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Indra Industries Ltd.

BSE: 539175 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE924N01016
BSE 00:00 | 10 Oct 11.81 0
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NSE 05:30 | 01 Jan Indra Industries Ltd
OPEN 11.81
PREVIOUS CLOSE 11.81
VOLUME 5
52-Week high 29.00
52-Week low 11.81
P/E
Mkt Cap.(Rs cr) 8
Buy Price 12.29
Buy Qty 10.00
Sell Price 12.05
Sell Qty 1.00
OPEN 11.81
CLOSE 11.81
VOLUME 5
52-Week high 29.00
52-Week low 11.81
P/E
Mkt Cap.(Rs cr) 8
Buy Price 12.29
Buy Qty 10.00
Sell Price 12.05
Sell Qty 1.00

Indra Industries Ltd. (INDRAINDUSTRIES) - Auditors Report

Company auditors report

To the Members of Indra Industries Limited

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Indra IndustriesLimited (‘the Company') which comprise the balance sheet as at 31stMarch2018 the statement of profit and loss (including other comprehensive income) thestatement of cash flows and the statement of changes in equity for the year then ended 31stMarch2018 and a summary of the significant accounting policies and other explanatoryinformation (herein after 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 Ind AS financial statements that give a true and fair view of the financialpositionfinancial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (IndAS) prescribed underSection 133 of the Act read with relevant rules issued there under.

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 Ind ASfinancial 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 in to 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 financialstatementsthatgiveattrueandfairviewinordertodesignauditproceduresthatareappropriate in the circumstances. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's

Directors as well as evaluating the overall presentation of the Ind ASfinancialstatements. We believe that the audit evidence we have obtained is sufficient andappropriate provide a basis for our audit opinion on the Ind AS financialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the afore said Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the financialposition of the Company as at 31stMarch 2018 and its financial performanceincluding other comprehensive income its cash flows and the changes in equity for theyear ended on thatdate.

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 section 143(11) of theAct we givein theAnnexure A a statement on the matters specified in the paragraph 3 and 4 of theorder.

2 As required by Section 143(3) of the Act we reportthat:

(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 ouraudit.

(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 thosebooks;

(c) The balance sheet the statement of profit and loss the statement of cash flowsand the statement of changes in equity dealt with by this Report are in agreement withthe books of account;

(d) In our opinion the aforesaid Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with relevant rule issuedthereunder;

(e) On the basis of the written representations received from the directors as on 31stMarch2018 taken on record by the Board of Directors none of the directors is disqualified ason 31stMarch 2018 from being appointed as a director in terms of Section 164(2) of theAct;

(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";and

(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. TheCompanyhasdisclosedtheimpactofpendinglitigationsonitsfinancialpositionin its IndAS financial statements Refer Note30 to the Ind AS financial statements;

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

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

For Mukesh& Associates

Chartered Accountants Firm Reg. No.: 106599W

Mukesh Shah

Proprietor

Membership No:035005

Place : Mumbai

Date : 30thMay 2018

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the Ind AS financial statements for the year ended 31st March 2018 wereport that: (i) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets. (b) A major portion of theassets has been physically verified by the management in accordance with the phasedprogramme of verification adopted by the company. In our opinion the frequency ofverification is reasonable. To the best of our knowledge no material discrepancies havebeen noticed on such verification. (c) The title deeds of immovable property are held inthe name of the company.

(ii) (a)The inventory has been physically verified by the management during the year atreasonable intervals. In our opinion the frequency of verification is reasonable. (b)Theprocedure followed by the management for physical verification of stocks is reasonable andadequate in relation to the size of the company and nature of its business. (c) On thebasis of our examination of stock records we are of the opinion that no materialdiscrepancies were noticed on physical verification. (iii) The Company has not grantedloans secured or unsecured to Companies Firms Limited Liability Partnerships or otherparties covered in the register maintained under section 189 of the Companies Act 2013(‘the Act').Accordingly clause 3(iii)

(a) and (b) of the order are not applicable to the Company.

(iv) The Company has not granted any loans made investments given guarantees andsecurity under section 185 and 186 of the Act. Thus paragraph 3(iv) of the order is notapplicable to the company. (v) The Company has not accepted any deposits during the yearwithin the meaning of the provisions of section 73 to 76 or any other relevant provisionsof the Companies Act and the rules framed there under. (vi) To the best of our knowledgeand as explained the Central Government has not prescribed maintenance of cost recordsunder section 148(1) of the Act for any of the services rendered by the Company. (vii)(a) According to the records of the company the company is not regular in depositing withappropriate authorities undisputed statutory dues including provident fund employees'state insurance income tax sales tax service tax custom duty excise duty cess andother statutory dues applicable to it. The over dues for more than 6 months as on31.03.2018 are as under:

Particulars Amount
VAT 2015-16 1601948
VAT 2016-17 6124656
VAT 2017-18 1860943
Entry Tax 2015-16 457795
Entry Tax 2016-17 1833533
Entry Tax 2017-18 170351
CST 2016-17 8913
Professional Tax 2017-18 50544

(b) According to the records of the company it has not deposited the following dues onaccount of any dispute:

Particulars Amount Appeal filed
C.S.T 2013-14 112465 Asst. Commissioner of Commercial Tax Division-12 Indore

The appeal has been decided vide order dated 29th April 2017. Accordingly it is aconfirmed liability not paid by the company.

(viii) During the financial year the company has defaulted in repayment of dues to anyfinancial institution or bank as mentioned below. The company has not issued anydebentures.

Particulars Principal Interest
MPFC Term Loan 66/5087 6992940 --
MPFC Term Loan 66/5200 4611933 --
MPFC Term Loan 66/6482 927120 --

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is notapplicable. (x) According to the information andexplanations given to us no material fraud by the CompanyorontheCompanybyitsofficersoremployeeshasbeennoticedorreportedduringthecourse of ouraudit.(xi) According to information and explanation given to us the company has paid or providedthe managerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 of the Companies Act 2013. (xii) In our opinion and accordingto the information and explanations given to us the Company is not a Nidhi Company.Accordingly paragraph 3(xii) of the Order is not applicable. (xiii) According to theinformation and explanations given to us and based on our examination of the records ofthe Company transactions with the related parties are in compliance with sections 177 and188 of the Act where applicable and details of such transactions have been disclosed inthe Ind AS financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. (xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable. (xvi) The Company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934.

for Mukesh & Associates

Chartered Accountants Firm Reg. No.: 106599W

Mukesh Shah

Proprietor

Membership No: 035005

Place : Mumbai

Date : 30thMay 2018

Annexure - B to the Auditors' Report

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 IndraIndustries Limited ("the Company") as of 31st March 2018 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended 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 (‘ICAI'). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act2013.

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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material espects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control 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 judgment including the assessment of the risks ofmaterial misstatement of the Ind AS financial statements whether due to fraud orerror.

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 financialreporting.

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 authorisations 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 financialstatements.

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 maydeteriorate.

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 31st March 2018based on 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 ofIndia.

For Mukesh & Associates

Chartered Accountants Firm Reg. No.: 106599W

Mukesh Shah

Proprietor

Membership No: 035005

Place : Mumbai

Date : 30thMay 2018