Mar 31, 2015
We have audited the accompanying standalone financial statements of
Integrated Hitech Ltd.,("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
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 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 thereunder.
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 true and fair view in order to design
audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on whether the Company has in place
an adequate internal financial controls system over financial reporting
and the operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of 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
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the 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 March 31, 2015, and taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164(2) of the
Act.
(f) With respect to 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 statements .
ii. The Company has made provisions as required under the applicable
law or accounting, standards.
ANNEXURE TO THE Independent Auditors Report P||e(Referred to in
paragraph (1) under 'Report on Other Legal and Regulatory Requirements'
Section of our report of even date
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The Company has a program of verification of fixed assets to cover
all the items in a phased manner over a period of three years which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. Pursuant to the program, certain fixed assets
were physically verified by the Management during the year. According to
the information and explanations given to us no material discrepancies
were noticed on such verification.
(ii) In respect of its inventories:
(a) As explained to us, the inventories were physically verified during
the year by the Management.. In our opinion, having regard to the
nature and location of the inventory, the frequency of verification is
reasonable
(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 were 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 no material discrepancies were noticed on physical
verification.
(iii) The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources are
not readily available for obtaining comparable quotations, there is an
adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory and fixed assets and the sale of goods and services. During
the course of our audit, we have not observed any major weakness in
such internal control system.
(v) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections 73
to76 or any other relevant provisions of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 2014, as amended, with regard
to the deposits accepted. According to the information and explanations
given to us, no order has been passed by the Company Law Board or the
National Company Law Tribunal or the Reserve Bank of India or any Court
or any other Tribunal.
(vi) According to the information and explanations given to us, in
respect of statutory dues:
a. In our opinion and according to the information and explanations
given to us, the company is regular in depositing with appropriate
authorities undisputed statutory dues including Investor Education and
Protection Funds, Income Tax, Sales Tax, Wealth Tax, Customs Duty,
Excise Duty, Cess and other applicable statutory dues.
The Company has been generally regular in transferring amounts to the
Investor Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and Rules made
thereunder within time.
(vii) The Company does not have accumulated losses at the end of the
financial year and the Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(viii) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(ix) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not, prima facie, prejudicial to the interests of the Company.
(x) In our opinion and according to the information and explanations
given to us, the term loans have been applied by the Company during the
year for the purposes for which they were obtained, other than
temporary deployment pending application.
(xi) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For A. JOHN MORIS & CO.,
CHARTERED ACCOUNTANTS,
FRN. 0072205
PLACE : CHENNAI (A.JOHN MORIS)
DATE : 30.07.2015 PARTNER.
M.No. 29424
Mar 31, 2014
We have audited the accompanying financial statements of INTEGRATED
HITECH LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March, 2014, the Statement of Profit and Loss and 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 Financial Statements
The Company's 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 notified under the Companies
Act, 1956 ("the Act") (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs) and in accordance with the accounting principles generally
accepted in India. 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 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 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 the accounting policies used and the
reasonableness of the accounting estimates made by the 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 aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit/loss
of the Company for the year ended on that date; and (c) in the case of
the Cash Flow Statement, of the cash flows of the Company 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") issued by the Central Government in terms of Section 227(4A) 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 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 Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate
Affairs).
(e) On the basis of the written representations received from the
directors as on March 31, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014
from being appointed as a director in terms of Section 274(1) (g) of
the Act.
Annexure to the Independent Auditors' Report
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date)
(i) Having regard to the nature of the Company's
business/activities/results during the year, clauses (xii), (xiii),
(xiv), (xviii) and (xx) of paragraph 4 of the Order are not applicable
to the Company.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full articulars,
including quantitative details and situation of the fixed assets.
(b) The Company has a program of verification of fixed assets to cover
all the items in a phased manner over a period of three years which, in
our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. Pursuant to the program, certain fixed
assets were physically verified by the Management during the year.
According to the information and explanations given to us no material
discrepancies were noticed on such verification.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(a) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(b) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources are not
readily available for obtaining comparable quotations, there is an
adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchases of
inventory and fixed assets and the sale of goods and services. During
the .course of our audit, we have not observed any major weakness in
such internal control system.
(vi) In respect of contracts or arrangements entered in the Register
maintained in pursuance of Section 301 of the Companies Act, 1956, to
the best of our knowledge and belief and according to the information
and explanations given to us:
(a) The particulars of contracts or arrangements referred to Section
301 that needed to be entered in the Register maintained under the said
Section have been so entered.
(b) Where each of such transaction is in excess of Rs. 5 lakhs in
respect of any party, the transactions have been made at prices which
are prima facie reasonable having regard to the prevailing market
prices at the relevant time.
(vii) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58A and 58AA or any other relevant provisions of the Companies Act,
1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard
to the deposits accepted from the public. According to the information
and explanations given to us, no order has been passed by the Company
Law Board or the National Company Law Tribunal or the Reserve Bank of
India or any Court or any other Tribunal.
(viii) In our opinion, the Company has an adequate internal audit
system commensurate with the size and the nature of its business.
(xi) According to the information and explanations given to us in
respect of statutory dues:
1. a. In our opinion and according to the information and explanations
given to us, the company is regular in depositing with appropriate
authorities undisputed statutory dues including Investor Education and
Protection Funds, Income Tax, Sales Tax, Wealth Tax, Customs Duty,
Excise Duty, Cess and other applicable statutory dues.
b. According to the information and explanations given to us, there are
no arrears of statutory dues, outstanding for the period of more than
six months as at end of year.
c. According to the information and explanation give to us, there are
no dues of disputed Income Tax, Service Tax and Cess that have not been
deposited with the appropriate authorities.
(x) The Company does not have accumulated losses at the end of the
financial year and the Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
(xi). In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
banks, financial institutions and debenture holders.
(xii) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not, prima facie, prejudicial to the interests of the Company.
(xiii) In our opinion and according to the information and explanations
given to us, the term loans have been applied by the Company during the
year for the purposes for which they were obtained, other than
temporary deployment pending application.
(xiv) In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
Company, we report that funds raised on short-term basis have, prima
facie, not been used during the year for long-term investment.
(xv) According to the information and explanations given to us, during
the period covered by our audit report, the Company did not issue
debentures.
(xvi) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For A.JOHN MORIS & CO.,
CHARTERED ACCOUNTANTS,
FRN. 0072205
PLACE : Chennai (A. JOHN MORIS)
DATE : 30/07/2014 PARTNER
M.No. 29424
Mar 31, 2010
We have audited the attached Balance Sheet of M/S. Integrated Hitech
Limited as on 31st March, 2010 and the profit and Loss Account of the
Company for the year ended on that date annexed thereto and report
that:
A. 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.
B. 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.
C. As required by the Companies (Auditors Report) order 2003 issued
under section 227(4A) of the Companies Act, 1956, we enclose in the
annexure a statement on the matters specified in paragraph 4 and 5 of
the said Order.
Further to our comments in the Annexure referred to in C 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 the
audit.
b. In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts. a In our opinion
the Profit and Loss account and Balance Sheet comply
b. with the accounting standards as applicable and referred to in
subsection (3c) of sec 211 of the Companies Act, 1956.
e. In our opinion and to the best of our information and according to
the explanations given to us, the accounts read together with notes
thereon give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view:
(i) In the case of Balance Sheet of the state of affairs of the Company
as at 31st March 2010 and
(ii) In the case of Profit and Loss Account, of the Profit of the
Company for the year ended on that date.
f. As per the information and explanation provided to us none of the
Directors are disqualified from being appointed as Directors under
Section 274(1)(g) of the Companies Act, 1956.
ANNEXURE TO AUDITORS REPORT
(Referred to in para C of our report of even date)
(i) The Company is maintaining proper records to show full particulars
including quantitative details and situation of its fixed assets. The
fixed assets of the Company have been physically verified by the
Management during the year and no material discrepancies between the
book records and the physical inventory have been noticed.
(ii) None of the fixed assets has been revalued during the year.
(iii) The company has not disposed of any of its assets during the year.
(iv) The procedures for physical verification of inventories followed
by the company are reasonable and adequate, commensurate with the size
of the company and nature of the business.
(v) No material discrepancies have been noticed on physical
verification of inventories as compared to the records.
(vi) In our opinion and on the basis of our examination of stock
records, the valuation of inventories is fair and proper in accordance
with normally accepted accounting principles and is on the same basis
as in previous years.
(vii) During the year the Company has neither taken nor granted any
loans secured or unsecured fromAo Companies, firms or other parties
listed in the Register maintained under Section 301 of the Companies
Act, 1956. It was informed that there were no companies under the same
management as defined u/s.370(1 B) of the Companies Act, 1956.
(viii) The Company has an adequate internal control procedure
commensurate with the size of the company and nature of its business
for purchase of stores, plant and machinery, equipment and other assets
and for sale of goods.
(ix) The transactions for purchase of goods and materials and sale of
goods materials, and services, made in pursuance of contracts or
agreements entered in the Register maintained under Section 301 of the
Companies Act, 1956 as aggregating during the year to Rs.50,000/- or
more in respect of each party, have been made at prices which are
generally, reasonable having regard to prevailing market prices for
such goods, materials, or services or the prices at which transactions
for similar goods or services have been made with other parties.
(x) The Company has not accepted any deposit from the public during the
period and therefore the question of compliance with the directives
issued by Reserve Bank of India and the provisions of the sec 58A of
the Companies Act, 1956 does not arise.
(xi) The company does not generate any realizable by - products and
significant scraps.
(xii) The Company has adequate internal audit system commensurate with
the size and nature of its business.
(xii) This being a service Company the question of unserviceable or
damaged stores, raw materials or finished goods does not arise.
(xiii) The Central Government has not prescribed the maintenance of
cost accounts and records under Section 209(1 )(d) of the Companies
Act, 1956.
(xiv) There were no undisputed amounts payable in respect of Income Tax
Wealth Tax, Sales Tax, Custom Duty which have remained outstanding as
at 31 st March, 2010 for a period of more than 6 months from the date
they became payable.
(xv) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit/society. Accordingly, the provisions of clause 4 (xiii) of the
Companies (Auditors Report) Order 2003 are not applicable to the
Company.
(xvi) In our opinion and according to the information and explanation
given to us, the Company is not dealing in or trading in securities,
debentures and other investments. Accordingly, the provisions of clause
4 (xiv) of the Companies (Auditors Report) Order 2003 are not
applicable to the Company.
(xvii) In our opinion and according to the information and explanations
given to us, no term loans have been raised during the financial year
covered by our audit.
(xviii) In our opinion and according to the information and
explanations given to us, and an overall examination of the balance
sheet of the Company we report, no funds raised on short-term basis
have been used for long-term investment.
(xix) According to the information and explanations given to us, 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.
(xx) In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
4(xix)of the Companies (Auditors report) order, 2003 are not
applicable.
(xxi) During the period covered by our audit report, the Company has
not raised any money by public issues.
(xxii) 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.
(xxiii) On the basis of examination of books of accounts and according
to the information and explanation given to us, no personal expenses of
employees or directors have been charged to the Profit & Loss Account,
other than those payable under contractual obligation or in accordance
with the generally accepted business practice.
(xxiv) The company has a reasonable system of allocating man hours
utilised to relevant jobs, commensurate with its size and business.
(xxv) The provision of clause (o) sub section (1) of sec 3 of Sick
Industrial Companies (special provisions) Act of 1956 (1 of 1986) does
not apply to the Company.
Place :Chennai A. JOHN MORIS & CO.
Date : 30-06-2010 Chartered Accountants