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The Hi-Tech Gears Ltd.

BSE: 522073 | NSE: HITECHGEAR |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE127B01011 | SECTOR: Auto Ancillaries

BSE Live

Sep 23, 16:00
273.95 3.50 (1.29%)
Volume
AVERAGE VOLUME
5-Day
2,006
10-Day
2,165
30-Day
2,493
933
  • Prev. Close

    270.45

  • Open Price

    267.15

  • Bid Price (Qty.)

    272.10 (15)

  • Offer Price (Qty.)

    273.95 (40)

NSE Live

Sep 23, 15:43
272.90 6.75 (2.54%)
Volume
AVERAGE VOLUME
5-Day
10,197
10-Day
18,537
30-Day
21,571
8,535
  • Prev. Close

    266.15

  • Open Price

    270.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance sheet of HI-TECH GEARS LIMITED as at 31st March 2011 and also the Profit & Loss Account and the Cash Flow Statement 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 misstatements. 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 [as amended by the Companies (Auditor''s Report) (Amendment) order,2004,] 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 & 5 of the said Order. 4. Further to our comments in the Annexure referred to above, we report that: i) 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. ii) 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. iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement 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 Statement 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 the written representation received from the Director, as on 31st March 2011 and taken on record by the board of Director, we report that none of the Directors is disqualified as on 31st March 2011 from being appointed as a in term of requirement under Section 274(1)(g) of the Companies Act , 1956. vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the Significant Accounting policies, and notes appearing thereon as contained in Schedule 17 give the information as 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 the Balance sheet, of the state of affairs of the Company as at 31st March, 2011. b) In the case of the Profit and Loss Account, of the profit for the year ended on that date. c) In the case of Cash Flow Statement, of the cash flow for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH ''3'' OF THE AUDITORS'' REPORT ON THE ACCOUNTS OF HI- TECH GEARS LMITED FOR THE YEAR ENDED 31st MARCH 2011. (i) (a) The Company has maintained proper records to show full particulars, including quantitative details and situation of all fixed assets. (b) All the fixed assets have been physically verified by the management during the year except for furniture and fixtures and office equipments. No material discrepancies were noticed on such verification. (c) No substantial part of Fixed Asset has been disposed off during the year. ii) (a) The Inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and its nature of business. (c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. iii) (a) The company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956.Hence Clause 4 (iii) (b), 4 (iii) (c) and Clause 4 (iii) (d) is not applicable. (e) The company has not taken any loans, secured or unsecured from companies, firms or other parties listed in the register maintained under section 301 of The Companies Act, 1956. Hence Clause 4 (iii) (f) and Clause 4 (iii) (g) is not applicable. iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and for sale of goods and services. During the course of audit, we have not observed any continuing failure to correct major weakness in internal control. v) (a) Based on our audit procedure and according to information and explanation given to us by the management, we are of the opinion that the transactions that need to be entered in to the registered maintained under Section 301 of The Companies Act, 1956 have been so entered. (b) Based on our audit procedure and according to information and explanation given to us by the management, we are of the opinion that the transaction made in pursuance of contracts and arrangements entered in the registered maintained under section 301 in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. vi) According to the information and explanation given to us, the Company has not accepted any deposits from the public, under section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. vii) In our opinion and according to the information and explanations given to us, the Company has an adequate internal audit system commensurate with the size and nature of its business. viii) We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete. ix) (a) According to the records, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, Customs duty and Excise Duty, Cess, Service Tax have generally been deposited with the appropriate authorities. According to the information and explanation given to us, there are no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance Income Tax, Wealth Tax, Sales Tax, Customs duty and Excise Duty, Education Cess, Service Tax which were outstanding, as at 31st March, 2011 for a period of more than six months, from the date they became payable. (b) According to the information and explanations given to us, no dues of Provident Fund, Investor Education and Protection Fund, Employees State Insurance Income Tax, Wealth Tax, Sales Tax, Customs duty and Excise Duty, Education Cess, Service Tax which have not been deposited on account of any dispute except the following: Nature of Statute Nature of Year Amount Forum where Dues dispute is pending Asst. Commissioner Rajasthan 2007-08 1,716,840.00 Rajasthan High- of Commercial Tax on court- Jaipur. Taxes Deptt. Entry of Bhiwadi Goods into Local Area Act, 1999 Asst. Commissioner Rajasthan 2008-09 1,351,717.00 Rajasthan High- of Commercial Tax on court- Jaipur. Taxes Deptt. Entry of Bhiwadi Goods into Local Area Act,1999 Dy. Commissioner Sales Tax 2009-10 745,283.00 Commissioner of Commercial Appeal, Ranchi Taxes Division, Jharkhand x) The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the 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 any financial institution and banks. xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities, during the year under audit. 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 this order are not applicable to the Company. xiv) According to the information and explanation provided to us, we are of the opinion that the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(xiv) of this order are not applicable to the Company. xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. xvi) The term loans have been applied for the purpose for which they were raised. xvii) According to the information and explanation 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 not been used for long- term investment. xviii) During the period covered by our audit report, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained u/s 301 of the Act. xix) During the period covered by our audit report, the Company has not issued any debentures. xx) The Company has not raised any money by way of public issue. xxi) Based upon the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. For GUPTA VIGG & CO. CHARTERED ACCOUNTANTS FIRM REGN. NO. 001393N Place : New Delhi (CA. KAWAL JAIN) Dated : 25.05.2011 PARTNER Membership No.089214