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International Conveyors Ltd.

BSE: 509709 Sector: Engineering
NSE: N.A. ISIN Code: INE575C01027
BSE LIVE 12:42 | 21 Nov 21.50 -1.00
(-4.44%)
OPEN

23.00

HIGH

23.60

LOW

21.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 23.00
PREVIOUS CLOSE 22.50
VOLUME 4100
52-Week high 29.90
52-Week low 14.75
P/E
Mkt Cap.(Rs cr) 145
Buy Price 21.50
Buy Qty 76.00
Sell Price 23.35
Sell Qty 300.00
OPEN 23.00
CLOSE 22.50
VOLUME 4100
52-Week high 29.90
52-Week low 14.75
P/E
Mkt Cap.(Rs cr) 145
Buy Price 21.50
Buy Qty 76.00
Sell Price 23.35
Sell Qty 300.00

International Conveyors Ltd. (INTLCONVEYORS) - Auditors Report

Company auditors report

To the Members of International Conveyors Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of InternationalConveyors Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2016 the Statement of Profit and Loss Cash Flow Statement for the year thenended significant accounting policies and other notes for the year ended on that date.

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. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditors' 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 theauditors' 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 standalone 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:

a) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

b) In the case of the statement of Profit and Loss of the loss of the Company for theyear ended on that date;

c) In the case of the cash flow statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of Section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 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 Balance Sheet Statement of Profit and loss and Cash FlowStatement comply with the Accounting Standards specified under section 133 of the Act;

e) On the basis of the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164 (2) ofthe 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".

g) With respect to the other matters to be included in the Auditors' 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. Pending litigations having material impact on the financial position of the Companyhave been disclosed in the financial statement as required in terms of the accountingstandards and provisions of the Companies Act 2013- refer Note no. 29.1(i) and 29.1(i).1of the financial statements;

ii. The Company does not have any long-term contracts including derivative contractsfor which 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 Lodha & Co.
Chartered Accountants
Firm ICAI Registration No: 301051E
H. K. Verma
Place: Kolkata Partner
Date: May 30 2016 Membership No. 055104

Annexure to the Independent Auditors' Report "Annexure A" to the Auditor'sReport of even date:

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

b. The management during the year has physically verified all fixed assets. Accordingto the information and explanations given to us there is a regular programme ofverification which in our opinion is reasonable having regard to the size of the Companyand nature of its assets. As explained no material discrepancies have been noticed onsuch 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 areheld in the name of the Company.

ii) As explained to us the inventories of the Company except materials lying with thethird parties have been physically verified by the management at reasonable intervalsduring the year / at the year-end. In our opinion and according to the information andexplanations given to us the frequency of the verification is reasonable. Thediscrepancies noticed on verification between the physical stocks and the book recordswere not material to the extent verified.

iii) According to the information and explanations given to us the Company has grantedunsecured loans to companies which are covered in the register maintained under Section189 of the Act.

a. In our opinion and according to the informations and explanations given to us theterms and conditions of the grant of loans are prima facie not prejudicial to the interestof the Company;

b. In respect of the loans granted by the Company there were no stipulations withrespect to repayment of principal amounts. As such we are unable to comment on theregularity or otherwise of repayment of such loans. However the Company is regular inreceiving the interest on such loans.

c. As informed to us having regard to the terms and conditions of the loans there areno overdue amount outstanding in respect of such loans and interest thereon.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

v) The Company has not accepted any deposits from public covered under Sections 73 to76 or any other relevant provisions of the Act and rules framed thereunder.

vi) According to the information and explanations given to us the maintenance of costrecords under Section 148(1) of the Act has not been prescribed and as such paragraph3(vi) of the Order is not applicable to the Company.

vii) a. According to the information and explanations given to us during the year theCompany has generally been regular in depositing to the appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income-taxsales-tax service tax duty of Customs duty of excise value added tax cess and otherstatutory dues as applicable to it. However according to the information and explanationsgiven to us there is no undisputed amounts payable in respect of these which were inarrears as on 31st March 2016 for a period of more than six months from the date theybecame payable.

b. According to the information and explanations given to us the details of disputeddues of income tax sales tax service tax duty of customs duty of excise and Valueadded Tax if any as at 31st March 2016 not deposited on account of any dispute are asfollows:

Name of the Statute Nature of the Dues Relating to the year Amount ( Rs ) Forum where dispute is Pending
Income Tax Act1961 Income Tax 2009-2010 1059825 Income Tax Appelate (Tribunal)

viii) In our opinion and on the basis of information and explanations given to us bythe management we are of the opinion that the Company has not defaulted in repayment ofdues to financial institutions and banks. There are no debenture holders.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments). In our opinion and according to the informationand explanations given to us the term loans have been applied for the purpose for whichthey were raised.

x) During the course of our examination of books of account carried out in accordancewith generally accepted auditing practices in India we have neither come across anyincidence of fraud on the Company by its officers or employees nor have we been informedof any such cases by the management.

xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V of the Act.

xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Lodha & Co.
Chartered Accountants
Firm ICAI Registration No: 301051E
H. K. Verma
Place: Kolkata Partner
Date: May 30 2016 Membership No. 055104

Annexure to the Independent Auditors' Report

"Annexure B" referred to in our report of even date

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 ofInternational Conveyors Limited ("the Company") as at March 31 2016 inconjunction with our audit of the financial statements of the Company for the year endedon 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 Act.

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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 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 Lodha & Co.
Chartered Accountants
Firm ICAI Registration No: 301051E
H. K. Verma
Place: Kolkata Partner
Date: May 30 2016 Membership No. 055104