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IST Ltd.

BSE: 508807 Sector: Auto
NSE: N.A. ISIN Code: INE684B01011
BSE 00:00 | 20 Mar 541.05 9.20
(1.73%)
OPEN

500.10

HIGH

550.00

LOW

500.10

NSE 05:30 | 01 Jan IST Ltd
OPEN 500.10
PREVIOUS CLOSE 531.85
VOLUME 3992
52-Week high 1176.00
52-Week low 475.05
P/E 33.96
Mkt Cap.(Rs cr) 315
Buy Price 541.00
Buy Qty 59.00
Sell Price 541.05
Sell Qty 11.00
OPEN 500.10
CLOSE 531.85
VOLUME 3992
52-Week high 1176.00
52-Week low 475.05
P/E 33.96
Mkt Cap.(Rs cr) 315
Buy Price 541.00
Buy Qty 59.00
Sell Price 541.05
Sell Qty 11.00

IST Ltd. (IST) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF IST LIMITED

Report on the Standalone lnd AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of IST Limited("the Company") which comprise the Balance Sheet as at March 31 2018 and theStatement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information (hereinafterreferred to as "standalone Ind AS financial statements").

Management’s Responsibility for the Standalone lnd AS 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 & 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(lnd AS)prescribed under Section 133 of the Act read with the companies (Indianaccounting Standards) Rule 2015 as amended.

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 lndAS 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 lnd 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 lnd 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 lnd 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 statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Directors as well as evaluating the overall presentation of the standaloneInd AS financial statements.

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 Profit(financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

Other Matter

The comparative financial information of the Company for the year ended March 31 2017and the transition date opening balance sheet as at April 01 2016 included in thesestandalone Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by the predecessor auditor whose report for the year ended March 312017 and March 31 2016 dated May 30 2017 and May 30 2016 respectively expressed anunmodified opinion on those standalone financial statements as adjusted for thedifferences in the accounting principles adopted by the Company on transition to the IndAS which have been audited by us. Our opinion is not modified in respect of above matter.

Report on Other Legal and Regulatory Requirements

1. 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 purpose 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 including other comprehensiveincome the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Indian Accounting Standards prescribed under Section 133 of the Act read withrelevant rules issued there under;

(e) On the basis of written representations received from the directors as on March31 2018taken 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.

(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 A"; 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements- Refer Note 52 to the standalonelnd AS financial statements;

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

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

2. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of section 143(11) of theAct we give in the "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the said Order.

For Gupta Vigg & Co.
Chartered Accountants
Firm’s Registration Number: 001393N
(CA. Deepak Pokhriyal)
Place of Signature: New Delhi Partner
Date: May 30 2018 Membership Number: 524778

Annexure ‘B’ To the Independent Auditors’ Report

The Annexure referred to in Independent Auditors’ Report to the members of theCompany on the standalone Ind ASfinancial statements for the year ended March 31 2018 wereport that:

(i) In respect of fixed assets:

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

(b) The Company has a regular programme of verification of fixed assets. All the fixedassets have been physically verified by the management during the year except furnitureand fixtures and office equipments which in our opinion is reasonable having regard tosize of the Company and nature of fixed assets. No material discrepancies were noticed onsuch verification.

(c) On the basis of information and explanation provided by the management the titledeeds of immovable properties are held in the name of the Company and the title deed inrespect of sub lease of Commercial Property at Noida is pending for Registration.

(ii) On the basis of information and explanation provided by the managementinventories have been physically verified by the management during the year. In ouropinion the frequency of such verification is reasonable. No material discrepancies werenoticed on physical verification of inventories by the management.

(iii) According to the information and explanations given to us the Company hasgranted an unsecured loan to one party in the past covered under Section 189 of the Act.

(a) The terms and conditions on which loan has been granted to the borrower companycovered under Section 189 of the Act is not prima facie prejudicial to the interest ofthe Company.

(b) The schedule of repayment of principal and payment of interest has been stipulatedand the principal amount and interest are repayable as stipulated.

(c) There is no overdue amount of the said loan granted by the Company.

(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 respect to the loans and investments made. In our opinion andaccording to the information and explanations given to us there are no guarantees orsecurity provided by the Company.

(v) The Company has not accepted any deposits from the public in accordance with theprovisions of Sections 73 to 76 of the Act and the rules framed there under. Accordinglyparagraph 3(v) of the Order is not applicable to the Company.

(vi) The Central Government has not prescribed the maintenance of cost records for theCompany under section 148(1) of the Companies Act 2013.

Accordingly paragraph 3(vi) of the Order is not applicable to the Company.

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

(a) The Company is generally regular in depositing undisputed statutory dues includingprovident fund employees’ state insurance income tax sales tax service tax valueadded tax duty of excise duty of customs goods and service tax cess and otherapplicable statutory dues with the appropriate authorities.

There were no undisputed amounts payable in respect of provident fund employees’state insurance income tax sales tax service tax value added tax duty of excise dutyof customs goods and services tax cess and other applicable statutory duesin arrears asat March 31 2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax value added tax service tax goods and services tax duty ofcustoms duty of excise which have not been deposited with the appropriate authorities onaccount of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to banks. TheCompany did not have any outstanding loans or borrowings from financial institutions orgovernment and there are no dues to debenture holders during the year.

(ix) In our opinion and according to the information and explanations given to us theCompany did not raise any money by way of initial public offer or further public offer(including debt instruments) and term loans during the year. Accordingly paragraph 3(ix)of the Order is not applicable to the Company.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during theyear.

(xi) The Company has paid or provided for managerial remuneration in accordance withthe requisite approvals mandated by the provisions of section 197 read with Schedule V toAct.

(xii) The Company is not a nidhi Company.

Accordingly paragraph 3(xii) of the 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 transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone Ind AS financial statements as requiredby the applicable Indian Accounting Standards.

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

Accordingly paragraph 3(xiv) of the Order is not applicable to the Company.

(xv) The Company has not entered into non-cash transactions with directors or personsconnected with him. Accordingly paragraph 3(xv) of the Order is not applicable to theCompany.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly paragraph 3(xvi) of the Order is not applicable tothe Company.

For Gupta Vigg & Co.
Chartered Accountants
Firm’s Registration Number: 001393N
(CA. Deepak Pokhriyal)
Place of Signature: New Delhi Partner
Date: May 30 2018 Membership Number: 524778

Annexure ‘A’ To the Independent Auditors’ Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date to the Members of the Company)

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 IST Limited("the Company") as of March 31 2018 in conjunction with our audit of thestandalone lnd AS 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 (‘ICAl’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the 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 deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants ofIndia.Those Standards and the Guidance Note 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 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation offinancial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on "the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Gupta Vigg & Co.
Chartered Accountants
Firm’s Registration Number: 001393N
(CA. Deepak Pokhriyal)
Place of Signature: New Delhi Partner
Date: May 30 2018 Membership Number: 524778