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Integra Engineering India Ltd.

BSE: 505358 Sector: Industrials
NSE: N.A. ISIN Code: INE984B01023
BSE 00:00 | 25 May 48.25 -0.95
(-1.93%)
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NSE 05:30 | 01 Jan Integra Engineering India Ltd
OPEN 50.00
PREVIOUS CLOSE 49.20
VOLUME 7229
52-Week high 76.60
52-Week low 37.55
P/E 48.25
Mkt Cap.(Rs cr) 165
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 50.00
CLOSE 49.20
VOLUME 7229
52-Week high 76.60
52-Week low 37.55
P/E 48.25
Mkt Cap.(Rs cr) 165
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Integra Engineering India Ltd. (INTEGRAENGG) - Auditors Report

Company auditors report

To the Members of Integra Engineering India Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of INTEGRAENGINEERING INDIA LIMITED ("the Company") which comprise the Balance Sheetas at 31st March 2017 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory 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 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 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 presentation of the financialstatements.

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 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 ("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 a statement on the matters specified in paragraphs 3and 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 the written representations received from the directors as on March31 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 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 controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B; and

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 Note 28 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 were no delay in transferring amounts which were required to be transferredto the Investor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December2016 and these are in accordance with the books of accountsmaintained by the Company - Refer Note 27 to the financial statements.

For K. C. Mehta & Co.

Chartered Accountants

Firm's Registration No. 106237W

Sd/-

Chhaya M. Dave Partner Membership No. 100434 Place: Vadodara Date: May 11 2017

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

The annexure referred to in our Independent Auditor's Report to the members of IntegraEngineering India Limited ("the Company") for the year ended 31st March2017 we report that:

i. (a) In our opinion the Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets (Property Plantand Equipment).

(b) The Company has a regular program of physical verification of fixed assets(Property Plant and Equipment) which in our opinion is reasonable. No materialdiscrepancies were noticed on such verification.

(c) According to the information and explanation given to us the title deeds ofimmovable properties of the Company are held in the name of the Company.

ii. As explained to us the inventories were physically verified during the year bythe management at reasonable intervals and as explained to us no material discrepancieswere noticed during the physical verification.

iii. In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to Companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013 and therefore reporting under clause (iii) of the Order isnot applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has not given any loan or guarantee or security. In respect of investments madethe Company has complied with the provisions of Section 186 of the Act.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits during the year from the public within the meaningof provisions of section 73 to 76 of the Companies Act 2013 and the rules framedthereunder and therefore reporting under clause (v) of the Order is not applicable to theCompany.

vi. The maintenance of cost records under sub section (1) of section 148 of theCompanies Act 2013 is not applicable in view of rule 3 of the Companies (Cost Records andAudit) Amendment Rules 2014 and therefore reporting under clause (vi) of the Order isnot applicable to the Company.

vii. In our opinion and according to the information and explanations given to us theCompany has been regular in depositing with appropriate authorities undisputed statutorydues including provident fund employee's state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax cess and any other statutory duesapplicable to it. Further no undisputed amounts payable in respect of income tax salestax service tax duty of customs duty of excise value added tax cess and otherstatutory dues were in arrears as at 31st March 2017 for a period of more than sixmonths from the date they become payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no disputed dues in respect of value added tax duty ofcustoms which have not been deposited. The following are the particulars of income taxService tax duty of excise and cess as at 31st March 2017

Name of the Statute Nature of Dues Amount ( Rs 000) Period to which the amount relates Forum where the dispute is pending
The Income Income Tax 5007 A.Y. 2007-08 Income tax Appellate Tribunal
Tax Act1961 483 A.Y. 2008-09 CIT Appeal
965 A.Y. 2002-03 High court of Gujarat
1047 A.Y. 2005-06 Income tax Appellate Tribunal
430 A.Y. 2005-06 Income tax Appellate Tribunal
233 A.Y. 2007-08 CIT Appeal
417 A.Y. 2012-13 CIT Appeal
530 A.Y. 2013-14 Income tax Appellate Tribunal
2538 A.Y. 2014-15 CIT Appeal
12314 A.Y. 2007-08 CIT Appeal
The Finance Service tax 13613 2008-09 to 2013-14 Tribunal Central Excise and Custom
Act 1994 2461 April 2008 to February 2015 Central Excise Commissioner (Appeals)

which have not been deposited on account of dispute:

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to banks. The Company does not have anyloans or borrowings from any financial institution government or by way of debentures.

ix. In our opinion the Company has not raised any money by way of initial public offeror further public offer (including debt instrument) and term loans during the year andtherefore reporting under clause (ix) of the Order is not applicable to the Company.

x. In our opinion and according to information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit.

xi. In our opinion and according to the information and explanations given to us theCompany has not paid or provided any managerial remuneration and hence reporting underclause (xi) of the Order is not applicable to the Company.

xii. In our opinion and according to information and explanations given to us theCompany is not a Nidhi company and therefore reporting under clause (xii) of the Order isnot applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us alltransactions during the year with the related parties were approved by the Audit Committeeand are in compliance with sections 177 of the Companies Act 2013 where applicable andsince the said transactions were in the ordinary course of business of the company andwere at arm's length basis the provisions of section 188 are not applicable and thedetails have been disclosed in the Financial Statements as required by the applicableaccounting standard.

xiv. According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review and therefore reporting under clause(xiv) of the Order is not applicable to the Company.

xv. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith directors and therefore reporting under clause (xv) of the Order is not applicableto the Company. xvi. The Company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934.

For K. C. Mehta & Co.

Chartered Accountants

Firm's Registration No. 106237W

Sd/-

Chhaya M. Dave Partner Membership No. 100434 Place: Vadodara Date: May 112017

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub- section 3 of Section143 of the Companies Act 2013 ("the Act").

We have audited the internal financial controls over financial reporting of INTEGRAENGINEERING INDIA LIMITED ("the Company") as of March 31 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear 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"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 Act2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial 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 andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 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 Institute of CharteredAccountants of India.

For K. C. Mehta & Co.

Chartered Accountants

Firm's Registration No. 106237W

Sd/-

Chhaya M. Dave Partner

Membership No. 100434

Place: Vadodara

Date: May 11 2017