To the Members of
Integrated Hitech Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of integrated Hitech
Limited ("the Company") which comprise the Balance Sheet as at March 31st, 2023
and the statement of Profit and Loss and the cash flows Statement for the year then ended
and notes 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 given to us the aforesaid 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 of their state of affairs of the Company
as at March 31st, 2023, 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) specified
under section 143(10) of the Companies act 2013, Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by ICAI and we have fulfilled our other ethical
responsibilities in accordance with the provisions of the Companies Act 2013. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of most
significance in our audit of the financial statements of the current period. These matters
we addressed in the context of our audit of the financial statements as a whole and in
forming our opinion thereon and we do not provide a separate opinion on these matters No
such matters were identified during the course of our audit.
Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Companys Board of Directors is responsible for the preparation and presentation of
these financial statements in term of the requirements of the Companies Act 2013 that give
a true and fair view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally accepted in India
including the Accounting Standards specified under section 133 of the Act. The respective
Board of Directors of the companies are responsible for maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies: making judgments and estimates that are
reasonable and prudent and the design implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring accuracy and completeness
of the accounting records 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 which have been used for the purpose of preparation of the financial
statements by the Directors of the Company as aforesaid.
In preparing the financial statements the respective Board of Directors of the
companies are responsible for assessing the ability of the Company to continue as a going
concern disclosing as applicable matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or
to cease operations or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Company is
responsible for overseeing the financial reporting process of the Company.
Auditors Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement whether due to fraud or error
and to issue an auditors report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with SAS
will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if individually or in the aggregate they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these 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 best
of our knowledge and belief were necessary for the purposes of our audit of the aforesaid
financial statements.
(b) In our opinion proper books of account as required by law relating to preparation
of the aforesaid financial statements have been kept so far as it appears from our
examination of those books and the reports of the other auditors.
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement
dealt with by this Report are in agreement with the relevant books of account maintained
for the purpose of preparation of the financial statements.
(d) in our opinion the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors of the
Company as on 31st March 2023 taken on record by the Board of Directors of the Company
none of the directors of the companies are disqualified as on 31st March 2023 from being
appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of internal financial controls over financial
reporting of the Group and the operating effectiveness of such controls refer to our
separate report in Annexure
(g) with respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion
and 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 contracts
including derivative contracts.
iii) There were no amounts required to be transferred to the Investor Education and
Protection Fund by The Company.
|
For A John Moris& Co., |
|
Chartered Accountants, |
|
FRN: 007220 S |
|
CA J. Sebastin |
| Place: Chennai |
Partner |
| Date :25-05-2023 |
M.No. 218962 |
|
UDIN:23218962BGWEVO7659 |
ANNEXURE A TO THE AUDITORS REPORT OF THE AUDITOR TO THE MEMBERS IN ACCORDANCE WITH
THE COMPANIES (AUDITORSREPORT) ORDER 2020
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 fixed assets are physically verified by the management at
reasonable intervals which in our opinion is reasonable looking to the size of the Company
and the nature of its business. No material discrepancies were noticed on such
verification.
(c) According to the information and explanation given to us and on the basis of our
examination of the records of the Company the Company does hold title deeds of immovable
properties.
2. The company is providing a service and hence provision relating to inventory is not
applicable.
3. According to the information and explanations given to us and on the basis of our
examination of the books of account it was observed that the Company has not granted Loans
to 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 the
Company has complied with the provisions of section 185 and 186 of the Act with respect to
the 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 such
the compliance with the directives issued by the Reserve Bank of India and the provisions
of Section 73 to 76 of the Companies Act 2013 and rules framed there under are not
applicable.
6. As per information & explanation given by the management maintenance of cost
records has not been prescribed by the Central Government under subsection (1) of
section148 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 depositing
with appropriate authorities undisputed statutory dues including Goods and Service Tax and
other applicable statutory dues during the year.
(b) According to the information and explanations given to us there is no amounts
payable in respect of income tax and service tax which have not been deposited on account
of any disputes.
(c) According to the information and explanations given to us no amount is required to
be transferred to investor education and protection fund in accordance with the relevant
provisions of the Companies Act 1956 (1 of 1956) and rules made there under has been
transferred to such fund within time.
8. According to the records, there are no transactions recorded in the books of account
that have been surrendered or disclosed as income during the year in the tax assessments
under the Income Tax Act, 1961 (43 of 1961).
9. 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.
10. The Company did not raise any money by way of initial public offer or further
public offer (including debt instruments). Term loans were obtained by the Company and the
same was applied for the purpose it was raised for.
11. According to the information and explanations given to us no material fraud by the
Company or on the Company by its officers or employees has been noticed or reported during
the course of our audit.
12. The Company is not a chit fund or a Nidhi /mutual benefit fund/society.
Accordingly, this paragraph of the Order is not applicable.
13. According to the information and explanations given to us and based on our
examination of the records of the Company transactions with the related parties are
incompliance with sections 177 and 188 of the Act where applicable and details of such
transactions have been disclosed in the financial statements as required by applicable
accounting standards.
14. The company is not mandatorily required to appoint an internal auditor (under Sec
138 read with Rule 13), hence this paragraph of the order is not applicable.
15. According to the information and explanations given to us and based on our
examination of the records of the Company the Company has not entered into any non-cash
transactions its directors.
16. According to the information and explanations given to us and based on our
examination of the records of the company,
a) the company is not required to be registered under section 45-IA of the Reserve Bank
of India Act 1934,
b) the company has not conducted any Non-Banking Financial or Housing Finance
activities without a valid Certificate of Registration (CoR) from the Reserve Bank of
India as per the Reserve Bank of India Act, 1934;
c) the company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India.
17. According to the records, the company has incurred a cash loss of Rs.1640000 during
the current financial year and has incurred cash loss of Rs.786000 during the immediately
preceding financial year.
18. There has not been any resignation of the statutory auditors during the year.
19.On the basis of the financial ratios, ageing and expected dates of realization of
financial assets and payment of financial liabilities, information and explanations given
to us and on the basis of our examination of the books of account, no material uncertainty
exists as on the date of the audit report and the company is capable of meeting its
liabilities existing at the date of balance sheet as and when they fall due within a
period of one year from the balance sheet date.
20. The company does not fall under the category of companies to which CSR obligations
apply as specified in Schedule VII under Sec 135 of the Companies Act, 2013 and hence this
paragraph of the order is not applicable.
21. There have been no qualifications or adverse remarks in the Companies (Auditors
Report) Order (CARO) reports of the companies included in the Consolidated Financial
Statements.
|
For A John Moris& Co., |
|
Chartered Accountants, |
|
FRN: 007220 S |
|
CA J. Sebastin |
| Place: Chennai |
Partner |
| Date : 25-05-2023 |
M.No. 218962 |
|
UDIN:23218962BGWEVO7659 |
ANNEXURE -B TO THE AUDITORS REPORT REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER
CLAUSE (1) OF SUBSECTION 3 OF SECTION143 OF 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 2023 in conjunction
with our audit of the financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities
include the design implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its
business including adherence to companys policies the safeguarding of its assets the
prevention and detection of frauds and errors the accuracy and completeness of the
accounting records and the timely preparation of reliable financial information as
required under the Companies Act 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit.
We conducted our audit in accordance with the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting (the "Guidance Note") and the
Standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of
the Companies Act 2013 to the extent applicable to an audit of internal financial controls
both applicable to an audit of Internal Financial Controls and both issued by the
Institute of Chartered Accountants of India. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls over financial
reporting was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting
assessing the risk that a material weakness exists and testing and evaluating the design
and operating
Effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditors judgment including the assessment of the risks of material
misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
i. Pertain to the maintenance of records that in reasonable detail accurately and
fairly reflect the transactions and dispositions of the assets of the company;
ii. Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and
iii. Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition use or disposition of the companys assets that could have a
material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent Limitations of Internal Financial Controls over Financial
Reporting including the possibility of collusion or improper management override of
controls material misstatements due to error or fraud may occur and not be detected. Also
projections of any evaluation of the internal financial controls over financial reporting
to future periods are subject to the risk that the internal financial control over
financial reporting may become inadequate because of changes in conditions or that the
degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion the Company has in all material respects an adequate internal financial
controls system over financial reporting and such internal financial controls over
financial reporting were operating effectively as at 31st March 2023 based on the internal
control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
|
For A John Moris& Co., |
|
Chartered Accountants, |
|
FRN: 007220 S |
|
CA J. Sebastin |
| Place: Chennai |
Partner |
| Date : 25-05-2023 |
M.No. 218962 |
|
UDIN:23218962BGWEVO7659 |
+91-9892691696
