Integrated Hitech Ltd.
|BSE: 532303||Sector: IT|
|NSE: N.A.||ISIN Code: INE934A01012|
|BSE 00:00 | 02 Mar||Integrated Hitech Ltd|
|NSE 05:30 | 01 Jan||Integrated Hitech Ltd|
|BSE: 532303||Sector: IT|
|NSE: N.A.||ISIN Code: INE934A01012|
|BSE 00:00 | 02 Mar||Integrated Hitech Ltd|
|NSE 05:30 | 01 Jan||Integrated Hitech Ltd|
To the Members of Integrated Hitech Limited
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Integrated HitechLimited ("the Company") which comprise the Balance Sheet as at March 31 2021 andthe statement of Profit and Loss and the cash flows Statement for the year then ended andnotes to the financial statements including a summary of significant accounting policies.In our opinion and to the best of our information and according to the explanations givento us the aforesaid financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of their state of affairs of the Company as atMarch 31 2021 and loss and its cash flows for the year then ended.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143 (10) of the Companies act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report We are independent of the Company in accordancewith the Code of Ethics issued by ICAI and we have fulfilled our other ethicalresponsibilities in accordance with the provisions of the Companies Act 2013 We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Nosuch matters were identified during the course of our audit.
Responsibilities of Management and Those Charged with Governance for the FinancialStatements
The Company's Board of Directors is responsible for the preparation and presentationsof these financial statements in term of the requirements of the Companies Act 2013 thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under section 133 of the Act. The respectiveBoard of Directors of the companies arc responsible for maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and delecting frauds and other irregularities selection andapplication of appropriate accounting mg policies making judgments and estimates that arereasonable and prudent and the design implementation and maintenance of adequate internalfinancial controls that were operating effectively lor ensuring accuracy and completenessof the accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error which have been used for the purpose of preparation of the financialstatements by the Directors of the Company as aforesaid.
In preparing the financial statements the respective Board of Directors of thecompanies are responsible for assessing the ability of the Company to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless management either intends to liquidate the Company orto cease operations or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Company isresponsible for overseeing the financial reporting process of the Company.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole arc free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.
Report on Other legal and Regulatory Requirements
As required by Section 143(3) of the Act we report to the extent applicable that:
(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit of the aforesaidfinancial statements.
(b) In our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination of those books and the reports of the other auditors
(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the relevant books of account maintainedfor the purpose of preparation of the financial statements.
(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act
(e) On the basis of the written representations received from the directors of theCompany as on 31st March 2021 taken on record by the Board of Directors of the Companynone of the directors of the companies arc disqualified as on 31st March 2021 from beingappointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of internal financial controls over financialreporting of the Group and the operating effectiveness of such controls refer to ourseparate report; in Annexure.
(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
I. There were no pending litigations which would impact the financial position. ii. TheCompany did not have any material foreseeable losses on long-term contracts includingderivative contracts.
There were no amounts which were required to be transferred to the Investor Educationand Protection Fund by the Company
ANNEXURE-'A' TO THE AUDITORS' REPORT REPORT OF THE AUDITOR THEMEMBERS IN ACCORDANCE WITH THE COMPANIES (AUDITORS'REPORT) ORDER 2016
1 (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.
(b) As explained to us fixed assets are physically verified by the management atreasonable intervals which in our opinion is reasonable looking to the size of the Companyand the nature of its business. Wo material discrepancies were noticed on suchverification.
(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company the Company does not hold any title deeds ofimmovable properties
7. The company is providing a service and hence provision relating to inventory is notapplicable.
According to the information and explanations given to us and on the basis of ourexamination of the books of account it was observed that the Company has not granted loansto corporate listed in the register maintained under section 189 of the Companies Act 2013
A. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respect tothe investments made The company has not granted any loans to its directors.
5. During the year the Company has not accepted any deposits from non-inembers. As suchthe compliance with the directives issued by the Reserve Bank of India and the provisionsof Section 73 to 76 of tire Companies Act 2013 and rules framed there under are notapplicable.
6. As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under subsection (1) ofsectionl48 of the Companies Act 2013 for any of the activities of the Company.
7 (a) According to the records the Company has been generally regular in depositingwith appropriate authorities undisputed statutory dues including Goods and Service Tax andother applicable statutory dues during the year.
(b) According to the information and explanations given to us there is no amountspayable in respect of income tax and service tax which have not been deposited on accountof any disputes.
(c) According to the information and explanations given to us no amount is required tobe transferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made there under has beentransferred to such fund within time.
3. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.
9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt Instruments). Term loans were obtained by the Company and the samewas applied for the purpose it was raised for.
10 According to the information and explanations given to us no material fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit
11. According to the information and explanations given to us and based on ourexamination of the records of the Company the amount paid towards managerial remunerationare within the provisions of section 197 of companies act 7033
12. The Company is not a chit fund or a Nidhi /mutual benefit fund/society. Accordinglythis paragraph of the Order is not applicable.
13. According to the information and explanations given to us and based on ourexamination of the records of the Company Transactions with the related parties areincompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by applicableaccounting standards.
14. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment private placement of shares or fully or partly convertible debentures during theyear.
15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions its directors.
16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.
ANNEXURE -B TO THE AUDITORS' REPORT
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUBSECTION .3 Of SECTION143OF THE COMPANIES ACT 2013 ("THE ACT")
We have audited the internal financial controls over financial reporting of M/s.Integrated Hitech Limited ('' the Company") as of 31st March 2021 In conjunction withour audit of the financial statements of the Company for the year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively tor ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completeness ofthe accounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit.
We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of internal Financial Controls and both issued by theInstitute of Chartered Accountants of India Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.
Our audit involoves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial ini reporting and their operatingeffectiveness Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating Effectiveness of internal control based on the assessed risk The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that
i. Pertain to The maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; li. Providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and iii. Provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financialincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate
In our opinion the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2021 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.