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« Dec 13
Auditor's Report (Elantas Beck India) Year End : Dec '14
Report on the Financial Statements
 
 We have audited the accompanying financial statements of ELANTAS Beck
 India Limited (the Company), which comprise the Balance Sheet as at
 31 December 2014, the Statement of Profit and Loss and the Cash flow
 statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 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) read with the General Circular 15/2013 dated 13th September 2013
 of the Ministry of Corporate Affairs in respect of section 133 of the
 Companies Act, 2013. This responsibility includes the design,
 implementation and maintenance of internal control 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
 
 Our responsibility is to express an opinion on these financial
 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 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 entity''s
 internal control. An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by 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 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 31 December 2014;
 
 (b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 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 appears from our examination of those
 books;
 
 c) the Balance Sheet, Statement of Profit and Loss and 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 Companies Act, 1956 read with the General Circular
 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
 respect of section 133 of the Companies Act, 2013; and
 
 e) on the basis of written representations received from the Directors
 of the Company as on 31 December 2014, and taken on record by the Board
 of Directors, we report that none of the Directors is disqualified as
 on 31 December 2014 from being appointed as a Director in terms of
 sub-section (2) of Section 164 of the Companies Act 2013.
 
 Annexure to the Independent Auditors'' Report - 31 December 2014
 
 With reference to the Annexure referred to in the Independent Auditors''
 Report to the Members of ELANTAS Beck India Limited (''the Company'') on
 the financial statements for the year ended 31 December 2014, we report
 that:
 
 1.  (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) The Company has a regular programme of physical verification of its
 fixed assets by which all fixed assets are verified in a phased manner
 over a period of two years. In our opinion, this periodicity of
 physical verification is reasonable having regard to the size of the
 Company and the nature of its assets.
 
 (c) Fixed assets disposed off during the year were not substantial, and
 therefore, do not affect the going concern assumption.
 
 2.  (a) The inventory, except goods-in-transit and stocks lying with
 third parties, has been physically verified by the management during
 the year. In our opinion, the frequency of such verification is
 reasonable. For stocks lying with third parties at the year-end,
 written confirmations have been obtained.
 
 (b) The procedures for physical verification of inventories followed by
 the management are reasonable and adequate in relation to the size of
 the Company and the nature of its business.
 
 (c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material and have been appropriately dealt
 with in the books of accounts.
 
 3.  The Company has neither granted nor taken any loans, secured or
 unsecured, to or from companies, firms or other parties covered in the
 register maintained under Section 301 of the Companies Act, 1956 /
 section 189 of the Companies Act, 2013 (as applicable).
 
 4.  In our opinion and according to the information and explanations
 given to us, and having regard to the explanation that purchases of
 certain items of inventories are for the Company''s specialized
 requirements and sale of certain goods are for the specialized
 requirements of the customers and suitable alternative sources are not
 available to obtain 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 purchase of inventories and
 fixed assets and with regard to the sale of goods & services. We have
 not observed any major weakness in the internal control system during
 the course of the audit.
 
 5.  In our opinion, and according to the information and explanations
 given to us, there are no contracts or arrangements, the particulars of
 which need to be entered into the register maintained under section 301
 of the Companies Act, 1956 / Section 189 of the Companies Act, 2013 (as
 applicable).
 
 6.  The Company has not accepted any deposits from the public.
 
 7.  In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 8.  We have broadly reviewed the books of account maintained by the
 Company pursuant to the rules prescribed by the Central Government for
 maintenance of cost records under Section 209(1)(d) of the Companies
 Act, 1956 / Section 128 (1) read with Section 148 (1) of the Companies
 Act, 2013 in respect of Company''s products and are of the opinion that
 prima facie, the prescribed accounts and records have been made and
 maintained. However, we have not made a detailed examination of the
 records.
 
 9.  (a) According to the information and explanations given to us and
 on the basis of our examination of the records of the Company, amounts
 deducted / accrued in the books of account in respect of undisputed
 statutory dues including Provident Fund, Employees'' State Insurance,
 Investor Education and Protection Fund, Income Tax, Sales Tax, Service
 Tax, Customs Duty, Excise Duty, Wealth Tax and other material statutory
 dues have been regularly deposited during the year by the Company with
 the appropriate authorities.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of Provident Fund, Employees''
 State Insurance, Income tax, Sales tax, Wealth tax, Service tax,
 Customs duty, Excise duty, Investor Education and Protection Fund and
 other material statutory dues were in arrears as at 31 December 2014
 for a period of more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us, there
 are no dues of Income-tax, Sales tax, Wealth tax, Service tax, Customs
 Duty and Excise duty other than the dues listed in Appendix I, which
 have not been deposited by the Company on account of disputes.
 
 10.  The Company does not have any accumulated losses at the end of the
 financial year and has not incurred cash losses in the financial year
 and in the immediately preceding financial year.
 
 11.  The Company did not have any outstanding dues to any financial
 institution, banks or debenture holders during the year.
 
 12.  The Company has not granted any loans or advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 13.  In our opinion and according to the information and explanations
 given to us, the Company is not a chit fund or a nidhi / mutual benefit
 fund/society.
 
 14.  According to the information and explanations given to us, the
 Company is not dealing or trading in shares, securities, debentures and
 other investments.
 
 15.  According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 16.  The Company did not have any term loans outstanding during the
 year.
 
 17.  According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the Company, we are of
 the opinion that the funds raised on short-term basis have not been
 used for long-term investment.
 
 18.  The Company has not made any preferential allotment of shares to
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Companies Act 1956.
 
 19.  The Company did not have any outstanding debentures during the
 year.
 
 20.  The Company has not raised any money by public issues during the
 year.
 
 21.  According to the information and explanations given to us, no
 fraud on or by the Company, has been noticed or reported during the
 course of our audit.
 
 Appendix I to the Independent Auditors'' Report
 
 Sr.  Name of the      Nature of the Dues             Dues     Amount
 no.  Statute                                         Amount   paid
                                                      (Rs.in   under
                                                      lacs)    protest
                                                               (Rs. in 
                                                               lacs)
 
 1    Central Excise   Demand of duty on copper        0.93        - 
      Act, 1944        scrap                           
                                                       8.11        - 
                                                                  
                       Denial of Modvat Credit on      0.93        - 
                       certified copy of Bill of 
                       Entry
               
                       Education cess on exports       0.21        - 
 
                       Modvat on repacking activity   49.56        -
 
                       Valuation under CAS - 4         0.86        -
                       Appellate Tribunal, Mumbai
   
                       Duty on notional resins        34.42        -
 
 2    Sales Tax        Rate of sales tax on Wire      84.51     1.50
                       Enamels & Varnishes
 
                       Non submission of forms at     34.48     6.66 
                       the time of assessment
 
                                                     185.41     3.25
 
                                                      10.77     3.00
 
                                                      19.06     5.00
 
                                                     152.46     3.00
 
                                                      59.57    20.00
 
 3    Finance          CENVAT credit claimed on       75.05        -
      Act, 1994        the basis of letters  
 
                       Service tax credit on outward  42.21        - 
                       freight 
 
                       CENVAT on Service Tax paid     11.79        -
                       on Commission on Exports
 
 Sr.  Name of the       Period to     Forum where
 no.  Statute           which the     dispute is pending
                        amount
                        relates
                          
 1    Central Excise    2004          Asst Commissioner, Ankleshwar
      Act, 1944          
                        1990-1994     Central Excise and Service Tax
                                      Appellate Tribunal , Pune
 
                        1997          Additional Commissioner, Surat
                       
                        2004          Dy Commissioner, Pune
 
                        1994-1997     Dy Commissioner, Pune
 
                        2007          Central Excise and Service Tax
                     
                        1982-86       Central Excise and Service Tax
                                      Appellate Tribunal, Mumbai
 
 2    Sales Tax         2002-2003     Sales Tax Officer, Delhi
                      
                        1995-1997,    Commissioner of Sales Tax,
                        1998-1999     Delhi
 
                        2003-2004     Sales Tax Officer, Delhi
 
                        2005-06       Dy Commissioner of Sales Tax, 
                                      Pimpri
 
                        2008-09       Dy Commissioner of Sales Tax, 
                                      Pimpri
 
                        2006-07       Dy Commissioner of Sales Tax,
                                      Pune
 
                        2009-10       Dy Commissioner of Sales Tax,
                                      Pune
 
 3    Finance           2005-2008     Deputy Commissioner of Excise
      Act, 1994                       and Service Tax -
                                      Large Taxpayer Units, Mumbai
 
                        2005-2008     Deputy Commissioner of Excise
                                      and Service Tax -
                                      Large Taxpayer Units, Mumbai
 
                        2004-2013     CIT (Appeals), Mumbai
 
                                                     For B S R & Co. LLP
                                                   Chartered Accountants
                                  Firm Registration No: 101248W/W-100022
 
                                                            Vijay Mathur
 Mumbai                                                          Partner
 24 February 2015                                  Membership No: 046476
Source : Dion Global Solutions Limited
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