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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

Dec 01, 16:00
606.55 7.95 (1.33%)
Volume
AVERAGE VOLUME
5-Day
2,461
10-Day
2,518
30-Day
15,310
1,564
  • Prev. Close

    598.60

  • Open Price

    608.75

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 01, 15:42
606.55 9.20 (1.54%)
Volume
AVERAGE VOLUME
5-Day
9,319
10-Day
10,012
30-Day
32,044
13,054
  • Prev. Close

    597.35

  • Open Price

    600.00

  • 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

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 2015, the Statement of Profit and Loss, the 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. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to 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 specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; safeguarding the assets ofthe Company; preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility 3. Our responsibility is to express an opinion on these financial statements based on our audit. 4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions ofthe Act and the Rules made thereunder. 5. We conducted our audit in accordance with the Standards of Auditing specified under section 143(10) of the Act. 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. 6. An audit involves performing procedures to obtain audit evidence about the amounts and the 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 financial controls relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements. 7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Opinion 8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, of the state of affairs of the Company as at 31 March 2015, and its profit and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 9. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government of India in terms of Section 143(11) ofthe Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 10. As required by Section 143(3) ofthe Act, we report that: a. we have sought and 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 it 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 aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended); e. on the basis of written representations received from the directors as on 31 March 2015 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164(2) ofthe Act; and f. with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. as detailed in Note 34 to the financial statements, the Company has disclosed the impact of pending litigations on its financial position; ii. the Company did not have any long-term contracts including derivatives contract for which there were any material foreseeable losses; and iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT of even date to the members of IFB Agro Industries Limited, on the financial statements for the year ended 31March 2015 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 during the year, 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. (ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year. (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) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 ofthe Act. Accordingly, the provisions of clauses 3(iii)(a) and 3(iii)(b) ofthe 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) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) ofthe Order are not applicable. (vi) To the best of our knowledge and belief, the Central Government has not specified maintenance of cost records under sub-section (1) of Section 148 ofthe Act, in respect of Company''s products. Accordingly, the provisions of clause 3(vi) ofthe Order are not applicable. (vii) (a) The Company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales- tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities. Further, no undisputed amount 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) The dues outstanding in respect of income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and cess on account of any dispute, are as follows: Name of the Nature of Amount Amount Paid Period to statute dues (Rs. in Under Protest which the lacs) (Rs. in lacs) amount relates West Bengal Sales tax 25.44 Nil 2004-05 Sales Tax Act, 1994 West Bengal Sales tax 344.66 Nil 2005-06 Sales Tax Act, 1994 West Bengal Sales tax 41.38 Nil 2006-07 Sales Tax Act, 1994 West Bengal Sales tax 405.48 Nil 2007-08 Sales Tax Act, 1994 West Bengal Sales tax 175.11 Nil 2008-09 Sales Tax Act, 1994 Central Sales Sales tax 9.08 Nil 2005-06 Tax Act, 1956 Central Sales Sales tax 1.75 Nil 2007-08 Tax Act, 1956 West Bengal Value 131.00 Nil 2005-06 VAT Act, 2003 added tax West Bengal Value 5.75 Nil 2006-07 VAT Act, 2003 added tax West Bengal Value 924.60 Nil 2007-08 VAT Act, 2003 added tax West Bengal Value 569.98 Nil 2008-09 VAT Act, 2003 added tax West Bengal Value 0.60 Nil 2010-11 VAT Act, 2003 added tax The Bengal State excise 84.69 Nil 1998-99 Excise Act, 1909 duty The Customs Customs 38.02 Nil 2013-14 Act, 1962 duty Name of the Forum where statute dispute is pending West Bengal Sr. Jt. Commissioner Sales Tax Act, (Commercial Taxes), 1994 West Bengal West Bengal Addl. Commissioner of Sales Tax Act, Commercial Taxes, 1994 West Bengal West Bengal Appellate and Sales Tax Act, Revisional Board, 1994 West Bengal West Bengal Appellate and Sales Tax Act, Revisional Board, 1994 West Bengal West Bengal Appellate and Sales Tax Act, Revisional Board, 1994 West Bengal Central Sales Appellate and Tax Act, 1956 Revisional Board, West Bengal Central Sales Appellate and Tax Act, 1956 Revisional Board, West Bengal West Bengal Appellate and VAT Act, 2003 Revisional Board, West Bengal West Bengal Appellate and VAT Act, 2003 Revisional Board, West Bengal West Bengal Appellate and VAT Act, 2003 Revisional Board, West Bengal West Bengal Appellate and VAT Act, 2003 Revisional Board, West Bengal West Bengal Addl. Commissioner of VAT Act, 2003 Commercial Taxes, West Bengal The Bengal Commissioner, Excise Act, 1909 Department of Excise, Govt. of West Bengal The Customs Commissioner of Act, 1962 Customs (Appeals) (c) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act, 1956 (1 of1956) and rules made thereunder. Accordingly, the provisions of clause 3(vii)(c) ofthe Order are not applicable. (viii) 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. (ix) 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. (x) The Company has not given any guarantees for loans taken by others from banks or financial institutions. Accordingly, the provisions of clause 3(x) ofthe Order are not applicable. (xi) The Company did not have any term loans outstanding during the year. Accordingly, the provisions of clause 3(xi) of the Order are not applicable. (xii) No fraud on or by the Company has been noticed or reported during the period covered by our audit For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No. 001076N/N500013 per Anamitra Das Place : Kolkata Partner Date : 30 May 2015 Membership No.: 062191