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Indian Toners & Developers Ltd.

BSE: 523586 Sector: Industrials
NSE: N.A. ISIN Code: INE826B01018
BSE 00:00 | 14 Aug 192.10 -1.15
(-0.60%)
OPEN

184.10

HIGH

195.90

LOW

184.10

NSE 05:30 | 01 Jan Indian Toners & Developers Ltd
OPEN 184.10
PREVIOUS CLOSE 193.25
VOLUME 2849
52-Week high 344.70
52-Week low 159.25
P/E 9.95
Mkt Cap.(Rs cr) 253
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 184.10
CLOSE 193.25
VOLUME 2849
52-Week high 344.70
52-Week low 159.25
P/E 9.95
Mkt Cap.(Rs cr) 253
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indian Toners & Developers Ltd. (INDIANTONERS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

INDIAN TONERS & DEVELOPERS LIMITED

Report on the Standalone Ind AS Financial Statements

1. We have audited the accompanying Standalone Ind AS financial statements of iNdIANTONERS & DEVELOPERS LIMITED ("the Company") which comprises the BalanceSheet as at 31st March 2018 the statement of Profit and Loss (including OtherComprehensive Income) the statement of Cash Flows and the statement of Changes in Equityfor the year then ended and a summary of the significant accounting policies and otherexplanatory information (herein after referred to as "Ind AS financialstatements").

Management's Responsibility for the Ind AS Financial

Statements

2. 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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with Indian Accounting Standard Rules 2015 issuedthereunder as amended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these standalone Ind AS financialstatements based 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 thereunder and the order issued under section143(11) of the Act.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

5. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the standalone IndAS of the financial position of the Company as at 31st March 2018 and itsfinancial performance including other comprehensive income its cash flows and the changesin equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7 As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure A a statement on the matters specified in the paragraph 3 and 4 of theorder.

8 As required by Section 143(3) of the Act based on our audit 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 purpose 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 the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis report are in agreement with the books of account;

(d) in our opinion the aforesaid standalone Ind AS financial statements comply withthe Indian Accounting Standards specified under Section 133 of the Act read with relevantrules issued thereunder;

(e) On the basis of the written representation received from the directors of thecompany as on 31st March 2018 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2018 from being appointed asa director in terms of 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"; 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) The Company has no pending litigations as at 31st March 2018 which hasimpact on its financial positions;

ii) The Company did not have any long term contracts and had no derivative contractsoutstanding as at 31st March 2018; and

iii) The Company did not have any dues required to be transferred by it to the InvestorEducation and Protection Fund.

FOR M.L. GARG & COMPANY
CHARTERED ACCOUNTANTS
FRN 001604N
(MANISH K GARG)
PLACE : NEW DELHI PARTNER
DATE : 17th MAY 2018 M.NO. 96238

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in para 7 under "Report on Other Legal and RegulatoryRequirements" section of our report of even date to the Members of INDIAN TOnErS& DEVELOPERS LIMITED)

i) In respect of Company's Fixed Assets

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

(b) As explained to us physical verification of fixed assets has been carried out bythe Company and no material discrepancies were noticed on such verification. In ouropinion the frequency and manner of physical verification is reasonable having regard tothe size of the Company and nature of its business.

(c) Title deeds of immovable properties of the company are held in the name of theCompany.

ii) (a) The inventories have been physically verified during the year by the managementat reasonable intervals.

(b) In our opinion no material discrepancies were noticed on physical verification ofinventories.

iii) According to the information and explanations given to us the Company has duringthe year not granted any loans secured or unsecured to companies firm Limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly paragraph 3(iii) of the Order is not applicable to theCompany.

iv) According to the information and explanation given to us the company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013 in respect ofinvestments.

v) The Company has not accepted any deposits during the year and therefore theprovision of the clause 3(v) of the Order is not applicable to the Company.

vi) The Central Government has not prescribed the maintenance of cost records under SubSection (1) of Section 148 of the Companies Act 2013 for any of the products/services ofthe Company.

vii) According to the information and explanations given to us in respect of statutorydues:

(a) The Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Income Tax Sales Tax Service Tax Goods andService Tax (GST) Custom Duty Excise Duty Value Added Tax Cess and other materialstatutory dues applicable to it with the appropriate authorities.

(b) There is no undisputed amount payable in respect of Provident Fund Employee'sState Insurance

Income Tax Sales Tax Value Added Tax Goods and Service Tax(GST) Custom Duty ExciseDuty Cess and other material statutory dues in arrears as at March 312018 for the periodof more than six months from the date they become payable. (c) According to the recordsand information and explanation given to us and the records examined by us of the Companythere were no dues in respect of Sales Tax Service Tax Goods & Service Tax (GST)Duty of Customs Duty of Excise Value Added Tax Cess and other statutory dues which havenot been deposited on account of disputes.

viii) The Company has not taken any term loans or borrowings from financialinstitutions banks and government or has not issued any debentures. Hence reporting underclause 3(viii)of the Order is not applicable to the Company.

ix) The Company has not raised moneys by way of initial public offer or further publicoffer (Including debt instruments) or term loans and hence reporting under clause 3 (ix)of the Order is not applicable to the Company.

x) Based upon the audit procedures performed and to the best of our knowledge andaccording to the information and explanations given to us by the management we reportthat no fraud by the Company or no material fraud on the company by its officer oremployees has been noticed or reported during the course of our audit.

xi) In our opinion and according to the information and explanations given to us theCompany has paid/ provided managerial remuneration in accordance with 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 and hence paragraph 3 (xii) of the Order is not applicableto the Company.

xiii) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 177 and 188 of the Companies Act 2013wherever applicable for all transactions with related parties and the details of relatedparty transactions have been disclosed in the standalone financial statements as requiredby the applicable accounting standards.

xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non- cash transactions with itsDirectors or persons connected to its directors and provisions of section 192 of theCompanies Act 2013 are applicable to the Company.

xvi) The Company is not required to be registered under section 45-1A of the ReserveBank of India Act 1934 and hence paragraph 3 (xvi) of the Order is not applicable to theCompany.

FOR M.L. GARG & COMPANY
CHARTERED ACCOUNTANTS
FRN 001604N
(MANISH K GARG)
PLACE : NEW DELHI PARTNER
DATE : 17th MAY 2018 M.NO. 96238

ANNEXURE "B" REFERRED TO IN PARAGRAPH 8 (f) TO THE OUR INDEPENDENT AUDITORSREPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF INDIAN TONERS &DEVELOPERS LIMITED

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 of IndianToners & Developers Limited ("the Company") as of March 31 2018 inconjunction with our audit of the standalone financial statements of the Company for theyear 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". 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 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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under section 143 (10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 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 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 to the best of our information and according to the explanation given tous the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 312018 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 M.L. GARG & COMPANY
CHARTERED ACCOUNTANTS
FRN 001604N
(MANISH K GARG)
PLACE : NEW DELHI PARTNER
DATE : 17th MAY 2018 M.NO. 96238