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Hitek Industries (Bihar) Ltd.

BSE: 513003 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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Hitek Industries (Bihar) Ltd. (HITEKINDS) - Auditors Report

Company auditors report

HITEK INDUSTRIES LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT To The Members of HITEK INDUSTRIES LIMITED We have audited the attached Balance Sheet of HITEK INDUSTRIES LIMITED (the Company) as at March, 31, 2002 and also Profit & Loss Account for the year ended on that date, annexed thereto, and report that 1. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988, issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we have annexed hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to in paragraph 1 above, we state 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 it appears from our examination of such books; c) The Balance Sheet and the Profit & Loss Account referred to in this report are in agreement with the books of account; d) In our opinion, the Balance Sheet and the Profit and Loss Account are drawn up in compliance with the Accounting Standards referred to in sub- section (3C) of Companies Act, 1956; e) As per the representation made by the Company and all its Directors, no Director is disqualified from being appointed as Director u/s 274(1)(g) of the Companies Act, 1956; f) In our opinion and to the best of our information and according to explanations given to us, the said Balance Sheet and Profit and Loss Account, read together with the Notes and Schedules annexed thereto, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view i) in so far as it relates to the Balance Sheet, of the state of affairs of the Company as at March 31, 2002 and ii) in so far as it relates to the Profit and Loss Account, of the Loss of the Company for the year ended on that date. FOR B. PAL & CO. Chartered Accountants B. Pal Dated : 11.06.2002 Proprietor Annexure to the Auditors' Report The Annexure referred to in paragraph 1 of the Auditor's Report to the members of Hitek Industries Limited (the Company) for the year ended 31st March, 2002. We report that: Internal Controls 1. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of goods, plant and machinery, equipment and other assets and for the sale of shares. 2. In our opinion and according to the information and explanations given to us, the Company commensurate with the size and the nature of its business, has a reasonable system of ...recording receipts, issues and consumption of materials and allocating materials consumed; and ... authorisation and control over the allocating of labour costs. 3. In our opinion, the Company has an internal audit system, commensurate with its size and the nature of its business. Fixed Assets 4. The Company has maintained proper records of fixed assets showing full particulars including quantitative details and location. The Company has a regular programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the Company and the nature of its fixed assets. In accordance with this programme, certain fixed assets have been physically verified by Management during the year and no material discrepancies have been identified on such verification. 5. None of the fixed assets have been revalued during the year. Inventories 6. Inventories of the Company have been physically verified by Management. In our opinion, the frequency of verification is reasonable. 7. The procedures for physical verification of inventories followed by Management are reasonable and adequate in relation to the size of the Company and the nature of its business. 8. No discrepancies were identified on the physical verification of inventories as compared to the book records. 9. On the basis of our examination of inventories, we are of the opinion that their valuation is fair and proper, in accordance with normally accepted accounting principles and is on the same basis as in the previous year. 10. In our opinion and according to the information and explanations given to us, the activities of the Company are such that no realisable by products or scraps are generated. 11. We are informed by management that the Central Government has not prescribed the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956, for any of the products of the company. Loans and Advances 12. 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, or from Companies under the same management as defined under Section 370(1 B) of the Companies Act, 1956. 13. 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 or to Companies under the same management as defined under Section 370(1 B) of the Companies Act, 1956. Related Parties 14. In our opinion and according to the information and explanations given to us, the transactions for the purchase of goods and materials and sale of goods, materials and services, made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- or more in respect of each party, have been made at prices which are reasonable having regard to prevailing market prices as available with the Company for such goods, materials or services or the prices at which transactions for similar goods, materials have been made with the other parties. Fixed Deposits 15. The Company has not accepted any deposits from the public and consequently the provision of Section 58A of the Companies Act, 1956 and the Rules thereunder are not applicable. Staff Welfare 16. Provident Fund and the Employees' State Insurance dues have been regularly deposited during the year with the appropriate authorities. 17. On the basis of the examination of the books of account carried out by us in accordance with generally accepted auditing practices and according to the information and explanations given to us, no personal expenses of employees or Directors have been charged to the Profit and Loss Account, other than those payable under contractual obligation or in accordance with generally accepted business practice. Taxation 18. According to the information and explanation given to us, there are no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty and excise duty which are outstanding as at March 31, 2002 for a period of more than six months from the dates that they became payable. Others 19. The Company is not a sick industrial company within the meaning of Section 3(1) (O) of the Sick Industrial Companies (Special Provisions) Act, 1985. For B. PAL & CO. Chartered Accountants B. Pal Dated: 11.06.2002 Proprietor