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Indoworth Holdings Ltd.

BSE: 512408 Sector: Others
NSE: N.A. ISIN Code: INE728J01019
BSE 00:00 | 05 Apr Indoworth Holdings Ltd
NSE 05:30 | 01 Jan Indoworth Holdings Ltd
OPEN 10.05
PREVIOUS CLOSE 10.05
VOLUME 1
52-Week high 10.05
52-Week low 10.05
P/E 41.88
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.05
CLOSE 10.05
VOLUME 1
52-Week high 10.05
52-Week low 10.05
P/E 41.88
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indoworth Holdings Ltd. (INDOWORTHHOLD) - Auditors Report

Company auditors report

To The Members of

INDOWORTH HOLDINGS LIMITED

Report on the Standalone Financial Statements

1. Opinion

We have audited the standalone financial statements of INDOWORTHHOLDINGS LIMITED ("the Company") which comprise the balance sheet as at31stMarch 2021 and the statement of Profit and Loss (statement of changes in equity)and the statement of cash flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as "the Standalone Financial Statements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act') in the manner so requiredand give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312021the loss and total comprehensive income changes in equity and its cash flows for the yearended on that date

2. Basis for Opinion

We conducted our audit in accordance with Standards on Auditing (SAs)prescribed under section 143(10) of the Companies Act 2013 Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Financial Statements section of our report. We are independent of the Groupin accordance with the ethical requirements that are relevant to our audit of theconsolidated financial statements in India in terms of the Code of Ethics issued by theInstitute of Chartered Accountants of India and the relevant provisions of the CompaniesAct 2013 and we have fulfilled our other ethical responsibilities in accordance withthese requirements We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion

3. Emphasis on matters

a) Attention in invited to Note 21.9 wherein a sum Rs 112500000/-is included in other current assets paid to Asset Reconstruction Company (India) Limited(ARCIL) towards part consideration for settlement of dues of other entities and theirrespective guarantors.

b) Note No 21.10 wherein a sum of Rs 13713839/- paid to respectiveBanks towards part consideration for settlement of dues of other entities and theirrespective guarantors.

c) Note No 21.11 regarding trade receivable include Rs 1444315.06which are lying unrealized since long.

d) We draw your attention to Note No 2113 to the financial statementswhich describes the management's assessment of the impact of the outbreak of Coronavirus(COVID-19) on the business operations of the Company. The management believes that noadjustments are required in the financial statements as it does not impact the currentfinancial year however in view of the various preventative measures taken (such ascomplete lock-down restrictions etc.) and highly uncertain economic environment adefinitive assessment of the impact on the subsequent periods is highly dependent uponcircumstances as they evolve.

Our opinion is not modified in respect of theabove matter.

4. Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a wholeand in forming our opinion thereonand we do not provide aseparate opinion on these matters. We have determined the matters described below table tobe key audit matters to be communicated in our report.

Key Audit Matter Auditor's Response
Covid19 (Second phase) induced restrictions and imposition of lockdown subsequent to reporting date With the spread of the formidable pandemic and lockdown restrictions imposed on State Government on physical movement and strict timelines client interface for explanation enquiry and clarification was mostly through electronics mails telephonic interaction. Principal Audit Procedures
The statutory audit was conducted based mostly on facts inputs and information made available to us through electronics means.
There was regular communication electronically with the client's personnel who had provided us the requisite documents through electronic mails to the extent practicable required as per the Auditing Standards which included.
• System generated ledger extracts
• Trial balances generated from the system
• Financials and Trial balances
• Secretarial records pertaining to Directors as required by Companies Act2013

5. Management's Responsibility for theStandalone Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance (changes in equity) and cash flows of theCompany in accordance with6 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 statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

6. Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtained reasonable assurance about whether theFinancial Statements as a whole are free from material misstatement whether due o fraudor error and o issue and auditor's report that includes our opinion. Reasonable assuranceis a high label of assurance but is no a guarantee that an audit conducted in accordancewith SAs with always detect a material misstatement when it exist. Misstatement can arisefrom fraud or error and the considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Standalone Financial Statements. As part of an audit in accordance withSAs we exercise professional judgment and maintain professional scepticism throughout theaudit. We also:

* Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

* Obtain an understanding of internal financial controls relevant tothe audit in order to design audit procedures that are appropriate in the circumstances.Under section 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating 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 the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone 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. Flowever future events or conditions maycause the Company to cease to continue as a going concern

* Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

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 matterscommunicated with those charged with governance we determine those matters that were ofmost significance in the audit of the standalone financial statements of the currentperiod and are therefore the key audit matters. We describe these matters in our auditor'sreport

unless law or regulation precludes public disclosure about the matteror when 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.

7. Report on Other Legal and Regulatory Requirements

i) As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of Sub-section (11) ofSection 143 of the Act we enclose in the Annexure - Aa statement on the mattersspecified in the said Order to the extent applicable to the Company.

ii) As required by Section 143(3) of the Act based on our audit wereport that

a) We have sought and except for the matters described in the Basisfor Qualified Opinion paragraph obtained all the information and explanations which tothe 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 the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement Cash Flows dealtwith by this Report are in agreement with the books of account;

d) In our opinion the aforesaid Standalone Financial Statements complywith the Indian Accounting Standards specified under Section 133 of the Act;

e) In our opinion may have an adverse effect on the functioning of theCompany;

f) On the basis of written representations received from the Directorsas on 31st March 2021 taken on record by the Board of Directors none of the Director isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164(2) of the Act.

g) With respect to the adequacy of the Internal Financial Controls overFinancial Reporting of the Company and the operating effectiveness of such controls referto our separate Report in Annexure - B.

h) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

i) With respect to the other matters to be included in the Auditor'sReport in accordance with amended Rule 11 of the Companies (Audit and Auditors) Rules2014 as amended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position wherever ascertainable.

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

iii. There were no amounts required to be transferred by the Company tothe Investor Education and Protection Fund.

For Goenka Shaw & Co Firm Registration No:319075E

Chartered Accountants

Annexure A to the Independent Auditors' Report

Referred to in paragraph 6 of the Independent Standalone Auditors'Report of even date to the members of M/s. INDOWORTH HOLDINGS LIMITED (FormerlyUniworth Securities Limited) on the Standalone Ind AS financial statements for theyear ended March 312021.

i) a) The Company is maintaining proper records showing fullparticulars including quantitative details and situation

of fixed assets.

b) Fixed assets have been physically verified by the management duringthe year which in our opinion is reasonable having regard to the size of the company andthe nature of its fixed assets. As informed to us no discrepancies were noticed on suchphysical verification.

c) The Company doesn't hold any immoveable property hence the clause isnot applicable to Company.

ii) a) The management has conducted physical verification of inventoryat reasonable intervals during the year.

b) There were no discrepancies noticed during the course of physicalverification of inventory as compared to book records.

iii) On the basis of examination of books of account of the Company andon the basis of information and explanation given to us the Company has not granted anyloans secured or unsecured to companies firms Limited liability Partnerships or otherparties covered in the register maintained under section 189 of the Act. Accordingly theprovision of clause 3(iii) of the order are not applicable to the Company.

iv) In our opinion and according to information and explanations givento us the Company has complied with the provisions of Section 185 and 186 of theCompanies Act2013 in respect of grant of loans making investments and providingguarantees as applicable.

v) The Company has not accepted any deposits from the public within themeaning of section 73 to 76 or any other relevant provisions of the Act and the rulesframed there under The directives issued by the Reserve Bank of India are not applicableto the Company.

vi) Maintenance of Cost records as presecribed by the CentralGovernment under section 148(1) the Act. is not applicable.

vii) a) On the basis of examination of books of account of the Companyand on the basis of information and explanation given to us the Company is generallyregular in depositing undisputed statutory dues including provident fund employees' stateinsurance income tax sales tax service tax duty of customs duty of excise valueadded tax. and corresponding cess.

b) On the basis of examination of books of account of the Company andon the basis of information and explanation given to us by the management there were noundisputed amounts payable in respect of Provident Fund Income Tax Service tax cess andother material statutory dues in arrears as at March 312021 for a period of more than sixmonths from the date they became payable except.

Tax deducted at Source payable for the assessment year2020-21 Amount in Rs. to Rs 92:720/-

viii) According to the records of the company examined by us and theinformation and explanation given to us the Company has not raised any loan or borrowingfrom any financial institution or bank or Government or debenture holders hence theprovisions of Clause 3(xiii) are not applicable to the Company.

ix) The clause 3 (ix) is not applicable to company as the company hasnot raised any term.

x) During the course of our examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of any material fraud by the Company or on the Company by its officeror employees noticed or reported during the year nor have we been informed of any suchcase by the Management.

xi) The Company has not paid any managerial remuneration during theyear under audit.

xii) As the Company is not a Nidhi Company and the Nidhi Rules2014 arenot applicable to it the provisions of Clause 3(xii) of the Orders are not applicable tothe Company

xiii) According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with section 188 of the Companies Act 2013 and the details ofsuch transactions have been disclosed in the Ind AS financial statements of the Company asrequired by applicable accounting standards

xiv) The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of Clause 3(xiii) are not applicable to the Company.

xv) The Company has not entered into any non cash transactions with itsdirectors or persons connected with him Accordingly the provisions of Clause 3(xiv) arenot applicable to the Company.

xvi) The Company is not a Non Banking Finance Company thereforeprovision of clause 3(xvi) of the order are not applicable to the Company.

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 6(f) of the Independent Standalone Auditors'Report of even date to the members of M/s

INDOWORTH HOLDINGS LIMITED (Formerly Uniworth Securities Limited) onthe standalone Ind AS financial statements for the year ended March 312021.

Report on the Internal Financial Controls under clause (i) of Subsection 3 of Section 143 of the Act

1. We have audited the internal financial controls over financialreporting of M/s Indoworth Holdings Limited ("the Company") as of March 31 2021in conjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's Responsibility for the financial Controls

2 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 controls stated in the Guidance Notes on Audit of Internal Financial Controlsover Financial Reporting issued by the Institute of Chartered Accountants of India(ICAI).These responsibilities include the design implication and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and timely preparation of reliablefinancial information as required under the Act

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls overfinancial reporting based on our audit. We conducted auditin accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Notes") and the Standards on Auditing deemedto be prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand issued by ICAI. 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 controls over financial reporting was established and maintainedand if such controls operated effectively in all material respects

4 Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls based on theassessed risk .The procedure selected depend on the auditor's depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatement whether due to fraud and error.

5. We believe that the audit evidence we have obtained is sufficient toprovide a basis for our audit opinion on the Company's internal financial control systemoverfinancial reporting

Meaning of Internal Financial Controls over Financial Reporting

6 A Company's internal financial control overfinancial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Ind ASfinancial statements for external purposes inaccordance with generally accepted accounting principles. A Company's internal financialcontrol overfinancial reporting includes those policies and procedures that

i. Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and disposition of the assets of theCompany.

ii. Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of Ind AS financial statements in accordance withgenerally accepted accounting principles and that receipts and expenditures of thecompany are being made only in accordance with authorizations of management and thedirectors of the company; and

iii Provide reasonable assurance regarding prevention or timelydetection of unamortized acquisition use or disposition of the company's assets thatcould have material effect on the financial statements.

Inherent Limitations of Internal Financial Control over FinancialReporting

7. Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of contracts 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 financing reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate

Opinion

8. In our opinion the Company has in all material respects anadequate internal financial control system over financial reporting and such internalcontrols over financial reporting were operating effectively as at March 312021based onthe 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 Goenka Shaw & Co Firm Registration No:319075E
Chartered Accountants
Place: Kolkata (CA Kishore Kumar Shaw)
Partner
Dated. 14th July 2021 Membership No:052284

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