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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

Dec 09, 09:30
2096.20 21.05 (1.01%)
Volume
AVERAGE VOLUME
5-Day
540
10-Day
604
30-Day
718
16
  • Prev. Close

    2075.15

  • Open Price

    2084.85

  • Bid Price (Qty.)

    2084.90 (1)

  • Offer Price (Qty.)

    2091.55 (3)

NSE Live

Dec 09, 09:30
2087.95 13.15 (0.63%)
Volume
AVERAGE VOLUME
5-Day
4,643
10-Day
6,172
30-Day
9,547
69
  • Prev. Close

    2074.80

  • Open Price

    2085.20

  • Bid Price (Qty.)

    2087.90 (1)

  • Offer Price (Qty.)

    2089.40 (6)

Annual Report

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

Auditor's Report

1. Report on the Financial Statements We have audited the accompanying financial statements of Akzo Nobel India Limited (the Company), which comprise the Balance Sheet as at 31 March 2013 and 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. 2. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of 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 referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal controls 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. 3. Auditors'' 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 controls 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. 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. 4. 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 March 2013; (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. 5. Report on Other Legal and Regulatory Requirements i. 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. ii. 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 purpose 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, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in sub section (3C) of section 211 of the Companies Act, 1956; and e. on the basis of written representations received from the directors as on 31 March 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. (i) (a) According to the information and explanations given to us, 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, which have been properly dealt with in the books of account. (c) The Company did not dispose off any substantial part of its fixed assets during the current year. Accordingly, paragraph 40(c) of the order is not applicable. (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 inventories of raw materials, stores and spare parts, work-in-process and finished goods in the Company''s possession. The existence of stocks lying with third parties as at 31 March 2013 has been evidenced based on confirmations or statements of account received in most cases. 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) According to the information and explanations given to us and 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) According to the information and explanations given to us, 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. Accordingly, paragraphs 4(iii)(b) to (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 rendering of 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 major weaknesses in the aforesaid internal control system. (v) (a) 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) 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) According to the information and explanations given to us, the Company has not accepted any deposits from the public during the year within the meaning of Sections 58A and 58AA or other relevant provisions of the Companies Act, 1956 and the rules framed thereunder. (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 to the extent applicable 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 to the extent applicable, were in arrears as at 31 March 2013 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: Name of the Statute Nature of the dues Amounts Amounts paid involved*# under protest Income Tax Act, 1961 Income tax 1,048 957 Finance Act, 1994 Service tax 2 - Central Excise Act, 1944 Excise duty 94 - Central Sales Tax, 1956 Sales tax 204 14 Uttar Pradesh Trade Tax Act, 1948 Sales tax/VAT 38 4 Name of th eStatute Period to which the amount relates Forum where dispute is pending Income Tax Act 1961 1994-95 to 1997-98, 1999-00 to 2008-09 Income Tax Appellate Tribunal/Commissioner of Income Tax (Assessment years) (Appeals)/Calcutta High Court/Bombay High Court Finance Act 1994 2004-05, 2005-06, 2007-08 and 2009-10 Commissioner of Central Excise (Appeals) Large Tax Payers Unit/ Central Excise and Service Tax Appellate Tribunal Central Excise Act 1944 1991-92 to 1996-97, 1998-99, 2000-01 to Customs, Excise and Service Tax Appellate Tribunal/Joint 2002-03, 2004-05 to 2009-10 Commissioner Large Tax Payers Unit/Commissioner of Central Excise (Appeals) Central Excise Act 1956 1982-83 to 1994-95, 1996-97 to 1999-00, Sales Tax Officer/Sales Tax Revision Board/ Deputy Commissioner/ 2002-03 to 2007-08 Deputy Commissioner (Appeals)/Appellate Tribunal Uttar Pradesh Trade Tax Act 1948 1976-77, 1979-80, 1980-81, 1986-87 to Sales Tax Officer/Sales Tax Revision Board/ Deputy Commissioner/ 1989-90, 1992-93, 2000-01, 2003-04, Deputy Commissioner (Appeals)/ Additional Commissioner/ 2005-06 to 2009-10. Additional Commissioner (Appeals)/Appellate Tribunal/High Courts/ Senior Joint Commissioner Sales Tax, Corporate Division/ Commercial Tax Officer (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) According to the information and explanations given to us, the Company noticed certain forged documents allegedly authorising a third party to transfer title in an immovable property of the Company. The above property is owned by the Company and carried in the books at an insignificant value. The Company has taken remedial steps by informing the related land registration authorities and is further investigating into the matter. The Company does not expect any adverse effect on the financial statements in this regard. Based on the audit procedures performed and according to the information and explanations given to us, no other fraud on or by the Company has been noticed or reported during the year. For B S R & Associates Chartered Accountants Firm Registration No: 116231 Kaushal Kishore Gurgaon Partner 20 May 2013 Membership No: 090075