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Indo National Ltd.

BSE: 504058 Sector: Consumer
NSE: NIPPOBATRY ISIN Code: INE567A01010
BSE LIVE 15:40 | 17 Oct 834.90 -7.90
(-0.94%)
OPEN

862.00

HIGH

862.00

LOW

831.00

NSE 15:29 | 17 Oct 840.00 -4.85
(-0.57%)
OPEN

833.45

HIGH

848.70

LOW

833.45

OPEN 862.00
PREVIOUS CLOSE 842.80
VOLUME 246
52-Week high 1193.80
52-Week low 821.00
P/E 20.91
Mkt Cap.(Rs cr) 313
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 862.00
CLOSE 842.80
VOLUME 246
52-Week high 1193.80
52-Week low 821.00
P/E 20.91
Mkt Cap.(Rs cr) 313
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indo National Ltd. (NIPPOBATRY) - Auditors Report

Company auditors report

to the Members of M/s. INDO NATIONAL LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying (Standalone) financial statements of INDO NATIONALLIMITED ("the Company") which comprise the Balance Sheet as at March 312016 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 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 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 (Standalone) financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on (Standalone) the 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 March 31 2016 and its profit 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 2016 ("theOrder") as amended issued by the Central Government of India in terms of subsection(11) of section 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 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 (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 written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of Section 164 (2) of theAct.

f. With respect to the adequacy of the internal financial controls 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 has disclosed the impact of pending litigations on its financialposition in its financial statements-refer to Note No.35 to the financial statements.

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.

For and on behalf of
P. SRINIVASAN & CO.
Chartered Accountants
Firm’s Registration Number: 004054S
P. Srinivasan
Place: Chennai Partner
Date: 26.05.2016 Membership number: 02090

Annexure to Independent Auditors’ Report of even date

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

b) b) The fixed assets have been physically verified during the year by the Managementin accordance with a programme of verification which in our opinion provides for physicalverification of all the fixed assets at reasonable intervals having regard to the size ofthe Company and the nature of its assets. According to the information and explanationsgiven to us no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties are heldin the name of the company.

ii) (a) As explained to us inventories held by the Company were physically verifiedduring the year at reasonable intervals by the management.

(b) In our opinion and according to the information and explanations given to us nomaterial discrepancies were noticed on such physical verification and the same have beenproperly dealt with in the books of account.

iii) On the basis of records maintained by the company and in our opinion the companyhas not granted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained u/s 189 of the Act. Theprovisions of clause 3 (a) to (c) are not applicable to the company.

iv) In our opinion and according to the information and explanations given to us thereare no loans investments guarantees and securities granted in respect of which theprovisions of Sections 185 and 186 of the Companies Act 2013 are applicable

v) The Company has not accepted any deposits from the public during the year to whichthe directives issued by the Reserve Bank of India and the provisions of sections 73 to 76or any other relevant provisions of the Act and the Rules framed thereunder areapplicable.

vi) According to the records produced and the information and explanations given to usthe cost records prescribed by the Central Government under sub-section 1 of Section 148of the Companies Act are being prima facie made and maintained by the Company. We havebroadly reviewed the cost records maintained by the company.

vii) (a) According to the records of the Company the Company is regular in depositingundisputed statutory dues including Provident Fund Employees State Insurance Income TaxWealth Tax Service Tax duty of Customs duty of Excise Value added tax Cess and anyother statutory dues applicable to it with the appropriate authorities during the year.According to the information and explanations given to us no undisputed amounts payablein respect of the above were in arrears as at March 31 2016 for a period of more than sixmonths from the date on which they became payable.

(b) According to the records of the company there are no dues of income tax wealthtax duty of customs service tax duty of excise and cess which have not been depositedon account of any dispute except:

i) Sales Tax of Rs.2.15 Lacs disputed and pending before the First Sales Tax AppellateAuthority and

ii) Income Tax of Rs.23.11 lakhs disputed and pending before the Income Tax Authoritiesas under:

1. The First Appellate Authority - Rs.11.60 lakhs.

2. The Second Appellate Authority- Rs.11.51 lakhs.

viii) In our opinion and according to the information and explanations given to us thecompany has not defaulted in the repayment of dues to banks.

The Company has not taken any loan either from financial institutions or from thegovernment and has not issued any debentures.

ix) The company has not raised any money by way of initial public offer or furtheroffer (including debt instruments) and the company hasavailed term loans during the yearand has not defaulted in repayment of the term loans.

x) On the basis of the audit procedures carried out by us and information andexplanations given by the management we state that no fraud on or by the Company by itsofficers or employees has been noticed or reported during the course of our audit.

xi) On the basis of the audit procedures carried out by us and information andexplanations given by the management the company has paid or provided for the managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act.

xii) In our opinion the Company is not a Nidhi company. Therefore the provisions ofthis clause of the Order are not applicable to the Company.

xiii) According to the information and explanations given to us and based on ourexamination the transactions with the related parties are in compliance with sections 177and 188 of the Companies Act 2013 and where applicable the details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

xiv) The company has not made any preferential allotment or private placement of sharesduring the year.

xv) On the basis of the audit procedures performed and information and explanationsgiven by the management the company has not entered into non-cash transactions withdirectors or persons connected with them. Accordingly the provisions of clause 3(xv) ofthe Order are not applicable to the Company.

xvi) In our opinion the Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For and on behalf of
P. SRINIVASAN & CO.
Chartered Accountants
Firm’s Registration Number: 004054S
P. Srinivasan
Place: Chennai Partner
Date: 26.05.2016 Membership number: 02090

"Annexure B" to the Independent Auditor’s Report of even date on theStandalone Financial Statements of Indo National Limited Report on the Internal FinancialControls under Clause (i) of Subsection 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting ofIndoNational Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding 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 judgement 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s 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 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 2016 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 Institute of CharteredAccountants of India.

For and on behalf of
P. SRINIVASAN & CO.
Chartered Accountants
Firm’s Registration Number: 004054S
P. Srinivasan
Place: Chennai Partner
Date: 26.05.2016 Membership number: 02090