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Hindustan Everest Tools Ltd.

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

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Oct 18, 16:00
1556.50 74.10 (5.00%)
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1,810
10-Day
1,495
30-Day
2,473
2,523
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  • Open Price

    1556.50

  • Bid Price (Qty.)

    1556.50 (200)

  • Offer Price (Qty.)

    1556.50 (3)

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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 accompanying financial statements of Hindustan Everest Tools Limited, (the company) which comprise the Balance Sheet as at 31st March, 2014 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 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. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conduct 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 entity''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 to 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; 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 Statement of Profit and Loss, of the profit for the year ended on that date; and c. In the case of Cash Flow Statement, of the cash flows for the year ended on that date. Report on the other legal and regulatory requirements 1. As required by the Companies ( Auditor''s Report) Order, 2003 (the Order) 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 statements on the matters specified in the 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 31st March, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st 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 referred to in paragraph 1 of our report of even date on the other legal and regulatory requirements (Re: Hindustan Everest Tools Limited) (i) a. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b. As per information given to us, the process of physical verification of fixed assets by the management was initiated but not completed 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. Discrepancy in physical and book quantity if any shall be reconciled and adjusted on completion of physical 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 explanations 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 interest free unsecured loans including in previous year from four parties (Maximum balance Rs. 4,97,05,466 and year end balance was Rs. 4,35,13,404) listed in the register maintained under section 301of the Companies Act'' 1956. b. Other terms & condition of such loan are prima facie not prejudicial 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, we have not noticed any continuing failure to correct major weakness in internal control system. (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 arrangements that need to be entered into the register maintained under section 301 of the Companies Act''1956 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 exceeding the value of Rs. five lakhs from any party covered under section 301 of the Companies'' Act 1956. (vi) In our opinion and according to the information and explanations given to us, the company has not received any public deposit during the year. (vii) In our opinion the company has an internal audit system commensurate with the size and nature of its business. (viii) We have broadly reviewed the cost records maintained by the company 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 made and maintained. We have however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. (ix) a. According to the records of the company, the company is generally regular in depositing undisputed statutory 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 statutory dues applicable to it with the appropriate authorities though there have been some delays. There are no significant undisputed outstanding statutory dues as at the yearend for a period of more than six months from the date they became payable except service tax Rs.43,878. 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 loss at the end of the financial year and has not incurred any cash loss during the year. However, it has incurred cash loss 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 that the company has not defaulted in repayment of dues to financial institution and banks. We have been informed that the company has not issued any debenture during 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 Order 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 favour of banks / financial institution for loans taken by others. (xvi) According to the information and explanations given to us, term loan taken by the company during the year has been utilized for the purpose for which loan was obtained. (xvii) According to the information and explanation given to us, on an overall basis, fund raised on short term during the year has not been used 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. Accordingly clause 4(xix) of the Order is not applicable. (xx) The company has not raised any money through a public issue during the year. Accordingly clause 4(xx) of the Order is not applicable. (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 Firm Reg. No.302049E B.K. Sipani Partner Membership No.088926 Place: New Delhi Date: 29th May, 2014