Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Associate Partners:

  • Kotak Mutual Fund
  • Pharmeasy
  • Indiabulls
  • SBI

Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Technology Partner

Dell Technologies

Associate Partners

Kotak Mutual Fund
Pharmeasy
Indiabulls
SBI
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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

Jan 28, 16:00
761.45 -51.85 (-6.38%)
Volume
AVERAGE VOLUME
5-Day
23,766
10-Day
15,725
30-Day
7,147
14,503
  • Prev. Close

    813.30

  • Open Price

    828.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 28, 15:51
763.30 -49.60 (-6.10%)
Volume
AVERAGE VOLUME
5-Day
193,412
10-Day
122,939
30-Day
54,249
57,017
  • Prev. Close

    812.90

  • Open Price

    819.90

  • Bid Price (Qty.)

    763.30 (23)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

Report on the Financial Statements 1. We have audited the accompanying financial statements of IFB Agro Industries Limited, (the Company), which comprise the Balance Sheet as at 31 March 2014, 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 2. 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 principles generally accepted in India, including the Accounting Standards notified under the Companies Act, 1956 (the Act) 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. 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. Auditors'' Responsibility 3. 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. 4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' 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 Company''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. 5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion 6. 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: i. in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March 2014; ii. in the case of Statement of Profit and Loss, 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 Report on Other Legal and Regulatory Requirements 7. 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. 8. 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 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 financial statements dealt with by this report are in agreement with the books of account; d. in our opinion, the financial statements 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, as on 31 March 2014 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT of even date to the members of IFB Agro Industries Limited, on the financial statements for the year ended March 31, 2014 Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular program of physical verification of its fixed assets under which fixed assets are verified in a phased manner over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (c) In our opinion, a substantial part of fixed assets has not been disposed off during the year. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year, except for goods-in-transit. (b) The procedures of physical verification of inventory 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 and no material discrepancies between physical inventory and book records were noticed on physical verification. (iii) (a) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clauses 4(iii)(b) to 4(iii) (d) of the Order are not applicable. (iv) In our opinion, 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 for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas. (v) (a) In our opinion, the particulars of all contracts or arrangements that need to be entered into the register maintained under Section 301 of the Act have been so entered. (b) In our opinion, the transactions made in pursuance of such contracts or arrangements and exceeding the value of 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. (vi) The Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Act and the Companies (Acceptance of Deposits) Rules, 1975. Accordingly, the provisions of clause 4(vi) of the Order are not applicable. (vii) In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act in respect of Company''s products/services 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 cost records with a view to determine whether they are accurate or complete. (ix) (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, customs duty, excise duty, cess and other material statutory dues, as applicable, with the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they become payable. (b) As at 31 March 2014, there are no dues of Income tax, Sales tax/VAT, 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 Forum where Statute Dues (Rs. in Lacs) amount relates dispute is pending West Bengal Sales Tax 374.61 2004-05 Senior Joint Commissioner Sales Tax Act, interest & (Commercial Taxes) 1994 penalty West Bengal West Bengal Sales Tax 344.66 2005-06 Additional Commissioner of Sales Tax Act, interest & Commercial Taxes, 1994 penalty West Bengal Name of Nature of Amount Period to which the Forum where Statute Dues (Rs. in Lacs) amount relates dispute is pending West Bengal Sales Tax 41.38 2006-07 Appellate and Revisional Sales Tax Act, interest & Board, West Bengal 1994 penalty West Bengal Sales Tax 405.48 2007-08 Appellate and Revisional Sales Tax Act, interest & Board, West Bengal 1994 penalty West Bengal Sales Tax 470.12 2008-09 Appellate and Revisional Sales Tax Act, interest & Board, West Bengal 1994 penalty Central Sales Sales Tax 9.08 2005-06 Additional Commissioner of Tax Act, 1956 interest & Commercial Taxes, penalty West Bengal Central Sales Sales Tax 1.75 2007-08 Appellate and Revisional Tax Act, 1956 interest & Board, West Bengal penalty West Bengal Value Added 131.00 2005-06 Appellate and Revisional VAT Act, Tax, interest Board, West Bengal. 2003 and penalty West Bengal Value Added 5.75 2006-07 Appellate and Revisional VAT Act, Tax, interest Board, West Bengal. 2003 and penalty West Bengal Value Added 185.84 2007-08 Appellate and Revisional VAT Act, Tax, interest Board, West Bengal. 2003 and penalty West Bengal Value Added 569.98 2008-09 Appellate and Revisional VAT Act, Tax, interest Board, West Bengal. 2003 and penalty West Bengal Value Added 9.16 2010-11 Additional Commissioner of VAT Act, Tax, interest Commercial Taxes, 2003 and penalty West Bengal The Bengal Duty 10.95 1998-99 Commissioner, Department Excise Act, against of Excise, Government of 1909 transit West Bengal wastage (x) In our opinion, the Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and the immediately preceding financial year. (xi) In our opinion, the Company has not defaulted in repayment of dues to any financial institution or a bank or to debenture-holders during the year. (xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable. (xiii) In our opinion, the Company is not a chit fund or a nidhi/ mutual benefit fund/ society. Accordingly, provisions of clause 4(xiii) of the Order are not applicable. (xiv) In our opinion, the Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable. (xv) The Company has not given any guarantees for loans taken by others from banks or financial institutions. Accordingly, the provisions of clause 4(xv) of the Order are not applicable. (xvi) The Company did not have any term loans outstanding during the year. Accordingly, the provisions of clause 4(xvi) of the Order are not applicable. (xvii) In our opinion, no funds raised on short-term basis have been used for long-term investment by the Company. (xviii)During the year, the Company has made preferential allotment of shares to a company covered in the register maintained under Section 301 of the Act. In our opinion, the price at which shares have been issued is not, prima facie, prejudicial to the interest of the Company. (xix) The Company has neither issued nor had any outstanding debentures during the year. Accordingly, the provisions of clause 4(xix) of the Order are not applicable. (xx) The Company has not raised any money by public issues during the year. Accordingly, the provisions of clause 4(xx) of the Order are not applicable. (xxi) No fraud on or by the Company has been noticed or reported during the period covered by our audit. For Walker Chandiok & Co LLP (formerly Walker, Chandiok & Co.) Chartered Accountants Firm''s Registration No. 001076N per Atul Seksaria Place : Gurgaon Partner Dated : 28th May, 2014 Membership No 086370