SENSEX NIFTY
Clariant Chemicals India | Auditor's Report > Dyes & Pigments > Auditor's Report from Clariant Chemicals India - BSE: 506390, NSE: CLNINDIA
YOU ARE HERE > MONEYCONTROL > MARKETS > DYES & PIGMENTS > AUDITORS REPORT - Clariant Chemicals India
Clariant Chemicals India
BSE: 506390|NSE: CLNINDIA|ISIN: INE492A01029|SECTOR: Dyes & Pigments
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Sep 16, 16:05
896.85
-45.15 (-4.79%)
VOLUME 9,079
LIVE
NSE
Sep 16, 16:05
899.45
-43.25 (-4.59%)
VOLUME 24,558
« Dec 12
Auditor's Report (Clariant Chemicals India) Year End : Dec '13
We have audited the accompanying financial statements of CLARIANT
 CHEMICALS (INDIA) LIMITED (the Company), which comprise the Balance
 Sheet as at 31st December, 2013, the Statement of Profit and Loss and
 the Cash Flow Statement for the year then ended, and a summary of the
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Management is responsible for the preparation of these
 financial statements that give a true and fair view of the financial
 position, financial performance and cash flows of the Company in
 accordance with the Accounting Standards notified under the Companies
 Act, 1956 (the Act) (which continue to be applicable in respect of
 Section 133 of the Companies Act, 2013 in terms of General Circular
 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs)
 and in accordance with the accounting principles generally accepted in
 India.  This responsibility includes the design, implementation and
 maintenance of internal control relevant to the preparation and
 presentation of the fnancial statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 Auditors'' Responsibility
 
 Our responsibility is to express an opinion on these fnancial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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 the 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 control relevant to the
 Company''s preparation and fair presentation of the financial statements
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on the
 effectiveness of the Company''s internal control. An audit also includes
 evaluating the appropriateness of the accounting policies used and the
 reasonableness of the accounting estimates made by the Management, as
 well as evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 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 31st December, 2013;
 
 (b) in the case of the Statement of Profit and Loss, of the profit of the
 Company for the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government in terms of Section 227(4A) of
 the Act, we give in the Annexure a statement on the matters specified in
 paragraphs 4 and 5 of the Order.
 
 2.  As required by Section 227(3) of the Act, we report that:
 
 (a) We have obtained all the information and explanations which to the
 best of 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 the Company so far as it appears from our examination of
 those books.
 
 (c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 (d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
 and the Cash Flow Statement comply with the Accounting Standards
 notified under the Act (which continue to be applicable in respect of
 Section 133 of the Companies Act, 2013 in terms of General Circular
 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs).
 
 (e) On the basis of the written representations received from the
 directors as on 31st December, 2013 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st December,
 2013 from being appointed as a director in terms of Section 274(1)(g)
 of the Act.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 
 (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements'' section of our report of even date)
 
 (i) Having regard to the nature of the Company''s business / activities
 during the year, clauses vi, x, xii, xiii, xv, xvi, xviii, xix and xx
 of paragraph 4 of the Order are not applicable to the Company.
 
 (ii) In respect of its fixed assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of the fixed assets.
 
 (b) The fixed assets were physically verified during the year by the
 Management in accordance with a regular programme of verification which,
 in our opinion, provides for physical verification of all the fixed
 assets at reasonable intervals. According to the information and
 explanations given to us, no material discrepancies were noticed on
 such verification.
 
 (c) The fixed assets disposed of during the year, in our opinion, do not
 constitute a substantial part of the fixed assets of the Company and
 such disposal has, in our opinion, not affected the going concern status
 of the Company.
 
 (iii) In respect of its inventories:
 
 (a) As explained to us, the inventories were physically verified during
 the year by the Management except for stocks lying at third party
 locations for which confirmations have been obtained and for goods-in-
 transit. In our opinion, the frequency of verification is reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the Management were reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 (iv) The Company has neither granted nor taken any loans, secured or
 unsecured, to/from companies, firms or other parties covered in the
 Register maintained under Section 301 of the Companies Act, 1956.
 
 (v) In our opinion and according to the information and explanations
 given to us, having regard to the explanations that some of the items
 purchased are of special nature and suitable alternative sources are
 not readily available for obtaining comparable quotations, there is an
 adequate internal control system commensurate with the size of the
 Company and the nature of its business with regard to purchases of
 inventory and fixed assets and the sale of goods and services. During
 the course of our audit, we have not observed any major weakness in
 such internal control system.
 
 (vi) In respect of contracts or arrangements entered in the Register
 maintained in pursuance of Section 301 of the Companies Act, 1956, to
 the best of our knowledge and belief and according to the information
 and explanations given to us:
 
 (a) The particulars of contracts or arrangements referred to Section
 301 that needed to be entered in the Register maintained under the said
 Section have been so entered.
 
 (b) Where each of such transaction is in excess of Rs. 5 lakhs in
 respect of any party, the transactions have been made at prices which
 are prima facie reasonable having regard to the prevailing market
 prices at the relevant time.
 
 (vii) In our opinion, the internal audit functions carried out during
 the year by firms of Chartered Accountants appointed by the Management
 have been commensurate with the size of the Company and the nature of
 its business.
 
 (viii) We have broadly reviewed the cost records maintained by the
 Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central Government under Section 209(1)(d) of the
 Companies Act, 1956 and are of the opinion that, prima facie, the
 prescribed cost records have been maintained. We have, however, not
 made a detailed examination of the cost records with a view to
 determine whether they are accurate or complete.
 
 (ix) According to the information and explanations given to us in
 respect of statutory dues:
 
 (a) The Company has generally been regular in depositing undisputed
 statutory dues, including Provident Fund, Investor Education and
 Protection Fund, Employees'' State Insurance, Income-tax, Sales Tax,
 Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
 material statutory dues applicable to it with the appropriate
 authorities.
 
 (b) There were no undisputed amounts payable in respect of Provident
 Fund, Investor Education and Protection Fund, Employees'' State
 Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
 Excise Duty, Cess and other material statutory dues in arrears as at
 31st December, 2013 for a period of more than six months from the date
 they became payable.
 
 (c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax,
 Custom Duty, Excise Duty and Cess which have not been deposited as on
 31st December, 2013 on account of disputes are given below:
 
 Statute       Nature of     Forum where       Relating to     Amount
               Dues          Dispute is 
                             pending           various years   involved
                                               comprise in 
                                               the            (Rs. in 
                                                               lakhs)
                                               period
 
 Sales Tax     Sales Tax                       1996-97 to
                             High Court                           2.27
 (Central and (Tax /                           1998- 99
 State) and    Penalty/
 Value Added   Interest)     Appellate
                             Tribunal          1999- 00          17.88
 Tax
 
                                               1992-93, 1998- 
                             Commissionarate   99, 2001-02 
                                               to              5217.53 
                                               2009-10
 
 Central        Excise Duty                    1999-00 to
                             Appellate 
                             Tribunal                            33.75
 Excise Act,                                   2004- 05
 1944
 
                                               1993- 94 to 
                             Commissionarate                    668.13
                                               2008- 09
 
 Service        Service Tax                    2002- 03 to
                             Commissionarate                    223.00
 Tax under                                     2012-13
 Finance Act,
                             Deputy 
 1994                                          2010-11            3.67
                             Commissionarate
 
 Income Tax     Income Tax                     A.Y.
 Act, 1961                   High Court        1998- 99 and      84.16
                                               2003- 04
 
                                                                811.12 
                                               A.Y. 1987- 
                                               88 to
                             Appellate 
                             Tribunal          2005-06, 
                                               2007-08
                                               and 2008- 09
 
                                               A.Y. 2000-01,    550.44
                             Commissionarate   2002-03 to 
                                               2005- 06 and
                                               2009-10
 
 Total                                                         7611.95
 
 (x) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in the repayment of dues to
 banks.
 
 (xi) In our opinion, the Company is not dealing in or trading in
 shares, securities, debentures and other investments.
 
 (xii) In our opinion and according to the information and explanations
 given to us and on an overall examination of the Balance Sheet of the
 Company, we report that funds raised on short-term basis have, prima
 facie, not been used during the year for long- term investment.
 
 (xiii) To the best of our knowledge and according to the information
 and explanations given to us, no fraud by the Company and no fraud on
 the Company has been noticed or reported during the year.
 
                              For DELOITTE HASKINS & SELLS
 
                                     Chartered Accountants
 
                            (Firm Registration No. 117365W)
 
                                                Uday Neogi
 
                                                   Partner
 
 MUMBAI, 26th February, 2014         (Membership No. 30235)
Source : Dion Global Solutions Limited
Quick Links for clariantchemicalsindia
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.