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Hindustan Everest Tools Ltd.

BSE: 505725 | NSE: | Series: NA | ISIN: INE598D01019 | SECTOR: Machine Tools

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Oct 27, 16:00
1593.60 52.15 (3.38%)
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1,967
30-Day
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    1541.45

  • Open Price

    1618.00

  • Bid Price (Qty.)

    1514.05 (26)

  • Offer Price (Qty.)

    1599.95 (5)

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Dec 27, 11:22
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Hindustan Everest Tools is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the attached Balance Sheet of HINDUSTAN EVERESTTOOLS LTD. as at 31st March, 2009 and the Profit & Loss Account and Cash Flow for the year ended as 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. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating, the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 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. Further to our comments in the Annexure referred to above, we report that: i) 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; ii) In our opinion, proper books of Account as required by the law have been kept by the Company so far as appears from our examination of those books; iii) The Balance Sheet, Profit and Loss Account and Cash Flow dealt with by this report are in agreement with the books of account; iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. v) On the basis of written representations received from the directors as on 31 st March, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March 2009, from being appointed as directors in terms of clause (g) of Sub-section (I) of Section 274 of the Companies Act, 1956. vi) a) Refer Note No. 9 (b) in Schedule 22 regarding credit taken for deferred tax assets of Rs. 1,41,34,065/- on unabsorbed depreciation and carried forward business loss which is based on future profitability projection made by the management. However, we are unable to express any opinion on the above projections and consequent impact on the realization of such deferred tax assets. b) Refer Note No. 13 in Schedule 22 regarding non-provision of diminution in value of long term investment Rs. 3,16,165/- which in the opininon of the management is temporary in nature. vii) Subject to our inability to ascertain the related financial impact, if any, of our comments as given in paragraph (vi) (a) & (b) above, In our opinion and to the best of. our information and according to the explanations given to us, the said 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 in conformity with the accounting principles generally accepted in India; a) In the case of Balance Sheet, of the state of affairs of the company as at 31st March, 2009 and b) In the case of Profit and Loss account, of the loss of the company for the year ended on that date. c) In the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date Re: Hindustan Everest Tools Ltd. (i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. b) Fixed assets have been physically verified by the Management during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such verification. c) The Company has not disposed off substantial part of fixed assets during the year. (ii) a) As explained to us inventories were physically verified during the year by the management at reasonable intervals. b) In our opinion and according to the information and explanatinos given to us, the procedures of physical verification of inventory 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 explanation given to us, the Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. (iii) a) According to the information and explanations given to us, the Company has taken unsecured loan including the previous year from four Parties (maximum balance during the year Rs. 4,81,70,000/- and year end balance Rs. 4,64,75,000/-) entered in the register maintained under section 301 of the Companies Act 1956. b) The rate of interest other terms & condition of such loan are prima facie not prejudical to the interest of the Company. c) As informed to us, the Company has not granted any loan to parties covered in the register maintained under section 301 of the Companies Act, 1956. (iv) In our opinion and according to the information and explanations given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control. (v) a) In our opinion and according to the information and explanations provided by the management, we are of the opinion that the particulars of contract or arrangement that need to be entered into the register maintained under section 301 of the Companies Act1956 have been so entered. b) In our opinion and according to the information and explanations given to us, there is no transaction of purchase and sale of goods, materials and services made from the parties covered under section 301 of the Companies Act1956. (vi) In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and provisions of section 58 A and 58 AA of the Companies Act, 1956 and rules framed there under with regard to the deposits accepted from the public. (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) The Central Government has not prescribed maintenance of cost records for the Companys products under section 209 (I) (d) of the Companies Act, 1956. (ix) a) According to the records of the Company, the Company is generally regular in depositing undisputed statuatory dues including provident fund, Investor education and protection fund, employees state insurance, income-tax, sales-tax, services tax, wealth tax, custom duty, excise duty, cess and other statuatory dues applicable to it with the appropriate authorities though there have been delays/yet to be deposited in few cases. There are undisputed outstanding fringe benefit tax Rs. 6,67,962/- (excluding interest) as at the year end for a period of more than six months from the date they became payable. b) According to the records of the Company, there are no dues outstanding of sales tax, income tax, service tax, custom tax, wealth tax, excise duty and cess on account of any dispute. (x) The Company has no accumulated losses at the end of the financial year and the Company has not incurred cash loss during the current and in immediately preceding financial year. (xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion thatthe Companv has not defaulted in repayment of dues to financia institution and banks. We have been informed tha the Company has not issued any debenture durinc the year. (xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) 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 (as amended), are not applicable to the Company. (xiv) The Company does not deal or trade in shares, securities, debentures and other securities. (xv) According to the information and explanations given to us, the Company has not given any guarantees in favours of banks / financial institution for loans taken by others. (xvi) According to the information and explanations given to us, term loans taken by the company have been applied for the purpose for which they were taken. (xvii) According to the information and explanation given to us, on an overall basis, fund raised on short term basis has not been used during the year for long term investment. (xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under-Section 301 of the Companies Act, 1956. (xix) The Company did not have any outstanding debentures during the year, Hence, question of creation of security or charge does not arise. (xx) The Company has not raised any money through a public issue during the year. (xxi) Based on our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, no fraud on or by the Company, was noticed or reported during the year. for SINGHI & CO. Chartered Accountants B. K. SIPANI Partner Membership No. 88926 Place : New Delhi Dated : 30th June, 2009