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Industrial & Prudential Investment Company Ltd.

BSE: 501298 Sector: Financials
NSE: N.A. ISIN Code: INE620D01011
BSE LIVE 15:29 | 23 Oct 1350.00 51.30
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1300.00
PREVIOUS CLOSE 1298.70
VOLUME 405
52-Week high 1499.00
52-Week low 960.00
P/E 33.71
Mkt Cap.(Rs cr) 236
Buy Price 1350.00
Buy Qty 7.00
Sell Price 1360.00
Sell Qty 9.00
OPEN 1300.00
CLOSE 1298.70
VOLUME 405
52-Week high 1499.00
52-Week low 960.00
P/E 33.71
Mkt Cap.(Rs cr) 236
Buy Price 1350.00
Buy Qty 7.00
Sell Price 1360.00
Sell Qty 9.00

Industrial & Prudential Investment Company Ltd. (INDLPRUDINV) - Auditors Report

Company auditors report

TO THE MEMBERS OF INDUSTRIAL AND PRUDENTIAL INVESTMENT COMPANY LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of INDUSTRIAL ANDPRUDENTIAL INVESTMENT COMPANY LIMITED ("the Company") which comprise theBalance Sheet as at 31st March 2017 the Statement of Profit and Loss theCash Flow Statement for the year then ended and a summary of the significant accountingpolicies and other explanatory information.

Management's Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 there under.

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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and its statement of Profit and its cash flows for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2017 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder.

2. As required by Section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B;

g) 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 does not have any pending litigations which would impact its financialposition as on 31st March 2017.

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended on March31 2017.

iv. the Company had provided disclosures in note no. 2.22 in its financial statementsas to holdings as well as dealings in Specified Bank Notes during the period the periodfrom November 08 2016 to December 302016 are in accordance with the Books of Accountmaintained by the Company.

For V.S. SOMANI & CO.
Chartered Accountants
F. R. No.117589W
CA Vidyadhar Somani
Place: Mumbai Proprietor
Date : May 052017 Membership No.102664

ANNEXURE ‘A'

(Annexure referred to in paragraph 1 to ‘Report on Other Legal and RegulatoryRequirements' Section of our report of even date).(Matters referred to in clause (ii)(vi) and (xii) of the Order are not applicable to the Company) i. (a) The Company hasmaintained proper records showing full particulars including quantitative details andsituation of fixed assets.

(b) As explained to us physical verification of fixed assets was conducted by themanagement during the year. No material discrepancies were noticed on such physicalverification.

(c) Title deeds of immovable properties as disclosed in Note 6 on fixed assets to thefinancial statements are held in the name of the Company. ii. The Company has not grantedany loans secured or unsecured during the year to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act. Accordingly sub-clause (a) (b) and (c) are not applicable. iii. BeingInvestment Company clause (iv) of the Order is not applicable to the Company. iv. TheCompany has not accepted any deposits from the public within the meaning of Sections7374 75 and 76 of the Act and the Rules framed there under to the extent notified. v.(a) According to the records of the Company the Company is generally regular indepositing undisputed statutory dues including Income-tax Service Tax cess and any otherstatutory dues applicable to it.

Based on our audit procedures and according to the information and explanations givento us there are no arrears of undisputed statutory dues which remained outstanding as at31st March 2017 for a period of more than six months from the date they became payable.

(b) According to the records made available to us and the information and explanationsgiven by the management there are no dues of income tax or Service Tax or cess whichhave not been deposited on account of any dispute. vi. The Company has not taken any loansfrom any banks or financial institutions and has not issued any debentures. vii. TheCompany has not raised any moneys by way of initial public offer and has not availed anyterm loans. viii. According to the information and explanation given to us no fraud bythe Company or any fraud on the Company by its officers or employees has been noticed orreported during the year in the course of our audit. ix. Managerial Remuneration has beenprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V of the Act. x. All transactions with the related parties are incompliance with sections 177 and 188 of the Act and details have been disclosed in theFinancial Statements as required by the applicable accounting standards. xi. The Companyhas not made any preferential allotment or private placement of shares or fully or partlyconvertible debentures. xii. The Company has not entered into any non-cash transactionswith directors or persons connected with him. xiii. The Company is registered undersection 45-IA of the Reserve Bank of India Act 1934 and the registration certified hasbeen obtained.

For V.S. SOMANI & CO.
Chartered Accountants
F. R. No.117589W
CA.Vidyadhar Somani
Place: Mumbai Proprietor
Date: May 052017 Membership No.102664

ANNEXURE ‘B'

We have audited the internal financial controls over financial reporting of INDUSTRIALAND PRUDENTIAL INVESTMENT COMPANY LIMITED ("the Company") as of March 312017 in conjunction with our audit of the standalone financial statements of the Companyfor 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 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.

AUDITORS' RESPONSIBILITY

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 accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material 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 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

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) 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 authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For V.S. SOMANI & CO.
Chartered Accountants
F. R. No.117589W
CA. Vidyadhar Somani
Place: Mumbai Proprietor
Date: May 052017 Membership No.102664