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Incredible Industries Ltd.

BSE: 538365 Sector: Metals & Mining
NSE: ADHUNIKIND ISIN Code: INE452L01012
BSE 00:00 | 18 May 28.60 -0.95
(-3.21%)
OPEN

30.00

HIGH

30.00

LOW

28.55

NSE 00:00 | 18 May 28.85 -0.75
(-2.53%)
OPEN

29.60

HIGH

30.50

LOW

28.65

OPEN 30.00
PREVIOUS CLOSE 29.55
VOLUME 7485
52-Week high 36.50
52-Week low 15.05
P/E 220.00
Mkt Cap.(Rs cr) 134
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 30.00
CLOSE 29.55
VOLUME 7485
52-Week high 36.50
52-Week low 15.05
P/E 220.00
Mkt Cap.(Rs cr) 134
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Incredible Industries Ltd. (ADHUNIKIND) - Auditors Report

Company auditors report

To the Members of Adhunik Industries Limited

Opinion

We have audited the financial statements of M/s. Adhunik IndustriesLimited ("the Company") which comprise the balance sheet as at 31st March 2020and the statement of Profit and Loss statement of changes in equity and statement of cashflows for the year then ended and notes to the financial statements including a summaryof significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theIndian Accounting Standards prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended ("Ind AS") andother accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2020 and profit and other comprehensive income changes inequity and its cash flows for the year ended on that date (hereinafter referred to as"the financial statements").

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion on the financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian accounting Standards (Ind AS) specifiedunder section 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statement that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting 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 also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatement

Our objectives are to obtain reasonable assurance about whether thefinancial 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Companies Act 2013 we are also responsible for expressing ouropinion on whether the company has adequate internal financial controls system in placeand the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

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

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 sub-section(11) of section 143 of the Companies Act 2013 we give in the Annexure-‘A' astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive income) Statement of Change in Equity and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with theIndian Accounting Standards ( Ind AS) specified under Section 133 of the Act.

(e) On the basis of the written representations received from thedirectors as on 31st March 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2020 from being appointed as a director interms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company does not have any pending litigations which would impactits financial position in its financial statements;

ii. Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses;

iii. There is no amount required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Sudhir Kumar Jain & Associates
(Chartered Accountants)
Firm Regn No: 318016E
Sd/-
CA. S Jain
(Partner)
Place: Kolkata Membership No. 053537
Date: 26th Day of June 2020 UDIN- 20053537AAAABD6696

Annexure ‘A' to the Independent Auditors Report

The Annexure referred to in our report to the members of AdhunikIndustries Limited (‘The Company') for the year ended March' 2020.

On the basis of such checks as we considered appropriate and accordingto the information and explanation given to us during the course of our audit we reportthat:

i. (a) the company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets;

(b) The company has a regular programme of physical verification of itsfixed asset by which fixed assets are verified in a phased manner over a period of threeyears. In accordance with this programme certain fixed assets were verified by themanagement during the year and no material discrepancies were noticed on suchverification. In our opinion this periodicity of physical verification is reasonablehaving regard to size of the company and the nature of its assets.

(c) According to the information and explanation given to us and on thebasis of our examination of the records of the company the title deed of immovableproperty held in the name of the company.

ii. The inventory has been physically verified by the management duringthe year. In our opinion the frequency of such verification is reasonable. The Company hasmaintained proper records of inventory.

iii. According to information and explanation given to us and on thebasis of our examination of the books of accounts the company has not granted any loanssecured or unsecured to companies firms or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Consequently the provisions ofparagraph 3 of clause iii (a) and iii (b) of the order are not applicable to the company.

iv. According to information and explanation given to us and on thebasis of examination of the books of accounts the company has complied provision ofsection 185 and 186 of the Companies Act 2013 in respect of loans investments guaranteeand security.

v. According to the information and explanation given to us thecompany has not accepted any deposits and accordingly the provisions of paragraph 3 ofclause v of the Order are not applicable to the Company.

vi. As per information & explanation given by the managementmaintenance of cost records has been specified by the Central Government under sub-section(1) of section 148 of the Companies Act 2013 and we are of the opinion that prima faciesuch prescribed accounts and records have been made and maintained.

vii. (a) According to the records the company has generally beenregular in depositing undisputed statutory dues including provident fund employees' stateinsurance income-tax Goods & services Tax custom duty cess and any other materialstatutory dues applicable to the Company with appropriate authorities during the year.

According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' state insuranceincome-tax Goods & services Tax custom duty cess and any other material statutorydues were in arrears as at 31st March 2020 for a period of more than six month from thedate they became payable.

(b) According to the information and explanations given to us there isno material dues of income tax or service tax or duty of custom or duty of excise or Goodsand Services Tax or value added tax or cess which have not been deposited on account ofany dispute;

viii. Based on our audit procedures and on the information andexplanations given by the management we are of the opinion that the company has notdefaulted in repayment of loans or borrowings to financial institutions or banks.

ix. In our opinion and according to the information and explanationsgiven to us the company has not raised any moneys by way of initial public offer orfurther public offer (including debt instruments) or term loans during the year.Accordingly

paragraph 3(ix) of the Order is not applicable to the Company;

x. Based on our audit procedures and on the information andexplanations given by the management we are of the opinion that there is no any fraud bythe company and any fraud on the company by its officers or employees has been noticed orreported during the year.

xi. According to the information and explanations given to usmanagerial remuneration has been paid/provided in accordance with the requisite approvalsmandated by the provisions of section 197 read with schedule V to the Companies Act.

xii. In our opinion and according to the information and explanationgiven to us the company is not a nidhi company. Therefore the provisions of paragraph 3of clause xii of the order is not applicable to the company.

xiii. Based on our audit procedures and on the information andexplanations given to us we report that transactions with the related parties are incompliance with section 177 and 188 of the Companies Act 2013 where applicable and thedetails have been disclosed in the financial statements as required by the applicableIndian Accounting Standards.

xiv. According to the information and explanation given to us thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the financial year covered by our audit.Consequently the provisions of paragraph 3 of clause xiv of the order is not applicableto the company.

xv. Based on our audit procedures and on the information andexplanations given to us the company has not entered into any non-cash transactions withdirectors or persons connected with him. Consequently the provisions of paragraph 3 ofclause xv of the order is not applicable to the company.

xvi. Based on our audit procedures and on the information andexplanations given to us the company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For Sudhir Kumar Jain & Associates
(Chartered Accountants)
Firm Regn No: 318016E
Sd/-
CA. S Jain
(Partner)
Place: Kolkata Membership No. 053537
Date: 26th Day of June 2020 UDIN- 20053537AAAABD6696

Annexure ‘B' to the Independent Auditors Report

Report on the Internal Financial Controls over financial reportingunder Clause (i) of sub-section 3 of Section 143 of the Companies Act 2013 (‘theAct').

We have audited the internal financial controls over financialreporting of Adhunik Industries Limited (‘the Company') as of 31st March 2020 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the ‘Guidance Note') and the Standards on Auditing issuedby ICAI and deemed to be prescribed under Section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting were established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors' judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorizations of the Management and directors of theCompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the Company's assetsthat could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2020 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Sudhir Kumar Jain & Associates
(Chartered Accountants)
Firm Regn No: 318016E
Sd/-
CA. S Jain
(Partner)
Place: Kolkata Membership No. 053537
Date: 26th Day of June 2020 UDIN- 20053537AAAABD6696

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