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 2020 andthe statement of Profit and Loss the Statement of Changes in Equity & the cash flowsStatement for the year then ended and notes to the financial statements including asummary of significant accounting policies.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the IndianAccounting Standards prescribed under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended ("IND AS")the accountingprinciples generally accepted in India of their consolidated state of affairs of theCompany as at March 31 2020 the profit and total comprehensive income changes in equityand its cash flows for the year ended on that date.
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 those
1. Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with 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 presentation ofthese financial statements in term of the requirements of the Companies Act 2013 that givea true and fair view of the financial position financial performance and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under section133 of the Act. The respectiveBoard of Directors of the companies are responsible for maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 adequate internalfinancial controls that were operating effectively for 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 ofDirectors of the companies included in the Company is responsible for overseeing thefinancial 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 are 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 2020 taken on record by the Board of Directors of the Companynone of the directors of the companies are disqualified as on 31st March 2020 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 and the operating effectiveness of such controls refer to our separatereport 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. The Company did not have any material foreseeable losses on long-term contractsincluding derivative contracts.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
ANNEXURE-'A' TO THE AUDITORS' REPORT
REPORT OF THE AUDITOR TO THE MEMBERS 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. No 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.
2. The company is providing a service and hence provision relating to inventory is notapplicable.
3. 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
4. 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-members. As suchthe compliance with the directives issued by the Reserve Bank of India and the provisionsof Section 73 to 76 of the 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) ofsection148 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.
8. 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 theCompany or on the Company by its officers or employees has been noticed or reported duringthe course 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 2013. 12. The Company is not achit fund or a Nidhi /mutual benefit fund/society. Accordingly this paragraph of the Orderis 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 or private placement of shares or fully or partly convertible debentures duringthe year. 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 OFSECTION143 OF THE COMPANIES ACT 2013 ("THE ACT")
We have audited the internal financial controls over financial reporting ofM/s.Integrated Hitech Limited ("the Company") as of 31st March 2020 inconjunction with our audit of the financial statements of the Company for the year endedon 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 for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting 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 involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial 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 design and operating Effectiveness of internal control basedon the assessed risk. The procedures selected depend on the auditor's judgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue 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;
ii. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and
iii. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material 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 2020 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.