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Elantas Beck India Ltd.

BSE: 500123 | NSE: DRBECK | Series: NA | ISIN: INE280B01018 | SECTOR: Chemicals

BSE Live

Sep 21, 16:00
2548.90 -79.20 (-3.01%)
Volume
AVERAGE VOLUME
5-Day
481
10-Day
589
30-Day
1,159
480
  • Prev. Close

    2628.10

  • Open Price

    2620.00

  • Bid Price (Qty.)

    2548.90 (15)

  • Offer Price (Qty.)

    2597.00 (4)

NSE Live

Dec 27, 11:22
52.15 -1.75 (-3.25%)
Volume
No Data Available
22,912
  • Prev. Close

    53.90

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Elantas Beck India is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of Beck India Limited (`the Company') as at 31 December 2006, the related 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 Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 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. 1. 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 Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable to the Company. 2. Further to our comments in the Annexure referred to in paragraph 1 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 purpose of the audit; b) in our opinion, proper books of account as required bylaw 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 Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet, the 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; e) on the basis of written representations received from the directors of the Company, as at 31 December 2006 and taken on record by the Board of Directors, we report that none of the directors is disqualified as at 31 December 2006 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 financial statements 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 December 2006; ii) in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and iii) in the case of the Cash Flow Statement, of the cash flow of the Company for the year ended on that date. For BSR & Co. Chartered Accountants Akeel Master Partner Membership No.: 46768 Mumbai 20 April 2007 Annexure to Auditors' Report - 31 December 2006 With reference to the Annexure referred to in paragraph 1 of the Auditors' Report to the Members of Beck India Limited on the financial statements for the year ended 31 December 2006, 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 program 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. No material discrepancies were noticed on such verification. (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. 3. (a) The Company has granted a loan to a director covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount outstanding during the year was Rs. 1,471,992 and the year-end balance of such loan was Rs. 1,343,479. (b) In our opinion, the rate of interest and other terms and conditions on which the loan has been granted to the director 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 loan granted to the director listed in the register maintained under section 301 of the Companies Act, 1956, the director has been regular in repaying the principal amounts as stipulated and in the payment of interest. (d) There is no overdue amount of more than Rupees one lakh in respect of loan granted to the director listed in the register maintained under section 301. (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. 4. 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. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control system. 5. (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 and arrangements referred to in (a) above and exceeding the value of Rs 5 lakh with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. 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 thereunder/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. 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 in respect of synthetic resins 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, Investor Education & Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth tax. Service tax, Customs duty, Excise duty, Cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. There were no dues on account of Cess under Section 441A of the Act since the aforesaid Section has not yet been made effective by the Central Government. According to the information and explanations given to us, no undisputed dues payable in respect of Provident Fund, Employees' State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Customs duty, Excise duty and other material statutory dues were in arrears as at 31 December 2006 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, Custom duty. Excise duty other than the dues of Sales tax and Excise duty listed in Appendix I that 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 and 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. In our opinion and according to the information and explanations given to us, the terms and conditions on which the Company has given guarantees for loans taken by others, from banks or financial institutions are not prejudicial to the interest of the Company. 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 a re of the opinion that 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 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. 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. For BSR & Co. Chartered Accountants Akeel Master Partner Membership No.: 46768 Mumbai 20 April 2007 Appendix I to the Auditors' Report Sr. Name of Nature of the Amount no. the Statute Dues (Rs. in thousand) 1 Central Modvat on 4,956 Excise repacking Act, 1994 activity 2 Central Education cess 21 Excise on exports Act, 1944 3 Central Denial of Modvat 93 Excise Credit on Act, 1944 certified copy of Bill of exchange (PTBP) 4 Central Denial of CVD on 62 Excise Safeguard Duty Act, 1944 5 Sales Tax Non submission of 2,191 forms at the time of assessment 6. Sales Tax Non submission of 269 forms at the time of assessment 7. Sales Tax Non submission of 321 forms at the time of assessment 8 Sales Tax Appeal is pending 2,732 due to the rate of Sales Tax on Wire Enamels & Varnishes 9 Sales Tax Appeal is pending 7,464 due to the rate of Sales Tax on Wire Enamels & Varnishes 10 Sales Tax Appeal is pending 145 due to the rate of Sales Tax on Varnishes Sr. Period to which Forum where no. the amount relates dispute is pending 1. 1994-1997 Dy. Commissioner, Pune 2. Sept 2005 Dy. Commissioner, Pune 3. 1997 Additional Commissioner 4. 2001-2003 Dy. Commissioner, Ankleshwar 5. 1995-1996 Commissioner of Sales Tax, Delhi 6. 1996-1997 Commissioner of Sales Tax, Delhi 7. 1998-1999 Commissioner of Sales Tax, Delhi 8. 2000-2001 Maharashtra Sales Tax Tribunal Mumbai 9. 1999-2000 Assistant Commissioner of Sales Tax, Pune 10 2003-2004 Assistant Commissioner of Sales Tax, Delhi