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Indo Cotspin Ltd.

BSE: 538838 Sector: Industrials
NSE: N.A. ISIN Code: INE407P01017
BSE 00:00 | 10 Aug 17.25 0
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NSE 05:30 | 01 Jan Indo Cotspin Ltd
OPEN 17.25
PREVIOUS CLOSE 17.25
VOLUME 5000
52-Week high 54.35
52-Week low 10.04
P/E 27.38
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.25
CLOSE 17.25
VOLUME 5000
52-Week high 54.35
52-Week low 10.04
P/E 27.38
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indo Cotspin Ltd. (INDOCOTSPIN) - Auditors Report

Company auditors report

To

The Shareholders Indo Cotspin Limited Panipat

Report on Financial Statements

We have audited the accompanying financial statements of Indo CotspinLimited (“the company”) which comprise of the Balance Sheet as at 31 March2021 the Profit & Loss Statement Cash Flow Statement for the year ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified undersection 133 of the Companies Act 2013 and the Companies (Indian Accounting Standards)Rules 2015 (‘Ind AS Rules') and its amendments of the Companies Act 2013.This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit in accordance with the Standards onAuditing issued by the Institute of Chartered Accountants of India. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence on a testbasis about the amounts and disclosures in the financial statements. 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. Inmaking those risk assessments the auditor considers internal control relevant to theCompany's preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on the effectiveness of the entity's internal control. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) in the case of the Balance Sheet of the state of affairs of theCompany as at March 31 2021;

(b) in the case of the Statement of Profit and Loss of the profit forthe year ended on that date; and

(c) in the case of the Cash Flow Statement of the cash flows for theyear ended on that date.

Report on Other Legal and Regulatory Matters

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.

2. We have inquired into the matters specified under section 143(1) andbased on the information and explanations givento us there is no matter to be reportedunder this section.

3. 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 purpose of our audit;

b) In our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this Report are in agreement with the books of account;

d) In our opinion the Balance Sheet Statement of Profit and Loss andCash Flow Statement comply with the Accounting Standards notified under section 133 of theCompanies Act 2013 read with Rule 7 of the Companies(Accounts) Rules 2014;

e) In our opinion and based on the information and explanations givento us there are no financial transactions or matters which have any adverse effect on thefunctioning of the company.

f) On the basis of written representations received from the directorsas on March 31 2021 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2020 from being appointed as a director in terms ofsubsection (2) of Section 164 of the Companies Act 2013.

g) There is no qualification reservation or adverse remark relating tothe maintenance of accounts and other matters connected therewith.

h) With regards to the adequacy and operating effectiveness of theinternal financial controls over financial reporting system in place and their operatingeffectiveness a report as “Annexure B” giving our responsibilities and opinionhas been annexed herewith.

i) Such other matters as are prescribed by the Companies (Audit andAuditors) Rules 2014 namely:-

i) The company has disclosed the impact if any of pending litigationson its financial position in its financial statements.

ii) The company has made provision as required under any law oraccounting standards for material foreseeable losses if any on long term contractsincluding derivative contracts.

iii) There has been no any delay in transferring amounts required tobe transferred to the Investor Educationand Protection Fund by the company.

For Manish Jain & Associates.
Chartered Accountants
Sd/-
FCA Manish Jain
Partner
M.No. 096014
Firm Regd. No. 015608N
Panipat: 15 th May2021

“Annexure A” to Auditor's Report

[Referred to in above the Auditor's Report of even date for M/sIndo cotspin Limited on the Financial Statements for the year ended 31st March 2021

1. a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation of fixed assets.

b) As explained to us the fixed assets have been physically verifiedby the management during the year in a phased periodical manner which in our opinion isreasonable having regard to the size of the company and nature of its fixed assets. Nomaterial discrepancies were noticed on such physical verification.

c) According to the information and explanation given to us and onverification the title deeds of immovable properties are held in the name of the company.

2. In respect of its Inventories:

As per the information provided to us Inventory has been physicallyverified by the management during the year and no material discrepancies were noticed.

3. a) According to information and explanation given to us the Companyhas not granted any secured or unsecured loans to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theAct.

In view of the above provisions of clause 3(iii) (b) and (c) are notapplicable to the company.

4. In our opinion and according to information and explanation given tous the company has in respect of loans investments guarantees and securityprovisions complied with section 185 and 186 of the Companies Act 2013.

5. According to the information and explanation given to us thecompany has not accepted any deposits whether the directives issued by the Reserve Bankof India and the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013. Hence the provisions of clause 3(v) are not applicable to thecompany.

6. Pursuant to the rules made by the Central Government themaintenance of Cost Records have been prescribed u/s148(1) of the Companies Act 2013. Weare of the view that prima facie the prescribed accounts and records have been maintained.We have not however made a detailed examination of the records with a view to determinewhether they are accurate or complete.

7. In respect of Statutory Dues:

a) According to the books and records as produced and examined by us inaccordance with generally accepted auditing practices in India and also managementrepresentations undisputed statutory dues in respect of Provident fund employees'state insurance Income Tax Sales Tax Service tax Custom duty Excise duty Value addedtax Cess and other statutory dues if any applicable to it has been regularly depositedwith the appropriate authorities.

b) According to the information and explanations given to us nodisputed amounts payable in respect of the aforesaid dues were outstanding as at 31stMarch 2021 for a period of more than six months from the date of becoming payable.

8. In our opinion and according to the information and explanationgiven to us and the books of accounts verified by us the company has not defaulted inrepayment of dues to a financial institution bank Government or dues to debentureholders.

9. The Company has neither raised moneys by way of public issue/follow-on offer (including debt instruments) nor taken any term loans during the year.Accordingly the provisions of clause 3(ix) are not applicable to the Company.

10. During the course of our examination of the books of accountcarried in accordance with the generally accepted auditing standards in India we haveneither come across any instance of fraud on or by the Company either noticed or reportedduring the year nor have we been informed of such case by the Management.

11. According to the information and explanation given to and the booksof accounts verified by us the Managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

12. The Company is not a Nidhi Company hence the provision of clause3(xii) are not applicable to the company.

13. According to the information and explanation given to us and therecord produced before us all transactions with the related parties are in compliancewith sections 177 and 188 of Companies Act 2013 where applicable and the details havebeen disclosed in the Financial Statements etc. as required by the applicable accountingstandards.

14. According to information and explanation given to us the Companyduring the year has not made any preferential allotment or private placement of shares orfully or partly convertible debentures hence the provision of clause 3(xiv)are notapplicable to the company.

15. According to the information and explanation given to us and thebooks of accounts verified by us the company has not entered into any non-cashtransactions with directors or persons connected with him.

16. The company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934.

For Manish Jain & Associates.
Chartered Accountants
Sd/-
FCA Manish Jain
Partner
M.No. 096014
Firm Regd. No. 015608N
Panipat: 15th May2021

“Annexure B” to Auditor's Report

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013.

To

The Shareholders Indo Cotspin Limited Panipat

We have audited the internal financial controls over financialreporting of Indo Cotspin Limited (“the Company”) as of March 31 2021 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 financial reporting criteria establishedby the Company considering the essential components of internal controls over FinancialReporting 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 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 auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

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 themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 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 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 Manish Jain & Associates.
Chartered Accountants
Sd/-
FCA Manish Jain
Partner
M.No. 096014
Firm Regd. No. 015608N
Panipat: 15th May 2021

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