Moneycontrol
Get App
SENSEX NIFTY
you are here:

IEL Ltd.

BSE Live

Feb 17, 16:00
1.45 -0.07 (-4.61%)
Volume
AVERAGE VOLUME
5-Day
1,196
10-Day
748
30-Day
584
200
  • Prev. Close

    1.52

  • Open Price

    1.45

  • 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

Report on the Financial Statements We have audited the accompanying financial statements of Indian Extractions Limited (the Company), which comprises the Balance Sheet as at 31st March 2013, the statement of profit and loss and 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 j 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 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. 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 March 31,2013; b) in the case of the Statement of Profit and Loss, of the loss 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 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 Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 2 2 7(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 (3 C] of section 211 of the Companies Act, 1956; e] on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1] of section 274 of the Companies Act, 1956. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT Annexure referred to in paragraph 1 under the heading Report on other legal and regulatory requirements of our report of even date to the members of Indian Extractions Limited on the financial statements for the year ended 31st March, 2013 (i) Fixed Assets a) The company has maintained fixed asset register showing full particulars, including quantitative details and situation of fixed assets. b) As explained to us, the management, at reasonable intervals, has physically verified fixed assets and no serious discrepancies were noticed on such verification, as compared with the book records. c) In our opinion and according to the information and explanations given to us, the disposals of assets during the year were not substantial so as to have an impact on the operations of the company, or affect its going concern. (ii) Inventory a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. b) In our opinion and according to the information and explanations given to us the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size and the nature of its business. c) In our opinion and according to the information and explanations given to us and on the basis of records of inventory produce to us, the Company is maintaining proper records of inventory. No discrepancies were noticed on physical verification of inventory as compared to book records. (iii) Loans granted to or taken from related persons a) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Hence clause (b), (c) and (d] are not applicable to b) At the year end, the outstanding balance of such loan taken aggregated Rs. 1,00,000/-, and the maximum amount involved during the year was Rs. 77,50,000/-. In our opinion in respect of loans taken by the company, the terms & conditions are not prima facie prejudicial to the interest of the company. c] There are no stipulations as regards repayment and interest. (iv) Internal Control 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 fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company carried out in accordance with the auditing standards generally accepted in India and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system. (v) Related Party Transactions a) In our opinion and according to the information and explanations given to us, we are of the opinion, that the transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the information and explanations given to us transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. Five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time, where such market price is available. (vi) Deposits from Public According to the information and explanation given to us the company has complied with the provision of section 58A, 58AA or any other relevant provision 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 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. (vii) Internal Audit In our opinion, the company has an internal audit system commensurate with its size and nature of business. (viii) Cost Records The central government has prescribed maintenance of cost records under section 209(1) (dj of the Companies Act, 1956 in respect of the products, manufactured by the company. However, during the year since the Company has discontinued its manufacturing operations, the same have not been maintained. (ix) Statutory Dues (a] According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues including provident fund, income- tax, sales-tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities. (b) According to the information and explanations given to us and the records of the Company examined by us, there were no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employee 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, 2013 for a period of more than six month 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 not been deposited as on 31st March, 2013 on account of any dispute are given below. Name of Nature of Amount Period to Forum whwre Statute the Dues (Rs. In Lakhs) which the dispute is amount pending relates Gujarat Sales Sales Tax Act Sales Tax 34.63 A.Y. 1991 -92 Tax Tribunal, Demands Ahmedabad (x) Net Worth In our opinion, the accumulated losses of the company are more than fifty percent of its net worth at the end of the financial year. The company has incurred cash loss at the end of the current financial year but has earned cash profit in the immediately preceding financial year. (xi) Repayment of dues In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions or banks or debenture holders during the year. (xii) Loans granted 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) Chit Fund In our opinion and according to the information and explanations given to us, the provisions of any special statute applicable to Chit Fund, Nidhi or Mutual benefit fund/society are not applicable to the company. (xiv) Investment company In our opinion, the Company is not as dealer or trader in shares, securities, debentures and other investments. Hence, this clause is not applicable to the company. (xv) Guarantee issued In our opinion and 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 during the year. (xvi) Utilisation of term loans In our opinion and according to the information and explanations given to us, the company has not obtained any term loans during the year. Hence, this clause is not applicable. (xvii) Utilisation of short-term loans In our opinion and according to the information and explanation given to us and on an overall examination of the balance sheet, no funds raised on a short-term basis have been used for long-term investment. (xviii) Preferential Allotment In our opinion and according to the information and explanation given to us, 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 during the year. (xix) Debentures According to the information and explanations given to us and the records examined by us, no debentures have been issued by the company during the year. (xx) End use of Public Issue According to the information and explanations given to us, the Company has not raised funds by public issue during the year. (xxi) Frauds During the course of our examination of the books and records of the Company, carried out in accordance with the auditing standards generally accepted in India, and according to the information and explanations given to us, we have neither come across any instance of fraud by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For THINGNA & CONTRACTOR Chartered Accountants Firm Registration No. 110963W Sunil C. Modi Partner M. No. 042562 Mumbai: 28th May, 2013