Mar 31, 2018
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of SUNIL HITECH ENGINEERS LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the standalone 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 standalone 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 principles generally accepted in india, including the Accounting Standards specified under Section 133 of the Act, further amended by Companies (Accounting Standards) Amendment Rules,2016, 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 of 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 were 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 standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We 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 the 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 a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the 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 standalone financial statements.
Opinion
in our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31st March, 2017, and its profit and its cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
(i) As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.
(ii) 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 purposes 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, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account
(d) in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, further amended by Companies (Accounting Standards) Amendment Rules, 2016, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on 31st March, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and
(g) 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 information and according to the explanations given to us:
i . The Company has disclosed the impact of pending litigations on its financial position in its financial statement - refer Note no. 33 to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the financial statements as to holding as well as dealing in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016. Based on audit procedures and relying on the management representation we report that the disclosures are in accordance with the books of account maintained by the Company and as produced to us by the Management - (Refer Note no. 45 of financial statement).
ANNEXURE A TO THE AUDITOR''S REPORT
Based on the audit procedures performed for the purpose of reporting a true and fair view on the Standalone Financial Statements of the company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and in our opinion, we report that ;
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets except location wise details of some of the movable assets shifted/transferred amongst various sites.
(b) Fixed assets have been physically verified by the management during the year as per the phased programme which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. We are informed that there was no material discrepancies noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the Company.
(ii) Physical verification of inventory has been conducted at reasonable intervals by the management. The procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business and the discrepancies noticed on such physical verification between physical records and book records were not material and have been properly dealt with in the books of account.
(iii) a) The company has granted unsecured loans to three companies covered in the register maintained under section 189 of the Companies Act 2013. The maximum amount outstanding during the year is Rs. 611.54 Lacs and amount outstanding at the year end is Rs. 301.00 Lacs
b) The rate of interest charged, wherever charged, and other terms and conditions thereof are prima facie, not prejudicial to the interest of the Company.
(c) There is no overdue amount more than Rupees one lac.
(iv) The Company has complied with section 185 and 186 of Companies Act 2013 in respect of loans, investments, guarantees, and securities given.
(v) The Company has not accepted deposits from public. Accordingly, this clause is not applicable.
(vi) The Central Government has prescribed maintenance of cost records under sub section (1) of section 148 of the Companies Act 2013 in respect of one of the products, manufactured by the company. We have broadly reviewed the accounts and records of the company and are of the opinion that prima-facie, the prescribed accounts and records have been made and maintained. We have not, however, carried out a detailed examination of the accounts and records with a view to determine whether these are accurate or complete.
(vii) (a) The company is generally regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities during the year except income tax. Undisputed dues outstanding as at 31st March 2017, for a period of more than six months from the date they become payable are as under;
statute |
particulars |
Amount |
Due Date |
Date of payment |
income tax Act, 1961 |
Tax Deducted at Source -Contractor, Rent, interest & Salary |
1,64,73,438 |
07-09-2016 & 07-07-2016 |
Unpaid |
income tax Act, 1961 |
Advance Tax - 1st instalment & 2nd instalment |
1,75,64,553 |
15-06-2016 & 15-09-2016 |
Unpaid |
(b) According to the information and explanations given to us based on the records of the company examined by us, there are no dues of income Tax, Sales tax, Service Tax, Customs duty, Wealth Tax, Excise Duty and Cess which have not been deposited on account of a dispute, except as enumerated herein below which are pending before respective authorities as mentioned there against:
Name of the statute |
Nature of dues |
Amount* (Rs. in lacs) |
period to which amount relates (Financial Year) |
Forum where dispute is pending |
Service Tax under Finance Act,1994 & The Central Excise Act, 1994 |
Service Tax (Basic & Penalty) |
1,078.63 |
2005-06 To 2013-14 |
Custom, Excise, Service Tax Appellate Tribunal |
The Customs Act, 1962 |
Custom Duty |
138.17 |
2007-08 2008-09 |
Commissioner of Customs(import), Mumbai |
The income-Tax Act, 1961 |
income Tax |
283.81 |
2008-09, 2004-05 |
income Tax Appellate Tribunal Mumbai |
The income-Tax Act,1961 |
income Tax |
94.74 |
2008-09, 2009-10 |
CIT Appeals, Nagpur |
(viii) The Company has not defaulted in repayment of dues to a financial institution and banks. The Company does not have any outstanding debentures during the year.
(ix) The company has not raised any money during the year by way of initial public offer and further public offer (including debt instruments) and term loans.
(x) No material fraud on or by the company has been noticed or reported during the course of our audit.
(xi) The company has complied with the provision of section 197 read with schedule V of the Companies Act for payment and provision of managerial remuneration.
(xii) The Company is not a Nidhi company.
(xiii) Transactions with the related parties are in compliance with section 177 and section 188 of the Companies Act 2013 where applicable and the details of such transactions have been disclosed in the financial statement as required by applicable accounting standards.
(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debenture during the year.
(xv) The Company has not entered into any non- cash transaction with directors or persons connected with him.
(xvi) The company is not required to be registered under section 45 iA of the Reserve Bank of india Act, 1934.
ANNEXURE - B TO THE AUDITORS'' REPORT
Report on the Internal Financial controls under clause (i) of subsection 3 of section 143 of the companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of SUNIL HITECH ENGINEERs LIMITED ("the Company") as of 31 March 2017 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of internal Financial Controls over Financial Reporting issued by the institute of Chartered Accountants of India (''ICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal Financial Controls and, both issued by the institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
in our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of internal Financial Controls Over Financial Reporting issued by the institute of Chartered Accountants of India.
For V. sankar Aiyar & Co.
Chartered Accountants
(Firm''s Registration No. 109208W)
Arvind Mohan
Place of signature: Mumbai Partner
Date: 19th May, 2017 (Membership No. 124082)
Mar 31, 2015
We have audited the accompanying standalone financial statements of
SUNIL HITECH ENGINEERS LIMITED ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Standalone 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 standalone 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 principles generally accepted in India, including the
Accounting Standards specified under 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 of 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 were 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 standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We 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 the 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 a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
(i) As required by the Companies ( Auditor's Report ) Order, 2015
("the Order) issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
(ii) 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
purposes 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account
(d) In our opinion, the aforesaid standalone financial statements
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 the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 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 information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigation on its
financial position in its financial statements - Refer Note 31 to the
financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to the Independent Auditors' Report (The Annexure referred
to in the para (i) under the heading "Report on Other Legal and
Regulatory Requirements" of our report of even date to the Members of
SUNIL HITECH ENGINEERS LIMITED on the financial statements for the year
ended 31 March 2015)
(i) In respect of its fixed assets:
The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets except
location wise details of some of the movable assets shifted/transferred
amongst various sites.
(a) As explained to us, the fixed assets have been physically verified
by the management during the year as per the phased programme which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. We are informed that there were no material
discrepancies noticed on such verification.
(ii) In respect of inventories:
(a) As explained to us, physical verification of inventory has been
conducted at reasonable intervals by the management.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management reasonable and adequate in relation to the
size of the company and the nature of its business.
(c) In our opinion and according to the information and explanation
given to us ,the company has maintained proper records of inventories
and the discrepancies noticed on such physical verification between
physical records and book records were not material and have been
properly dealt with in the books of account.
(iii) (a) The company has granted secured or unsecured loans to three
companies covered in the register maintained under section 189 of the
Companies Act 2013.The maximum amount outstanding during the year is
H618.99 Lacs and amount outstanding at the year end is H611.54 Lacs.
(b) In our opinion the rate of interest charged, wherever charged, and
other terms and conditions thereof are prima facie, not prejudicial to
the interest of the Company.
(c) There are no over due amount more than Rupees one lac.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanation that purchase of certain
items of inventory and fixed assets are for the Company's specialized
requirements and similarly, certain goods sold are for the specialized
requirements of the buyers and suitable alternate source are not
available to obtain comparable quotations there is generally adequate
internal control system commensurate with the size of the company and
the nature of its business for the purchase of inventory & fixed assets
and for the sale of goods & services. In our opinion and according to
the information and explanations given to us, we have not observed any
major weakness during the course of Audit.
(v) The company has not accepted deposits from public.
(vi) The Central Government has prescribed maintenance of cost records
under sub section (1) of section 148 of the Companies Act 2013 in
respect of one of the products, manufactured by the company. We have
broadly reviewed the accounts and records of the company and are of the
opinion that prima-facie, the prescribed accounts and records have been
made and maintained. We have not, however, made a detailed examination
of the same.
(vii) According to the information and explanations given to us in
respect of statutory and other dues:
(a) The company is generally regular in depositing 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 with the
appropriate authorities during the year except in case of Provident
Fund, TDS and Advance tax where there are delays in depositing more
than 6 months.
Period Particulars Amount Due Date Date Of Payment
July'14 TDS Rent 2,40,338 07-08-2014 30-04-2015
Aug'14 TDS Rent 5,70,489 07-09-2014 30-04-2015
Aug'14 TDS Contractor 15,00,000 07-09-2014 18-04-2015
Aug'14 TDS Contractor 9,29,305 07-09-2014 30-04-2015
Aug'14 Provident Fund 54,32,035 15-09-2014 08-04-2015
FY 2014-15 First and second
instalment 3,10,29,111 15-06-2014 & Not
Paid
of advance tax 15-09-2015
respectively
(b) According to the information and explanations given to us based on
the records of the company examined by us, there are no dues of Income
Tax, Sales tax, Service Tax, Customs duty, Wealth Tax, Excise Duty,
Excise Duty and Cess which have not been deposited on account of a
dispute, except as enumerated herein below which are pending before
respective authorities as mentioned there against:
Name of the Statute Nature of the dues Amount*
(Rs.In Lacs)
Service Tax under Service Tax 972.69
Finance Act,1994 & The (Basic & Penalty)
Central Excise Act, 1994
The Chhattisgarh VAT Tax(Basic) 35.85
Value Added Tax Act,
2005
The Customs Act, 1962 Custom Duty 97.49
The Income-Tax Act, Income Tax 291.17
1961
Name of the Statute Period to which
amount Forum where dispute is
relates(Financial
Year) pending
Service Tax under
Finance Act,1994 & The
Central Excise Act, 1994
The Chhattisgarh
Value Added Tax Act,
2005 2005- 06 Custom, Excise, Service Tax
to 2010-11 Appellate Tribunal
2006- 07 2006-07
2007- 08 2007-08 Addl. Commissioner
of Commercial Tax, Raipur
The Customs Act, 1962 2007- 08 Commissioner of
2008- 09 Customs(Import), Mumbai
The Income-Tax Act,
1961 2005-06 The Commissioner of Income
2009- 10 Tax (Appeals) Mumbai
2012-13
(c) The amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under has been
transferred to such fund within time.
(viii) The company does not have any accumulated losses at the end of
the financial year. The company has not incurred cash losses in such
financial year and in the immediately preceding financial year.
(ix) Based on our audit procedures, information and explanations given
to us, in our opinion the Company has not defaulted in repayment of
dues to a financial institution and banks. The Company does not have
any outstanding debentures during the year.
(x) According to the information and explanations given to us, the
terms and conditions on which the company has given any guarantee for
loans taken by others from bank or financial institutions are prima
facie not prejudicial to the interest of the company.
(xi) In our opinion and according to the information and explanations
given to us, the term loans were applied for the purpose for which the
loans were obtained.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the company has been
noticed or reported during the years.
For V. Sankar Aiyar & Co.
Chartered Accountants
(Firm's Registration No. 109208W)
Arvind Mohan
Place: Mumbai Partner
Date : 28th May 2015 (Membership No. 124082)
Mar 31, 2014
We have audited the accompanying financial statements of SUNIL HITECH
ENGINEERS LIMITED ("the Company"), which comprise the Balance Sheet as
at 31 March 2014, the Statement of Profit and Loss and 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
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"). 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.
Auditors'' 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, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. 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 31 March 2014;
(ii) in the case of the Statement of Profit and Loss, of the profit 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;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub- section (1) of
section 274 of the Companies Act, 1956.
Annexure to the Independent Auditors'' Report
(The Annexure referred to in para 1 under the heading "Report on Other
Legal and Regulatory Requirements" of our report of even date to the
Members of SUNIL HITECH ENGINEERS LIMITED on the financial statements
for the year ended 31 March 2014.)
1. In respect of its fixed assets:
a) The Company has maintained proper records
showing full particulars, including quantitative details and situation
of fixed assets except location wise details of some of the movable
assets shifted / transferred amongst various sites.
b) As explained to us, the fixed assets have been physically verified
by the management during the year as per the phased programme which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. We are informed that there were no material
discrepancies noticed on such verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and going concern status of the Company is
not affected.
2. In respect of inventories:
a) As explained to us, the inventories were physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and the discrepancies noticed on such physical verification
between physical stock and book records were not material and have been
adequately dealt with in the books of account.
3. a) The Company has granted unsecured loans in the
current and earlier years to three companies covered in the register
maintained under Section 301 of the Companies Act, 1956. The maximum
amount outstanding during the year is H 753.85 Lacs and amount
outstanding at the year end is H 618.85 Lacs.
b) In our opinion the rate of interest charged, wherever charged, and
the other terms and conditions thereof are prima facie, not prejudicial
to the interest of the Company.
c) The loans granted are re-payable on demand. The parties have repaid
the principal amounts as stipulated and have also been regular in the
payment of interest to the Company, wherever stipulated.
d) There is no overdue amount in excess of H 1 Lac in respect of loans
granted to companies covered under the register maintained under
section 301 of the companies Act, 1956.
The Company has not granted any loan, secured or unsecured, to the
firms or parties covered in the register maintained under section 301
of the Companies Act, 1956.
The Company has not taken any loan from companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956, hence the provision of clause 4(iii)(e), 4(iii)(f)
and 4(iii)(g) of the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there exist an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to purchases of inventory, fixed assets and for the sale of
goods and services. However internal control as regards to
documentation of receipts and issues of raw materials and stores at
project sites needs to be strengthened. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls.
5. In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section and such
transactions exceeding H 5.00 Lacs in respect of each party have been
made at prices which are prima facie, reasonable having regard to the
prevailing market prices at the relevant time where such prices are
available.
6. The Company has not accepted any deposit from public. No order has
been passed by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any other Tribunal.
7. In our opinion and according to the information and explanations
given to us, the Company has an internal audit system commensurate with
the size and nature of its business.
8. We have broadly reviewed the cost records of the Company in respect
of relevant activities pursuant to the Companies (Cost Accounting
Records) Rules, 2011 prescribed by the Central Government under section
209(1)(d) of the Companies Act, 1956 and are of the opinion that prima
facie the prescribed cost records have been maintained. We have,
however, not made a detailed examination of the cost records with a
view to determine whether they are accurate and complete.
9. According to the information and explanations given to us in
respect of statutory and other dues:
a) The Company has generally been regular in depositing undisputed
statutory dues, including Investor Education and Protection Fund,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess
and other material statutory dues with the appropriate authorities
during the year except in case of Provident Fund, Employees State
Insurance, TDS and service tax where there are delays in depositing.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31 March 2014 for a period of more than six months
from the date they became payable.
c) On the basis of our examination of the documents and records of the
Company and the information and explanations given to us, there are no
dues of Income Tax, Sales tax, Service Tax, Customs Duty, Wealth Tax,
Excise Duty and Cess which have not been deposited on account of a
dispute, except as enumerated herein below which are pending before
respective authorities as mentioned there against:
Name of the Statute Nature of the Amount Period to which
Dues In Lacs amount relates
Financial Year
Service Tax under Service Tax 1,580.12 2005-06
Finance Act,1994 & (Basic & Penalty) ** To
The Central Excise Act,1944 2010-11
The Chhattisgarh Value Added VAT Tax (Basic) 35.85 2006-07
Tax Act, 2005 2007-08
The Customs Custom Duty 97.49 2007-08
Act, 1962 2008-09
Name of the Statute Forum where dispute is pending
Service Tax under Finance Act,1994 & Custom, Excise, Service Tax
The Central Excise Act,1944 Appellate Tribuna
The Chhattisgarh Value Added Addl. Commissioner of Commercial
Tax Act, 2005 Tax, Raipur
The Customs Act, 1962 Commissioner of Customs (Import),
Mumbai
* Net of amounts paid under protest or otherwise. Amount as per demand
orders including interest and penalty wherever quantified.
** Amount stayed
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current and the immediately preceding financial year.
11. Based on our audit procedures, information and explanations given
to us, in our opinion the Company has not defaulted in repayment of
dues to financial institutions and banks. The Company does not have any
outstanding debentures during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
terms and conditions on which the Company has given guarantees for
loans taken by others from banks or financial institutions are prima
facie not prejudicial to the interest of the Company.
16. In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised.
17. According to the cash flow statement and other records examined by
us and on the basis of the information and
explanations given to us, on an overall basis, funds raised on short
term basis have, prima facie, not been used during the year for long
term investment.
18. According to the information and explanations given to us, the
Company had made preferential allotment of 13,50,000 equity shares to
the companies covered in the register maintained under 301 of the
Companies Act, 1956 at a price determined in accordance with SEBI
(Issue of Capital & Disclosure Requirements) Regulations, 2009 and
hence not prejudicial to the interest of the Company.
19. According to the information and explanations given to us, the
Company has neither outstanding debentures at the beginning of the year
nor has issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the course of our audit.
For Kapoor & Parekh Associates
Chartered Accountants
ICAI FRN 104803W
Nilesh Parekh
Partner
Mumbai, 29 May 2014 Membership No. 33528
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of SUNIL HITECH
ENGINEERS LIMITED ("the Company"), which comprise the Balance Sheet as
at 31 March 2013, and the Statement of Profit and Loss and 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
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 subsection (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 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.
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 31 March 2013;
(ii) in the case of the Statement of Profit and Loss, of the profit 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;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
(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 31 March 2013, from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets except
location wise details of some of the movable assets shifted /
transferred amongst various sites.
b) As explained to us, the fixed assets have been physically verified
by the management during the year as per the phased programme which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. We are informed that there were no material
discrepancies noticed on such verification
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and going concern status of the Company is
not affected
2. In respect of inventories:
a) As explained to us, the inventories were physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and the discrepancies noticed on such physical verification
between physical stock and book records were not material and have been
adequately dealt with in the books of account.
3. a) In our opinion and according to the information and explanations
given to us, the Company had granted unsecured loans to two companies
covered under the register maintained under section 301 of the
companies Act, 1956. The maximum amount outstanding during the year was
Rs. 301.00 Lacs and the year end balance of loans granted to such
companies was Rs. 301.00 Lacs
b) In our opinion the rate of interest charged, wherever charged, and
the other terms and conditions thereof are prima facie, not prejudicial
to the interest of the Company.
c) The loans granted are re-payable on demand The parties have repaid
the principal amounts as stipulated and have also been regular in the
payment of interest to the Company, wherever stipulated
d) There is no overdue amount in excess of Rs. 1 Lac in respect of loans
granted to companies covered under the register maintained under
section 301 of the companies Act, 1956
The Company has not granted any loan, secured or unsecured, to the
firms or parties covered in the register maintained under section 301
of the Companies Act, 1956
The Company has not taken any loan from companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956, hence the provision of clause 4(iii)(e), 4(iii)(f)
and 4(iii)(g) of the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there exist an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to purchases of inventory, fixed assets and for the sale of
goods and services. However internal control as regards to
documentation of receipts and issues of raw materials and stores at
project sites needs to be strengthened. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls
5. In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section and such
transactions exceeding Rs. 5.00 Lacs in respect of each party have been
made at prices which are prima facie, reasonable having regard to the
prevailing market prices at the relevant time where such prices are
available.
6. The Company has not accepted any deposit from public. No order has
been passed by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any other Tribunal
7. In our opinion and according to the information and explanations
given to us, the Company has an interna audit system commensurate with
the size and nature of its business
8. We have broadly reviewed the cost records of the Company in respect
of relevant activities pursuant to the Companies (Cost Accounting
Records) Rules, 2011 prescribed by the Central Government under section
209(1 )(d) of the Companies Act, 1956 and are of the opinion that prima
facie the prescribed cost records have been maintained We have,
however, not made a detailed examination of the cost records with a
view to determine whether they are accurate and complete
9. According to the information and explanations given to us in
respect of statutory and other dues
a) The Company has generally been regular in depositing 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 other material statutory
dues with the appropriate authorities during the year except in case of
service tax where there are some delays in depositing
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31 March 2013 for a period of more than six months
from the date they became payable except for profession tax aggregating
to Rs. 0.17 Lacs
c) On the basis of our examination of the documents and records of the
Company and the information and explanations given to us, there are no
dues of Income Tax, Sales tax, Service Tax, Customs Duty, Wealth Tax,
Excise Duty and Cess which have not been deposited on account of a
dispute, except as enumerated herein below which are pending before
respective authorities as mentioned there against:
Name of the
statute Nature of
the Amount* Period to
which Forum where
dispute is
Dues (Rs. Lacs) amount relates pending
(Financial
Year)
Service Tax
under
Finance Act,
1994 & Service
Tax
(Basic 1,580.12 2005-06
To
2010-11 Custom, Excise,
Service Tax
The Central
Excise Act,
1944 &
Penalty)
** Appellate
Tribunal
18.12 2005-06
To
2010-11 Custom, Excise,
Service Tax
** Commissionerate,
Nagpur
The
Chhattisgarh
Value Added
Tax VAT Tax 35.85 2006-07 Addl.Commissioner
of Act,
2005 (Basic)
2007-08 Commercial
Tax, Raipur
The Customs
Act, 1962 Custom 97.49 2007-08 Commissioner of
Customs
Duty 2008-09 (Import), Mumbai
* Net of amounts paid under protest or otherwise. Amount as per demand
orders including interest and penalty wherever quantified
** Amount stayed
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current and the immediately preceding financial year.
11. Based on our audit procedures, information and explanations given
to us, in our opinion the Company has not defaulted in repayment of
dues to financial institutions and banks. The Company does not have any
outstanding debentures during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund / nidhi / mutual benefit
fund / society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
terms and conditions on which the Company has given guarantees for
loans taken by others from banks or financial institutions are prima
facie not prejudicial to the interest of the Company.
16. In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised
17. According to the cash flow statement and other records examined by
us and on the basis of the information and explanations given to us, on
an overall basis, funds raised on short term basis have, prima facie,
not been used during the year for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956, during the year.
19. According to the information and explanations given to us, the
Company has neither outstanding debentures at the beginning of the year
nor has issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For Kapoor & Parekh Associates
Chartered Accountants
ICAI FRN 104803W
N. M. Parekh
Partner
Nagpur, 30 May 2013 Membership No. 33528
Mar 31, 2012
1.We have audited the attached Balance Sheet of SUNI HITECH ENFINEERS
LIMITED ("the Company") as at 31st March 2012, the Statement of Profit
and Loss and also the Cash Flow Statement 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 test basis, evidence supporting. An audit also
includes assessing 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. As
amended by the companies (Auditors Report) (Amended) Order , 2004
(together the 'Order'), 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 paragraphs 4 and 5 of
the said order.
4. Further to our comments in the Annexure referred to above, we report
that.
a) We have obtained all the information and explanations, which to the
best of our knowledge and belied were necessary for the purposes 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 and proper returns adequate for the purposes of our audit have
been received from the locations not visited by us.
c) The Balance Sheet, statement of profit and Loss Cash Flow Statement
dealt with by this report are in agreement with the boots of account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement 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 Written representations received from the directors,
as on 31st March, 2012 and taken on records by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of Section 274 (I)(g)
of the Companies Act, 1956.
f) in our option and to the best of our information and according to
the explanations given to us, the said accounts read together with
accounting policies and other notes thereon, give 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 Statement of Profit and Loss, of the profit for
the year ended on the date, and
iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets except
location wise details of some of the movable assets shifted /
transferred amongst various sites.
b) As explained to us, the fixed assets have been physically verified
by the management during the year as per the phased programme which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. We are informed that there were no material
discrepancies noticed on such verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and going concern status of the Company is
not affected.
2. In respect of inventories:
a) As explained to us, the inventories were physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and the discrepancies noticed on such physical verification
between physical stock and book records were not material and have been
adequately dealt with in the books of account.
3. In our opinion and according to the information and explanations
given to us, the Company had granted unsecured loans to three companies
covered in the register maintained under Section 301 of the Companies
Act, 1956. Total amount outstanding at the year end is Rs. 301.00 Lacs
and maximum amount outstanding during the year is Rs. 600.92 Lacs. In our
opinion the rate of interest, wherever charged, and the other terms and
conditions of such loans are prima facie not prejudicial to the
interest of the Company.
The loans granted are re-payable on demand. The parties have repaid the
principal amount on demand and have also been regular in the payment of
interest to the Company,
The Company has not granted any loan, secured or unsecured, to the
firms or parties covered in the register maintained under section 301
of the Companies Act, 1956.
The Company has not taken any loan from companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956, hence the provision of clause 4(iii)(e),4(iii)(f)
and 4(iii)(g) of the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there exist an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to purchases of inventory, fixed assets and for the sale of
goods and services. However internal control as regards to
documentation of receipt and issues of raw materials and stores at
project sites needs to be strengthened. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal controls.
5. In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section and such
transactions exceeding Rs 5.00 Lacs in respect of each party have been
made at prices which are prima facie, reasonable having regard to the
prevailing market prices at the relevant time where such prices are
available.
6. The Company has not accepted any deposit from public. No order has
been passed by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any other Tribunal.
7. In our opinion and according to the information and explanations
given to us, the Company has an internal audit system commensurate with
the size and nature of its business.
8. We have broadly reviewed the cost records of the Company in respect
of relevant activities pursuant to the Companies (Cost Accounting
Records) Rules, 2011 prescribed by the Central Government under section
209(1)(d) of the Companies Act, 1956 and are of the opinion that prima
facie the prescribed cost records have been maintained. We have,
however, not made a detailed examination of the cost records with a
view to determine whether they are accurate and complete.
9. According to the information and explanations given to us in
respect of statutory and other dues:
a) The Company has generally been regular in depositing undisputed
statutory dues, including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
material statutory dues with the appropriate authorities during the
year except in some cases there has been delays.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2012 for a period of more than six
months from the date they became payable except for VAT pertaining to
Tamil Nadu aggregating to Rs 14.69 Lacs.
c) On the basis of our examination of the documents and records of the
Company and the information and explanations given to us, there are no
dues of Income Tax, Sales tax, Service Tax, Customs Duty, Wealth Tax,
Excise Duty and Cess which have not been deposited on account of a
dispute, except as enumerated herein below which are pending before
respective authorities as mentioned there against:
Name of the Nature of the Amount* Period to Forum where
Statute Dues (Rs in which the dispute is
Lacs) amount pending
relates
(financial
Year)
Service Tax Service Tax 864.85 2005-06 to Custom, Excise
under Finance Act, (Basic & 2007-08 Service Tax
1994 & The Central Penalty) Appellate
Excise Act, 1944 Tribunal
*Net of amounts paid under protest or otherwise.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current and the immediately preceding financial year.
11. Based on our audit procedures, information and explanations given
to us, in our opinion the Company has not defaulted in repayment of
dues to financial institutions and banks. The Company does not have any
outstanding debentures during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund/ nidhi/mutual benefit
fund/society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
terms and conditions on which the Company has given guarantees for
loans taken by others from banks or financial institutions are prima
facie not prejudicial to the interest of the Company.
16. In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised.
17. According to the cash flow statement and other records examined by
us and on the basis of the information and explanations given to us, on
an overall basis, funds raised on short term basis have, prima facie,
not been used during the year for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956, during the year.
19. According to the information and explanations given to us, the
Company has neither outstanding debentures at the beginning of the year
nor has issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For Kapoor & Parekh Associates
Chartered Accountants
[ICAI FRN 104803W]
N. M. Parekh
Partner
Nagpur, 14th August, 2012 Membership No. 33528
Mar 31, 2011
1. We have audited the attached Balance Sheet of SUNIL HITECH
ENGINEERS LIMITED ("the Company") as at 31st March, 2011, the Profit
and Loss Account and also the Cash Flow Statement 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 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. The financial statements of the Company for the year ended 31st
March, 2010 were audited by other independent auditors, vide audit
report dated 30th May, 2010. We have relied upon the balances of the
assets and liabilities as at 31st March, 2010 being the opening
balances as at 1st April, 2010 for the purposes of the financial
statements for the year ended 31st March, 2011.
4. As required by the Companies (Auditors' Report) Order, 2003, as
amended by the Companies (Auditors' Report) (Amendment) Order, 2004
(together the 'Order'), 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 paragraphs 4 and 5 of
the said order.
5. Further to our comments in the Annexure referred to above, 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 purposes 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 and proper returns adequate for the purposes of our audit have
been received from the locations not visited by us;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement 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 written representations received from the directors,
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2011 from being appointed as a director in terms of Section 274(1)(g)
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 together with
accounting policies and other notes thereon, give 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 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.
Annexure to the Auditor's Report
(Referred to in the paragraph 4 of our report of even date to the
Members of SUNIL HITECH ENGINEERS LIMITED on the accounts for the year
ended 31st March, 2011)
1. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets except
location wise details of some of the movable assets shifted /
transferred amongst various sites.
b) As explained to us, the fixed assets have been physically verified
by the management during the year as per the phased programme which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. We are informed that there were no material
discrepancies noticed on such verification.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and going concern status of the Company is
not affected.
2. In respect of inventories:
a) As explained to us, the inventories were physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and the discrepancies noticed on such physical verification
between physical stock and book records were not material and have been
adequately dealt with in the books of account.
3. In our opinion and according to the information and explanations
given to us, the Company has granted unsecured loans to three companies
covered in the register maintained under Section 301 of the Companies
Act, 1956. Total amount outstanding at the year end is Rs. 600.92 Lacs
and maximum amount outstanding during the year is Rs. 700.93 Lacs. In
our opinion the rate of interest, wherever charged, and the other terms
and conditions of such loans are prima facie not prejudicial to the
interest of the Company.
The loans granted are re-payable on demand. The parties have repaid the
principal amount on demand and have also been regular in the payment of
interest to the Company,
The Company has not granted any loan, secured or unsecured, to the
firms or parties covered in the register maintained under section 301
of the Companies Act, 1956.
The Company has not taken any loan from companies, firms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956, hence the provision of clause 4(iii)(e),4(iii)(f)
and 4(iii)(g) of the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there exist an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to purchases of inventory, fixed assets and for the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
5. In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Companies Act, 1956 have been entered in the
register required to be maintained under that section and such
transactions exceeding Rs. 5 Lacs in respect of each party have been
made at prices which are prima facie, reasonable having regard to the
prevailing market prices at the relevant time where such prices are
available.
6. The Company has not accepted any deposit from public. No order has
been passed by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any other Tribunal.
7. In our opinion and according to the information and explanations
given to us, the Company has an internal audit system commensurate with
the size and nature of its business.
8. To the best of our knowledge and as explained to us, the Central
Government has not prescribed the maintenance of the cost records under
Section 209(1) (d) of the Companies Act, 1956.
9. According to the information and explanations given to us in
respect of statutory and other dues:
a) The Company has generally been regular in depositing undisputed
statutory dues, including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
material statutory dues with the appropriate authorities during the
year except in some cases there has been delays.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Cess and other material
statutory dues were in arrears, as at 31st March, 2011 for a period of
more than six months from the date they became payable.
c) On the basis of our examination of the documents and records of the
Company and the information and explanations given to us, there are no
dues of Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty
and Cess which have not been deposited on account of a dispute, except
as enumerated herein below which are pending before respective
authorities as mentioned there against:
Name of the Nature of the Amount* Period to which Forum where
statute Dues (Rs. in
Lacs ) amounts relate dispute is
Pending
(Assessment
Year)
Finance Act, Service Tax
(Basic) 47.02 2005-06 &
2006-07 Custom, Excise,
1944 &
Central Service Tax
Excise &
Customs, Service Tax
(Penalty u/s 78) 63.28 Appellate
Tribunal
Service
Tax Cell
Service Tax
(Basic) 25.11 2006-07 Custom, Excise,
Service Tax
(Penalty u/s 78) 25.11 Service Tax
Appellate
Tribunal
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current and the immediately preceding financial year.
11. Based on our audit procedures, information and explanations given
to us, in our opinion the Company has not defaulted in repayment of
dues to financial institutions and banks. The Company does not have any
outstanding debentures during the year.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund/ nidhi/mutual benefit
fund/society.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
15. According to the information and explanations given to us, the
terms and conditions on which the Company has given guarantees for
loans taken by others from a banks or financial institutions are prima
facie not prejudicial to the interest of the Company.
16. In our opinion and according to the information and explanations
given to us, the term loans have been applied for the purpose for which
they were raised.
17. According to the cash flow statement and other records examined by
us and on the basis of the information and explanations given to us, on
an overall basis, funds raised on short term basis have, prima facie,
not been used during the year for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956, during the year.
19. According to the information and explanations given to us, the
Company has neither outstanding debentures at the beginning of the year
nor has issued any debentures during the year.
20. The Company has not raised any money by public issue during the
year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For Kapoor & Parekh Associates
Chartered Accountants
[ICAI FRN 104803W]
N.M. Parekh
Partner
Nagpur, 30th August, 2011 Membership No. 33528
Mar 31, 2010
1. We have audited the attached balance sheet of, Sunil Hitech
Engineers Limited as at 31st March 2010, the profit and loss account
and also the Cash flow statements for the period ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys 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 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 sub- section (4 A) of
section 227 of the Companies Act, 1956 we enclose in the Annexure a
statement on the matter specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
a. We have obtained all the information 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 appears from our examination of
those books.
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, Profit & Loss account and Cash
flow statement dealt with by this report comply with the Accounting
Standards referred to in sub- section(3C) of section 211 of Companies
Act, 1956; except for AS-15 (Revised)" Employee Benefit " for
compliance features of "Employee Benefits" as stated at Note No.4 (xi)
below to the extent they are applicable (Non provision for leave
encashment and AS-28 Impairment of Assets" (No impairment testing done)
e. On the basis of written representation received from the directors,
as on 31st March 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2010
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
Attention is invited to the following,
i) Regarding advances and receivables and provision for doubtful debts,
provisions with regard to Receivables of Rs.230 lacs have not been made
in the books of accounts; as a result the profit for the period has
been overstated by Rs.230 lacs and Current assets (Sundry Debtors) has
been overstated by the similar amount.
ii) Reference to Note on Accounts No 4 (vii). As per management
estimate Provision of Rs. 25 Lakhs has been made for Leave Encashment
in books of accounts. As the provision made is not as per the
Accounting Standard 15 - Employee Benefit (Revised) issued by ICAI,
consequential impact of the difference in amount of provision on Profit
& Loss for the year is unascertainable.
f. Subject to the remark given above we report that:
In our opinion and to the best of our information and according to the
explanations given to us, the said financial statements read together
with notes 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.
1) In the case of Balance Sheet, of the state of affairs of the company
as at 31/03/2010 and,
2) In the case of the Profit and Loss Account, of the profit for the
year ended on that date, and
3) In case of cash flow statement of the cash flow of the company for
the year ended on that day.
Annexure to the Auditors Report
(Referred to in paragraph 3 of our report of even date)
1) a) The company has maintained proper record showing full
particulars including quantitative details and situation of fixed asset
except for some of the assets where present location, quantitative
details and accumulated depreciation are not recorded in Fixed Asset
Register.
b) All the.assets have not been physically verified by the management
during the period ended on 31st March 2010 but there is phased regular
program of verification which, in our opinion, is reasonable having
regard to the size of the company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) During the period ended on 31st March 2010, the company has not
disposed off a major part of the fixed assets
2) a) The physical verification of inventory at major sites has been
conducted during the year by the management. In our opinion the
frequency of the verification is reasonable, however the satisfactory
evidence of physical verification was not provided to us for the year
end physical verification.
b) In our opinion & according to information and explanations given to
us the procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business except as already mentioned
above and the procedures of identifying damaged/scrap and obsolete
items of inventory along with reporting of the same were not followed
to the satisfaction.
c) In our opinion and on the basis of report given by external Store
Auditor, company has maintained proper records of inventory except at
some sites where the inventory records were not updated properly. As
informed to us, the discrepancies noticed on verification between the
physical stock and the book records were not material.
3) a) The company had given unsecured loans-to one party
covered in the register maintained under section 301of the Companies
Act,1956. The maximum amount. involved during the year was Rs. 5.50Cr.
and the year end balance of loan given to such party was Rs. Nil. The
company had not taken any loan from the parties covered in the register
maintained under section 301of the Companies Act, 1956.
b) In our opinion, the rate of interest and other terms and conditions
of the loan given are not prima facie prejudicial to the interest of
the company
c) In respect of aforesaid loan the principal and interest amount were
recovered during the year and hence there is no overdue amount of loan
at the end of year.
4) In our opinion and according to the information and explanation
given to us, there are internal control procedures for the purchases of
inventory, fixed assets and with regard to the sale of goods & services
which in our opinion needs to be strengthened to commensurate with the
size of the company and the nature of its business for. As informed to
us the Company has initiated the steps to ensure strengthening such
controls.
5) a) According to the information and explanations given to us,
we are of the opinion that the particulars of the contracts or
arrangements that need to be entered in the register maintained u/s 301
of the Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained u/s 301 of the
Companies Act, 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year, have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time. However during the year company has incurred expenditure
more than Rs. 45.23 Lakhs (net) above Contract Revenue against contract
or arrangement entered with Gangakhed Sugar & Energy Ltd.
6) In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public
during the year, therefore, provision of the clause of the order are
not applicable to the Company.
7) In our opinion, the company has an internal audit system however it
needs more improvement in some areas of its functioning considering the
size and nature of business of the company. As informed to us the
Company has initiated the steps to strengthening internal audit system.
8) According to the information and explanations given to us, the
Central Government has not prescribed maintenance of cost records under
clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956
for any of the products of the Company.
9) a) According to the information and explanations given to us,
undisputed amounts payable in respect of provident fund, Investor
education protection fund, employees state insurance, income tax,
wealth tax, sales tax, customs duty, excise duty and cess have been
generally regularly deposited with the appropriate authorities except
there has been slight delay in very few cases
b) According to the records of the Company and explanation
given to us the statutory dues for the following taxes were in arrears
as on 31st March 2010 for more than six months from the date they
become payable.
Name of the Stature Nature of dues Amount
(Rs. in Lacs)
Karnataka Sales Tax 1.57
Sales Tax
Tamilnadu Sales Tax 3.79
Sales Tax
Name of the Stature Period to which Due Date Date of
the amount relates Payment
Karnataka 2009-10 30.09.2009 14.05.2010
Sales Tax
Tamilnadu 2008-09 30.04.2009 Not Yet Paid
Sales Tax
c) According to the information and explanation given to us, there are
no dues of income tax, customs duty, wealth tax, sales tax, excise duty
and cess which have not been deposited with an appropriate authorities
on account of any dispute. According to the information and explanation
given to us, the following dues of Service Tax have not been deposited
by the Company on account of disputes:
Name of the Stature Nature of dues Amount
(Rs. in Lacs)
Finance Act, 1944 & Central
Excise & Service Tax (Basic) 47.02
Customs, Service Tax Cell Service Tax 63.28
(Penalty u/s 78)
Finance Act, 1944 & Central
Excise & Service Tax (Basic) 25.11
Customs, Service Tax Cell Service Tax 25.11
(Penalty u/s 78)
Name of the Stature Period to which Forum where
the amount relates dispute is
pending
Finance Act, 1944 &
Central Excise & 2005-06 & Custom, Excise, Service
Customs, Service
Tax Cell 2006-07 Tax Appellate Tribunal
Finance Act, 1944 &
Central Excise & 2006-07 Custom, Excise, Service
Customs, Service
Tax Cell Tax Appellate Tribunal
10)In our opinion, there are no accumulated losses of the company. The
company has not incurred cash losses during the period ended on 31st
March2010 covered by our audit and in the immediately preceding
financial period.
11)In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial. institution, bank or debenture holders.
12)We are of the opinion that the company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13)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.
14) In our opinion the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly the
provisions of clause 4 (ix) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
15)In our opinion and according to the information furnished to us, the
company has given following guarantees for loans taken by others from
banks and financial institutions. In our opinion, the terms and
conditions are not prejudicial to the interest of the company.
16)In our opinion and information and explanations given to us, term
loans have been applied for, the purpose for which they
were raised.
17)According to the information and explanations given to us and on
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long-term
investment.
18)According to the information and explanations given to us, the
company has not been made preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act during the year.
19)According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures hence no need to create any security.
20)The Company has not raised any money by way of public issue during
the year.
21)According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For G.G. Randad & Co.
Chartered Accountants
(Registration No. 108623W)
G.G. Randad
Place: - Nagpur Partner
Date: - 30th May, 2010 M. No. 31266
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