Market
BSE Prices delayed by 5 minutes... << Prices as on Mar 28, 2024 >>  ABB India  6363.3 [ 1.33% ] ACC  2490.7 [ 1.39% ] Ambuja Cements  612.3 [ 1.76% ] Asian Paints Ltd.  2846 [ 0.56% ] Axis Bank Ltd.  1048.3 [ -0.50% ] Bajaj Auto  9144.9 [ -0.29% ] Bank of Baroda  264.2 [ 2.07% ] Bharti Airtel  1229.05 [ 0.36% ] Bharat Heavy Ele  247.2 [ 1.77% ] Bharat Petroleum  602.3 [ 1.23% ] Britannia Ind.  4912.95 [ -0.14% ] Cipla  1494.65 [ 1.94% ] Coal India  433.75 [ 0.70% ] Colgate Palm.  2710.9 [ 2.02% ] Dabur India  523.15 [ 0.33% ] DLF Ltd.  898.3 [ 1.99% ] Dr. Reddy's Labs  6155.15 [ 1.78% ] GAIL (India)  181.15 [ 0.50% ] Grasim Inds.  2288.5 [ 3.74% ] HCL Technologies  1543.3 [ -0.26% ] HDFC  2729.95 [ -0.62% ] HDFC Bank  1448.2 [ 0.52% ] Hero MotoCorp  4717.2 [ 3.21% ] Hindustan Unilever L  2268.25 [ 1.26% ] Hindalco Indus.  560.45 [ 0.52% ] ICICI Bank  1095.85 [ 1.09% ] IDFC L  110.65 [ -0.58% ] Indian Hotels Co  591.35 [ 0.96% ] IndusInd Bank  1555.7 [ 1.47% ] Infosys L  1498.8 [ 0.99% ] ITC Ltd.  428.55 [ 0.13% ] Jindal St & Pwr  849.45 [ 1.88% ] Kotak Mahindra Bank  1785.8 [ 0.57% ] L&T  3774.1 [ 1.83% ] Lupin Ltd.  1617.85 [ 1.23% ] Mahi. & Mahi  1921.35 [ 2.26% ] Maruti Suzuki India  12613.1 [ 0.74% ] MTNL  32.92 [ -3.01% ] Nestle India  2623.3 [ 2.18% ] NIIT Ltd.  105.55 [ -2.72% ] NMDC Ltd.  201.7 [ 1.33% ] NTPC  335.95 [ 1.60% ] ONGC  267.85 [ 2.29% ] Punj. NationlBak  124.35 [ 1.30% ] Power Grid Corpo  277.05 [ 2.21% ] Reliance Inds.  2976.8 [ -0.37% ] SBI  752.6 [ 2.53% ] Vedanta  271.65 [ 0.02% ] Shipping Corpn.  208.75 [ 3.42% ] Sun Pharma.  1620.5 [ 0.77% ] Tata Chemicals  1080.6 [ -2.72% ] Tata Consumer Produc  1095.4 [ 0.56% ] Tata Motors Ltd.  993 [ 1.45% ] Tata Steel  155.9 [ 2.00% ] Tata Power Co.  394.15 [ 1.49% ] Tata Consultancy  3883.55 [ 1.20% ] Tech Mahindra  1250.4 [ -0.26% ] UltraTech Cement  9745.05 [ 1.24% ] United Spirits  1134.3 [ -0.34% ] Wipro  480.05 [ 1.66% ] Zee Entertainment En  138.7 [ -1.87% ] 
Indokem Ltd. Auditor Report
Search Company 
You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 274.70 Cr. P/BV 7.10 Book Value (Rs.) 13.87
52 Week High/Low (Rs.) 132/84 FV/ML 10/1 P/E(X) 887.39
Bookclosure 31/08/2023 EPS (Rs.) 0.11 Div Yield (%) 0.00
Year End :2016-03 

Report on the Financial Statements

I have audited the accompanying financial statements of INDOKEM LIMITED, which comprises Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss Account for the year ended 31st March 2016, Cash Flow Statement for the year ended 31st March 2016 and a summary of Significant Accounting Policies and other explanatory information.

Management’s Responsibility 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 presentation of these financial statements that give a true and fair view of the financial position and financial performance in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 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.

Auditor’s Responsibility

My responsibility is to express an opinion on these 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 there under.

I have conducted the audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my qualified audit opinion.

Basis for Qualified Opinion

The inventories of the Ankelshwar Plant brought to Mumbai amounting to ' 186.25 lakhs at the year end is as valued and certified by the management only (Refer Para No 2 (c) of Note No 28 of Notes to Accounts)

Qualified Opinion

In my opinion and to the best of the information and according to the explanations given to me, except for the effects of the matters described in the Basis for Qualified Opinion paragraph, the 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 31st March 2016.

(b) In the case of the Profit and Loss Account, of the loss for the year ended on that date.

(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Disclaimer of Opinion

According to the information and explanation given to me, the Company has not established its internal financial control over financial reporting on criteria based on or 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. Because of this reason, I am unable to obtain sufficient appropriate audit evidence to provide a basis for my opinion whether the Company had adequate internal financial controls over financial reporting and whether such internal financial controls were operating effectively as at 31st March 2016.

I have considered the disclaimer reported above in determining the nature, timing and extent of my audit tests applied in my audit of the financial statements of the Company and the disclaimer does not affect my opinion on the financial statements of the Company.

Emphasis of Matter

1. As referred in Para No 2(a) of Note No 28 of Notes to Accounts, the Company has repaid loan outstanding of Rs. 1410 lakhs in the current financial year and impact of additional interest of Rs.164.06 lakhs and gain on settlement of principal amount of such loan Rs.68.15 lakhs is accounted in the current year.

2. As referred in Para No 2(b) of Note no 28 of Notes to Accounts, there are old debtors of Rs.306.52 lakhs which in the opinion of the management are good for recovery and no provision for doubtful debts is required.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) order, 2016 (“The Order”) issued by the Central Government in terms of sub section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that :

a. I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of audit .

b. In my opinion proper books of accounts as required by law have been kept by the Company so far as appears from my examination of those books .

c. The Balance Sheet, Statement of Profit and Loss and other notes thereon dealt with by this report are in agreement with the books of accounts.

d. In my opinion, the Balance Sheet and Statement of Profit and Loss comply with the accounting standards referred to in the Section 133 of the Companies Act, 2013 and read with Rule No 7 of the Companies Accounting Rules 2014.

e. On the basis of representations received from the directors as on March 31, 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164(2) of the Act.

f. There are no other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014.

(REFERRED TO IN THE REPORT OF EVEN DATE OF THE AUDITOR TO THE MEMBERS OF INDOKEM LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st March 2016)

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to me major portion of the fixed assets have been physically verified by the management at the year end, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

c) According to the information and explanations given to me and on the basis of examination of the records of the Company, the title deeds of immoveable properties are held in the name of the Company other than those disclosed in the table below:

Asset Class

No of cases

Gross Block (Rs. In lakhs)

Net Block (Rs. In lakhs)

Remarks

Building at Essel House Delhi Branch

1

28.40

16.80

Pending completion of the relevant formalities, pursuant to the scheme of amalgamation, the title remains to be vested in the Company. Such assets continue in the name of erstwhile amalgamated Company.

2. a) Inventories have been physically verified during the year by the management at reasonable intervals. In my opinion, the frequency of verification is reasonable.

b) The discrepancies noticed on verification between physical stocks and book records are not material and have been adequately dealt with in books of the Company.

3. According to the information and explanations given to me, the Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013 ('the Act”), except for unsecured loan to a Company amounting to Rs.271.63 lakhs for which no terms and conditions and repayments schedule is stipulated.

4. In my opinion and according to the information and explanations given to me, the Company has not granted any loans, or made any investments or provided any guarantee or security to the parties covered under Section 185 of the Act,

5. In my opinion and according to the information and explanations given to me, the Company has not accepted any deposits from the public within the meaning of provisions of sections 73 to 76 and the rules framed there under. Accordingly, paragraph 3(v) of the Order is not applicable to the Company.

6. As the turnover of the products to which the cost records, as per provisions of the Section 148 of the Companies Act 2013 are applicable, is below threshold limit, the Company is of opinion that provisions of maintenance of cost records as per the said section are not applicable to the Company.

7. a) According to the information and explanations given to me and on the basis of examination

of the records of the Company, the amounts deducted / accrued in the books of account in respect of undisputed statutory dues including provident fund, investor education and protection fund, employee's state insurance, income tax, sales tax, service tax, value added tax, custom duty, excise duty, cess and other statutory dues, as applicable, have been generally regularly deposited during the year by the Company with the appropriate authorities except for delay in few cases. According to the information and explanations given to me, there were no undisputed amounts payable in respect of above dues at the year end for the period of more than six months from the date they become payable. There are dues of Rs.100.83 lakhs towards property tax, land revenue tax, provident fund damages, professional tax etc. outstanding for more than six months which in the opinion of the management is of disputed nature and provided only as prudent norms of accounting.

b) On the basis of my examination of the documents and records there are disputed statutory dues which remain to be deposited with the appropriate authorities at year end.

Nature of Dues

Amount (Rs. in lakhs)

Period to which amount relates

Forum where the dispute is pending

Income Tax

2.09

2006-07

Income Tax Appellet Tribunal

32.76

2009-10

Commissioner Of Income Tax (Appeals)

430.30

2011-12

Commissioner Of Income Tax (Appeals)

36.25

2013-14

Commissioner Of Income Tax (Appeals)

Income Tax

30.13

2001-02

Commissioner Of Income Tax (Appeals)

28.06

2002-03

Commissioner Of Income Tax (Appeals)

32.51

2003-04

Commissioner Of Income Tax (Appeals)

30.60

2004-05

Commissioner Of Income Tax (Appeals)

42.17

2005-06

Commissioner Of Income Tax (Appeals)

41.68

2006-07

Commissioner Of Income Tax (Appeals)

11.92

2007-08

Commissioner Of Income Tax (Appeals)

22.18

2008-09

Commissioner Of Income Tax (Appeals)

28.73

2009-10

Commissioner Of Income Tax (Appeals)

8.59

2010-11

Commissioner Of Income Tax (Appeals)

Sales Tax

9.92

1990-91

Sales Tax Tribunal

11.53

1995-96

Assistant Commissioner (Appeals)

7.50

2002-03

Sales Tax Tribunal

1.54

2004-05

Assistant Commissioner (Appeals)

Service Tax

2.78

2004-05

Service Tax and Excise Tribunal

8. According to the information and explanations given to me and on the basis of examination of the records, the Company has not defaulted during the year in repayment of loans and borrowings from banks except for the sum of Rs. 1410 lakhs due to a bank which was in default in the earlier years and settled during the year and the Company has fully repaid the same( Refer Para No 2(a) of Note no. 28 to the Notes to Accounts).The Company does not have any loans or borrowings from financial institutions or government or dues to debenture holders during the year except for vehicle loan from a bank where no default in repayment is found.

9. According to the information and explanations given to me and on the basis of examination of the records, the Company has not raised any monies by way of initial public offers (including debt instruments) and has not obtained any term loans during the year. Accordingly paragraph 3(ix) of the Order is not applicable to the Company.

10. During the course of my examination of the books and records of the Company, carried out in the accordance with the generally accepted audit practices in India, and according to the information and explanations given to me, I have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor I have been informed of any such case by the management.

11. In my opinion and according to the information and explanations given to me, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V of the Act.

12. In my opinion and according to the information and explanations given to me, the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicable to it. Accordingly paragraph 3(xii) of the Order is not applicable to the Company.

13. In my opinion and according to the information and explanations given to me, the Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act where applicable and the details of such related party transactions have been disclosed in the financial statements as required by Accounting Standard (AS)18, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014.

14. According to the information and explanations given to me and based on the examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly paragraph 3(xiv) of the Order is not applicable to the Company.

15. According to the information and explanations given to me and based on the examination of the records of the Company, the Company has not entered into non cash transactions with directors or persons connected with them. Accordingly paragraph 3(xv) of the Order is not applicable to the Company.

16. In my opinion and according to the explanations given to me, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly paragraph 3(xvi) of the Order is not applicable to the Company.

For Sheth Doctor and Associates

Chartered Accountants

Firm Regn. No. 124822W

Paresh S. Doctor

Place: Mumbai Proprietor

Date: 12th May, 2016 Membership No. 36056


KYC IS ONE TIME EXERCISE WHILE DEALING IN SECURITIES MARKETS - ONCE KYC IS DONE THROUGH A SEBI REGISTERED INTERMEDIARY (BROKER, DP, MUTUAL FUND ETC.), YOU NEED NOT UNDERGO THE SAME PROCESS AGAIN WHEN YOU APPROACH ANOTHER INTERMEDIARY. | PREVENT UNAUTHORISED TRANSACTIONS IN YOUR ACCOUNT --> UPDATE YOUR MOBILE NUMBERS/EMAIL IDS WITH YOUR STOCK BROKER/DEPOSITORY PARTICIPANT. RECEIVE INFORMATION/ALERT OF YOUR TRANSACTIONS DIRECTLY FROM EXCHANGE/NSDL ON YOUR MOBILE/EMAIL AT THE END OF THE DAY .......... ISSUED IN THE INTEREST OF INVESTORS
 
Disclaimer Clause | Privacy | Terms of Use | Rules and regulations | Feedback| IG Redressal Mechanism | Investor Charter | Client Bank Accounts
Right and Obligation, RDD, Guidance Note in Vernacular Language
Attention Investors : "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."
  "No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."
  "Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participants. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL on the same day.Issued in the interest of Investors."
Regd. Office: 76-77, Scindia House, 1st Floor, Janpath, Connaught Place, New Delhi – 110001
NSE CASH , NSE F&O,NSE CDS| BSE CASH ,BSE CDS |DP NSDL | MCX-SX SEBI NO: INZ000155732
KK Comtrade Pvt Ltd. : Member - MCXINDIA (Commodity Segment) , SEBI NO: INZ000034837
Mumbai Office: 52, Jolly Maker Chamber 2, Nariman Point, Mumbai - 400021, Tel: 022-45106700, Toll Free Number: 1800-103-6700

Compliance Officer: Mukesh Rustagi, Company Secretary, Tel: 011-46890000, Email: mukesh_rustagi80@hotmail.com
For grievances please e-mail at: kkslig@hotmail.com

Important Links : NSE | BSE | SEBI | NSDL | Speed-e | CDSL | SCORES | NSDL E-voting | CDSL E-voting
Copyrights @ 2014 © KK Securities Limited. All Right Reserved
Designed, developed and content provided by