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IFB Agro Industries Ltd.

BSE: 507438 | NSE: IFBAGRO |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE076C01018 | SECTOR: Breweries & Distilleries

BSE Live

Nov 30, 16:00
598.60 -0.55 (-0.09%)
Volume
AVERAGE VOLUME
5-Day
2,461
10-Day
2,518
30-Day
15,310
3,099
  • Prev. Close

    599.15

  • Open Price

    619.30

  • Bid Price (Qty.)

    596.40 (4)

  • Offer Price (Qty.)

    602.20 (25)

NSE Live

Nov 30, 15:32
597.35 0.35 (0.06%)
Volume
AVERAGE VOLUME
5-Day
9,319
10-Day
10,012
30-Day
32,044
7,051
  • Prev. Close

    597.00

  • Open Price

    597.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of IFB Agro Industries Limited, as at 31st March, 2010 and the related Profit and Loss Account and 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 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 (the Order) issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 of India (the Act) and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we further report that :- 3.1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets have been physically verified by the management during the year at reasonable intervals and as informed, no material discrepancies were noticed on such verification. (c) There was no substantial disposal of fixed assets during the year. 3.2 (a) The management has conducted physical verification of inventory at reasonable intervals during the year. (b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. (c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. 3.3 According to the information and explanations given to us, 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. Accordingly, clauses (iii)(a) to (iii)(d) of the Order are not applicable to the Company. e) The Company has taken interest bearing unsecured loan from two associate concerns aggregating to Rs.85,000 thousand. f) In our opinion, the rate of interest and other terms and conditions, are not prima-facie prejudicial to the interest of the Company. g) The principal amount including interest has been fully repaid during the year. 3.4 In our opinion and according to the information and explanation given to us, there are 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 for the sale of goods and services. Further, during the course of our audit we have not come across of any instances of major weaknesses in the internal control system, which would require corrective action, in respect of these areas. 3.5 (a) On the basis of our examination of the books of account, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act, and exceeding the value of five lakh rupees in respect of any party have been entered in the register required to be maintained under that section. (b) In our opinion, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 3.6 In our opinion and according to the information and explanations given to us, the Company has not accepted any deposit from the public within the purview of Section 58A of the Act and the Companies (Acceptance of Deposit) Rules,1975 during the year under review. 3.7 In our opinion, the Companys present internal audit system is commensurate with its size and nature of its business. 3.8 The Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Act for any of the products of the Company. 3.9 According to the books and records as produced and examined by us and also on the basis of management representations: - (a) The Company is 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 and other statutory dues with the appropriate authorities and there are no undisputed amounts payable in respect of above, outstanding at the year end for a period of more than six months from the date they became payable. We are informed that the Companys application towards renewal of exemption from the operation of the Employees State Insurance Act at its factory at Noorpur is still pending, as indicated in Note No 10 of Schedule 13. (b) As at 31st March 2010, there are no dues of Income tax, Sales tax, Wealth tax, Service tax, Custom duty, Excise duty and Cess, which have not been deposited on account of any dispute other than as stated below : Name of Nature of Amount Period to which the Statute Dues (Rs. 000) amount relates West Bengal Demand 2,544 2004-05 Sales Tax Act, including interest & 1994 penalty West Bengal Demand 34,466 2005-06 Sales Tax Act, including interest & 1994 penalty Central Sales Demand 908 2005-06 Tax Act,1956 including interest & penalty West Bengal Demand 1,221 2006-07 VAT Act, including interest & 2003 penalty West Bengal Demand 4,138 2006-07 Sales Tax Act, including interest & 1994 penalty The Bengal Duty 1,095 1998-99 Excise Act, against transit 1909 wastage Name of Forum where Statute dispute is pending West Bengal Sales Tax Act,1994 West Bengal Commercial Taxes Appellate and West Bengal Sales Tax Revisional Board Act,1994 Additional Commissioner of Commercial Taxes, Central Sales Tax Act,1956 West Bengal West Bengal Commercial, Taxes Appellate and, Revisional Board West Bengal VAt Act,2003 Additional Commissioner of Commercial Taxes, West Bengal West Bengal Sales Tax Act,1994 Additional Commissioner of Commercial Taxes, West Bengal The Bengal Excise Act,1909 Commissioner, Department of Excise, Government of West Bengal 3.10 As per the books of account, the Company has neither accumulated loss as at 31st March 2010 nor it has incurred any cash loss either during the financial year ended on that date or in the immediately preceding financial year. 3.11 The Company has not defaulted during the year in repayment of its dues to any financial institution or bank. The Company does not have any debentures outstanding as on 31st March 2010. 3.12 The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 3.13 In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Accordingly, clauses (xiii) (a) to (xiii) (d) of the Order are not applicable to the Company. 3.14 In our opinion proper records have been maintained of the transactions and contracts for investments and timely entries have been made therein. The shares and securities, which are held by the Company, are in the Companys name. 3.15 The Company has given corporate guarantees for exposure taken by associate companies from financial institutions and overseas corporate. According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima facie prejudicial to the interests of the Company. 3.16 On the basis of review of utilisation of funds pertaining to term loans on overall basis and related information as made available to us, the term loans taken by the Company have been applied for the purposes for which they are obtained. 3.17 On the basis of review of utilisation of funds on overall basis, related information as made available to us and as represented to us by the management, the funds raised on short term basis have not been applied during the year for long term investments. 3.18 The Company has not made during the year any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act. 3.19 The Company has not issued any debentures and accordingly the question of creation of security or charge in this regard does not arise. 3.20 The Company has not raised any money through a public issue during the year. 3.21 During the course of examination of the books of account carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year nor have we been informed of such case by the management. 4. Further to our comments in the paragraph 3 above, we report that : 4.1 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; 4.2 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; 4.3 The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; 4.4 In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report have been in compliance with the applicable accounting standards referred to in Section 211(3C) of the Act; 4.5 On the basis of written representation received from the Directors, read with No.17 of Schedule 14 and taken on record by the Board of Directors, we report that none of the Directors are prima-facie disqualified as on 31st March 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Act; 4.6 Attention is drawn to Note No 7 of Schedule-13 regarding change in accounting policy of Certified Emission Reduction (CER). Pursuant to above an amount of Rs. 36,829 thousand has been additionally credited in Profit and Loss Account. 4.7 Attention is drawn to Note No. 16 of Schedule 13 regarding managerial remuneration of one director which is subject to approval of the members in the forthcoming Annual General Meeting. 4.8 In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes thereon 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: 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 profit 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. For Haribhakti & Co. Chartered Accountants Firm Reg. No. 103523W Anand Kumar Jhunjhunwala Kolkata Partner Date: 29th May, 2010 Membership No.56613