906Annual Report 2008-09.pdf - Hindusthan National Glass ...

Auditors’ Report
To the Board of Directors of
Hindusthan National Glass & Industries Limited on the Consolidated Financial Statements of Hindusthan National Glass &
Industries Limited and its Subsidiaries.
1. We have examined the attached Consolidated Balance Sheet of
HINDUSTHAN NATIONAL GLASS & INDUSTRIES LIMITED (“the
Company”) and its subsidiaries and associate as at March 31,
2009, the Consolidated Profit and Loss Account and also the
Consolidated Cash Flow Statement for the year then ended on
that date, annexed hereto. These consolidated financial
statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the generally
accepted auditing standards in India. These standards require
that we plan and perform the audit to obtain reasonable
assurance whether the financial statements are prepared, in all
material respects, in accordance with an identified financial
reporting framework and are free of material mis-statements.
An audit includes, examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by the
management, as well as evaluating the overall financial
statements. We believe that our audit provides a reasonable
basis for our opinion.
3. We did not audit the financial statements of subsidiary
companies Glass Equipment (India) Limited and Quality Minerals
Limited for the year ended March 31, 2009 whose financial
statements reflects total assets of Rs 3544.22 lacs as at March
31, 2009 and total revenues of Rs 3147.36 lacs and cash flows
amounting to Rs (1.72) lacs for the year ended as on March 31,
2009. These financial statements have been audited by other
auditors whose report(s) has (have) been furnished to us, and in
our opinion, insofar as it relates to the amounts included in
respect of the subsidiaries, is based solely on the report of the
other auditors.
4. We did not audit the financial statements of associate Company
HNG Float Glass Limited. The Financial Statements of HNG Float
Glass Limited for the year ended March 31, 2009 as compiled
for the purpose of consolidation have been prepared by the
management and these are subject to audit by their auditors
and in our opinion, in so far as it relates to the amounts included
in respect of such associate, is based solely on the said accounts.
5. Attention is invited to Note 24E of Schedule S regarding
purchase of goods for which central Government approval as
required in terms of provisions of Companies Act, 1956 has not
been obtained by the Company.
6. Subject to Para 4 and 5 above, we report that:
i) the consolidated financial statements have been prepared
by the Company in accordance with the requirements of
Accounting Standard 21 “Consolidated Financial
Statements”, Accounting Standard 23 “Accounting for
Investment in Associates in Consolidated Financial
Statements”, issued by “The Institute of Chartered
Accountants of India” and on the basis of the individual
financial statements of the Company and its subsidiary
companies and associate included in the consolidated
financial statements.
ii) In our opinion, based on our audit and the report of other
auditors, the Consolidated Financial Statements referred to
above give a true and fair view of the financial position of
the Company and its subsidiary companies and associate as
at March 31, 2009 ; and of the results of their operations for
the year then ended in conformity with the accounting
principles generally accepted in India:
a) in the case of the Consolidated Balance Sheet, of the
consolidated state of affairs of the Company and its
subsidiary companies and associate as at 31, 2009; and
b) in the case of the Consolidated Profit and Loss Account,
of the consolidated results of operations of the
Company and its subsidiary companies and associate for
the year then ended on that date ; and
c) in the case of the Consolidated Cash Flow Statement,
of the consolidated cash flows of the Company and its
subsidiary companies and associate for the year then
ended on that date.
For Lodha & Co.
Chartered Accountants
H K Verma
Kolkata
Partner
June 20, 2009 Membership No: 55104
Hindusthan National Glass & Industries Limited | 115