We have audited the accompanying standalone financial statements of
Hittco Tools Limited (the “Company’), which comprise the Balance Sheet
as at March 31, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended on that date and a summary of
material accounting policies and other explanatory information (hereinafter
referred to as the “standalone financial statements”).
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements give
the information required by the Companies Act, 2013 (the “Act”) in the
manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under section 133 of the Act, (“Ind
AS”) and other accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2025 and its profit, total
comprehensive income, changes in equity and its cash flows for the year
ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing (“SA”s) specified under section
143(10) of the Act. Our responsibilities under those Standards are further
described in the Auditor’s Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (“ICAI”) together with the ethical
requirements that are relevant to our audit of the standalone financial
statements under the provisions of the Act and the Rules made thereunder,
and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI’s Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to provide a basis for
our audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the standalone financial statements
of the current period. These matters were addressed in the context of our
audit of the standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Information Other than the Financial Statements and Auditor’s Report
Thereon
The Company’s Board of Directors is responsible for the other information.
The other information comprises the information included in the
Management Discussion and Analysis, Board’s Report including Annexures
to Board’s Report, Business Responsibility and Sustainability Report,
Corporate Governance and Shareholder’s Information, but does not include
the consolidated financial statements, Standalone Financial Statements and
our auditor’s report thereon.
Our opinion on the Standalone Financial Statements does not cover the
other information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the Standalone Financial Statements, our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the Standalone
Financial Statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance
for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in
section 134(5) of the Act with respect to the preparation of these Standalone
Financial Statements that give a true and fair view of the financial position,
financial performance, including other comprehensive income, changes in
equity and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including Ind AS specified under
section 133 of the Act. This responsibility also includes 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 design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Financial Statements that
give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the Standalone Financial Statements, management and Board
of Directors are responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Board
of Directors either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.
The Company’s Board of Directors are also responsible for overseeing the
Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of Standalone Financial
Statements
Our objectives are to obtain reasonable assurance about whether the
Standalone Financial Statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s
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
Standalone Financial Statements.
As part of an audit in accordance with SAs, we exercise professional
judgment and maintain professional skepticism throughout the audit. We
also:
• Identify and assess the risks of material misstatement of the
Standalone Financial Statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to
the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of the Companies Act,
2013, we are also responsible for expressing our opinion on
whether the company has adequate internal financial controls with
reference to Standalone Financial Statements in place and the
operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of management’s use of the going
concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the Standalone
Financial Statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the
Standalone Financial Statements, including the disclosures, and
whether the Standalone Financial Statements represent the
underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the Standalone Financial
Statements that, individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user of the Standalone
Financial Statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of
any identified misstatements in the Standalone Financial Statements.
We communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal financial
controls that we identify during our audit.
We also provide those charged with governance with a statement that we
have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the
Standalone Financial Statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless
law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of
such communication.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143 (3) of the Act, based on our audit we report
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.
(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
those books.
(c) The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, Statement of Changes in Equity and the
Statement of Cash Flows dealt with by this Report are in agreement
with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply
with the Ind AS specified under Section 133 of the Act .
(e) On the basis of the written representations received from the directors
as on 31st March 2025 taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2025 from being
appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with
reference to Standalone Financial Statements of the Company and the
operating effectiveness of such controls, refer to our separate Report
in “Annexure A”. Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company’s internal
financial controls with reference to Standalone Financial Statements.
(g) With respect to the other matters to be included in the Auditor’s
Report in accordance with the requirements of section 197(16) of the
Act, as amended, in our opinion and to the best of our information
and according to the explanations given to us, the remuneration paid
by the Company to its directors during the year is in accordance with
the provisions of section 197 of the Act.
(h) With respect to the other matters to be included in the Auditor’s
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, as amended, in our opinion and to the best of
our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on
its financial position in its financial statements.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material
foreseeable losses.
iii. In our opinion and according to the information and explanation
given to us there was no amount which was required to be
transferred to investor education and protection fund.
iv. A) The management has represented that, to the best of its
knowledge and belief, no funds (which are material either
individually or in the aggregate) have been advanced or loaned
or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the company to or in any
other person or entity, including foreign entity
(“Intermediaries”), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the
company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;
B) The management has represented, that, to the best of its
knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the
company from any person or entity, including foreign entity
(“Funding Parties”), with the understanding, whether recorded
in writing or otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate
Beneficiaries;
C) Based on the audit procedures that have been considered
reasonable and appropriate in the circumstances, nothing has
come to our notice that has caused us to believe that the
representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (A) and (B) above, contain any material
misstatement.
v. The company has not declared or paid any dividend during the
year.
vi. Based on our examination, which included test checks, the
Company has used accounting software for maintaining its
books of account for the financial year ended March 31,2025
which does not have a feature of recording audit trail (edit log)
facility.
2. As required by the Companies (Auditor’s Report) Order, 2020 (“the
Order”) issued by the Central Government of India in terms of sub¬
section (11) of section 143 of the Act, we give in the Annexure B, a
statement on the matters specified in the paragraph 3 and 4 of the order.
For DTSB & ASSOCIATES
Chartered Accountants
F.R.N-329277E
Deepak T oshniwal
Partner
Membership No. 309119
Date: 30/05/2025
UDIN - 25309119BMHTWF5185
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