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Incon Engineers Ltd.

BSE: 531594 Sector: Engineering
NSE: N.A. ISIN Code: INE507D01010
BSE LIVE 10:45 | 13 Sep 6.70 -0.35
(-4.96%)
OPEN

6.70

HIGH

6.70

LOW

6.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.70
PREVIOUS CLOSE 7.05
VOLUME 2300
52-Week high 12.91
52-Week low 6.70
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.70
Sell Qty 200.00
OPEN 6.70
CLOSE 7.05
VOLUME 2300
52-Week high 12.91
52-Week low 6.70
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.70
Sell Qty 200.00

Incon Engineers Ltd. (INCONENGINEERS) - Auditors Report

Company auditors report

TO THE MEMBERS OF INCON ENGINEERS LIMITED HYDERABAD.

Report on the Financial Statements

We have audited the accompanying financial statements of INCON ENGINEERS LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

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 Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory

Requirements:

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.

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

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(1) 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:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial

statements - Refer Note 27 to the financial statements

ii. The Company did not have any longterm contracts including derivative contracts forwhich there were any material foreseeable losses.

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

For Brahmayya & Co;
Chartered Accountants
Firm’s Registration Number.: 000513S
(P.CHANDRAMOULI)
Place: Hyderabad Partner
Date : 27.05.2015 Membership Number 025211

Annexure to the Auditor's Report:

The Annexure referred to in Para 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of INCONENGINEERS LIMITED HYDERABAD for the year ended March 312015.

1. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. As explained to us the management has physically verified the fixed assets duringthe year and there is a regular programme of verification which in our opinion isreasonable having regard to the size of the Company and the nature of the assets. Nodiscrepancies were noticed on such verification.

2. a. The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable.

b. In our opinion the procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the Company and thenature of its business.

c. The Company is maintaining proper records of inventory. The discrepancies noticed onphysical verification between the physical stocks and book records were not material.

3. a. During the year the Company has not granted any loans secured or unsecured toCompanies firms or other parties covered in the register maintained under Section 189 ofthe Companies Act 2013.

b. In view of our comment in paragraph (a) above Clause (III) (a) and (b) of paragraph3 of the aforesaid order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the Company and thenature of its business with regard to purchase of inventory and fixed assets and for thesale of goods and services. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal control system.

5. The Company has not accepted any deposits from the public. Hence the provisions ofSections 73 to 76 or any other relevant provisions of the Companies Act 2013 and therules framed there under do not apply to this Company.

6. The Central Government has not prescribed the maintenance of cost records undersubsection (1) of 148 section of the Companies Act 2013 for the activities of theCompany.

7. a. According to the records of the Company the company regular in depositingundisputed statutory dues including provident fund employees 'state insuranceincome-tax sales-tax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues with the appropriate authorities.

b. According to the records of the Company no un disputed statutory dues includingprovident fund employees 'state insurance income-tax sales-tax wealth tax servicetax duty of customs duty of excise value added tax cess and any other statutory dueswere in arrears as at March 31 2015 for a period of more than six months from the datethey became payable.

c. According to the records of the Company and the information and explanations givento us there were no dues of income tax or sales tax or wealth tax or service tax or dutyof customs or duty of excise or value added tax or cess have not been deposited on accountof any dispute.

d. According to the records of the Company there were no amounts which were requiredto be transferred to Investor Education and Protection Fund. Therefore the provisions ofclause 3 (vii) (c) of the Companies (Auditor's Report) Order 2015 are not applicable tothe Company.

8. The accumulated losses of the Company at the end of the financial year are more thanfifty percent of net worth of the Company. The Company has incurred cash losses during theyear covered by our audit and has not incurred any cash losses in the immediatelypreceding financial year.

9. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to any financial institutions and Banks.

10. The Company has not given any guarantee for the loans taken by others from banksand financial institutions.

11. During the year the Company has not obtained any term loans. Therefore theprovisions of clause 3 (xi) of the Companies (Auditor's Report) Order 2015 are notapplicable to the Company.

12. Based upon the audit procedures performed and according to the information andexplanations given to us we report that no fraud on or by the Company has been noticed orreported during the year.

For Brahmayya & Co;
Chartered Accountants
Firm’s Registration Number.: 000513S
(P. CHANDRAMOULI)
Place: Hyderabad Partner
Date : 27.05.2015 Membership Number 025211