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Indo Borax & Chemicals Ltd.

BSE: 524342 Sector: Industrials
NSE: N.A. ISIN Code: INE803D01013
BSE LIVE 15:40 | 22 Sep 325.25 -11.55
(-3.43%)
OPEN

335.50

HIGH

351.00

LOW

311.05

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 335.50
PREVIOUS CLOSE 336.80
VOLUME 5314
52-Week high 351.00
52-Week low 211.50
P/E 13.15
Mkt Cap.(Rs cr) 104
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 335.50
CLOSE 336.80
VOLUME 5314
52-Week high 351.00
52-Week low 211.50
P/E 13.15
Mkt Cap.(Rs cr) 104
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indo Borax & Chemicals Ltd. (INDOBORAXCH) - Auditors Report

Company auditors report

TO THE MEMBERS OF INDO BORAX & CHEMICALS LIMITED

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of INDO BORAX &CHEMICALS LIMITED ("the company") which comprises the Balance Sheet as at 31stMarch 2017 and the statement of Profit & Loss and Cash Flow Statement for the yearthen ended on that date and a summary of significant accounting policies and otherexplanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in sub-Section 5of section 134 of the Companies Act 2013 ("the Act") with respect topreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 ("the rules"). This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgements and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersub-Section 10 of Section 143 of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2017 and its profit and its 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 2016 ("the Order")issued by the Central Government of India in exercise of powers conferred by sub-section11 of section 143 of the Act we enclose in the "Annexure A" a statement of thematters specified in paragraphs 3 and 4 of the Order.

2. As required by sub- section 3 of Section 143 of the Act we report that:

a) we have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards Specified under section 133 of the Act read with Rule 7 of therules;

e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the Directors aredisqualified as on March 31 2017 from being appointed as a director in terms ofsub-section 2 of Section 164 of the Act;

f) With respect to the adequacy of the international financial controls over financialreporting of the Company and the operating effectives of such controls refer to ourseparate report in "Annexure B" and; g) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors') Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us: i) There are no pending litigation which may impact on itsfinancial position in financial statements as at 31st March 2017. ii) The company did nothave any long term contracts including derivatives contracts for which there were anymaterial foreseeable losses. iii) There has been no delay in transferring amount requiredto be transferred to the Investors Education and Protection Fund by the company.

For V. S. LALPURIA & COMPANY.
CHARTERED ACCOUNTANTS
(Firm No. 105581W)
(V. S. LALPURIA)
Proprietor
Mumbai
30 May 2017 Membership No. 15926

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure A referred to in Independent Auditor's Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2017 wereport that:

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by the Management. In ouropinion physical verification is reasonable having regards to the size of the Company andthe nature of its assets. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examinedby us and based on registered Sales Deed of Office Premises provided to us we reportthat office premises are registered in the name of company. The factory land is on longterm lease in the name of company and factory premises are constructed on lease hold land.

(ii) As explained to us the inventories have been physically verified during the yearby the management at reasonable intervals and no material discrepancies were noticed onphysical verification.

(iii) In our opinion and according to information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the Register maintained under section189 of the Act. Accordingly paragraph 3(iii) of the Order is not applicable to theCompany.

(iv) The Company has not granted any loans or provided any guarantees or security tothe parties covered under Section 185 of the Act. The Company has complied with theProvision of Section 186 of the Act in respect of investments made or loans or guaranteeor security provided to the parties covered under Section 186.

(v) The company has not accepted any deposits from the public in accordance with theprovisions of the sections 73 to 76 of the Act and the rules framed there under.

(vi) We have broadly reviews cost records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government undersection 148(1) of the Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and cost records have been maintained. We have however not made adetailed examination of the cost records with view to determine whether they are accurateor complete.

(vii) (a) According to the information and explanation given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund employees state insurance income taxcentral excise sales tax service tax duty of customs value added tax cessprofessional tax and other material statutory dues as applicable with the appropriateauthorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund Employees State Insurance income tax sales taxservice tax central excise duty of customs value added tax cess professional tax andother material statutory dues were in arrears as at 31 March 2017 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome tax Provident fund Employees state insurance Sales tax Value added tax Servicetax which have not been deposited with the appropriate authorities on account of anydispute.

(viii) As the Company does not have any loans or borrowings from any financialinstitution or bank or Government nor has it issued any debentures as at the balancesheet date the provisions of Clause 3(viii) of the Order are not applicable to theCompany.

(ix) The Company has not raised any money by way of initial public offer furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theprovisions of Clause 3(ix) of the Order are not applicable to the Company.

(x) According to the information and explanation given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records the Company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provision of section 197 read withSchedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations give to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 188 of the Act where applicable. The details of such relatedtransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures Specified under Section 133 of the Act readwith Rule of the Companies (Accounts) Rules 2014.

(xiv) According to the information and explanations give to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations give to us and based on ourexamination of the records the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the orders arenot applicable to the Company.

For V. S. LALPURIA & COMPANY.
CHARTERED ACCOUNTANTS
(Firm No. 105581W)
(V. S. LALPURIA)
Proprietor
Membership No. 15926
Mumbai
30 May 2017

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT - 31 MARCH 2017

(Referred to in our report of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION143 OF THE ACT

We have audited the internal financial controls over financial reporting of INDO BORAX& CHEMICALS LIMITED ("the company") as of 31 March 2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013 (" the Act").

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143 (10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal controls based on the assessed risk. Theprocedures selected depends on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial control systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A Company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial controls over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofinternal Financial Controls Over Financial Reporting issued by ICAI.

For V. S. LALPURIA & COMPANY
CHARTERED ACCOUNTANTS
(Firm No. 105581W)
(V. S. LALPURIA)
Proprietor
Mumbai Membership No. 15926
30 May 2017