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IEL Ltd.

BSE Live

Feb 17, 16:00
1.45 -0.07 (-4.61%)
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AVERAGE VOLUME
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1,196
10-Day
748
30-Day
584
200
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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 (the Company) as at 31st March, 2010, 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 IndistThose 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 sttest basis, evidence support- ing 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 streasonable basis for our opinion 3 As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of Indistin terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, ststatement 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 Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act. 1956 except for matters contained in paragraph e) below; e) Certain items of inventory have been valued at amounts which are higher than their respective cost. which is nofin accordance with Accounting Standard 2 Valuation on Inventories. Consequently, the values of inventory as at 31st March. 2010 are higher by Rs.42 57 lacs and loss for the year is lower by the like amount f) Without qualifying our opinion, we draw attention to note 14 of Schedule 18 regarding the accounts of the Company being prepared on stgoing concern basis g) Subject to our observation in paragraph 4(e) above, 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 trueand 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, 2010; ii) in the case of the profit and loss account, of the loss for the year ended on that date; and lii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date 5 On the basis of the written representations received from the directors as on 31st March, 2010 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31st March. 2010 from being appbinted as stdirector in terms of clause (g) of sub-section (1) of Section 27.4 of the Companies Act, 1956. ANNEXURE TO THE AUDITORSREPORT 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 nofapplicable 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) The fixed assets were physically verified during the year by the Management in accordance with stregular program of verification which, in our opinion, provides foi pnysica) verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us,no material discrepancies were noticed on such verification c) The Company has nofdisposed off stsubstantial 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 nofmaterial. iv) a) There are no loans, secured or unsecured given .to companies, firms, or other parties 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 nofapplicable to the Company. t b) The Company has taken unsecured loans from three parties covered in the Register maintained under Section 301 of the Companies Act, 1956. At the year-end-, the outstanding balance of such loans taken aggregated Rs. 2.55,00,000 /- and the maximum amount involved during theyear was Rs. 2.58,00.000/-. c) In our opinion, the rate of interest and other terms and conditions of such loans are nofprimstfacie, 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, the internal control system is in the process of being strengthened to be commensurate with the size of the Company and the nature of its business with regard to the purchase of inventory and fixed assets and with regard to sale of goods and services, in respect of maintenance of appropriate documentation thereof vi) a) According to the information and explanation given to us, we are of the opinion that 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 (iv) above]. Hence, clause (v) (b) of paragraph 4 of the Companies (Auditors Report) Order, 2003 is nofapplicable vii) Acoording to the information and explanations given to us, the Company has complied with the provisions of section 58A, 58Astor 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 Indistor 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 nofprescribed maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 in respect of products manufactured by the Company. x) According to the information and explanations given to us in respect of statutory and other dues: UI_JL^ a) 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. b) There were 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, Custom duty. Excise duty, cess. Value Added Tax and other material statutory dues in arrears as at 31st March. 2010 for stperiod of more than six months from the date they became payable. c) 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 nofbeen deposited as on 31t March, 2010 on account of any dispute are given below: Name of Nature of Amount Period to which Forum where Statute the Dues (Rs. In Lakhs) the amount relates dispute is pending Sales Tax Act Sales Tax Demands 27.92 A.Y. 1991-92 Gujarat Sales Taxal, Ahmedabad. Central Excise Act Excise Duty 232.22 A.Y 2003-04 Commissioner of Central Excise, Rajkot xi) In our opinion, the accumulated losses of the Company are more than fifty per cent of its net worth- The Company has incurred cash losses during the financial year covered by our audit as well as during the immediately preceding financial year xii) In our opinion and according to the information and explanations given to us, the Company has nofdefaulted 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 nofgiven 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 nofgiven 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) In our.opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet, we report that funds raised on short-term basis have been used during the year for long-term investment to the extent of Rs. 3,12,28;560/-. xvii) The Company has nofmade 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 nofissued any debentures during the year. xix) The Company has nofraised 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 (Registration No. 117366W) A. B. Jani Partner Membership No. : 46488 Mumbai, Dated: 29th May, 2010