You are here » Home » Companies » Company Overview » Incredible Industries Ltd

Incredible Industries Ltd.

BSE: 538365 Sector: Metals & Mining
NSE: INCREDIBLE ISIN Code: INE452L01012
BSE 00:00 | 02 Dec 22.40 -0.05
(-0.22%)
OPEN

21.40

HIGH

23.05

LOW

21.40

NSE 00:00 | 02 Dec 22.10 -0.30
(-1.34%)
OPEN

22.75

HIGH

22.75

LOW

21.90

OPEN 21.40
PREVIOUS CLOSE 22.45
VOLUME 2229
52-Week high 43.70
52-Week low 16.80
P/E 37.97
Mkt Cap.(Rs cr) 105
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.40
CLOSE 22.45
VOLUME 2229
52-Week high 43.70
52-Week low 16.80
P/E 37.97
Mkt Cap.(Rs cr) 105
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Incredible Industries Ltd. (INCREDIBLE) - Auditors Report

Company auditors report

To the Members of

M/s. Incredible Industries Limited

(Formerly known as M/s. Adhunik Industries Limited) Report on the Audit of theFinancial Statements Opinion

We have audited the financial statements of M/s. Incredible Industries Limited(Formerly known as M/s. Adhunik Industries Limited) ("the Company") whichcomprise the Balance sheet as at March 31 2021 the Statement of Profit and Lossincluding the statement of Other Comprehensive Income the Cash Flow Statement and theStatement of Changes in Equity for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the IndianAccounting Standards prescribed under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended ("Ind AS") and otheraccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2021 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) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance 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 judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Management's Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian accounting Standards (Ind AS) specified under section 133 ofthe Act. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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 statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statement

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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 the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

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

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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 of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure-‘A' a statement on thematters specified in paragraphs 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 it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) Statement of Change in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in termsof Section 164 (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".

(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 does not have any pending litigations which would impact its financialposition in its financial statements;

ii. Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company.

Annexure ‘A' to the Independent Auditors Report

The Annexure referred to in our report to the members of M/s. Incredible IndustriesLimited (formerly known as Adhunik Industries Limited) (‘The Company') for the yearended March' 2021.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

i. (a) the company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The company has a regular programme of physical verification of its fixed asset bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified by the managementduring the year and no material discrepancies were noticed on such verification. In ouropinion this periodicity of physical verification is reasonable having regard to size ofthe company and the nature of its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deed of immovable property held inthe name of the company.

ii. The inventory has been physically verified by the management during the year. Inour opinion the frequency of such verification is reasonable. The Company has maintainedproper records of inventory.

iii. According to information and explanation given to us and on the basis of ourexamination of the books of accounts the company has not granted any loans secured orunsecured to companies firms or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Consequently the provisions of paragraph 3 ofclause 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 the basis ofexamination of the books of accounts the company has complied provision of section 185and 186 of the Companies Act 2013 in respect of loans investments guarantee andsecurity.

v. According to the information and explanation given to us the company has notaccepted any deposits and accordingly the provisions of paragraph 3 of clause v of theOrder are not applicable to the Company.

vi. As per information & explanation given by the management maintenance of costrecords has been specified by the Central Government under sub-section (1) of section 148of the Companies Act 2013 and we are of the opinion that prima facie such prescribedaccounts and records have been made and maintained.

vii. (a) According to the records the company has generally been regular in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax Goods & services Tax custom duty cess and any other material statutorydues applicable to the Company with appropriate authorities during the year.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax Goods &services Tax custom duty cess and any other material statutory dues were in arrears asat 31st March 2021 for a period of more than six month from the date theybecame payable.

(b) According to the information and explanations given to us there is no materialdues of income tax or service tax or duty of custom or duty of excise or Goods andServices Tax or value added tax or cess which have not been deposited on account of anydispute;

viii. Based on our audit procedures and on the information and explanations given bythe management we are of the opinion that the company has not defaulted in repayment ofloans or borrowings to financial institutions or banks.

ix. In our opinion and according to the information and explanations given to us thecompany has not raised any moneys by way of initial public offer or further public offer(including debt instruments) and term loans were applied for the purpose for which thoseare raised;

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

xi. According to the information and explanations given to us managerial remunerationhas been paid/provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V to the Companies Act.

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

xiii. Based on our audit procedures and on the information and explanations given tous we report that transactions with the related parties are in compliance with section177 and 188 of the Companies Act 2013 where applicable and the details have beendisclosed in the financial statements as required by the applicable Indian AccountingStandards.

xiv. According to the information and explanation given to us the company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the financial year covered by our audit. Consequently the provisions ofparagraph 3 of clause xiv of the order is not applicable to the company.

xv. Based on our audit procedures and on the information and explanations given to usthe company has not entered into any non-cash transactions with directors or personsconnected with him. Consequently the provisions of paragraph 3 of clause xv of the orderis not applicable to the company.

xvi. Based on our audit procedures and on the information and explanations given to usthe company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

Annexure ‘B' to the Independent Auditor's Report

Report on the Internal Financial Controls over _nancial reporting under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013 (‘the Act').

We have audited the internal financial controls over financial reporting of IncredibleIndustries Limited (Formerly known as Adhunik Industries Limited) (‘the Company') asof 31st March 2021 in conjunction with our audit of the financial statements ofthe 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 the Company's policies the safeguardingof its 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 deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls 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 were 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 auditors' 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of the Management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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 31st March 2021based on 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: 28th Day of June 2021 UDIN-21053537AAAADO2686

.