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Indo Euro Indchem Ltd.

BSE: 524458 Sector: Industrials
NSE: N.A. ISIN Code: INE319N01019
BSE LIVE 13:18 | 14 Feb Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.25
PREVIOUS CLOSE 7.25
VOLUME 2000
52-Week high 8.47
52-Week low 6.89
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 7.60
Sell Qty 2000.00
OPEN 7.25
CLOSE 7.25
VOLUME 2000
52-Week high 8.47
52-Week low 6.89
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 7.60
Sell Qty 2000.00

Indo Euro Indchem Ltd. (INDOEUROINDCH) - Auditors Report

Company auditors report

TO THE MEMBERS OF

INDO EURO INDCHEM LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of INDO EURO INDCHEM LIMITED ("thecompany") which comprises the Balance Sheet as at 31st March 2015 andthe statement of Profit & Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITORS RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 there under.

We conducted our audit in accordance with the Standards on Auditing specified under theSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over reporting and operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s Directors as well as evaluatingthe overall presentation of the financial statements.

We believe that the audit evidence we have obtained are sufficient and appropriate toprovide 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 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 31stMarch 2015 and its profit and loss 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 2015 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure a statement of the matters specified in paragraphs 3 and 4 ofthe 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 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 Statement of Profit and Loss and Cash Flow Statement dealt withthis Report are in agreement with the books of account.

d) in our opinion the aforesaid financial statements comply with the AccountingStandards 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 March 312015 and taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2015 from being appointed as a Director in terms of section 164 (2) ofthe Companies Act 2013.

f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors’) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i) There are no pending litigation which may impact on its financial position infinancial statements as of 31st March 2015:

ii) The company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses;

iii) There has been no delay in transferring amounts required to be transferred to theInvestors Education and Protection Fund by the company.

For V. S. LALPURIA & COMPANY.
CHARTERED ACCOUNTANTS
(Firm No. 105581W)
Sd/-
(V. S. LALPURIA)
Proprietor
Mumbai Membership No. 15926
30th May 2015

The Annexure to the Independent Auditor’s Report

(Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirement’s section of our report of even date)

1. In respect of its fixed assets of the company:

(a) The company is preparing the old records showing full particulars includingquantitative details and situation of fixed assets.

(b) Fixed Assets of the Company were physically verified by the management at the yearend from record available and according to the information and explanations given to usno material discrepancies were noticed on physical verification carried out during thefinancial year.

2. In respect of its inventories of the Company:

(a) As explained to us the inventories have been physically verified during the yearby the management at reasonable intervals.

(b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of stocks followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanation given to us thecompany has maintained proper records of its inventories and as informed no materialdiscrepancies were noticed on physical verification.

3. In respect of loans secured or unsecured granted by the company to companies orother parties covered in the register maintained under section 189 of the Companies Act2013:

a. The company has given loan and advances to related party and others. In respect ofthe said loan and advances the maximum amount outstanding at any time during the year wasRs.7.44Crore and the year ended balance is Rs.3.56 Crore.

b. In our opinion and according to the information and explanations given to us therate of interest and other terms and conditions are not prima facie prejudicial to theinterest of the Company.

c. The principal amounts are repayable while the interest is payable annually at thediscretion of the borrower.

d. In respect of the said loans and interest thereon there are no overdue amounts.

4. In our opinion and according to the information and explanations given to us In ouropinion and according to the information and explanations given to us having regard tothe explanations on certain items purchased are of special nature for which suitablealternative sources do not exist for obtaining comparative quotations except that thereis an adequate internal control system commensurate with size of the Company and thenature of its business for purchases of inventory and fixed assets and for the sale ofgoods and services. Further on the basis of our examinations of the books and records ofthe Company carried out in accordance with the auditing standards generally accepted inIndia and according to the information and explanations given to us we have neither comeacross nor have been informed of any continuing failure to correct major weakness in theaforesaid internal control system.

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

6. The company is Trading Company thus cost records are not applicable to the company.

7. According to the information and explanations given to us in respect of Statutorydues:

a) The Company is generally regular in depositing undisputed statutory dues includingincome tax sales tax service tax custom duty excise dutycess and other statutory duesapplicable with the appropriate authorities.

b) There were no undisputed amounts payable in respect of Income Tax Value Added TaxService Tax custom duty excise duty cess and other material statutory dues in arrearsas at 31st March 2015 for a period of more than six months form the date theybecome payable

c) The company has been regular in transferring amounts to the Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act 1956 andRules made there under

8. The Company does not have any accumulated losses. The Company has not incurred cashlosses during the financial year covered by our audit and in the immediately precedingfinancial year.

9. In our opinion and according to the information and explanations given to us theCompany has made one time settlement with the Bank and have paid initial settlement amountin time and as inform to us wish to settle final dues except the said loan. There are nodues to financial institution or debenture holders.

10. In our opinion and according to the information and explanations given to us thecompany has not given guarantee for any loan taken by others from banks or financialinstitutions to our knowledge.

11. During the year Company has not raised any term loan.

12. In our opinion and according to the information and explanations given to us nofraud by the

Company and no material fraud on the Company has been noticed or reported during theyear.

For V. S. LALPURIA & COMPANY
CHARTERED ACCOUNTANTS
(Firm No. 105581W)
Sd/-
(V. S. LALPURIA)
Place : Mumbai Proprietor
Date : 14.08.2015 Membership No. 15926