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Iykot Hitech Toolroom Ltd.

BSE: 522245 Sector: Engineering
NSE: N.A. ISIN Code: INE079L01013
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NSE 05:30 | 01 Jan Iykot Hitech Toolroom Ltd
OPEN 10.80
PREVIOUS CLOSE 10.80
VOLUME 501
52-Week high 13.65
52-Week low 4.85
P/E 18.31
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.80
CLOSE 10.80
VOLUME 501
52-Week high 13.65
52-Week low 4.85
P/E 18.31
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Iykot Hitech Toolroom Ltd. (IYKOTHITECH) - Auditors Report

Company auditors report

To the Members of

lykot Hitech Toolroom Limited

Report on the Audit of Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of IYKOT HITECHTOOLROOM LIMITED ('the Company") which comprises the Balance Sheet as at March312020 and the Statement of Profit & Loss the Cash flow Statement and the Statementof Changes in Equity for the year then ended and a summary of the significant accountingpolicies 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 of the state of affairs of theCompany as at 31st March 2020 and its loss total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with the requirements and the ICAI's Code ofEthics.. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the financial statements.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the Board's report including Annexure to Board Report andShareholders Information but does not include the financial statements and our auditor'sreport thereon.

Our opinion on the financial statements does not cover the other information and we donot 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 financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed on the other information obtained prior to thedate of this auditor's report we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Responsibility of Management for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 ('the Act') with respect to the preparation of thesestandalone Ind AS financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standards (IndAS) referred to in Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

This responsibility includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial controls thatwere operating effectively for ensuring accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements the 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 themanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. The Board of Directors are also responsible foroverseeing the Company's financial reporting process.

Auditors' Responsibility for the Audit of Financial Statements

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:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal controls relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions 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.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control 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 with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore key audit matters. We describe these matters inour auditors' report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablebe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")and issued by the Central Government of India in terms of subsection (11) of Section 143of the Act we give in the Annexure 'A' a statement on the matters specified in paragraph3 and 4 of the said Order to the extent applicable.

2. 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 appears from our examination of those books.

c) The Balance Sheet the Statement of Profit & 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 standalone Ind AS financial statements comply with theAccounting Standards specified in Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31stMarch 2019 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164 (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'. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) With respect to the other matters to be included in the Auditors Report inaccordance with the requirements of section 197(16) of the Act as amended:

h) 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 does not have any pending litigations as on date.

(ii) The Company did not have any long-term contracts including derivative contractsfor which 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.

I) The remuneration paid to any director is not in excess of the limit laid down undersection 197 of the Act. The Ministry of Corporate Affairs had not prescribed any otherdetails under section 197(16) which are required to be commented upon by us.

For VIVEKANANDAN ASSOCIATES
Chartered Accountants
Firm Regn. No. 005268 S
(Sd/-)
N. SUBRAMANIAN
Place : Chennai Partner
Date : 29.06.2020 Membership No. 21628

ANNEXURE - A

Re: IYKOT HITECH TOOLROOM LIMITED

The Annexure referred to our Independent Auditor's Report to the members of the companyon the standalone financial statements for the year ended March 31 2020 we report that:

1. (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets; The Fixed assets register needs to beupdated.

(b) According to the information and explanations given to us fixed assets have beenphysically verified by the management at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification and the same have been properly dealt with in the books of account;

(c) The Company do not hold any immovable properties in its own name.

2. (a) According to the information given to us and explanations provided the Physicalverification of inventory has been conducted during the year at reasonable intervals bythe management.

(b) The procedures followed by the management for physical verification of inventoryare reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company is maintaining proper records of inventory and there is no materialdiscrepancy noticed on physical verification and the same have been properly dealt withinthe books of account;

3. According to the information given to us and explanations provided the company hadnot granted any fresh unsecured loans to companies firms or other parties covered in theregister maintained under section 189 of the Companies Act. 2013 during the year.

4. According to the information given to us and explanations provided the company hasnot accepted deposit during the year within the meaning of section 2(31) of the Act.

5. According to the information given to us and explanations provided the CentralGovernment has not prescribed the maintenance of cost records under sub-section (1) ofsection 148 of the Companies Act for the services rendered by the company.

6. (a) According to the information given to us and explanations provided the companyis regular in depositing undisputed statutory dues including income tax deducted atsource sales-tax duty of customs duty of excise cess and other statutory dues with theappropriate authorities.

(b) According to the information and explanation given to us the Company is not liableto pay any amount which is in dispute on account statutory dues including income taxdeducted at source sales-tax duty of customs duty of excise cess and other statutorydues with the appropriate authorities of which is outstanding for a period of more thansix months as on March 312020.

(c) According to the information given to us and explanations provided there are noamounts required to be transferred to investor education and protection fund during theyear in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules thereunder.

7. In our opinion and according to the information given to us and explanationsprovided the company has not defaulted in repayment of dues to a financial institution orbank or debenture holders.

8. In our opinion and according to the information given to us and explanationsprovided the company has not given any guarantee for loans taken by others from bank orfinancial institutions.

9. In our opinion and according to the information given to us and explanationsprovided the Company had not availed any term loan during the year from any bank/financial institution.

10. To the best of our knowledge and belief and according to the information given tous and explanations provided no material fraud on or by the company has been noticed orreported during the year.

11. In our opinion and according to the information and explanations given to us theCompany has paid/ provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

12. The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Sections 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc. as required by theapplicable accounting standards.

14. During the year the Company had not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of the Order is not applicable to the Company.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with thedirectors or persons connected with him and hence provisions of section 192 of the Act2013 is not applicable.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For VIVEKANANDAN ASSOCIATES
Chartered Accountants
Firm Regn. No. 005268 S
(Sd/-)
N. SUBRAMANIAN
Place : Chennai Partner
Date : 29.06.2020 Membership No. 21628

ANNEXURE B

TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to Paragraph 1(f) under "Report on Other Legal and RegulatoryRequirements' section of my report 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.

1. I have audited the internal financial controls over financial reporting of IykotHitech Toolroom Limited ("the Company") as of March 31 2020 in conjunction withour audit of the standalone financial statements of the company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

2. 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. 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 policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of accounting records andthe timely preparation of reliable financial information as required under the CompaniesAct 2013.

Auditors' Responsibility

3. 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") issued by Institute of Chartered Accountants of India andthe Standards on Auditing deemed to be 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 I comply with ethical requirements and planto perform the audit to obtain reasonable assurance about whether adequate internalcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material aspects.

4. Our audit involves performing Procedures to obtain audit evidence about the adequacyof the internal financial controls systems over financial reporting and their operatingeffectiveness. Our audit 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 on the auditor's judgement of the financial including the assessment of the risksof material misstatement of the financial statements whether due to fraud or error.

5. 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

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transaction anddisposition of the assets of the company; (2) provide reasonable assurance thattransaction 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 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

7. 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

8. 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 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control as stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For VIVEKANANDAN ASSOCIATES
Chartered Accountants
Firm Regn. No. 005268 S
(Sd/-)
N. SUBRAMANIAN
Place : Chennai Partner
Date : 29.06.2020 Membership No. 21628

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