TO THE MEMBERS OF ELLENBARRIE INDUSTRAL GASES LIMITED
Report on the Financial Statements
I have audited the accompanying Ind AS financial statements of ELLENBARRIE INDUSTRIAL
GASES LTD. which comprise the Balance Sheet as at 31st March, 2021, 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 ended, and a summary of
the significant accounting policies and other explanatory information.
Managements Responsibility for the Ind AS Financial Statements
The Companys 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
these Ind AS financial statements that give a true and fair view of the financial
position, financial performance and cash flows and changes in equity (including other
comprehensive income) of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards specified under
Section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Ind AS financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
Auditors Responsibility
My responsibility is to express an opinion on these Ind AS financial statements based
on my audit.
I have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
I conducted my audit of the Ind AS financial statements in accordance with the
Standards on Auditing specified under Section 143(10) of the Act. Those Standards require
that I comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the Ind AS financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
the disclosures in the Ind AS financial statements. The procedures selected depend on the
auditors judgment, including the assessment of the risks of material misstatement of the
Ind AS financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant to the Companys
preparation of the Ind AS financial statements that give a true and fair view in order to
design audit procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of the accounting policies used and the reasonableness of
the accounting estimates made by the Companys Directors, as well as evaluating the
overall presentation of the Ind AS financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to
provide a basis for my audit opinion on the Ind AS financial statements.
Opinion
In my opinion and to the best of my information and according to the explanations given
to me, the aforesaid Ind AS financial statements give the information required by the Act
in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at 31st
March, 2021, and its total comprehensive income and its cash flows, and the changes in
equity, for the year ended on that date.
Emphasis of Matters
I draw attention to the following matter in the Notes to the financial statements:
a) Note 41 to the Ind AS financial statements which describes the uncertainty related
to the outcome of the lawsuit filed against the Company by a supplier.
My opinion is not modified in respect of this matter.
As required by the Companies (Audit Report) Order, 2016, I report that :
I) a) The Company is maintaining proper records showing full particulars, including
quantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management at the year end and
no material discrepancy was noticed on such verification.
c) The title deeds of the immovable properties are held in the name of the company.
II) Physical verification of inventory has been conducted at reasonable intervals by
the management and no material discrepancy was noticed.
III) Maintenance of cost records has been specified by the Central Government under sub
section (I) of section 148 of the Companies Act, 2013 and such records and accounts are
maintained.
IV) The company is regular in depositing undisputed statutory dues including provident
fund, employees state insurance, income tax, sales tax, service tax, duty of customs,
duty of excise, value added tax, cess and any other statutory dues with the appropriate
authorities and there is no arrear as at the last day of the financial year for a period
of more than six months from the date they became payable.
V) The company has not defaulted in repayment of loans or borrowings to a financial
institution and bank.
VI) Money raised by way of term loans were applied for the purposes for which they were
raised.
VII) No fraud by the company or any fraud on the company by its officers or employees
has been noticed or reported during the year.
VIII) Managerial remuneration has been paid or provided in accordance with the
requisite approval mandated by the provisions of section 197 read with Schedule V to the
Companies Act, 2013.
IX) All transaction with the related parties are in compliance with sections 177 and
188 of Companies Act, 2013 where applicable and the details have been disclosed in the
Financial Statements, etc. as required by the applicable accounting standards.
X) The company has not entered into any non cash transactions with directors or persons
connected with them.
In the circumstances of the case, the other clauses of the order are not applicable to
the company.
Report on Other Legal and Regulatory Requirements
As required by Section 143 (3) of the Act, I report that:
a) I have sought and obtained all the information and explanations which to the best of
my knowledge and belief were necessary for the purposes of my audit.
b) In my opinion, proper books of account as required by law have been kept by the
Company so far as it appears from my examination of those books
c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive
Income), the Cash Flow Statement and the Statement of changes in equity, dealt with by
this Report, are in agreement with the books of account.
d) In my opinion, the aforesaid Ind AS financial statements comply with the Indian
Accounting Standards specified under Section 133 of the Act, read with Companies Indian
Accounting Standards Rules, 2015.
e) On the basis of the written representations received from the directors as on 31st
March, 2021 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2021 from being appointed as a director in terms of Section
164 (2) of the Act.
f) With respect to the adequacy of internal financial controls over financial reporting
of the company and the operative effectiveness of such controls, refer to my separate
report in "Annexure - A".
g) With respect to the other matters to be included in the Auditors Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rule, 2014, in my opinion
and to the best of my information and according to the explanations given to me:
i. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements - Refer Note 41 to the financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
| Place of Signature: Kolkata |
For ABHISHEK KUMAR Chartered Accountant Regn. No. 302000 |
| Date: September 7, 2021 |
PROPRIETOR UDIN: 21302000AAAAAJ3567 |
Annexure - A to the Auditors Report
Report on the Standalone Financial Statements of on the Internal financial Controls
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the
Act")
I have audited the internal financial controls over financial reporting of Ellenbarrie
Industrial Gases Ltd. ("the Company) as of 31st March 2021 in conjunction
with my audit of the standalone financial statements of the Company for the year ended on
that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accounts of India ("ICAI"). These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to companys policies, the safeguarding of
its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors Responsibility
My responsibility is to express an opinion on the Companys internal financial controls
over financial reporting based on my audit. I conducted my audit in accordance with 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 to be
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and, both issued by the Institute of Chartered Accounts of India. Those Standards
and the Guidance Note require that I comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether adequate internal financial
controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
My audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. My audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
I believe that the audit evidence I have obtained is sufficient and appropriate to
provide a basis for my audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the companys 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 financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In my opinion, the Company has, in all material respects, and adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31st March 2021,
based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accounts of India.
|
For ABHISHEK KUMAR |
|
Chartered Accountant |
| Place of Signature: Kolkata |
Regn. No. 302000 |
| Date: September 7, 2021 |
|
|
PROPRIETOR UDIN: 21302000AAAAAJ3567 |
+91-9892691696
