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ICE Make Refrigeration Ltd.

BSE: 535034 Sector: Engineering
NSE: ICEMAKE ISIN Code: INE520Y01019
BSE 05:30 | 01 Jan ICE Make Refrigeration Ltd
NSE 00:00 | 23 Aug 66.95 0.95
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ICE Make Refrigeration Ltd. (ICEMAKE) - Auditors Report

Company auditors report

Patel & jesalpura

Chartered accountants

To the members

Ice make refrigeration limited

(formerly known as ice make refrigeration private limited)

Report on the standalone financial statements

We have audited the accompanying standalone financial statements of ice makerefrigeration limited which comprise the balance sheet as at march 31 2018 thestatement of profit and loss and the cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's responsibility for the standalone financial statements

The company's board of directors are responsible for the matters stated in section134(5) of the companies act 2013 ("the act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the company inaccordance with the accounting principles generally accepted in india including theaccounting standards specified under section 133 of the act read with rule 7 of thecompanies (accounts) rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the act for safeguardingthe 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.

Auditor's responsibility

Our responsibility is to express an opinion on the 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

803 / 804 samudra annexe near classik gold hotel c.g. Road navrangpura ahmedabad -380006

About whether the 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 march 31 2018 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 theparagraph 3 and 4 of the order to the extent applicable.

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 representation received from the directors as on march31 2018 taken on record by the board of directors none of the directors are disqualifiedas on march 31 2018 from being appointed as a director in terms of subsection 2 ofsection 164 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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the company's internal financial controls overfinancial reporting

(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 opinion and to the best of ourinformation and according to the explanations given to us:

I. The company has no pending litigation which has any impact on its financial positionin its 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 amounts that were required to be transferred to the investoreducation and protection fund by the company during the year.

Annual report 2017-18

For patel & jesalpura

Chartered accountants

Frn: 120802w

Ca hiren patel

Partner

Membership no. 132726

Date: may 24 2018

Place: ahmedabad

Referred to in paragraph 1 of our report on other legal and regularity requirements ofeven date on the accounts of ice make refrigeration limited (formerly known as ice makerefrigeration private limited) for the year ended on march 31 2018:

1) in respect of company's fixed assets:

(a) the company has maintained proper records showing

Full particulars including quantitative details and situation of fixed assets on thebasis of available information

(b) as explained to us the fixed assets have been physically verified by themanagement at reasonable intervals during the year which in our opinion is reasonablehaving regard to the size of the company and nature of its assets. No materialdiscrepancies were noticed on such physical verification

(c) the title deed of the immovable properties is held in the name of the company

2) in respect of company's inventories:

(a) as explained to us the physical verification of the inventory has been conductedby the management at reasonable intervals during the year

(b) in our opinion and according to the information and explanations given to us theprocedures of the physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness

(c) the company has generally maintained proper records of inventory. As explained tous there was no material discrepancies noticed on physical verification of inventory ascompared to book records

3) in respect of the loans secured or unsecured

Granted by the company to companies firms

Limited liability partnerships or other

Parties covered in the register maintained

Under section 189 of the companies act 2013:

(a) in our opinion and according to the information given to us the terms andconditions of the loans given by the company are prima facie not prejudicial to theinterest of the company

(b) the schedule of repayment of principal and payment of interest has not beenstipulated and repayments of interest have been regular

(c) there are no overdue amounts as at the year-end in respect of both principal andinterest

4) in our opinion and according to the information and explanations given to us thecompany has complied with the provisions of sections 185 and 186 of the companies act2013 in respect of grant of loans making investments and providing guarantees andsecurities

5) according to information and explanations given to us the company has not acceptedany deposits from the public in accordance with the provisions of section 73 to 76 of theact or any other relevant provisions of the companies act 2013 and the rules framed thereunder

6) the central government has prescribed the maintenance of cost records under section148(1) of the act for the goods supplied by the company. In our opinion and according tothe information and explanations given to us the company had maintained proper costrecords

7) in respect of statutory dues;

(a) according to the information and explanations given to us and on the basis of ourexaminations of the books of account the company has been regular in depositingundisputed amounts with the appropriate authorities in respect of statutory dues includingprovident fund investor education and protection fund employees' state insurance incometax sales tax service tax gst custom duty excise duty cess and any other statutorydues wherever applicable to it

(b) according to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of custom gst duty of excise and value addedtax as at march 31 2018 which have not been deposited with the appropriate authorities onaccount of any dispute

(8) the company has not defaulted in repayment of loans or borrowings to a financialinstitution bank government or dues to debenture holders

9) according to the information and explanations given to us the company has raisedfunds by way of initial public offer and same have been applied for the purpose for whichit was raised by the company as under:

( Rs. in lakhs)

Amount as per Amount spent Amount unspent
Purpose of funds raised through ipo Prospectus As on March 312018 As on March 312018
1 setting up of a coil manufacturing facility at dantali 624.20 167.65 456.55
2 upgradation of the existing facilities at dantali 699.35 239.36 459.99
3 construction of an administration office at dantali 133.13 7.82 125.31
4 expenditure towards enhancement of our brand through brand building activities 150.00 52.27 97.73
5 investment in bharat refrigerations private limited (wholly owned subsidiary) for upgradation of the existing facilities at chennai 110.13 110.13
6 to meet the incremental working capital requirement 500.00 500.00 -
7 general corporate purpose 44.16 44.16 -
8 ipo expense 110.23 113.21 -
Total 2371.20 1234.60 1136.60

10) according to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe year.

11) 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 to the act.

12) in our opinion and according to the information and explanations given to us thecompany is not a nidhi company and therefore the compliance requirements relevant to anidhi company are not applicable.

13) 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 applicable accountingstandards.

14) 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.

15) pursuant to the provisions of section 192 of the companies act 2013 the companyhas not entered into non-cash transactions with directors or persons connected withhim/her.

16) the company is not a non banking finance company therefore the company has notrequired to be registered under section 45-ia of the reserve bank of india act 1934.

For patel & jesalpura

Chartered accountants

Frn: 120802w

Ca hiren patel

Partner

Membership no. 132726

Date: may 24 2018

Place: ahmedabad

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 control over financial reporting of ice makerefrigeration limited as of march 31 2018 in conjunction with our audit of the standalonefinancial statements of the company for 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'). 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 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 control system over financial reporting and their operatingeffectiveness. Our audit of internal financial control 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 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 control over financial reporting

Because of the inherent limitations of internal financial control 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 control system over financial reporting and such internal financial control overfinancial reporting were operating effectively as at march 31 2018 based on the internalcontrol over financial reporting criteria established by the company considering theessential components of internal control stated in the guidance note on audit of internalfinancial controls over financial reporting issued by the institute of charteredaccountants of india.

For patel & jesalpura

Chartered accountants

Frn: 120802w

Ca hiren patel

Partner

Membership no. 132726

Date: may 24 2018

Place: ahmedabad