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Hittco Tools Ltd.

BSE: 531661 Sector: Engineering
NSE: N.A. ISIN Code: INE863C01019
BSE LIVE 15:30 | 04 Sep Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.00
PREVIOUS CLOSE 5.85
VOLUME 1
52-Week high 7.32
52-Week low 3.32
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.00
CLOSE 5.85
VOLUME 1
52-Week high 7.32
52-Week low 3.32
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Hittco Tools Ltd. (HITTCOTOOLS) - Auditors Report

Company auditors report

To the Members of M/s Hittco Tools Limited

Report on the Financial Statements

We have audited the accompanying Standalone Financial Statements of M/s HITTCO TOOLSLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Standalone Financial Statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Financial Statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing issued by the Institute of Chartered Accountants of Indiaas specified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our qualified auditopinion on the Financial Statements.

Basis for Qualified Opinion

1. Trade receivables creditors and Loan and advances are subject to confirmation weare unable to obtain sufficient appropriate audit evidence about the carrying amounts ofsundry debtors and creditors and loans and advances as appropriate responses were notreceived by us Consequently we were unable to determine whether any adjustments to theseamounts were necessary.

2. The Finished goods are valued at estimated cost. The estimated cost is arrived bydeducting adhoc percentage towards margin from the selling price. We are unable to obtainsufficient appropriate audit evidence about approximation to the actual cost as requiredby the Accounting Standard-2"Valuation of inventory" from the records maintainedby the company. Consequently we were unable to determine the impact of deviation on thefinancial statements for the year ended 31st March 2016.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects of the matters described in the Basis forQualified Opinion paragraph the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and gives a true and fair viewin conformity with the accounting principles generally accepted in India

i. In the case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2016;

ii. In the case of the statement of profit or loss of the loss for the year ended onthat date;

iii. In the case of the cash flow statement of the cash flows for the year ended onthat date

iv.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of Section 143 ofthe Act we give in the Annexure 1 a statement on the matters specified in paragraphs 3and 4 of the Order.

2. As required by Section 143 (3) of the Act we report that:

i) We have sought and except for the matters described in the "Basis for Qualifiedopinion" paragraph above obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit;

ii) Except for the possible effects of the matter described in the "Basis forQualified opinion" paragraph above in our opinion proper books of account asrequired by law have been kept by the Company so far as appears from our examination ofthose books;

iii) The balance sheet statement of profit and loss and cash flow statement dealt withby this report are in agreement with the books of account;

iv) Except for the possible effects of the matter described in the "Basis forQualified opinion" paragraph in our opinion the aforesaid the balance sheetstatement of profit and loss and cash flow statement comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014;

v) The matter described in the "Basis for qualified opinion" paragraph abovein our opinion will not have any adverse effect on the functioning of the company.

vi) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct;

vii) The qualifications relating to the maintenance of accounts and other mattersconnected therewith are as stated in the "Basis for qualified opinion" paragraphabove.

viii) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

a. the Company does not have any pending litigations which would impact its financialposition

b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses

c. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company

For Mishra & Co.
Chartered Accountants
CA Nilamadhab Mishra
Place: Bengaluru Proprietor
Date: 30/05/2016 M.No.223157 FRN:012355S