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Elantas Beck India

BSE: 500123|NSE: DRBECK|ISIN: INE280B01018|SECTOR: Chemicals
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« Dec 14
Auditor's Report (Elantas Beck India) Year End : Dec '15
We have audited the accompanying financial statements of ELANTAS Beck
 India Limited (the Company), which comprise the Balance Sheet as at
 31 December 2015, 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 Responsibilityforthe 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 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 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 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.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit.
 
 We 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
 thereunder.
 
 We conducted our 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 whetherthe 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 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 an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the 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.
 
 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.
 
 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, of the state of affairs of the Company as
 at 31 December 2015 and its profit and its cash flows for the year
 ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Government of India 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 paragraph 3 and 4 of 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 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 aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on 31 December 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31 December 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements- Refer Note 27 to the
 financial statements;
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses-Refer Note 42 to the financial statements;
 
 iii.  There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure to the Independent Auditors'' Report - 31 December 2015
 
 With reference to the Annexure referred to in paragraph 1 in Report on
 Other Legal and Regulatory Requirements of the Independent Auditors''
 Report to the Members of the Company on the financial statements for
 the year ended 31 December 2015, 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 the fixed assets are physically verified in a
 phased manner over a period of two years. In our opinion, the
 periodicity of physical verification is reasonable having regard to the
 size of the Company and the nature of its assets. No material
 discrepancies were noticed on such verification.
 
 2.  (a) The inventory, except goods-in-transit and stock lying with
 third parties has been physically verified by 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 physical stock and the
 book records were not material and have been appropriately dealt with
 in the books of accounts.
 
 3.  The Company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered in the register maintained
 under section 189 of the Companies Act, 2013.
 
 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 similarly certain goods sold by the Company are for
 the specialized requirements of the buyers 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.  The
 activities of the Company does not involve sale of services. We have
 not observed any major weaknesses in the internal control system during
 the course of the audit.
 
 5.  The Company has not accepted any deposits in accordance with the
 provisions of sections 73 to 76 of the Act and rules framed there
 under.
 
 6.  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 128(1) read with Section
 148(1) of the Companies Act, 2013 in respect of the 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 same.
 
 7.  (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,
 Income-tax, Sales-tax, Wealth tax. Service tax. Duty of Customs, Duty
 of Excise, Value Added tax and other statutory dues have generally 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. Duty
 of Customs, Duty of Excise, Value Added tax and other statutory dues
 were in arrears, as at 31 December 2015, 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, Duty of
 Customs, Duty of Excise and Value Added tax other than the dues listed
 in Appendix I, which have not been deposited with the appropriate
 authorities on account of any disputes.
 
 (c) The Company has transferred amounts required to be transferred to
 the Investor Education and Protection Fund within prescribed time.
 
 8.  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.
 
 9.  According to the information and explanations given to us, the
 Company does not have any dues to its bankers. The Company did not have
 any dues to financial institutions or any debentures outstanding during
 the year.
 
 10.  In our opinion and 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.
 
 11.  The Company did not have any term loans outstanding during the
 year.
 
 12.  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.
 
                                                   For BSR & Co.LLP
 
                                              Chartered Accountants 
 
                             Firm Registration No: 101248W/W-100022
 
 
 
                                                       Vijay Mathur
 
 Place: Mumbai                                              Partner
 
 Date : 23 February 2016                      Membership No: 046476
Source : Dion Global Solutions Limited
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