To,
The Members,
INTEGRA SWITCHGEAR LIMITED,
Vadodara
Report on the Financial Statements:
We have audited the accompanying financial statements of INTEGRA SWITCHGEAR LIMITED,
(Company Limited by Shares), Vadodara as at 31st March, 2023, which comprises
the Balance Sheet as at March 31, 2023, Statement of Profit and Loss for the year ended,
cash flow statements for the year ended, changes in equity and a summary of significant
accounting policies and other explanatory information.
Opinion:
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid 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:
a) In the case of the Balance Sheet, of the state of affairs of the Company as at March
31, 2023;
b) In the case of the Profit and Loss Statement, of the profit for the year ended on
that date.
c) In the case of the Cash Flow Statement, of the cash flow for the year ended on that
date.
Basis for opinion:
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act and other applicable authoritative pronouncements issued
by the Institute of Chartered Accountants of India. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Standalone Financial Results section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the Rules there under, and we
have fulfilled our other ethical responsibilities in accordance with these requirements
and the Code of
Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate
to provide a basis for our opinion.
Managements Responsibility for the Financial Statements:
Management is responsible for the matter stated in Section 134 (5) of the Companies
Act, 2013(“The Act”) with respect to preparation of these financial statements
that give a true and fair view of the financial position, financial performance and cash
flow of the Company in accordance with the accounting principles generally accepted in
India, including Accounting Standards specified under section 133 of the Act notified
under the Act, read with Rule 07 of the Companies (Accounts) Rule 2015.
This responsibility also includes maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and irregularities, selections and application of
appropriate accounting policies, making judgments and estimates that are reasonable and
prudent, and design , implementation and maintenance of adequate internal financial
control, that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the standalone financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so. The Board of Directors are responsible for overseeing
the Companys financial reporting process.
Auditors Responsibility:
Our objective is to obtain reasonable assurance about whether the financial statement
as a whole are free from material misstatement , whether due to fraud or error, and to
issue an auditors report that includes our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Material misstatement can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decision of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also,
• Identify the risks of material misstatement of the financial statement, whether
due to fraud or error, design and perform audit procedures response to those risks and
obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from error, as fraud
may involve collusion, forgery, intentional omission, misrepresentation, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act, 2013, we are also responsible for expressing our opinion on whether
the company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the 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 auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial Statements.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditors Report) Order, 2020 (‘the Order)
issued by the Central Government in terms of section 143(11) of the Act, we give in the Annexure
‘A, statements on the matters specified in paragraphs 3 and 4 of the said order.
2. A. 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 best
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 the
Company so far as appears from our examination of those books of the Company.
(c) The Balance Sheet, Profit & Loss statements and cash flow statements dealt with
by this report are in agreement with the Books of accounts of the Company.
(d) In our opinion, the Balance Sheet, Profit & Loss Statement and cash flow
statements comply with the Accounting Standards specified under section 133 of the Act,
read with Rule 07 of the Companies (Accounts) Rule 2015.
(e) On the basis of the written representations received from the Directors of the
Company as on 31st March 2023, taken on record by the Board of Directors of the
Company, none of the Directors is disqualified as on 31st March, 2023 from
being appointed as a Director in terms section 164 (2) of the companies Act 2013.
(f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate report in "Annexure B".
B. With respect to other matters to be included in the Auditor ‘s Report in
accordance with rule 11 of the companies (Audit & Auditors) Rule 2014, in our opinion
and 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 financial
Statements as of 31st March 2023,
b. The Company has made provision in its Financial Statements as required under the
applicable law or accounting standards , for material foreseeable losses on long terms
contracts,
c. There were no amount which were required to be transferred to the Investor Education
and Protection Fund by the Company.
d.
I) The Management has represented that, to the best of its knowledge and belief no
funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other person(s)
or entity(ies), including foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
II) The Management has represented that, to the best of its knowledge and belief, that
no funds have been received by the company from any person(s) or entity(ies), including
foreign entities (“Funding Parties”), with the understanding, whether recorded
in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries; and
III) Based on such audits procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under subclause (i) and (ii) of Rule 11(e) contain any
material misstatement.
e. There is no dividend declared or paid during the year by the Company and hence
provisions of section 123 of the companies Act, 2013 are not applicable.
f. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for
the Company only with effect from 1 April 2023, reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 is not applicable.
g. In our opinion and to the best of our information and according to the explanation
given to us, the said accounts read with the notes on accounts in Notes annexed to and
forming part of accounts give the information required by the Companies Act,2013 in the
manner so required give a true and fair view subject to:
Non Provision of depreciation on fixed assets of the company read with note no.3
forming part of the Notes to Accounts.
PLACE: VADODARA. |
FOR C. MUKHERJEE & CO. |
DATE: 18/05/2023 |
Chartered Accountants |
|
Firm Reg.. 0021495 |
|
UDIN: 23050861BGZHHS7747 |
|
(C.MUKHERJEE) |
|
Proprietor |
|
M.No.050861 |
ANNEXURE ‘A TO INDEPENDENT AUDITORS REPORT (Referred to in paragraph 01 under
"Report on other legal and regulatory requirement" of our report of even date)
(i) In respect of fixed assets
(a) The company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) The Company has no Intangible Assets, hence this clause is not applicable.
(c) All the assets have been physically verified by the management during the year and
there is a regular program of verification which, in our opinion, is reasonable having
regard to the size of the company and the nature of its assets. No material discrepancies
were noticed on such verification.
(d) The title deeds of immovable properties are held in the name of the company.
(e) According to information and explanations given to us, the company has not revalued
its Property, Plant and Equipment and intangible assets during the year;
(f) No proceedings have been initiated or are pending against the company for holding
any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made
there under.
(ii) In respect of Inventories
(a) The provision of the Inventory is not applicable to the company as company does not
have any inventory and company has closed its business operations.
(b) Based on our verification of the documents provided to us and according to the
information and explanations given by the Management, the company does not has sanctioned
working capital limits in excess of Rs. 5 crore from banks or financial institutions.
(iii) In respect of secured or unsecured loans to / from companies, firms, or other
parties listed under section 189 of the Companies Act.
The company has not granted or taken any loan, secured or unsecured to/from companies,
firms or other parties covered under section 2 clause 76 of the Companies Act, hence
sub-clauses iii ( a, b & c) are not applicable.
(iv) In our opinion and according to information and explanation given to us, the
company has complied with the provision of the section 185 and 186 of Act, with respect to
the loans and investments made.
(v) The company has not accepted deposit from public. Accordingly paragraph 3(v) not
applicable to the company.
(vi) The Central Government has not prescribed the maintenance of Cost Records under
Section 148 (1) of the Companies Act, for the products of the Company hence need no
comments.
(vii) According to the information and explanations given to us in respect of statutory
and other dues:
(a) The company is regular in depositing the statutory dues as applicable to the
company for the year under report.
(b) There are no undisputed statutory dues payable in respect of provident fund,
investor education and protection fund, employee state insurance, income tax, sales tax,
value added tax , service tax ,customs duty, excise duty and cess, which are outstanding
and in arrears, as at 31st March, 2023 for a period of more than six months
from the date they became payable. There are no dues of sales tax, income tax, customs
duty, service tax, wealth tax, excise duty and cess which have not been deposited on
account of any dispute,
(viii) There were no transactions which were not recorded in the books of account, have
been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961.
(ix) In our opinion and according to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial institution, bank or
debenture holders.
(x) The company has not taken any term loans and hence requirement of reporting
regarding application of term loans does not arise.
(xi) (a) According to the information and explanations given to us, no fraud on company
by its officers /employees nor by the company has been noticed or reported during the
course of our audit.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed
in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year and up to the date of this report.
(c) There are no whistle blower complaints received by the company during the year.
(xii) In our opinion company is not a nidhi company hence paragraph 3(xii) not
applicable to company
(xiii) According to the information and explanation given to us and based on the our
examination of books of accounts of the company transactions with related parties are in
compliance with section 177 and 188 of the Act wherever applicable and details of such
transactions have been disclosed in the financial statements as required by applicable
accounting standards.
(xiv) (a) Company has an Internal audit system commensurate to with the size and nature
of its business.
(b) The internal audit reports issued till the date of audit report, for the period
under audit have been considered by us.
(xv) According to information and explanation given to us and based on our examination
of the records of the company, the company has not entered in to non cash transactions
with directors or persons connected with him. Accordingly paragraph 3(xv) not applicable
to the company.
(xvi) In our opinion, the Company is not required to be registered under section 45-IA
of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a), (b) and
(c) of the Order is not applicable;
(c) There is no core investment company within the Group (as defined in the Core
Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under
clause 3(xvi)(d) of the Order is not applicable.
(xvii) Based on the examination of the records, the company has incurred cash losses of
Rs. 12.04 Lacs during the financial year and Rs. 17.87 Lacs in the immediately preceding
financial year.
(xviii) There has been no resignation of the statutory auditors during the year and
accordingly this clause is not applicable.
(xix) Based on our examination financial ratios, ageing and expected dates of
realization of financial assets and payment of financial liabilities, other information
accompanying the financial statements, knowledge of the Board of Directors and management
plans, there is no material uncertainty exists as on the date of the audit report that
company is not capable of meeting its liabilities existing at the date of balance sheet as
and when they fall due within a period of one year from the balance sheet date.
We, however, state that this is not an assurance as to the future viability of the
Company. We further state that our reporting is based on the facts up to the date of the
audit report and we neither give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance sheet date, will get discharged
by the Company as and when they fall due.
(xx) Based on the examination of the company and information and explanations given to
us, section 135of the act is not applicable to the company hence, clause 3(xx)(a) and
(xx)(b) of the Order is not applicable.
PLACE: VADODARA. |
FOR C. MUKHERJEE & CO. |
DATE: 18/05/ 2023 |
Chartered Accountants |
|
Firm Reg.. 0021495 |
|
UDIN: 23050861BGZHHS7747 |
|
(C.MUKHERJEE) |
|
Proprietor |
|
M.No.050861 |
ANNEXURE ‘B TO INDEPENDENT AUDITORS REPORT (Referred to in point (f) of
paragraph 02 under "Report on 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 Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of INTEGRA
SWITCHGEAR LIMITED (“The Company”), as of March 31, 2023 in conjunction with
our 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 Accountants of India. 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
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our 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 Accountants of India. Those
Standards and the Guidance Note require that we 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.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial control system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and operating effectiveness of
internal control based on the assessed risk. The procedures selected depend upon on the
auditors judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our 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 authorizations of
Management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized 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 our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2023, 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 issues by the Institute of Chartered
Accountants of India.
Date : 18/05/2023 |
FOR C.MUKHERJEE & CO |
Place : VADODARA |
Chartered Accountants |
|
FRN : 0021495 |
|
UDIN: 23050861BGZHHS7747 |
|
C MUKHERJEE |
|
Proprietor |
|
M.No. : 050861 |
+91-9892691696
