banks by others.
(xi) In our opinion and according to information and explanations
given to us, on an overall basis, the Company has not obtained any
term loans during the year.
(xii) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the Management.
GIRISH M. PATHAK
Partner
Membership No.: 102016
For and on behalf of
K.K. MANKESHWAR & CO
Chartered Accountants
Mumbai, 28th May, 2015 FRN 106009W |