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IST Ltd.

BSE: 508807 Sector: Auto
NSE: N.A. ISIN Code: INE684B01029
BSE 00:00 | 24 Apr 2020 IST Ltd
NSE 05:30 | 01 Jan 1970 IST Ltd

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OPEN 278.40
PREVIOUS CLOSE 270.00
VOLUME 1
52-Week high 431.00
52-Week low 201.00
P/E 50.25
Mkt Cap.(Rs cr) 325
Buy Price 254.25
Buy Qty 10.00
Sell Price 278.40
Sell Qty 9.00
OPEN 278.40
CLOSE 270.00
VOLUME 1
52-Week high 431.00
52-Week low 201.00
P/E 50.25
Mkt Cap.(Rs cr) 325
Buy Price 254.25
Buy Qty 10.00
Sell Price 278.40
Sell Qty 9.00

IST Ltd. (IST) - Auditors Report


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Company auditors report

TO THE MEMBERS OF IST LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of IST Limited("the Company") which comprise the Balance Sheet as at March 31 2019 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and notes tothe standalone financial statements including a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as "thestandalone financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2019 the profit (financialperformance including other comprehensive income) changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

WeconductedourauditofthestandalonefinancialstatementsinaccordancewiththeStandardsonAuditing(SAs)specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditors’ Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules made thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matter Auditor’s Response
Investments as on 31st March 2019
(Refer to Note no.8 and 13 to the notes to the standalone financial statements)
This is the largest asset on the balance sheet. Our audit effort has increased in this area and in particular there is significant focus on considering whether the underlying investments are valued appropriately. Our audit procedure included the following:
These included investments in quoted and unquoted equity shares mutual funds preference shares and tax free bonds. Investments also include investment in wholly owned subsidiary and in associate company. • Testing whether associated controls in respect of the valuation process are operating properly and assessing whether the valuation process is appropriately designed and captures relevant valuation inputs.
The valuation of investments is based on a range of inputs. Many of the inputs required can be obtained from readily available liquid market prices and rates. Where observable market data is not available estimates must be developed based on the most appropriate source data and are subject to a higher level of judgement. • Assessing the availability of quoted prices in liquid markets.
• Performing our own independent price checks using external quotes for liquid positions and to identify any potential impairment.
Accordingly investment was determined to be a key audit matter in our audit of standalone financial statements. • We also assessed whether the Company’s disclosures in relation to the valuation of investments are compliant with the relevant accounting requirements.

Information Other than the Standalone Financial Statements and Auditors’ ReportThereon

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board’sReport including annexures to the Board’s Report and Management Discussion &Analysis Report but does not include the standalone financial statements and ourauditors’ report thereon. The Board’s Report including annexures to theBoard’s Report and Management Discussion & Analysis Report is expected to be madeavailable to us after the date of this auditors’ report.

Our opinion on the standalone financial statements does not cover the other informationand we will not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other informationidentifiedabovewhenitbecomesavailableandindoingsoconsiderwhethertheotherinformationismateriallyinconsistentwith the standalone financial statements or our knowledge obtained during the course ofour audit or otherwise appears to be materially misstated. When we read the Board’sReport including annexures to the Board’s Report and Management Discussion &Analysis Report if we conclude that there is a material misstatement therein we arerequired to communicate the matter to those charged with governance.

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 Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance (includingother comprehensive income) changes in equity and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the Indianaccounting Standards (Ind AS) specified under section 133 of the Act read with Companies(Indian Accounting Standard) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; anddesignimplementationandmaintenanceofadequateinternalfinancialcontrolsthatwereoperatingeffectivelyforensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

In preparing the standalone financial statements the management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless the management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’sfinancial reporting process.

Auditors’ Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditors’ report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone 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 risk of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such 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 concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors’ report to therelated disclosures in the standalone financial statementsorifsuchdisclosuresareinadequatetomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtainedup to the date of our auditors’ report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

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 requirementsregardingindependenceandtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughtto bear on our independence 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 the key audit matters. We describe these mattersin our auditors’ report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order 2016 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

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 it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Changes in Equity and the Statement of Cash Flow dealt with bythis Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with the Companies(Indian Accounting Standards) Rules 2015 as amended.

e) On the basis of the written representations received from the directors as on March31 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 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 B" to this report.

g) In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditors’ 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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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.

For Gupta Vigg & Co.
Chartered Accountants
Firm’s Registration Number: 001393N
(CA. Deepak Pokhriyal)
Place of Signature: New Delhi Partner
Date: 30 May 2019 Membership Number: 524778

Annexure ‘A’ To the Independent Auditors’ Report

The Annexure referred to in Independent Auditors’ Report to the members of theCompany on the standalone financial statements for the year ended March 31 2019 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 immovablepropertiesareheldinthenameofthe Company and the title deed in respect ofsub 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 respectto the loans and investments made. In our opinion and according to the information andexplanations given to us there are no guarantees or security provided by the Company.

(v) The Company has not accepted any deposits from the public in accordance with theprovisions of Sections73to76oftheActandtherulesframedthere under. Accordingly paragraph3(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) ofthe 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 duty of customs goods andservice tax cess and other applicable statutory dues with the appropriate authorities.

There were no undisputed amounts payable in respect of provident fund employees’state insurance income tax duty of customs goods and services tax cess and otherapplicable statutory dues in arrears as at March 31 2019 for a period of more than sixmonths 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 and duty of excise which have not been deposited with the appropriate authoritieson account 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 isnot 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 partiesareincompliancewithsection177and188oftheAct where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required by theapplicable 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 paragraph3(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 to the Company.

For Gupta Vigg & Co.
Chartered Accountants
Firm’s Registration Number: 001393N
(CA. Deepak Pokhriyal)
Place of Signature: New Delhi Partner
Date: 30 May 2019 Membership Number: 524778

Annexure ‘B’ 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 IST 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 of IST Limited("the Company") as of March 31 2019 in conjunction with our audit of thestandalone 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial 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 auditors’ 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 of financial 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 2019 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: 30 May 2019 Membership Number: 524778


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