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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NOCIL Ltd.

BSE: 500730 | NSE: NOCIL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE163A01018 | SECTOR: Petrochemicals

BSE Live

Jan 27, 16:00
226.10 -4.50 (-1.95%)
Volume
AVERAGE VOLUME
5-Day
98,200
10-Day
82,433
30-Day
92,939
46,971
  • Prev. Close

    230.60

  • Open Price

    229.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 27, 15:59
225.95 -4.90 (-2.12%)
Volume
AVERAGE VOLUME
5-Day
606,895
10-Day
610,639
30-Day
823,795
490,355
  • Prev. Close

    230.85

  • Open Price

    227.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    225.95 (185)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the accompanying standalone fnancial statements of
NOCIL Limited (the Company), which comprise the Balance Sheet as at 31
March 2016, the Statement of Proft and Loss, the Cash Flow Statement
for the year then ended, and a summary of the signifcant accounting
policies and other explanatory information.

Management''s Responsibility for the Standalone Financial Statements

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 standalone fnancial statements that give a
true and fair view of the fnancial position, fnancial performance and
cash fows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specifed under Section 133 of the Act.

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 fnancial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the fnancial 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 standalone
fnancial 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 and the Order Under section 143(11) of the Act.

We conducted our audit of the standalone fnancial statements in
accordance with the Standards on Auditing specifed 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 fnancial statements are free from material
misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the fnancial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the fnancial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal fnancial control relevant
to the Company''s preparation of the fnancial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. 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 fnancial statements.

We believe that the audit evidence we have obtained is suffcient and
appropriate to provide a basis for our audit opinion on the standalone
fnancial statements.

Opinion

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone fnancial 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 2016, and its proft and its cash fows for the year ended on
that date.

Report on Other Legal and Regulatory Requirements

1. 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 Proft 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 standalone fnancial statements comply
with the Accounting Standards specifed under Section 133 of the Act.

(e) On the basis of the written representations received from the
directors as on 31 March 2016 taken on record by the Board of
Directors, none of the directors is disqualifed as on 31 March 2016
from being appointed as a director in terms of Section 164 (2) of the
Act.

(f) With respect to the adequacy of the internal fnancial controls over
fnancial reporting of the Company and the operating effectiveness of
such controls, refer to our separate Report in ''Annexure A''. Our report
expresses an unmodifed opinion on the adequacy and operating
effectiveness of the Company''s internal fnancial controls over fnancial
reporting.

(g) 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) The Company has disclosed the impact of pending litigations on its
fnancial position in its fnancial statements – Refer Note 23(a) to (d)
to the fnancial statements;

(ii) The Company did not have any long-term contracts, including
derivative contracts for which there were any material foreseeable
losses;

(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.

2. As required by the Companies (Auditor''s Report) Order, 2016 (''the
Order'') issued by the Central Government in terms of Section 143(11) of
the Act, we give in ''Annexure B'' a statement on the matters specifed in
paragraphs 3 and 4 of the Order.

ANNEXURE ''A'' TO THE INDEPENDENT AUDITOR''S REPORT

(Referred to in paragraph 1(f) under ''Report on Other Legal and
Regulatory Requirements'' of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (''the Act'')

We have audited the internal fnancial controls over fnancial reporting
of NOCIL Limited (the Company) as of 31 March 2016 in conjunction with
our audit of the standalone fnancial statements of the Company for the
year ended on that date.

Management''s Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and
maintaining internal fnancial controls based on the internal control
over fnancial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and maintenance of
adequate internal fnancial controls that were operating effectively for
ensuring the orderly and effcient conduct of its business, including
adherence to company''s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of
reliable fnancial information, as required under the Companies Act,
2013.

Auditor''s Responsibility

Our responsibility is to express an opinion on the Company''s internal
fnancial controls over fnancial reporting based on our audit. We
conducted our audit in accordance with the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the ''Guidance
Note'') issued by the Institute of Chartered Accountants of India and
the Standards on Auditing prescribed under Section 143(10) of the
Companies Act, 2013, to the extent applicable to an audit of internal
fnancial controls. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal fnancial
controls over fnancial reporting was established and maintained and if
such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal fnancial controls system over fnancial
reporting and their operating effectiveness. Our audit of internal
fnancial controls over fnancial reporting included obtaining an
understanding of internal fnancial controls over fnancial reporting,
assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the
auditor''s judgement, including the assessment of the risks of material
misstatement of the fnancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is suffcient and
appropriate to provide a basis for our audit opinion on the Company''s
internal fnancial controls system over fnancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company''s internal fnancial control over fnancial reporting is a
process designed to provide reasonable assurance regarding the
reliability of fnancial reporting and the preparation of fnancial
statements for external purposes in accordance with generally accepted
accounting principles. A company''s internal fnancial control over
fnancial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail,
accurately and fairly refect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
fnancial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being
made only in accordance with authorisations of management and directors
of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or
disposition of the company''s assets that could have a material effect
on the fnancial statements.

Inherent Limitations of Internal Financial Controls Over Financial
Reporting Because of the inherent limitations of internal fnancial
controls over fnancial reporting, including the possibility of
collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal fnancial controls
over fnancial reporting to future periods are subject to the risk that
the internal fnancial control over fnancial reporting may become
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the
explanations given to us, the Company has, in all material respects, an
adequate internal fnancial controls system over fnancial reporting and
such internal fnancial controls over fnancial reporting were operating
effectively as at 31 March 2016, based on the internal control over
fnancial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India.

(Referred to in paragraph 2 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date)

(i) In respect of its fxed assets:

a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fxed assets.

b) The fxed assets were physically verifed during the year by the
Management in accordance with a regular programme of verifcation which,
in our opinion, provides for physical verifcation of all the fxed
assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verifcation.

c) According to the information and explanations given to us and the
records examined by us and based on the examination of the registered
sale deed / transfer deed / conveyance deed provided to us, we report
that, the title deeds, comprising all the immovable properties of
buildings which are freehold, are held in the name of the Company as at
the Balance Sheet date. In respect of immovable properties of land that
have been taken on lease and disclosed as fxed asset in the fnancial
statements, the lease agreements are in the name of the Company, where
the Company is the lessee in the agreement.

(ii) As explained to us, inventories were physically verifed during the
year by the management at reasonable intervals, except forinventories
lying with third parties where confrmations of inventories held by such
third parties have been received and no material discrepancies were
noticed on physical verifcation.

(iii) The Company has not granted any loans, secured or unsecured, to
companies, frms, Limited Liability Partnerships or other parties
covered in the Register maintained under Section 189 of the Companies
Act, 2013.

(iv) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
185 and 186 of the Companies Act, 2013 in respect of making investments
as applicable.

(v) According to the information and explanations given to us, the
Company has not accepted any deposit during the year. Therefore, the
provisions of clause (v) of the Order is not applicable.

(vi) According to the information and explanations given to us, in our
opinion, the Company has, prima facie, made and maintained the
prescribed cost records pursuant to the Companies (Cost Records and
Audit) Rules, 2014, as amended and prescribed by the Central Government
under subsection (1) of Section 148 of the Companies Act, 2013. We
have, however, not made a detailed examination of the cost records with
a view to determine whether they are accurate or complete.

(vii) According to the information and explanations given to us in
respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed
statutory dues including Provident fund, Employees'' State Insurance,
Income-tax, Sales- tax, Service Tax, Customs duty, Excise duty, Value
Added Tax, cess and any other material statutory dues applicable to it
with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident
fund, Employees'' State Insurance, Income- tax, Sales-tax, Service Tax,
Customs duty, Excise duty, Value Added Tax, cess and any other material
statutory dues in arrears, as at 31 March 2016 for a period of more
than six months from the date they became payable.

(c) Details of dues of Income Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited as on 31 March 2016 on account of
disputes are given below:

(Rs. in Lakhs)

Name of Statute Nature of dues Amount Period to which
the amount
relates

Central Sales
Tax Act, 1956 Sales Tax 5.65 2001-2002, 2004-05
and
various State
Sales Tax Acts 29.45 2008-09

358.71 1995-1999, 2003-04

The Central
Excise Act,1944 Excise Duty 8.10 1991-1996, 1997-99

5.20 1997-99

50.43 1992, 1997, 2001-02

Chapter V of the
Finance Act, 1994 Service Tax 123.84 2011-2015

72.49 2010-2011, 2015

5.94 2013-2014, 2014-2015

0.17 2014-2015,2015

Income-tax
Act, 1961 Income- tax 251.81 FY 1989-90,
FY 2011-12, FY
2012-13


Name of Statute Forum where dispute is pending

Central Sales Tax Act,
1956 and Assistant Commissioner Appeals
various State Sales Tax Acts Commissioner Appeals
Appellate Tribunal

The Central Excise
Act,1944 Commissioner Appeals
Commissioner Central Excise
CESTAT

Chapter V of the
Finance Act, 1994 Appellate Tribunal
Commissioner Central Excise
Commissioner Central Excise
Commissioner Central Excise

Income-tax Act, 1961 Commissioner of Income-tax Appeals


(viii) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of loans or
borrowings to fnancial institutions, banks and government. The Company
has not issued any debentures.

(ix) In our opinion and according to the information and explanations
given to us, the term loans have been applied by the Company for the
purposes for which they were raised. The Company has not raised monies
by way of initial public offer or further public offer (including debt
instruments).

(x) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company by its offcers or employees has been noticed or reported
during the year.

(xi) In our opinion and according to the information and explanations
given to us, the Company has paid managerial remuneration in accordance
with the requisite approvals mandated by the provisions of section 197
read with Schedule V to the Companies Act, 2013.

(xii) The Company is not a Nidhi Company and hence reporting under
clause (xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations
given to us the Company is in compliance with Section 188 and 177 of
the Companies Act, 2013, where applicable, for all transactions with
the related parties and the details of related party transactions have
been disclosed in the fnancial statements etc. as required by the
applicable accounting standards.

(xiv) During the year the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible
debentures and hence reporting under clause (xiv) of the Order is not
applicable to the Company.

(xv) In our opinion and according to the information and explanations
given to us, during the year the Company has not entered into any
non-cash transactions with its directors or persons connected with him
and hence provisions of section 192 of the Companies Act, 2013 are not
applicable.

(xvi) The Company is not required to be registered under section 45-I
of the Reserve Bank of India Act, 1934.


For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm''s Registration No. 117366W/W-100018)

A B Jani

Partner Mumbai,
Dated: May 5, 2016
(Membership No. 46488)