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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

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