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Indo-Global Enterprises Ltd.

BSE: 539433 Sector: Infrastructure
NSE: N.A. ISIN Code: INE400S01016
BSE 00:00 | 10 Oct Indo-Global Enterprises Ltd
NSE 05:30 | 01 Jan Indo-Global Enterprises Ltd
OPEN 20.40
PREVIOUS CLOSE 20.40
VOLUME 10
52-Week high 20.40
52-Week low 20.40
P/E
Mkt Cap.(Rs cr) 13
Buy Price 20.40
Buy Qty 9.00
Sell Price 20.40
Sell Qty 90.00
OPEN 20.40
CLOSE 20.40
VOLUME 10
52-Week high 20.40
52-Week low 20.40
P/E
Mkt Cap.(Rs cr) 13
Buy Price 20.40
Buy Qty 9.00
Sell Price 20.40
Sell Qty 90.00

Indo-Global Enterprises Ltd. (INDOGLOBAL) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To the Members of INDO- GLOBAL ENTERPRISES LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of INDO- GLOBALENTERPRISES LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2018 the Statement of Profit and Loss Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "Ind AS financial statements)

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 standalone financial statements that give a true and fair view of the financialposition financial performance and Cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act read with Rule issuedthereunder .

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 Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon 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 there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Basis for Qualified Opinion

- Since the company is in the process of compiling details as required under the MicroSmall and Medium Enterprises Development Act 2006 neither the disclosure nor theprovision for interest in respect of the amounts payable to such Micro Small and MediumEnterprises has been made.

- The Company has defaulted in payment of Statutory liabilities of Income Tax ServiceTax and Profession Tax as detailed in 'Note No 25' of Ind AS financial statements coveredby this audit report.

- Please refer Note N o. 26 forming part of the financial statements regarding absenceof confirmation & reconciliation of balances in party's accounts.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effects of the matter described in the basis forQualified Opinion paragraph the aforesaid Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2018 and its Loss and its cash flows for the yearended on that date.

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 givein the 'Annexure A' a

statement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

2. 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 and Cash Flow Statement dealtwith by this Report are in agreement with the relevant books of account.

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

e) On the basis of written representation received from the directors as on March 312018 taken on record by the Board of Directors none of the director is disqualified as onMarch 31 2018 being re-appointed as 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'.

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 has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements. Refer note 25 to the standalone Ind ASfinancial statements.

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

FOR SHARMA & PAGARIA
Chartered Accountants
Firm Reg. No. 008217S
Date : 30th May 2018 Bhavik Pandit
Place : Ahmedabad Partner
Membership No: 043141

ANNEXURE A TO THE AUDITORS' REPORT

The Annexure referred to in paragraph 1 of Our Report on "Other Legal andRegulatory Requirements"

We report that:

i. In respect of its fixed assets:

- The company does not have Fixed Asset. Therefore reporting under this clause is notapplicable

ii. In respect of its inventory:

- As explained to us inventories have been physically verified during the year by themanagement at reasonable intervals. No material discrepancy was noticed on physicalverification of stocks by the management as compared to book records.

iii. According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties listed inthe register maintained under Section 189 of the Companies Act 2013. Consequently theprovisions of clauses iii (a) (b) and (c) of the order are not applicable to the Companyand hence not commented upon.

iv. In respect of loans investments guarantees and security provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

v. The company has not accepted any deposits from the public covered under sections73 to 76 of the Companies Act 2013.

vi. As per information & explanation given by the management maintenance ofcost records has not been specified by the Central Government under sub-section (1) ofsection 148 of the Companies Act 2013.

vii. a. According to the information and explaination given to us and the recordsof the company examined by us in our opinion there have been delays in deposit ofundisputed statutory dues relating to Profession Tax Service Tax and Income Tax. We areinformed that the company's operations during the year did not give rise to any liabilityfor customs duty and excise duty. Other than for undisputed amount of Service Tax of Rs.19.41 Lacs Profession Tax of Rs. 0.08 Lacs and Income Tax of Rs 54.27 Lacs there areno undisputed amounts payable in respect of these dues which have remained outstanding at31st March 2018 for a period of more than six months from the date they became payable.

b. According to the information and explaination given to us there is no amountpayable in respect of Income Tax Service Tax Sales Tax Customs Duty Excise Duty Value added Tax Cess and Goods and Services Tax whichever is applicable which have notbeen deposited on account of any disputes.

viii. In our opinion and according to the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank Government or debenture holders as applicable to thecompany.

ix. Based on our audit procedures and according to the information given by themanagement the company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) or taken any term loan during the year.

x. According to the information and explanations given to us we report that nofraud by the company or any fraud on the Company by its officers or employees has beennoticed or reported during the year.

xi. In our opinion and according to the information and explaination given to usand based on our examination of the records of the company the company has not paid /provided for managerial remuneration for the current year.

xii. The company is not a Nidhi Company. Therefore clause xii) of the order is notapplicable to the company.

xiii. There are no transactions with related parties. Therefore reporting underthis clause is not applicable.

xiv. The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

xv. Provisions of section 192 of Companies Act 2013 have been complied with incase of non-cash transactions entered by the company with directors or persons connectedwith them.

xvi. The company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

FOR SHARMA & PAGARIA
Chartered Accountants
Firm Reg. No. 008217S
Date : 30th May 2018 Bhavik Pandit
Place : Ahmedabad Partner
Membership No: 043141

ANNEXURE-B

Report on Internal Financial Controls over Financial Reporting

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 INDO-GLOBAL ENTERPRISES LIMITED ("the Company") as of March 31 2018 in conjunctionwith our audit of the Ind AS Financial statements of the Company for the year ended onthat 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 responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies safeguarding of its assets prevention anddetection of frauds and errors accuracy and completeness of the accounting records andthe timely preparation of reliable financial information as required under the CompaniesAct 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 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 Ind AS 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 authorisations of 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 March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR SHARMA & PAGARIA
Chartered Accountants
Firm Reg. No. 008217S
Date : 30th May 2018 Bhavik Pandit
Place : Ahmedabad Partner
Membership No: 043141