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International Conveyors Ltd.

BSE: 509709 Sector: Engineering
NSE: N.A. ISIN Code: INE575C01027
BSE 00:00 | 15 Feb 27.00 1.35
(5.26%)
OPEN

25.65

HIGH

27.50

LOW

25.00

NSE 05:30 | 01 Jan International Conveyors Ltd
OPEN 25.65
PREVIOUS CLOSE 25.65
VOLUME 165073
52-Week high 40.65
52-Week low 19.25
P/E
Mkt Cap.(Rs cr) 182
Buy Price 25.15
Buy Qty 200.00
Sell Price 28.00
Sell Qty 2.00
OPEN 25.65
CLOSE 25.65
VOLUME 165073
52-Week high 40.65
52-Week low 19.25
P/E
Mkt Cap.(Rs cr) 182
Buy Price 25.15
Buy Qty 200.00
Sell Price 28.00
Sell Qty 2.00

International Conveyors Ltd. (INTLCONVEYORS) - Auditors Report

Company auditors report

To the Members of International Conveyors Limited Report on the Standalone Ind ASFinancial Statements

We have audited the accompanying standalone Ind AS financial statements of InternationalConveyors Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2018 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.

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 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 standalone IndAS 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 standalone Ind AS financialstatements based on our audit.

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 of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under section 143(10) of the Act. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

Report on the Standalone Ind AS Financial Statements (Contd.)

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

Opinion

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 thestate of affairs(financial position) of the Company as at March 31 2018 and its losstotal comprehensive income its cash flows and the changes in equity for the year ended onthat date.

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 inparagraphs 3 and 4 of the Order.

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

i. 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.

ii. 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.

iii. 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.

iv. In our opinion the aforesaid standalone Ind AS financial statements comply withthe Indian Accounting Standards prescribed under section 133 of the Act.

v. On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of section 164 (2) of theAct.

vi. 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".

vii. 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:

a. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements -Refer Note No. 38.1 to thefinancial statements.

b. The Company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.

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

For G.P. Agrawal & Co.
Chartered Accountants
Firm's ICAI Registration No.:302082E
CA. AbhishekShyamsukha
Place of Signature : Kolkata Partner
Date : May 30 2018 Membership No: 302609

Annexure "A" to the Independent Auditors' Report

"Annexure A" referred to in our report of even date

Statement referred to in paragraph ‘Report on Other Legal and RegulatoryRequirements' of our report of even date to the members of International Conveyors Limitedon the Standalone Ind AS Financial Statements for the year ended March 31 2018

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

b) The fixed assets were physically verified during the year by the management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The inventories have been physically verified during the year by the management atreasonable intervals and no material discrepancies were noticed on such physicalverification.

(iii) According to the information and explanations given to us the Company hasgranted unsecured loans to companies which are covered in the register maintained underSection 189 of the Act:

(a) In our opinion and according to the information and explanations given to us theterms and conditions of the grant of loans are prima facie not prejudicial to the interestof the Company (b) In our opinion and according to the information and explanations givento us the receipt of principal and interest is regular.

(c) In our opinion and according to the information and explanations given to us inrespect of loan given by the Company there is no overdue amount as all the loans givenare repayable on demand.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto loans and investment made.

(v) The Company has not accepted any deposit within the meaning of section 73 to 76 orany other relevant provisions of the Act and the rules framed there under. The directivesissued by the Reserve Bank of India are not applicable to the Company. (vi) According tothe information and explanations given to us the maintenance of cost records undersection 148(1) of the Act has not been prescribed and as such paragraph 3(vi) of theOrder is not applicable to the Company.

vii) a. On the basis of our examination the Company is regular in depositingundisputed statutory dues including provident fund employees' state insurance incometax sales tax service tax duty of customs duty of excise value added tax goods andservice tax cess and other statutory dues to the extent applicable with appropriateauthorities and no undisputed amounts payable in respect of the aforesaid dues wereoutstanding as at March 31 2018 for a period of more than six months from the date ofbecoming payable.

b. The disputed statutory dues aggregating to Rs.29.44 lakh that have not beendeposited on account of matters pending before appropriate authorities are as under:

Sl. No. Name of the Statute Nature of the Dues Period to which pertain Amount (Rs. in Lakhs) Forum where the dispute is pending
1 Income Tax Act 1961 Income Tax 2003-2004 2.00 Commissioner of Income Tax (Appeals) - 17
2 Income Tax Act 1961 Income Tax 2013-2014 5.16 Commissioner of Income Tax (Appeals) - 17
3 Finance Act 1994 Service Tax August 2012 to March 2015 22.28 Commissioner of CGST and Central Excise
TOTAL 29.44

viii) In our opinion and according to information and explanations given to us by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto financial institutions and banks. 3 ere were no debenture holders

ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. On the basis of our examinationand according to the information and explanations given to us money raised by way of termloans have been applied for the purpose for which the loans were obtained.

x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.

xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii) In our opinion the Company is not a nidhi company. Therefore clause (xii) ofparagraph 3 of the said order is notapplicable to the Company.

xiii) According to the 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 Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting 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 them. Accordingly clause (xv) ofparagraph 3 of the said order is notapplicable to the Company.

xvi) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank ofIndia Act 1934 are not applicable to the Company.

For G.P. Agrawal & Co.
Chartered Accountants
Firm's ICAI Registration No.:302082E
CA. AbhishekShyamsukha
Place of Signature : Kolkata Partner
Date : May 30 2018 Membership No: 302609

Annexure "B" to the Independent Auditors' Report

"Annexure B" to the Independent Auditor's Report of Even Date on theStandalone Ind AS Financial Statements of International Conveyors Limited

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 ofInternational Conveyors Limited ("the Company") as of March 31 2018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor 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 to the extent applicable toan audit of internal financial controls both issued by the ICAI. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting were established and maintained and if such controls operatedeffectively 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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) 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

(3) 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.

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 31 2018 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 ICAI.

For G.P. Agrawal & Co.
Chartered Accountants
Firm's ICAI Registration No.:302082E
CA. AbhishekShyamsukha
Place of Signature : Kolkata Partner
Date : May 30 2018 Membership No: 302609