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Indo Amines Ltd.

BSE: 524648 Sector: Industrials
NSE: INDOAMIN ISIN Code: INE760F01028
BSE 00:00 | 16 Aug 100.25 -3.00
(-2.91%)
OPEN

102.85

HIGH

105.20

LOW

99.85

NSE 00:00 | 16 Aug 100.10 -3.40
(-3.29%)
OPEN

103.95

HIGH

105.45

LOW

99.95

OPEN 102.85
PREVIOUS CLOSE 103.25
VOLUME 12970
52-Week high 143.05
52-Week low 70.25
P/E 25.84
Mkt Cap.(Rs cr) 709
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 102.85
CLOSE 103.25
VOLUME 12970
52-Week high 143.05
52-Week low 70.25
P/E 25.84
Mkt Cap.(Rs cr) 709
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indo Amines Ltd. (INDOAMIN) - Auditors Report

Company auditors report

To the Members of Indo Amines Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS Opinion

We have audited the standalone financial statements of Indo AminesLimited ("the Company") which comprise the balance sheet as at 31st March 2021and 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 andto the best of our information and according to the explanations given to us theaforesaid standalone financial statements give the information required by the CompaniesAct 2013 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 2021 and its profit changes in equity and its cash flows for the yearended on that date.

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.

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.

Description of Key Audit Matter Description of Auditor's Response
COVID-19 pandemic has resulted in disruption in the operations of entities world-over. In this context there is a risk associated vis--vis making estimates and assumptions in regard to trade receivables and expected credit loss. There is an inherent risk of non-collection of trade receivables (both local and foreign) on this backdrop Our audit procedures included but were not limited to the following
Accordingly the same is considered as a key audit matter. 1. Understanding the company's processes with regard to trade receivables -both local and foreign.
. 2. Conducting audit procedures in accordance with SA 560 – Subsequent events.
3. Going through the recoveries made by company from trade receivables in subsequent period to determine whether provisions made by company and disclosures given in financial statements are sufficient and appropriate.

Other Information i.e. Information Other than the Financial Statementsand Auditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in theDirectors' Report but does not include the financial statements and ourauditor's report thereon. The Directors' Report is expected to be made availableto us after the date of this auditor's report. Our opinion on the financialstatements does not cover the other information and we will not express any form ofassurance conclusion thereon. In connection with our audit of the financial statementsour responsibility is to read the other information identified above when it becomesavailable and in doing so consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. When we read the Directors' Report ifwe conclude that there is a material misstatement therein we are required to communicatethe matter to those charged with governance and to the Members of the Company.

Responsibilities of Management and Those Charged with Governance forthe Standalone 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 standalone financial statements that give a true and fair view ofthe financial position financial performance changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting Standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements the Board of Directors 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 the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatements

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

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 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 the Statementof Changes in Equity and the Cash Flow Statement dealt with by this Report are inagreement with the books of account.

(d) In our opinion the aforesaid standalone financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of the written representations received from thedirectors as on 31st March 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2021 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 with reference to these Financial Statements andthe operating effectiveness of such controls refer 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.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company

(h) With respect to the matter to be included in the Auditors'Report under Section 197(16): In our opinion and according to the information andexplanations given to us the remuneration paid by the company to its directors during thecurrent year is in accordance with the provisions of Section 197 of the Act. Theremuneration paid to any director is not in excess of the limit laid down under Section197 of the Act.

For M/S Sanjay M. Kangutkar & Associates
Chartered Accountants
Firm's Registration No:- 117959W
(Sanjay M. Kangutkar)
Date: 28th June 2021 Proprietor
Place: Mumbai Membership No:- 100830
UDIN: 21100830AAAAKL6777

(ANNEXURE "A" REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF"REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE)

(i) (a) The company is maintaining proper records showing fullparticulars including quantitative details and situation of its fixed assets.

(b) We are informed that the physical verification of the fixed assetsis conducted by the management at reasonable intervals. As informed to us no materialdiscrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of thecompany.

(ii) We are informed that the physical verification of the inventory isconducted by the management at reasonable intervals. As informed to us no materialdiscrepancies were noticed on such verification.

(iii) According to the information given to us the company has notgranted any loans secured or unsecured to Companies Firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013.

(iv) In our opinion and according to the information and explanationsgiven to us in respect of loans investments guarantees and security the company hascomplied with the provisions of Section 185 and section 186 of the Companies Act 2013.

(v) In our opinion and according to the information and explanationsgiven to us the company has not accepted deposits.

(vi) As informed to us the Company is required to maintain costrecords in pursuant to Rules made by the Central Government for the maintenance of costrecords under section 148 (1) of the Companies Act 2013. In our opinion such accountsand records are prima facie made and maintained.

(vii) (a) The company is regular in depositing with appropriateauthorities undisputed statutory dues including provident fund employees' stateinsurance income tax sales tax service tax custom duty excise duty VAT cess andany other statutory dues applicable to it.

(b) According to the information and explanation given to us detailsof dues of income tax sales tax service tax customs duty excise duty and VAT whichhave not been deposited on account of dispute are as follows:-

Sr. No. Particulars Amount (R In Lac) Forum where dispute is pending
1 Appeal under Central Sales Tax - M/s Flame Pharma for the F. Y. 2002-03 4.23 Dy. Commissioner of Sales Tax Mazgaon

(viii) In our opinion and according to the information and explanationsgiven to us the company has not defaulted in repayment of loans or borrowings from anyfinancial institution bank government or debenture holder.

(ix) In our opinion and according to the information & explanationgiven to us the company has not raised money by way of initial public offer or furtherpublic offer (including debt instruments). The moneys raised by way of term loans wereapplied for the purposes for which those are raised. (x) According to the information andexplanations given to us no fraud by the company or on the company by its officers oremployees has been noticed or reported during the year under our audit.

(xi) The Company has paid/ provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act 2013.

(xii) In our opinion and according to the information and explanationsgiven to us the company is not a Nidhi Company.

(xiii) In our opinion and according to the information and explanationsgiven to us all transactions with the related parties are in compliance with section 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in thefinancial statements etc. as required by the applicable accounting standards.

(xiv) In our opinion and according to the information and explanationsgiven to us the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) According to the information and explanations given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith him.

(xvi) In our opinion and according to the information and explanationsgiven to us the company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For M/S Sanjay M. Kangutkar & Associates
Chartered Accountants
Firm's Registration No:- 117959W
(Sanjay M. Kangutkar)
Date: 28th June 2021 Proprietor
Place: Mumbai Membership No:- 100830
UDIN: 21100830AAAAKL6777

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVENDATE ON THE STANDALONE FINANCIAL STATEMENTS OF INDO AMINES LIMITED

INDEPENDENT AUDITORS' REPORT ON THE INTERNAL FINANCIAL CONTROLSUNDER 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 Indo Amines Limited ("the Company") as of March 31 2021 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 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. 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 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'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 was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over 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 judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorised 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 March 31 2021 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 M/S Sanjay M. Kangutkar & Associates
Chartered Accountants
Firm's Registration No:- 117959W
(Sanjay M. Kangutkar)
Date: 28th June 2021 Proprietor
Place: Mumbai Membership No:- 100830
UDIN: 21100830AAAAKL6777

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