You are here » Home » Companies » Company Overview » Integrated Proteins Ltd

Integrated Proteins Ltd.

BSE: 519606 Sector: Industrials
NSE: N.A. ISIN Code: INE177M01013
BSE 05:30 | 01 Jan Integrated Proteins Ltd
NSE 05:30 | 01 Jan Integrated Proteins Ltd

Integrated Proteins Ltd. (INTEGPROTEINS) - Auditors Report

Company auditors report

Report on the Stand alone Financial Statements

1) We have audited the accompanying financial statements of M/S. INTEGRATED PROTEINSLIMITED(CIN : L15400GJ1992PLC018426) ("the company") which comprise the BalanceSheet as at March 31 2017 and the Statement Of Profit and Loss and Cash Flow Statementfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Stand alone Financial Statements

2) 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 of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policiesjmaking 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standlone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand accounting standard and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the rules madethereunder. We conducted our audit in accodance with the standards on Auditing specifiedunder section 143(10) of the Act. Those standards required that we comply with ethicalrequirments and plan and perfrom the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

4) An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

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

6) Opinion

Basis for Qualified Opinion :

In our opinion and to the best of our information and according to the explanationsgiven to us as the company has disposed off its entire Plant and Machineries i.e.substantial part of its fixed assets in the earlier year the going concern status of thecompany is affected. The financial statements are prepared without affecting the goingconcern concept.

Qualified Opinion : In our opinion and to the best of our information and according tothe explanations given to us except for the effects of the matter described in the Basisfor Qualified Opinion paragraph above the aforesaid standalone financial statements givethe information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India.

(a) in the case of the Balance Sheet of the state of affairs of the company as atMarch 31 2017.

(b) in the case of the Statement of Profit and Loss Account of the PROFIT for the yearended on that date; and

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

Report on Other Legal and Regulatory Requirements

7) 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 ofthe Act we give in the Annexure Aa statement on the matters specified in paragraph 3 and4 of the Order.

8) 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 purposesof our audit.

[b] In our opinion proper books of account as required by law have been kept by theCompany so far as 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 books of account.

[d] In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

[e] On the basis of the written representations received from the directors as on31/03/ 2017 taken on record by the Board of Directors none of the directors isdisqualified as 31/03/2017 from being appointed as a director in terms of Section 164 (2)of the Act.

[f] 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 :

1) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

2) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

3) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

4) To the best of our information and explanations provided to us The Company hasprovided requisite disclosures in its financial statements as to holdings as well asdealings in Specified Bank Notes during the period from 8th November 2016 to 30thDecember 2016 and the same are in accordance with the Books of Accounts maintained by thecompany.

PLACE : JAMNAGAR FOR M/S. D. S. VARIA & CO.
DATE : 25.05.2017 Chartered Accountants
Proprietor
DIPAK S. VARIA
(Membership No. 40065)
FRN : 111816W
PAN : AAHPV6079R

ANNEXURE REFERRED TO IN PARAGRAPH 7 OUR REPORT OF EVEN DATE TO THE SHAREHOLDERS OFINTEGRATED PROTEINS LIMITED (CIN : L15400GJ1992PLC018426)

ON THE ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31st MARCH 2017

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

1 "(a). The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets ;"(b). As explained tous fixed assets have been physically verified by the management at regular intervals; asinformed to us no material discrepancies were noticed on such verification;11In our opinion the company has disposed off its entire Plant and Machineries in earlieryears. As the substantial part of its fixed assets have been disposed off the GoingConcern status of the Company is affected."

"(c ) As explained to us and based on our verification title deeds of allimmovable properties are held in the name of the company.

2 The nature of business of the Company does not require it to have any inventory.Hence the requirement of clause (ii) of paragraph 3 of the said Order is not applicableto the Company.

3 The company has not granted any loans secured or unsecured to companies firms/ otherparties covered in the register maintained under section 189 of the Companies Act 2013.

4 In our opinion and according to the information and explanations given to us thecompany has complied with the provision of section 185 and 186 of the Act with respect tothe loans and investments made.

5 The Company has not accepted any deposits from the public covered under Section 73 to76 of the Companies Act 2013.

6 The nature of business of the Company does not require it to have maintainance ofcost records under sub-section (1) of Section 148 of the Act. Hence the requirement ofclause (vi) of paragraph 3 of the said Order is not applicable to the Company.

7 (a) According to the information and explanations given to us and based on

the records of the company examined by us the company is regular in depositing theundisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty and othermaterial statutory dues as applicable with the appropriate authorities in India.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.

(c) There has not been occasion in case of the company during the year under report totransfer any sum to the investor education and protection funds.The question of reportingdelay in transferring such sums does not arise.

8 According to the records of the company examined by us and as per the information andexplanations given to us there is no loan taken or accepted during the year from anyfinancial institutions banks etc. hence question of repayment of dues to suchinstitutions does not arise.

9 According to the records of the company examined by us and as per information andexplanation given to us the company has not raised any initial public offer furtherpublic offer or term loan during the year under review.

10 During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management.

11 As explained to us and in our opinion Managerial remuneration has not been paid orprovided during the year. Hence the requirement of clause (xi) of paragraph 3 of the saidOrder is not applicable to the Company.

12 As the company is not a Nidhi Company the Provisions of Nidhi Company is notapplicable to the company. Hence the requirement of clause (xii) of paragraph 3 of thesaid Order is not applicable to the Company.

13 All transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards;

14 The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Hence therequirement of clause (xiv) of paragraph 3 of the said Order is not applicable to theCompany.

15 The company has not entered into any non-cash transactions with directors or personsconnected with him under section 192 of Companies Act 2013. Hence the requirement ofclause (xv) of paragraph 3 of the said Order is not applicable to the Company.

16 As the Company is not engaged in the business of Non banking Financial Institution.Hence there is no requirement to be registered with Reserve Bank of India. Hence therequirement of clause (xvi) of paragraph 3 of the said order is not applicable to thecompany.

PLACE : JAMNAGAR FOR M/S. D. S. VARIA & CO.
DATE : 25.05.2017 Chartered Accountants
Proprietor
DIPAK S. VARIA
(Membership No. 40065)
FRN : 111816W
PAN : AAHPV6079R