Moneycontrol
Get App
SENSEX NIFTY
you are here:

IEL Ltd.

BSE Live

Mar 25, 16:00
1.37 0.06 (4.58%)
Volume
AVERAGE VOLUME
5-Day
481
10-Day
839
30-Day
656
700
  • Prev. Close

    1.31

  • Open Price

    1.37

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

(%)
Volume
No Data Available
  • Prev. Close

  • Open Price

  • Bid Price (Qty.)

    ()

  • Offer Price (Qty.)

    ()

IEL is not listed on NSE

Annual Report

For Year :
2015 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

1. We have audited the attached Balance Sheet of Indian Extractions Limited, as at 31st March, 2009, the Profit and Loss Account and also the Cash Flow Statement 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, issued by the Central Government of India in terms of Section 227 (4A) 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. 4. Further to our comments in the Annexure referred to in paragraph 3 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 the 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, Profit and Loss Account and Cash Flow Statement comply with the Accountings standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; e) On the basis of the written representations received from the directors as on 31st March, 2009 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31st 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; f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read along with the significant accounting policies and other notes thereon give the infor- mation 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 31st March, 2009; ii) in the case of the profit and loss account, of the loss for the year ended on that date; and iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT Re: Indian Extractions Limited (Referred to in Paragraph 3 of our report of even date) i) The nature of the Companys business /activities during the year has been such that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company for the year. ii) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) Major Items of fixed assets have been physically verified by the management during the year which, in our opinion, is resonable having regard to the size of the company and the nature of its assets. We are informed that no material discrepancies were noticed on such verification. c) The Company has not disposed off a substantial part of fixed assets during the year. iii) a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b) The procedures of 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 its inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. iv) a) There are no loans secured or unsecured given to companies, firms or other prarties covered in the register maintained under Section 301 of the Companies Act, 1956 and hence clause (a), (b), (c) and (d) of clause (iii) are pot applicable to the Company. b) The Company had taken an unsecured loan from a party covered in the Register under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 275 lacs and the year end balance of loans taken was Rs. 125 lacs. c) In our Opinion, the rate of interest and other terms and conditions of such loans are not, prima facie, prejudicial to the interest of the Company. d) The Company is generally regular in repaying the principal amounts as stipulated and has been regular in the payment of interest. v) 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 for the purchase of inventory and fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control. vi) a) According to the information and explanation given to us, we are of the opinion that the the particulars of contracts/arrangements that need to be entered into the Register maintained under section 301 of the Companies Act, 1956 have been so entered. b) According to the information and explanations given to us, there are no transactions, which are in excess of Rs. 5 Lacs in respect of each party covered under section 301 of the Companies Act, 1956 (excluding loans reported under paragraph (vi) above). Hence, Clause (v) (b) of paragraph 4 of the Companies (Auditors Report) order, 2003 is not applicable. vii) According to the information and explanations given to the Company has complied with the provisions of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Rules framed there under with regard to deposits accepted from public. We are informed that no Order has been passed by the Company Law Board or the Reserve Bank of India or any Court or any other Tribunal in this respect. viii) In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of its business. ix) According to the information and explanations given to us the Central Government has not prescribed maintenance of Cost Records under Section 209 (1) (d) of the the Companies Act, 1956, in respect of products , manufactured by the Company. x) a) In our opinion and according to the information and explanations given to us, the Company has generally been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Custom duty, Excise duty, cess Value Added Tax and any other statutory dues with the appropriate authorities during the year, where applicable. According to the information and explanation given to us, no arrears of statutory dues as at 31st March 2009 were outstanding for a period of more than six months from the date they became payable. b) According to the information and explanations given to us, details of dues of sales tax, income tax, customs duty, wealth tax, excise duty, service tax and cess which have not been deposited as on 31st March, 2009 on account of any dispute are given below : Name of Nature of Amount Statute the Dues (Rs. In Lakhs) Sales Tax Act Sales Tax Demands 26.64 Period to which Forum where the amount relates dispute is pending A Y. 1991-92 Gujarat Sales Tax Tribunal, Ahmedabad. xi) In our opinion, the accumulated losses of the Company are not more than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit however the company had not incurred cash losses during the immediately preceding financial year. xii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. There are no dues to financial institutions or debenture holders. xiii) According to the information and explanations given to us, the Company has not given any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. xv) To the best of our knowledge and belief, and according to the information and explanations given to us, the term loan taken during the year has been applied for the purpose for which it was obtained. xvi) According to the information and explanations given to us, and on an overall examination of the balance sheet of the Company, funds raised on short term basis have, prima facie, not been used for long term investment. xvii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. xviii) The Company has not issued any debentures during the year. xix) The Company has not raised any money by way of public issues during the year. xx) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For DELOITTE HASKINS AND SELLS Chartered Accountants A. B. Jani Partner Membership No.: 46488 Mumbai, Dated: 29th June, 2009