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Integra Essentia Ltd.

BSE: 535958 Sector: Industrials
NSE: ESSENTIA ISIN Code: INE418N01035
BSE 00:00 | 12 Aug 6.66 0.17
(2.62%)
OPEN

6.70

HIGH

6.80

LOW

6.17

NSE 00:00 | 12 Aug 6.75 0.15
(2.27%)
OPEN

6.75

HIGH

6.85

LOW

6.30

OPEN 6.70
PREVIOUS CLOSE 6.49
VOLUME 217252
52-Week high 6.94
52-Week low 1.21
P/E 133.20
Mkt Cap.(Rs cr) 257
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.70
CLOSE 6.49
VOLUME 217252
52-Week high 6.94
52-Week low 1.21
P/E 133.20
Mkt Cap.(Rs cr) 257
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Integra Essentia Ltd. (ESSENTIA) - Auditors Report

Company auditors report

To The Members of

Integra Garments & Textiles Limited

Report on the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements INTEGRAGARMENTS & TEXTILES

LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2021 and the Statement of Profit and Loss (including Other Comprehensive Income)the Cash Flow Statement and the Statement of Changes in Equity for the year then endedand a summary of the significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the

Ind AS of the state of affairs (financial position) of the Company as at 31st March2021 and its losses (financial performance including other comprehensive income) itscash flows and the changes in equity for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified undersection 143 (10) of the Companies Act 2013. Our responsibilities under those Standardsare further described in the auditor's responsibilities for the audit of the financialstatements section of our report. We are independent of the Company in accordance with thecode of ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the code of ethics.

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

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the current period. These matters were addressed in thecontext of our audit of the of the financial statements as a whole and in forming ouropinion thereon and we do not provide a separate opinion on these matters. We havedetermined the matters described below to be the key audit matters to be communicated inour report. a. We draw attention to the fact that the company has suffered losses of Rs.6055026/- during the current financial year and company's net-worth had been eroded toRs. (301963884/). b. There was no business operation during the financial year underconsideration. The above factors cast significant uncertainty on the Company'sability to continue as a going concern. Pending the resolution of the above uncertaintiesthe Company has prepared the aforesaid statement on a going concern basis.

Information other than the financial statements and auditors' report thereon

The Company's board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Business

Responsibility Report but does not include the financial statements and our auditor'sreport thereon. Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibility for the Standalone 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 Ind AS financial statements that give a true and fair view of the stateof affairs(financial position) profit or loss (financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the standalone Ind AS financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The board of directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

a) Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

b) Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

c) Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

d) Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may on the Company's ability to continue as agoing concern. If we conclude that a material cast significant uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

e) Evaluate the overall presentation structure and content of the financialstatements and whether the financial statements represent the underlying transactions andevents in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statementsaggregate makes it probable that the economic decisions of a reasonably knowledgeableuser of the standalone financial statements may be influenced. We consider quantitativemateriality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the significant audit findings including anysignificant deficiencies in internal control and that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

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 Companies Act 2013 we give in the Annexure "A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 of the Act read with rule 7 ofthe Companies (Accounts) Rules 2014;

e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2021 from being appointed as a director interms 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) Amendment Rules 2017 inour opinion and to the best of our information and according to the explanations given tous:

a) The Customs department has raised the claim on company for Rs.73.56 lacs. TheCompany has disputed the same with appropriate authority. The same has been disclosed inthe Note no 30. To the financial statements.

b) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

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

For MAYUR KHANDELWAL & CO
Chartered Accountants
FRN: 134723W
(MAYUR KHANDELWAL)
Partner
Membership No. 146156
UDIN: 21146156AAAAAY7949
Place:Mumbai
Date:05/05/2021

ANNEXURE ‘A'

TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' in the Independent Auditor's Report of even date to the members of INTEGRAGARMENTS & TEXTILES LIMITED on the standalone Ind AS financial statements for the yearended 31st March 2021]

(i) The company does not hold Fixed assets.

(ii) There are no inventories so no question of physical verification arises.

(iii) According to information and explanation given to us the company has not grantedany loan secured or unsecured to companies firms limited liability partnerships orother parties covered in the register required under section 189 of the Companies Act2013. Accordingly paragraph 3 (iii) of the order is not applicable.

(iv) In our opinion and according to information and explanation given to us thecompany has not granted any loans or provided any guarantees or given any security or madeany investments to which the provision of section 185 and 186 of the Companies Act 2013.Accordingly paragraph 3 (iv) of the order is not applicable.

(v) According to our opinion and according to the information and explanations given tous the company has not accepted any deposits and accordingly paragraph 3 (v) of the orderis not applicable.

(vi) The Company is not required to maintain cost records pursuant to the Rules made bythe Central Government for the maintenance of cost records under sub-section (1) ofsection 148 of the Companies Act 2013.

(vii) In respect of statutory dues:

a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income taxsales-tax service tax duty of customs duty of excise value added tax cess and anyother statutory dues applicable to it.

b) There is no dispute with the revenue authorities regarding any duty or tax payablethey became payable except as per details below:

Statute Nature of Dues Amount (Rs in lakhs) Period to which the amount relates Forum where the dispute is pending
Customs Customs Duty 73.56 2005-2006 High Court

(viii) Based on our audit procedures and as per the information and explanations givenby the management company has not defaulted in repayment of loans or borrowing to afinancial institution bank government or dues to debenture holders.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and has not taken any term loans during theyear. Accordingly paragraph 3 (ix) of the order is not applicable.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) According to the information and explanations given to us no managerialremuneration has been paid or provided during the year. Accordingly paragraph 3(xi) ofthe order is not applicable.

(xii) The Company is not a Nidhi Company and accordingly hence paragraph 3 (xii) ofthe order is not applicable to the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the company there are no transactions with the relatedparties; hence paragraph 3 (xiii) of the order is not applicable to the Company.

(xiv) According to the 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. Accordingly paragraph 3(xiv) of the order is not applicable.

(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 them. Accordingly paragraph 3(xv)of the order is not applicable.

(xvi) According to the information and explanation given to us the Company is notrequired to be registered under section 45IA of the Reserve Bank of India Act 1934; henceparagraph 3(xvi) of the Order is not applicable.

For MAYUR KHANDELWAL & CO
Chartered Accountants
FRN: 134723W
(MAYUR KHANDELWAL)
Partner
Membership No. 146156
UDIN: 21146156AAAAAY7949
Place: Mumbai
Date: 05/05/2021

ANNEXURE "B" to the Independent Auditor's Report

(Referred to in paragraph 2 (f) under ‘Report on other legal and regulatoryrequirements' section of our report to the Members of INTEGRA GARMENTS & TEXTILESLIMITED of even date)

Report on the internal financial controls over financial reporting under clause (i) ofsub section 3 of section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of INTEGRAGARMENTS & TEXTILES LIMITED ("the Company") as at March 31 2021 inconjunction with our audit of the financial statements of the

Company for the year ended on that date.

Management's responsibility for internal financial controls

The board of directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring of its business thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the standards on auditing prescribed under Section 143 (10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. 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 were established and maintained and if suchcontrols 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 in 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 control . systemover financial reporting

Meaning of internal financial controls over financial reporting

A company's internal financial preparation of financial statements for externalassurance regarding the reliability of financial purposes in accordance with generallyaccepted accounting principles. includes those policies and procedures that

(i) A company's internal financial control over financial pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company;

(ii) 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

(iii) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Limitations of internal financial controls over financial reporting

Because of the inherent limitations of internal financial controls overfinancialreporting including the possibility of collusion or improper management ofoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial 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 and according to the information and explanations given to us theCompany has in all material respects an adequate internal financial control system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at March 31 2021 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For MAYUR KHANDELWAL & CO
Chartered Accountants
FRN: 134723W
(MAYUR KHANDELWAL)
Partner
Membership No. 146156
UDIN: 21146156AAAAAY7949
Place:Mumbai
Date: 05/05/2021

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