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Elpro International Ltd.

BSE: 504000 Sector: Infrastructure
NSE: ELPROINTL ISIN Code: INE579B01039
BSE 00:00 | 19 Oct 61.75 -0.05
(-0.08%)
OPEN

61.05

HIGH

64.00

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60.15

NSE 05:30 | 01 Jan Elpro International Ltd
OPEN 61.05
PREVIOUS CLOSE 61.80
VOLUME 53022
52-Week high 81.90
52-Week low 34.00
P/E 118.75
Mkt Cap.(Rs cr) 1,047
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 61.05
CLOSE 61.80
VOLUME 53022
52-Week high 81.90
52-Week low 34.00
P/E 118.75
Mkt Cap.(Rs cr) 1,047
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Elpro International Ltd. (ELPROINTL) - Auditors Report

Company auditors report

TO THE MEMBERS OF ELPRO INTERNATIONAL LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of M/s ElproInternational Limited ("the Company") which comprise the Balance Sheet asat March 31 2020 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearended on that date and a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the standalone financialstatements").

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 Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2020 and total comprehensiveincome (comprising of the profit and other comprehensive income) changes in equity andits cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements and in forming our opinion thereon and we do not provide a separate opinionon these matters. There are no matters determined to be the key audit matters to becommunicated in our report.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone statements or our knowledge obtained duringthe course of our audit or otherwise appears to be materially misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact.

Since we have not been provided with the other information we will not be able toreport on the same.

Responsibilities of management and those charged with governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. 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 standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

1. Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

2. As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of thestandalonefinancialstatements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompanyhasadequateinternalfinancialcontrols system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

3. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

4. We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

5. From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure I" a statement on the matters specified in paragraphs 3 and 4 of theOrder As required by Section 143(3) of the Act based on our audit we report that: a. Wehave sought and obtained all the information and explanations which to the best of ourknowledge 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 including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account.

d. In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified 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 March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from director in terms of Section 164 (2) of the Act. f. With respectto the adequacy of the internal financial controls over financial reporting of the Companyand the operating effectiveness of such controls refer to our separate Report in"Annexure II". g. With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Act asamended: In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act. h. With respect tothe other matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 as amended in our opinion and to the best ofour information and according to the explanations given to us: i. The Company hasdisclosed the impact of pending litigations on its financial position in its standalonefinancial statements. ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts. iii. There has been no delay in transferringamounts if required to be transferred to the Investor Education and Protection Fund bythe Company.

For and on behalf of
VSS & Associates
Chartered Accountants
ICAI Reg No : 105787W
Sanjay Jain
Partner
M. No. : 046565
Dated : 30th June 2020
Place: Mumbai
UDIN: 20046565AAAABY3496

ANNEXURE I TO AUDITORS' REPORT

[Referred to in above the Auditor's Report of even date for M/s Elpro InternationalLimited on the Financial Statements for the year ended 31st March 2020]

1. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As per the information and explanation given to us fixed assets are physicallyverified by the management according to a phased programme designed to cover all thelocations which in our opinion is reasonable having regard to the size of the company andthe nature of its assets. As informed to us the management during the year had physicallyverified the fixed assets at certain locations and the discrepancies noticed onverification were not material. However we have not been provided with the copy of thephysical verification report of assets and hence are unable to comment on the same.

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

2. As per the information provided to us Inventory has been physically verified by themanagement during the year. As informed by the management the discrepancies noticed onverification were not material and have been properly dealt with in the books of accounts.However we have not been provided with the copy of the physical verification report ofinventory and hence are unable to comment on the same.

3. According to information and explanation given to us the Company has not grantedsecured or unsecured loans to parties covered in the register maintained under Section 189of the Act.

4. In our opinion and according to information and explanation given to us the companyhas in respect of loans investments guarantees and security provisions complied withsection 185 and 186 of the Companies Act 2013.

5. According to the information and explanation given to us the company has notaccepted any public deposits within the meaning of sections 73 to 76 or any otherrelevant provisions of the Companies Act 2013. Hence the provisions of clause 3(v) arenot applicable to the company.

6. Pursuant to the rules made by the Central Government the maintenance of CostRecords have been prescribed u/s. 148(1) of the Companies Act 2013. We are of the viewthat prima facie the prescribed accounts and records have been maintained. We havehowever not made a detailed examination of the records with a view to determine whetherthey are accurate or complete.

7. (a) According to the books and records as produced and examined by us in accordancewith generally accepted auditing practices in India and also management representationsundisputed statutory dues in respect of Provident fund employees' state insurance IncomeTax Sales Tax Service tax Custom duty Excise duty Value added tax Cess and otherstatutory dues if any applicable to it has been regularly deposited with theappropriate authorities.

(b) As per the information and explanation given to us there are no disputed amountspayable in respect of Provident fund employees' state insurance Income Tax Sales TaxService tax Custom duty Excise duty Value added tax Cess and other statutory dues ifany.

8. In our opinion and according to the information and explanation given to us and thebooks of accounts verified by us the company has not defaulted in repayment of dues to afinancial to debenture holders.

9. As per information given to us no money was raised by way of initial public offeror further public offer (including debt instruments). As per the information andexplanation given to us the fresh term loans taken by the Company during the year havebeen applied for the purpose for which those were raised.

10. During the course of our examination of the books of account carried in accordancewith the generally accepted auditing standards in India we have neither come across anyinstance of fraud on or by the Company either noticed or reported during the year norhave we been informed of such case by the Management. 11. According to the information andexplanation given to us and the books of accounts verified by us the Managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Companies Act.

12. The Company is not a Nidhi Company hence the provision of clause 3(xii) are notapplicable to the company.

13. According to the information and explanation given to us and the record producedbefore us all transactions with the related parties are in compliance with sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed inthe Financial Statements etc. as required by the applicable accounting standards.

14. According to information and explanation given to us the Company during the yearhas not made any preferential allotment or private placement of shares or fully or partlyconvertible debentures hence the provision of clause 3(xiv) are not applicable to thecompany.

15. According to the information and explanation given to us and the books of accountsverified by us the company has not entered into any non-cash transactions with directorsor persons connected with him.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For and on behalf of
VSS & Associates
Chartered Accountants
ICAI Reg No : 105787W
Sanjay Jain
Partner
M. No. : 046565
sDated : 30th June 2020
Place: Mumbai
UDIN: 20046565AAAABY3496

ANNEXURE II TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF M/S ELPRO INETRNATIONAL LIMITED AS ON 31ST MARCH 2020 Report onthe Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act")

To the Members of M/s Elpro International Limited

We have audited the internal financial controls over financial reporting of M/s ElproInternational Limited ("the Company") as of March 31 2020 in conjunction withour audit of the standalone financialstatements 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 the 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.

Auditor's 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 as specified under section143(10) of the Companies Act 2013 to the extent applicable to anauditofinternalfinancialcontrols both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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 reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 internal financial controls system overfinancial 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 2020 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
VSS & Associates
Chartered Accountants
ICAI Reg No : 105787W
Sanjay Jain
Partner
M. No. : 046565
Dated : 30th June 2020
Place: Mumbai
UDIN: 20046565AAAABY3496

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