Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Associate Partners:

  • Kotak Mutual Fund
  • Pharmeasy
  • Indiabulls
  • SBI

Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Technology Partner

Dell Technologies

Associate Partners

Kotak Mutual Fund
Pharmeasy
Indiabulls
SBI
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Akzo Nobel India Ltd.

BSE: 500710 | NSE: AKZOINDIA |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE133A01011 | SECTOR: Paints & Varnishes

BSE Live

Jan 27, 15:49
1942.85 -12.90 (-0.66%)
Volume
AVERAGE VOLUME
5-Day
593
10-Day
710
30-Day
603
111
  • Prev. Close

    1955.75

  • Open Price

    1940.95

  • Bid Price (Qty.)

    1930.50 (1)

  • Offer Price (Qty.)

    1946.95 (10)

NSE Live

Jan 27, 15:59
1937.75 -20.35 (-1.04%)
Volume
AVERAGE VOLUME
5-Day
7,474
10-Day
9,121
30-Day
8,429
5,591
  • Prev. Close

    1958.10

  • Open Price

    1940.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    1937.75 (1)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1 We have audited the attached Balance Sheet of ICI India Limited (the Company) as at 31 March 2009 and also the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2 We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3 As required by the Companies (Auditors Report) Order, 2003 (the Order), issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Companies Act, 1956 (the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4 Further to our comments in the Annexure referred to above, 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, Profit and Loss Account 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, Profit and Loss Account and the Cash Flow Statement dealt with by this report, comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, to the extent applicable; (e) on the basis of written representations received from the directors of the Company as on 31 March 2009 and taken on record by the Board of directors, we report that none of the directors is disqualified as on 31 March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; and (f) in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2009; (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and (iii) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. Annexure referred to in paragraph 3 of the Auditors Report to the Members of ICI India Limited on the accounts for the year ended 31 March 2009 (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As explained to us, the fixed assets are physically verified by the management in accordance with a phased programme designed to cover all items of fixed assets over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company and nature of its fixed assets. In accordance with this programme, certain categories of fixed assets at certain locations have been physically verified by the management during the year and no material discrepancies were noticed on such verification. (c) As explained in note 16 (4) to the notes to the accounts, during the year the Company has divested its Adhesive Business. In our opinion and according to information and explanations given to us, the aforesaid divestment does not effect the Companys ability to continue as a going concern. The Company did not dispose off any substantial part of its fixed assets other than the above. (ii) (a) According to the information and explanations given to us, physical verification has been conducted by management at reasonable intervals during the year in respect of inventory of raw materials, stores and spare parts, work-in-process and finished goods in the Companys possession. The existence of stocks lying with third parties as at 31 March 2009 has been confirmed based on confirmations or statements of account received from such third parties. In our opinion, the frequency of physical verification is reasonable. (b) In our opinion and according to the information and explanations given to us, 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) On the basis of our examination of the records of inventories, we are of the opinion that the Company is maintaining proper records of inventories. The discrepancies noticed on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account. (iii) (a) The Company has granted a loan to Polyinks Limited, (subsidiary company) which is covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs 1,061 lacs and the year-end balance of such loan was Rs Nil. Polyinks Limited has ceased to be a subsidiary with effect from 21 January 2009. (b) In our opinion, the rate of interest and other terms and conditions on which the loan has been granted to the subsidiary listed in the register maintained under Section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. (c) In the case of the loan granted to the subsidiary listed in the register maintained under Section 301 of the Companies Act, 1956, the borrower has been regular in repaying the principal amount as stipulated and in the payment of interest. (d) There are no overdue amounts of more than Rs.1 lac in respect of the loan granted to the subsidiary listed in the register maintained under Section 301 of the Companies Act, 1956. (e) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, paragraphs 4 (iii) (e) to 4 (iii) (g) of the Order are not applicable. (iv) In our opinion and according to the information and explanations given to us, 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 and services. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have been informed of any incidence of major weaknesses in the aforesaid internal control system. (v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956, and exceeding Rs 5 lacs in respect of any party during the year, have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. (vi) In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Section 58A, Section 58AA or other relevant provisions of the Companies Act, 1956 and the rules framed there-under/ the directives issued by the Reserve Bank of India (as applicable) with regard to deposits accepted from the public. Accordingly, there have been no proceedings before the Company Law Board or National Company Law Tribunal (as applicable) or Reserve Bank of India or any Court or any other Tribunal in this matter and no order has been passed by any of the aforesaid authorities. (vii) In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with its size and the nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the rules made by the Central Government, the maintenance of cost records has been prescribed under section 209(1)(d) of the Companies Act, 1956 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 such records with a view to determine whether they are accurate or complete. (ix) (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, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Customs duty, Excise duty, Cess and other material 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, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Customs duty, Excise duty, Cess and other material statutory dues were in arrears as at 31 March 2009 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Income tax, Sales tax, Wealth tax, Service tax, Customs duty, Excise duty and Cess which have not been deposited with the appropriate authorities on account of any dispute, except as mentioned below: (Amount in Rs lacs) Name of the Statute Nature of the Amount of Amount paid dues dispute under protest Income Tax Act, 1961 Income tax 117,28 117,28 Central Excise Act, 1944 Excise duty 4,91 66 Central Sales Tax Act, 1956 Sales tax 8,73 1,38 West Bengal Sales Tax Act, Sales tax 14,24 1994 Uttar Pradesh Trade Tax Act, Sales tax 5,47 1948 Delhi Sales Tax, Act 1975 Sales tax 79 The Kerala General Sales Sales tax 68 Tax Act, 1963 Rajasthan Sales Tax Act, 1994 Sales tax 71 Bihar Sales Tax Act, 1959 Sales tax 2,14 47 The Madhya Pradesh Sales tax 2,15 70 General Sales Tax Act, 1958 Orissa Sales Tax Act, 1947 Sales tax 1,70 1,65 Andhra Pradesh General Sales tax 46 Sales Tax Act, 1957 Period to which Forum where dispute is pending the amount relates 1989-90, 1994-95 to High Court/ Income Tax Appellate Tribunal/ 2007-08 (Assessment year) Commissioner of Income tax Appeal 1991-92 to 2005-06 Customs, Excise and Appellate Tribunal 2004-05 and 2005-06 Commissioner Appeals of Central Excise and Customs 1982-83 to 2004-05 Sales Tax Officer/ Sales Tax Revision Board / Deputy Commissioner/ Deputy Commissioner Appeal/ Appellate Tribunal 1995-96,1997-98, Sales Tax Officer/ Sales Tax Revision Board/ 1998-99, 1999-00, Deputy Commissioner/ Deputy Commissioner 2002-03, 2003-04 Appeal/ Additional Commissioner/ Appellate 1976-77,1979-80, Tribunal/ High Court 1980-81, 1986-87, 1987-88, 1988-89, 1989-90,1992-93, 2000-01, 2003-04, 2004-05 1985-86, 1986-87, 1987-88, 2003-04, 2004-05 2000-01, 2001-02, 2002-03 1998-99, 2003-04 1992-93 to 1999-00 1982-83 to 1999-00 1995-96 to 1999-00 2000-01, 2001-02, 2002-03 - Including disputed dues aggregating Rs 494 lacs which have been stayed by respective authorities. - Excluding the demands the proceedings of which have been set aside or remanded for reassessment by the appropriate authorities. (x) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses during the financial year and in the immediately preceding financial year. (xi) According to the information and explanations given to us, the Company has not defaulted in repayment of dues to its bankers. The Company did not have any outstanding dues to any financial institutions or debenture-holders during the year. (xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) According to the information and explanations given to us, the Company is not a chit fund or a nidhi/ mutual benefit fund/ society. (xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. (xv) According to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions during the year. (xvi) According to the information and explanations given to us, the Company did not have any term loans outstanding during the year. (xvii) 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 investments. (xviii) The Company has not made any preferential allotment of shares to companies/firms/parties covered in the register maintained under Section 301 of the Companies Act, 1956 during the year. (xix) The Company did not have any outstanding debentures during the year. (xx) The Company has not raised any money by way of public issue during the year. (xxi) Based on the audit procedures performed and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. For B S R & Associates Chartered Accountants Gurgaon KAUSHAL KISHORE 15 May 2009 Partner Membership No.: 090075