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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 24, 16:00
267.85 -6.10 (-2.23%)
Volume
AVERAGE VOLUME
5-Day
1,743
10-Day
1,777
30-Day
2,461
879
  • Prev. Close

    273.95

  • Open Price

    274.00

  • Bid Price (Qty.)

    261.05 (10)

  • Offer Price (Qty.)

    264.70 (20)

NSE Live

Sep 24, 15:55
263.20 -9.70 (-3.55%)
Volume
AVERAGE VOLUME
5-Day
9,166
10-Day
14,793
30-Day
20,313
4,636
  • Prev. Close

    272.90

  • Open Price

    271.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    263.20 (60)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of Hi-Tech Gears Limited (the Company), which comprise the Balance Sheet as at March 31, 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 The 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) read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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, 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 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: (a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 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 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) 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 subsection (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013; and (e) on the basis of written representations received from the directors as on March 31, 2014, and 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 clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. The Annexure referred to in paragraph 1 of our report of even date to the members of Hi-Tech Gears Limited (the Company) on the accounts of the company for the year ended 31st March, 2014. On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that: 1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) As explained to us, the company has a regular programme of verification of fixed assets. All the assets except furniture & fixtures are verified once in every two years, which in our opinion, is reasonable having regard to size of the company and nature of fixed assets. During the year under audit, company started physical verification of fixed assets. Till the date of audit, 90% of gross block of fixed assets were verified and no material discrepancies were noticed on such verification. Physical verification of rest of the assets was in continuation. (c) In our opinion and according to the information and explanations given to us, fixed asset disposed off during the year were not substantial, and therefore, do not affect the going concern assumption. 2. (a) As explained to us, Inventories have been 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 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 on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records. 3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, 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. Consequently, the provisions of clauses (iii) (b), (iii) (c) and (iii) (d) of the order are not applicable to the Company. (e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus, sub clauses (f) & (g) of clause (iii) are not applicable to the company. 4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed. 5. (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section. (b) Based on our audit procedure and according to information and explanation provided to us by the management, we are of the opinion that the transaction made in pursuance of contracts 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. 6. According to information and explanation given to us by the management, the Company has not accepted any deposits from the public. Therefore, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company. 7. In our opinion and according to information & explanations given by the management, the Company has an adequate internal audit system commensurate with its size and the nature of its business. 8. We have broadly reviewed the books of accounts relating to material, labour and other items of cost maintained by the company pursuant to 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 maintain. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or compete. 9. (a) According to the information and explanations given to us and on the basis of our examination of the records of the company, 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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there is no amounts payable in respect of sales tax, income tax, custom duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any disputes except below:- S. Name of Nature Year Amount (Rs.) Pending at No. the Statue of Assessing Dues Authority 1. Central Service 2009-10 85,598 Commissioner Excise Act Tax (85,598) (Appeal), CE 1944 2. Central Service 2010-11 1,03,399 Commissioner Excise Act Tax & 2011 - (1,03,399) (Appeal), CE 1944 12 3. Central Service 2010-11 1,64,915 Pending with Excise Act Tax & 2011- (NIL) Tribunal, RK 1944 12 Puram, Delhi 4. Central Service 2008-09 4,85,131 Pending with Excise Act Tax (4,85,131) Tribunal, RK 1944 Puram, Delhi 5. Central Service 2009- 10 4,45,857 Pending with Excise Act Tax (4,45,857) Tribunal, RK 1944 Puram, Delhi 6. Central Service 2010- 11 2,91,171 Pending with Excise Act Tax (2,91,171) Tribunal, RK 1944 Puram, Delhi 7. Central Service 2008- 09, 14,91,522 Pending with Excise Act Tax 2009- 10, (12,18,991) Tribunal, RK 1944 2010- 11 Puram, Delhi 8. Central Service 2006- 07 30,68,991 Pending with Excise Act Tax to 2010 - (11,54,202) Tribunal, RK 1944 11 Puram, Delhi 9. Central Service 2011 - 12 3,25,712 Commissioner Excise Act Tax 2012- 13 (NIL) (Appeal), CE 1944 10. Central Service 2011 - 12 6,60,482 Commissioner Excise Act Tax 2012- 13 (NIL) of Income Tax 1944 (Appeals) 11. Central Service 2011 - 12 25,545 Commissioner Excise Act Tax 2012- 13 (NIL) of Income Tax 1944 (Appeals) 12 Local Area Entry 2007- 08 12,19,212 Hon''ble High- Act, 1999 Tax (12,19,212) Court, Rajasthan, Jaipur 13. Local Area Entry 2008- 9,08,718 Hon''ble High- Act, 1999 Tax 09 (9,08,718) Court, Rajasthan, Jaipur 14. Local Area Entry 2009- 10 11,19,316 Hon''ble High- Act, 1999 Tax (11,19,316) Court, Rajasthan, Jaipur 15. Local Area Entry 2010- 11 8,58,227 Hon''ble High- Act, 1999 Tax (8,58,227) Court, Rajasthan, Jaipur 16 Local Area Entry 2011- 12 14,49,974 Hon''ble High- Act, 1999 Tax (NIL) Court, Rajasthan, Jaipur 17 Income Income A.Y. 2,56,368 Commissioner Tax Act, Tax 2008- 09 (Nil) of Income Tax 1961 (Appeals) 18 Income Income A.Y. 33,12,315 Commissioner Tax Act, Tax 2010- 11 (33,85,470) of Income Tax 1961 (Appeals), Delhi Total 1,62,72,453 (1,12,75,292) Note:- Figures in brackets relates to the previous year 10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year. 11. 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 a financial institution, bank or debenture holders. 12. According to the information and explanations given 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. 13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable to the Company. 14. According to information and explanations given to us, the Company is not dealing in trading of Shares, Mutual funds & other Investments. 15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution. 16. Based on our audit procedures and on the information given by the management, we report that term loans have been utilized for the purpose, they have been raised. 17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company. 18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year. 19. The Company did not have any outstanding debentures during the year. 20. The Company has not raised any money by public issue during the year. 21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management. For Gupta Vigg & Co. Chartered Accountants Firm Registration No. 001393N Sd/- CA. Kawal Jain Place: New Delhi Partner Date: 30th May, 2014 Membership No.: 089214