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Integra Switchgear Ltd.

BSE: 517423 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Integra Switchgear Ltd
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Integra Switchgear Ltd. (INTEGRASWITCH) - Auditors Report

Company auditors report

To THE MEMBERS

INTEGRA SWITCHGEAR LIMITED

Report on the Financial Statements:

We have audited the accompanying financial statements of INTEGRA SWITCH GEAR LIMITED(Company Limited by Shares) Vadodara as at 31 St March 2017 which comprises the BalanceSheet as at March 31 2017 Statement of Profit and Loss for the year 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 in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the - maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of : Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

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

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 March312017;

b) In the case of the Profit and Loss Statement of the loss for the year ended on thatdate. :

c) In the case of Cash flow statements of the cash flow for the year ended on thatdate

Report on other Legal and Regulatory Requirements :

1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central Government in terms of section 143(11) of the Act we annex hereto a statementin Annexure 'A' on the matters specified in paragraphs 3 and 4 of the said order

2. As required by section 143(3)oftheAct wereportthat:

(a) We have sought & obtained all the information and explanations which to thebest 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 been kept by theCompany so far as appears from our examination of those books of the Company.

(c) The Balance Sheet and the Statement of Profit & Loss and cash flow dealt withby this report are in agreement with the Books of accounts of the Company.

(d) In our opinion the Profit & Loss Account and Balance Sheet comply with theAccounting Standards referred under section 133 of Companies Act 2013.

(e) On the basis of the written representations received from the Directors of theCompany as on 31st march 2017 and taken on record by the Board of Directors ofthe Company we report that none of the Directors is disqualified as on 31stMarch 2017 from being appointed as a Director in terms of SubSection (2) of Section 274of the Companies Act 2013.

(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 other matters to be included in the Auditor's Report in accordancewith rule 11 of the companies (Audit & Auditors) Rule 2014 in our opinion and to thebest of our information and according to the explanations given to us:

1. The Company has disclosed the impact of pending litigations on its financialstatements as of 3151 March 2017

V V . „

2. The Company has made provision in its Financial Statements as required under theapplicable law or accounting standards for material foreseeable losses on long termscontracts

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

4. The Company has provided requisite disclosures in its financial statements as toholding as well as dealing in any Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and such matter has been in accordance and stated inthe notes to accounts of the Company.

(h) In our opinion and to the best of our information and according to the explanationgiven to us the said accounts read with the notes on accounts in note -14 to 27 annexedto and forming part of accounts give the information required by the Companies Act 2013in the manner so required give a true and fair view subject to:

1. Non provision of depreciation on fixed assets for the Company of Rs. 6.41 Lacs readwith note no. 16 forming part ofthe Other notes to Accounts.

i. In the case of Balance sheet of the state of affairs ofthe Company as at 31 st Mach2017;

ii. In the Case of Profit and Loss account the Loss ofthe company for the year endedon that date.

iii. In the case of cash flow statement of the cash flows of the company for the yearended on that date.

1. In the case ofthe Balance Sheet ofthe state of affairs ofthe Company as at 31 stMarch 2017.

and

2. In the Case ofthe Profit & Loss Account ofthe LOSS for the year ended onthat date.

FOR D.C. PARIKH & CO.

Chartered Accountants

Firm Reg. No. 107537W

Sd /-
PLACE : VADODARA (D.C. PARIKH)
DATE : 26/05/2017 Partner
M.No. 037212

ANNEXURE 'A1 TO THE AUDITOR'S REPORT

(Refered to in paragraph 01 under "Report on other legal and regulatoryrequirement" of our report of even date)

(i) In respectoffixed assets.

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management at regularintervals during the year. No material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the Company

(ii) In respect of Inventories

(a) The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable the discrepancies noticed onverification between the physical stocks and the book records were not material.

(iii) In respect of secured or unsecured loans to / from companies firms or otherparties listed under section 189 of the Companies Act

The company has not granted or taken any loan secured or unsecured to / fromcompanies firms or other parties listed in the register maintained under section 189 ofthe Companies Act hence sub-clauses iii (ab & c) are not applicable.

(iv) Company has not made any loans or investments or provided any security orguarantee in connection with any loan and hence the provisions of Sec 185 & 186 of theCompanies Act 2013 are notapplicable.

(v) The Company has not accepted deposit from public and hence directives issued by theReserve Bank of India and the provision section 73 to 76 or any other relevant provisionsof the Companies Act and the rules framed there under are not applicable for the yearunder report.

(vi) The Central Government has not prescribed the maintenance of Cost Records underSection 148 (1) of the Companies Act forthe products of the Company hence need nocomments.

(vii) According to the information and explanations given to us in respect ofstatutory and other dues:

(a) The company is regular in depositing the statutory dues as applicable to thecompany for the year under report. There are no undisputed statutory dues payable inrespect of Provident Fund employees' state insurance income tax sales tax service taxcustoms duty excise duty Value added tax and cess where are outstanding and in arrearsas at 31 st March 2017 for a period of more than six months from the date they becomepayable.

(b) There are no dues of sales tax income tax customs duty service tax andexcise duty which have not been deposited on account of any dispute

(viii) In our opinion and according to the information and explanations given tous the company has not defaulted in repayment of loans or borrowings to a financialinstitution bank Government or debenture holders.

(ix) The Company has not made any public offer and has not taken any term loans &hence requirement of reporting for this clause does not arise.

(x) According to the information and explanations given to us no fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) In our opinion and according to the information and explanations given to usthe company has complied with the provisions of section 197 read with Schedule V to theCompanies Act 2013.

(xii) The Company is not a Nidhi Company and hence the reporting requirement underthis clause is not applicable.

(xiii) According to the information and explanations given to us all thetransactions with the related parties are in compliance with the provisions of Sec 188 ofthe Companies Act 2013.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with the directors or persons connected with him.

(xvi) The Company is not required to be registered under Sec 45-IAofthe Reserve BankofIndia Act 1934.

FOR D.C. PARIKH & CO.
Chartered Accountants
Firm Reg. No. 107537W
Sd/-
PLACE : VADODARA (D.C. PARIKH)
DATE : 26/05/2017 Partner
M. No. 037212

ANNEXURE 'B' TO THE AUDITOR'S REPORT

(Refered to in point (f) of Paragraph 02 under "Report on th 01 under "Reporton other legal and regulatory requirement" of our report of even date)

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 INTEGRASWITCHGEAR LIMITED ("The Company") as of March 312017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 Interna! Financial Controls over Financial Reportingissued by the institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating 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 Act 2013.

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 deemedto be prescribed under section 143 (10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofinternal Financial Controls and both issued by the institute of Chartered Accountants ofIndia. Those Standards and the Guidance Not require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects our auditinvolves performing procedures to obtain audit evidence about the adequancy of theinternal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reportingassessing the risk that a material weakness exists and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend upon on theauditor's judgement including the assessment of the risk of material misstatement ofthe 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 systemoverfinancia! 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 purpose 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 authorization 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.

ANNEXURE 'B' TO THE AUDITOR'S REPORT

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 March 312017 based on internalcontrol overfinancial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note an Audit of InternalFinancial Controls over Financial Reporting issues by the Institute of CharteredAccountants of India.

FOR D.C PARIKH & CO.
Chartered Accountants
Firm Reg. No. 107537W
Sd1-
PLACE : VADODARA (D.C. PARIKH)
DATE : 26/05/2017 Partner
M. No. 037212