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Auditor Report of Hittco Tools Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of M/s Hittco Tools Limited ("the Company"), which comprises the Balance Sheet as at 31st March 2014, the Statement of Profit and Loss of the Company for the year then ended, the Cash Flow Statement of the Company for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September. 2013 of Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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.

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:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2014;

(ii) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and

(iii) in the case of the Cash Flow Statement, of the 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, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have 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 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; and

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September. 2013 of Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e. on the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

For S.Janardhan and Associates Chartered Accountants Firm Registration No. 005310S

B.Anand Partner Membership Number: 029146

Place: Bangalore Date :28.05.2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of M/s Hittco Tools Limited ("the Company"), which comprises the Balance Sheet as at 31st March 2013, the Statement of Profit and Loss of the Company for the year then ended, the Cash Flow Statement of the Company for the year then ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial state- ments that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Ac- counting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the prepa- ration 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 state- ments based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical require- ments 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 proce- dures 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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.

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:

(i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2013;

(ii) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and

(iii) in the case of the Cash Flow Statement, of the 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, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in para- graphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have 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 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; and

d. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956.

e. on the basis of written representations received from the direc- tors as on 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

For S.Janardhan and Associates

Chartered Accountants

Firm Registration No. 005310S



B.Anand

Partner

Membership Number: 029146



Place: Bangalore

Date :25.05.2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. Hittco Tools Limited, Bangalore as at 31st March 2012 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These 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 auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order.

4. Further to our comments in Annexure referred to in paragraph 3 above:-

a) We have 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 accounts as required by law have been kept by the company as far as appears from our examination of the books.

c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with books of Accounts.

d) In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956.

e) On the basis of the written representations received from the Directors, as on March 31, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified from being appointed as Director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with Accounting Poli- cies and Notes on Accounts thereon, gives the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012.

ii) in the case of the Profit and Loss Account of the Profit of the company for the year ended on that date.

iii) in the case of Cash Flow Statement, of Cash Flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

Re: HITTCO TOOLS LIMITED

1 . The Company has maintained proper records showing full particulars, including quantitative details and situation, of fixed assets. Physical verification of fixed assets is performed by the management in accordance with a rotational plan, which is intended to cover all the fixed assets of the company over a period of two years. We are informed that no material discrepancies were noted, during the course of such verification. In our opinion, the frequency of such verification is reasonable. There was no substantial disposal and additions of fixed assets during the year.

2. The management has conducted physical verification of inventory at reasonable intervals during the year. The procedures of physical verification of inventory (except for goods in bond and in transit) followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. In our opinion, based on the information and explanation furnished, the amount advanced to the Companies, firms or other parties listed in the register maintained under section are not prejudicial to the interest of the Company.

4. According to the information and explanation given to us, transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

5. In our opinion and based on our audit, internal control procedure has to be strengthened with the size of the Company and nature of its business.

6. The Company has not accepted any deposits from the public during the year under review. The company has accepted unsecured loan from directors and shareholders.

7. The Central Government has not prescribed maintenance of cost records by the company under section 209(1 )(d) of the Act.

8. According to the records of the company, the company is generally regular in depositing undisputed statutory dues including withholding of taxes, provident fund, employees state insurance, income tax, sales tax, wealth tax, custom duty and other statutory dues applicable to it with the appropriate authorities. According to the information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding, at the year end for a period of more than six months from the date they became payable.

9. The Company has accumulated losses at the end of the financial year and it has not incurred cash losses in the current financial year and not incurred cash losses in the immediately preceding financial year.

10. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

11. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

12. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

13. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

14. Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were obtained.

15. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no long term funds have been used to finance short term assets (excludes permanent working capital).

16. The company did not have any outstanding debentures during the year.

17. The Company has not raised any money by way of public issue during the year.

18. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statement and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit..



for SUDHAKAR HEGDE & CO., Chartered Accountants,

K.SudhakarHegde Proprietor Membership No.: 200007

Place Bangalore Date: 09.07.2012


Mar 31, 2011

1 . We have audited the attached Balance Sheet of M/s. Hitteo Tools Limited, Bangalore as at 31st March 2011 and also the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These 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 auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure a statement it on the matters specified in paragraph 4 and 5 of the said Order,

4. Further to our comments in annexure referred to in paragraph 3 above:-

a) We have 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 accounts is required by law have been kept by the company as far as appears from our examination of the books.

c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with books of Accounts.

d) In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the accounting standards referred to in Section 211(3C) of the Companies Act, 1956.

e) On the basis of the written representations received from the Directors, as on March 31, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified from being appointed as Director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with Accounting Poli- cies and Notes on Accounts thereon, gives the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011.

ii) in the case of the Profit and Loss Account of the Profit of the company for the year ended on that date.

iii) in the case of Cash Flow Statement, of Cash Flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE Re: HITTCO TOOLS LIMITED

1. The Company has maintained proper records showing full particulars, including quantitative details and situation, of fixed assets. Physical veri- fication of fixed assets is performed by the management in accordance with a rotational plan, which is intended to cover all the fixed assets of the company over a period of two years. We are informed that no material discrepancies were noted, during the course of such verification. In our opinion, the frequency of such verification is reasonable. There was no substantial disposal and additions of fixed assets during the year.

2. The management has conducted physical verification of inventory at reasonable intervals during the year. The procedures of physical verifica- tion of inventory (except for goods in bond and in transit) followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. In our opinion, based on the information and explanation furnished, the amount advanced to the Companies, firms or other parties listed in the register maintained under section are not prejudicial to the interest of the Company.

4. According to the information and explanation given to us, transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

5. In our opinion and based on our audit, internal control procedure has to be strengthened with the size of the Company and nature-oftts business.

6. The Company has not accepted any deposits from the public during the year under review. The company has accepted unsecured loan from direc- tors and shareholders.

7. The Central Government has not prescribed maintenance of cost records by the company under section 209(1)(d) of the Act.

8. According to the records of the company, the company is generally regular in depositing undisputed statutory dues including withholding of taxes, provident fund, employees state insurance, income tax, sales tax, wealth tax, custom duty and other statutory dues applicable to it with the ap- propriate authorities. According to the information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding, at the year end for a period of more than six months from the date they became payable.

9. The Company has accumulated losses at the end of the financial year and it has not incurred cash losses in the current financial year and not incurred cash losses in the immediately preceding financial year.

10. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

11. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

12. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

13. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

14. Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were ob- tained.

15. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no long term funds have been used to finance short term assets (excludes permanent working capital).

16. The company did not have any outstanding debentures during the year.

17. The Company has not raised any money by way of public issue during the year.

18. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statement and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

K. Sudhakar Hegde for SUDHAKAR HEGDE & CO., Proprietor Chartered Accountants, Membership No.: 200007

Place : Bangalore Date : 31.05.2011


Mar 31, 2010

1 . We have audited the attached Balance Sheet of M/s. Hitteo Tools Limited, Bangalore as at 31 st March 2010 and also the Profit and Loss Account of the Company for the year ended on that date aim exed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these fir ancial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis forour opinion.

3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the.Annexure a statemei it on the matters specified in paragraph 4 and 5 of the said Order,

4. Further to our comments in annexure referred to ir paragraph 3 above:-

a) We have 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 accounts is required by law have been kept by the company as far as appears from our examination of the books.

c) The Balance Sheet and Profit and LossAccount referred to in this report are in agreement with books of Accounts.

d) In our opinion, the Balance Sheet and the Profit & Loss Account dealt with by this report comply with the accounting standards referred to in Section211(3C) of the Companies Act, 1956.

e) On the basis of the written representations received from the Directors, as on March 31,2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified from being appointed as Director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act 1956.

f) In our opinion and to the best of our inform ation and according to the explanations given to us, the said accounts read with Accounting Poli- cies and Notes on Accounts thereon, gives the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010.

ii) in the case of the" Profit and Loss Account of the Profit of the company for the year ended on that date.

iii) in the case of Cash Flow Statement, if Cash Flows for the year ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE Re: HITTCO TOOLS LIMITED

1. The Company has maintained proper records showing full particulars, including quantitative details and situation, of fixed assets. Physical veri- fication of fixed assets is performed by the management in accordance with a rotational plan, which is intended to cover all the fixed assets of the company over a period of two years. We are informed that no material discrepancies were noted,during the courseof such verification. In our opinion, the frequency of such verification is reasonable. There was no substantial disposal and additions of fixed assets during the year.

2. The management has conducted physical verification of inventory at reasonable intervals during the year. The procedures of physical verifica- tion of inventory (except for goods in bond and in transit) followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification.

3. In our opinion, based on the information and explanation furnished, the amount advanced to the Companies, firms or other parties listed in the register maintained under section are not prejudicial to the interest of the Company.

4. According to the information and explanation given to us, transactions that need to be entered into register in pursuance of section 301 of the Act have been so entered.

5. In our opinion and based on our audit, internal control procedure has to be strengthened with the size of the Company and nature-oftts business.

6. The Company has not accepted any deposits from the public during the year under review. The company has accepted unsecured loan from direc- tors and shareholders.

7. The Central Government has not prescribed maintenance of cost records by the company under section 209(1 )(d) of the Act.

8. According to the records of the company, the company is generally regular in depositing undisputed statutory dues including withholding of taxes, provident fund, employees state insurance, income tax, sales tax, wealth tax, custom duty and other statutory dues applicable to it with the ap- propriate authorities. According to the information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding, at the year end for a period of more than six months from the date they became payable.

9. The Company has accumulated losses at the end of the financial year and it has not incurred cash losses in the current financial year and not incurred cash losses in the immediately preceding financial year.

10. According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

11. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

12. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

13. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions.

14. Based on information and explanations given to us by the management, term loans were applied for the purpose for which the loans were ob- tained.

15. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short term basis have been used for long term investment and no long term funds have been used to finance short term assets (excludes permanent working capital).

16. The company did not have any outstanding debentures during the year.

17. The Company has not raised any money by way of public issue during the year.

18. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statement and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

for SUDHAKAR HEGDE & CO., Chartered Accountants,

K.Sudhakar Hegde Proprietor Membership No.: 200007

Place: Bangalore Date : 26,h May, 2010

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