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IOL Chemicals and Pharmaceuticals Ltd.

BSE: 524164 | NSE: IOLCP |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE485C01011 | SECTOR: Pharmaceuticals

BSE Live

Jul 10, 16:00
695.45 71.80 (11.51%)
Volume
AVERAGE VOLUME
5-Day
358,546
10-Day
288,730
30-Day
198,213
743,258
  • Prev. Close

    623.65

  • Open Price

    639.80

  • Bid Price (Qty.)

    695.45 (967)

  • Offer Price (Qty.)

    695.45 (1)

NSE Live

Jul 10, 15:59
695.25 71.90 (11.53%)
Volume
AVERAGE VOLUME
5-Day
2,889,184
10-Day
2,302,352
30-Day
1,835,325
6,605,379
  • Prev. Close

    623.35

  • Open Price

    637.00

  • Bid Price (Qty.)

    695.25 (2057)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the accompanying financial statements of IOL Chemicals and Pharmaceuticals Limited (''the Company''), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for 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 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 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 of the Act and the rules made thereunder. We conducted our audit in accordance with the Standards on 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. 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 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 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 the 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. 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 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: a. In the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2015; 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, 2015 (the Order) issued by the Central Government of India in terms of Sub- Section (11) of Section 143 of the Act, we give in the Annexure, which forms part of this report, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143(3) of the 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 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 it appears from our examination of those books; c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement 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; e. On the basis of written representations received from the directors as on 31st March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of sub-Section (2) of Section 164 of the 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, we have to state that in our opinion and to the best of our information and according to explanations given to us: (i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements. (ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses. (iii) There are no amounts required to be transferred to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditor''s Report (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' Section of even date ) (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) According to the information and explanations given to us, the fixed assets of the Company have been physically verified by the management during the year. No material discrepancies were noticed on such physical verification. In our opinion the frequency of physical verification of fixed assets is reasonable having regard to the size of the Company and nature of its business. (ii) (a) According to the information and explanations given to us, the inventories have been physically verified by the management at the end of the year. In our opinion the frequency of verification is reasonable. (b) Based on information and explanations given to us and the records produced to us, in our view, the procedures of physical verification of inventories followed by the management during the year 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 inventories. As explained to us, no discrepancies were noticed on physical verification of inventory as compared to the book records. (iii) According to the information and explanations given to us and based on such tests which we considered necessary, we report that the Company has not granted any loans, secured or unsecured to firms, companies, or other parties covered in the register maintained under Section 189 of the Companies Act. Therefore the provisions of paragraph (iii) (a) and (b) of the above order are not applicable to the Company. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system, considered adequate, commensurate with the size of the Company and the nature of its business with regard to the purchase of inventory and fixed assets and for to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control systems. (v) According to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76, other relevant provisions of the Companies Act and the rules framed there under. According to the information and explanations given to us, no order under the aforesaid Sections has been passed by the Company Law Board or the Reserve Bank of India or any Court or any other Tribunal on the Company. (vi) We have broadly reviewed the cost records maintained by company pursuant to the sub- Section (1) of Section 148 of the Company Act, specified by the Central Government and are of opinion that prima facie, such account and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determine whether they are accurate or complete. (vii) (a)According to the information and explanations given to us and on the basis of the records of the Company examined by us, in our opinion, the Company has been regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, duty of custom, duty of excise, value added tax, cess and other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts in respect of statutory dues payable were outstanding as at the last day of the financial year concerned for a period of more than six months from the date they became payable. (b)According to the records of the Company, the disputed statutory dues that have not been deposited on account of matters pending before the appellate authorities in respect of value added tax are given below: Sr. Name of Nature Period to Disputed No. the Statute of Dues which the Amount amount (Rs) relates 1. Punjab Vat Value 2006-2007 17,21,622 Act, 2005 Added Tax 2. Punjab Vat Value 2009-2010 11,56,914 Act, 2005 Added Tax Name of the Statute Forum where the dispute is pending Punjab Vat Act, 2005 Assistant Excise and Taxation Commissioner, Ludhiana Punjab Vat Act, 2005 Deputy Excise and Taxation Commissioner, Ludhiana (c)According to the information and explanations given to us, there was no amount required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under. (viii) In our opinion and according to the information and explanations given to us, the Company does not have accumulated losses. The company has incurred Rs. 46.53 Crore cash losses during the financial year covered by our audit and has not incurred any cash losses in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank. The Company has not issued any debentures. (x) In accordance with the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. (xi) In our opinion and according to the information and explanations given to us, the term loans taken during the year by the Company have been applied for the purpose for which they were raised. (xii) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. FOR S. C. VASUDEVA & CO. Chartered Accountants Firm Reg. No.000235N Sd/- Place: Ludhiana (SANJIV MOHAN) Dated: 29th May 2015 Partner M. No. 086066