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Indian Electro Chemicals Ltd.

BSE: 506490 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Indian Electro Chemicals Ltd. (INDIANELECTRO) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 INDIAN ELECTRO CHEMICALS LIMITED AUDITORS REPORT To The Shareholders of Indian Electro Chemicals Limited AHMEDABAD. We have audited the attached balance Sheet of Indian Electro Chemicals Limited as at 31st March,1999 and also Profit & Loss Account for the year ended on that date annexed thereto and report that : (1) As required by the Manufacturing and Other companies (Auditors' Report) order, 1988 issued by the company Law Board,Government of India under Section 227 (4A) of the Companies Act, 1956, we give in the Annexure referred hereto a statement on the matters specified in paragraph 4 and 5 of the said order. (2) Further, to the above, 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 the books. (c) The Balance Sheet and the Profit & Loss Account referred to in this report are in agreement with the books of account. (d) In our opinion, the profit and loss account and Balance Sheet comply with the accounting standard referred to in sub section (3c) of sections 211 of the Companies Act,1956. (e) (i) Financial Statements are prepared on the basis of Going concern Concept on the assumption of the continued financial assistance and improvement in the future operations (refer Note No.1) (ii) No provision for the obsolesce of discontinued Hydro Plant project of Rs.7,85,265/- has been made (Refer Note no.4) (iii) No provision claim of demurrage of Rs.6,44,727/- has been made (Refer Note No.5) (iv) We are unable to comment whether the balance shown under Sundry Debtors of Rs.62,32,138/- can be considered good of recovery to the extent shown. (Refer Note No.6 (a) & (b)) (f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to paragraph (e) above and read together with significant accounting policies and notes on account thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair vies: (i) In the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 1999. AND (ii) In the case of the Profit & Loss Account of the 'Loss' of the year ended on that date. for Kantilal Patel & Co., Chartered Accountants sd/- A. K. Patel Partner Place : Ahmedabad Date : September 4, 1999 Annexure to the Auditors' Report (i) The Company has complied the details of Fixed Assets existing as on date. However, the fixed assets register showing full particulars including quantitative details and location of fixed assets, etc. has not been updated. Further, fixed assets of the company have not been physically verified by the management during the year and hence the discrepancies, if any on such verification cannot be ascertained. (ii) None of the fixed assets have been revalued during the year. (iii) (a) The Stock of finished goods, stores, spare parts, components and raw materials have been physically reasonable intervals. The discrepancies noticed on such verification between the physical stocks and the book records, which were not material, have been properly dealt with in the books of account. (b) In our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. (iv) The Company has not taken any loans from the companies, firms or other parties covered under the register maintained under section 301 and the companies under the same management within the meaning of the Section 370 (13) of the Companies Act, 1956. (v) The Company has not granted loans to the companies, firms or other parties covered under the register maintained under section 301 and the companies under the same management within the meaning of Section 370 (1B) of the companies Act, 1956 so far as applicable to the company. (vi) In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the company and nature of its business for the purchases of stores, raw materials, components, plant and machinery, equipment and other assets and for sale of goods. (viii) According to the information and explanations given to us, the company has neither purchased any raw materials, stores and components not sold goods, materials and services in excess of Rs.50,000/-in value for each type thereof from/to companies, firms or other parties as listed in the register maintained under Section 301 of the companies Act,1956. (ix) Unserviceable or damaged stores, raw materials and finished goods have been determined during the year, and adequate provision in respect of the same has been made in the accounts. (x) The Company has not accepted deposits from the public. (xi) The company has maintained reasonable records for the sale and disposal of By-products. We are informed that no scrap is generated in the manufacturing process. (xii) The company does not have an Internal Audit System. (xiii) According to the information given to us, the Central Government has not prescribed maintenance of cost records under Section 29 (i) (d) of the Companies Act, 1956 for any of the products of the company. (xiv) According to the records of the company, Provident fund and Employees State Insurance have, except minor delay in few case, been regularly deposited with the appropriate authorities. (xv) According toe the books and records examined by us and as per the information and explanations given to us, except payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty were outstanding as at 31st March, 1999 for a period exceeding Six months from the date they became payable. Sales Tax Rs.33193/- Out of above Rs.20134/-has subsequently been paid. (xvi) During the course of our audit of the books of account carried out in accordance with generally accepted auditing practices, we have not come across any personal expenses which have been charged of Profit & Loss Account other than those payable under contractual obligations or in accordance with generally accepted business practice. (xvii) The Company is not a Sick Industrial Company within the meaning of Clauses 'O' of Sub-section (i) of Section '3' of the Sick Industrial Companies (Special Provisions) Act, 1985. for Kantilal Patel & Co., Chartered Accountants sd/- A. K. Patel Partner Place : Ahmedabad Date : September 4, 1999