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Integrated Technologies Ltd.

BSE: 531889 Sector: Engineering
NSE: N.A. ISIN Code: INE882B01029
BSE 00:00 | 19 Apr Integrated Technologies Ltd
NSE 05:30 | 01 Jan Integrated Technologies Ltd
OPEN 1.70
PREVIOUS CLOSE 1.70
VOLUME 40
52-Week high 1.70
52-Week low 1.50
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.70
CLOSE 1.70
VOLUME 40
52-Week high 1.70
52-Week low 1.50
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Integrated Technologies Ltd. (INTEGTECHNO) - Auditors Report

Company auditors report

To The Members of

INTEGRATED TECHNOLOGIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Integrated Technologies Ltd.("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 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 financial statements based on ouraudit. 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017; b) in the case of the Statement of Profit and Loss of the loss for the yearended on that date; and c) in the case of the Cash Flow Statement of the cash flows forthe year ended on that date.

Emphasis of Matter

We draw attention:

(a) That no provision has been made in respect of disputed Custom & Central Exciseduty of Rs. 5262304 which has been shown as a contingent liability (refer note no. 15(II) (3) read with note no. 15 (II)(1)(a);

(b) That no provision has been made in respect of a sum of Rs. 8423135 payable toHARTRON

(Haryana State Electronic Development Corporation) with interest @ 9% p.a. w.e.f.1.11.2000 which has been shown as a contingent liability (refer note no. 15 (II) (5) readwith note no. 15 (II)(1)(c);

Our opinion is not qualified / modified in respect of these matters.

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 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of 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 the Cash Flow Statementdealt with 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 written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms 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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note no.15 (II) 1 (a to c) read with 15(II) 315(II) 4 and 15(II) 5 to the financial 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.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with the books of accountmaintained by the Company and as produced to us by the Management.- Refer Note 15 (II)(19).

For S.K. Mittal & Co.
Chartered Accountants
[FRN: 001135N]
(S. Murthy)
Place : New Delhi Partner
Dated : 29.05.2017 [Membership No. 072290]

ANNEXURE -A TO THE AUDITOR'S REPORT

(Referred to in paragraph 1 under heading "Report on Other Legal and RegulatoryRequirements" of our report of even date on the financial statements for the yearended 31 March 2017)

i. a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The fixed assets of the company have been physically verified by the management atthe end of the year and no material discrepancies were noticed on such verification.

c) The Company has no immovable property and accordingly provision of paragraph i(c)of the Order is not applicable to the Company.

ii) The Company has no Inventory and accordingly provision of paragraph 3 (ii) of theOrder is not applicable.

iii) In our opinion and according to information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms limitedliability partnerships or other parties covered in the register maintained under Section189 of the Companies Act 2013.

iv) In our opinion and according to information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 are not applicable to theCompany.

v) In our opinion and according to information and explanations given to us thecompany has not accepted any deposits within the meaning of Section 73 to 76 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014 framedthereunder. No order has been passed by Company Law Board or National Company Law Tribunalor Reserve Bank of India or any court or any other tribunal.

vi) To the best of our knowledge and as explained to us the Central Government has notprescribed the maintenance of cost records under section 148(1) of the Companies Act2013.

vii) a) The company is generally regular in depositing with appropriate authoritiesundisputed statutory dues. According to information and explanations given to us noundisputed amounts payable in respect of statutory dues including provident fundemployees' state insurance income-tax sales-tax service tax duty of customs duty ofexcise value added tax cess and any other statutory dues were outstanding at the yearend for a period of more than six months from the date they become payable except incometax dues of Rs. 2000000/- for the assessment years 1995-96 to 1997-98.

b) The disputed outstanding statutory dues are as under as per information andexplanations given to us and records provided for our examination:

Name of Statue Nature of dues Amount (Rs) Period to which the amount relates Forum where dispute is pending
The Central Excise Act1944 Excise & Custom duty foregone on the imported/indigenous raw materials & capital goods 5262304/- 1995-96 to 2010-11 Custom Excise & Service Tax Appellate Tribunal
Income Tax Act1961 Interest 19 32005/- A.Y. 1995-96 to 1997-98 CBDT

viii) In our opinion and according to information and explanations given to us theCompany has not defaulted in repayment of dues to any financial institution bankGovernment or to debenture holders.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instrument) and term loans during the year. Accordinglyprovision of paragraph 3 (ix) of the Order is not applicable.

x) According to information and explanations given to us no fraud by the Company or onthe Company by its officers or employees has been noticed or reported during the course ofour audit.

xi) According to information and explanations given to us and based on our examinationof the records of the Company the Company has not paid/ provided any managerialremuneration. Accordingly provision of paragraph 3 (xi) of the Order is not applicable.

xii) In our opinion and according to information and explanations given to us theCompany is not a nidhi Company. Accordingly provision of paragraph 3 (xii) of the Orderis not applicable.

xiii) According to information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Companies Act 2013 where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.

(xiv) According to information and explanations given 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 information and explanations given to us and based on our examinationof the records of the Company the Company has not entered into any non-cash transactionswith the directors or persons connected with them. Accordingly provision of paragraph 3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered u/s 45-IA of the Reserve Bank ofIndia Act 1934.

For S.K. Mittal & Co.
Chartered Accountants
[FRN: 001135N]
(S. Murthy)
Place : New Delhi Partner
Dated : 29.05.2017 [Membership No. 072290]

ANNEXURE B TO THE AUDITOR'S 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 IntegratedTechnologies Ltd.("the Company") as of 31st March 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended 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 responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's 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 deemed to be prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 judgment including the assessment of the risks ofmaterial misstatement of the 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 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 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 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 31 March 2017 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 S.K. Mittal & Co.
Chartered Accountants
[FRN: 001135N]
(S. Murthy)
Place : New Delhi Partner
Dated : 29.05.2017 [Membership No. 072290]