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Lime Chemicals Ltd.

BSE: 507759 Sector: Industrials
NSE: N.A. ISIN Code: INE891G01011
BSE LIVE 19:22 | 19 Oct 36.90 0
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OPEN

36.90

HIGH

36.90

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36.90

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 36.90
PREVIOUS CLOSE 36.90
VOLUME 2000
52-Week high 36.90
52-Week low 12.87
P/E 3.00
Mkt Cap.(Rs cr) 15
Buy Price 36.90
Buy Qty 130109.00
Sell Price 0.00
Sell Qty 0.00
OPEN 36.90
CLOSE 36.90
VOLUME 2000
52-Week high 36.90
52-Week low 12.87
P/E 3.00
Mkt Cap.(Rs cr) 15
Buy Price 36.90
Buy Qty 130109.00
Sell Price 0.00
Sell Qty 0.00

Lime Chemicals Ltd. (LIMECHEMICALS) - Auditors Report

Company auditors report

To the Members of LIME CHEMICALS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Lime Chemicals Limited("the Company") which comprise the Balance Sheet as at 31st March 2015 andthe Statement of Profit and 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 the preparation ofthese financial statements that give a true and fair view of the financial position andfinancial 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. 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 auditor'sjudgement 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

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

Basis for Qualified Opinion

In our opinion the qualification is material but not pervasive to the financialstatements.

As stated in Note No. 45 the management has decided not to provide for interestamounting to 6.04 lac payable to parties registered under Micro Small & MediumEnterprises Act 2006. Consequently profit is overstated and liabilities are understatedby 6.04 lac.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph the aforesaid financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 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 2015 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

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 the Statement of Profit and Loss and the Cash Flow Statementdealt with by this 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 31stMarch 2015 and taken on record by the Board of Directors one of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164(2) of the Act; and

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 our opinionand 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 financialposition in its financial statements - Refer Note 28 to the financial statements;

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

(iii) There has not been an occasion in case of the Company during the year underreport to transfer any sums to the Investor Education and Protection Fund.

For A. N. Damania & Co.
Chartered Accountants
Firm Reg. No.102077W
Ashvin Damania
Proprietor
M. No.040166
Date: 30th August 2015
Place: Mumbai

Annexure to Independent Auditor’s Report

Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date

(i) In respect of Company's fixed assets:

(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 inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(ii) In respect of its inventories:

(a) The inventories have been physically verified by the management. In our opinionthe frequency of verification is reasonable;

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to size of the Company and the nature of itsbusiness;

(c) The Company is maintaining proper records of inventories. No material discrepancywas noticed between physical verification of stocks and book records.

(iii) During the year the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the Register maintained under section 189 ofthe Companies Act 2013. Hence clauses (iii)(a) and (iii)(b) of paragraph 3 of the Orderare not applicable.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control systems commensurate with the size of the Company andthe nature of its business for the purchase of inventory fixed assets and sale of goods.During the course of our audit we have not observed any major weakness in such internalcontrol systems.

(v) The Company has not accepted any deposits during the year in terms of theprovisions of Section 73 to 76 or any other relevant provisions of the Companies Act 2013and the Companies (Acceptance of Deposits) Rules 2014 as amended during the year and noorder under the aforesaid sections has been passed by the Company Law Board or theNational Company Law Tribunal or the Reserve Bank of India or any Court or any otherTribunal in this regard in respect of the Company.

(vi) According to the information and explanations given to us the Central Governmenthas prescribed maintenance of cost records u/s. 148(1) of the Companies Act 2013.However the Company has not maintained the cost records during the year.

(vii) In respect of statutory dues:

(a) According to the information and explanations given to us and the records of theCompany examined by us the Company has not been regular in depositing with the appropriateauthorities undisputed dues including provident fund investor education and protectionfund employees' state insurance income-tax sales tax wealth tax service tax customsduty excise duty cess and other material statutory dues as applicable to it and noundisputed amounts payable in respect of the aforesaid dues were outstanding as at 31stMarch 2015 for a period of more than six months from the date they became payable exceptsales tax amounting to Rs.580.34 lac provident fund amounting to Rs.56.05 lac income taxamounting to Rs.20.37 lac property tax amounting to Rs.1.58 lac staff profession taxamounting to Rs.0.73 lac excise amounting to Rs.0.52 lac service tax amounting toRs.4.52 lac and employeesRs. state insurance amounting to Rs.15.07 lac.

(b) According to the information and explanations given to us and the records of theCompany examined by us disputed amounts in respect of the aforesaid dues which have notbeen deposited as at 31st March 2015 are given below.

Name of Statute Nature of the Dues Amount (Rs.) Period to which amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 2017000/- A.Y 1994-95 Delhi High Court
Income Tax Act 1961 Income Tax 469000/- A.Y 1997-98 Delhi High Court
Income Tax Act 1961 Income Tax 6410000/- A.Y 2005-06 Income Tax Appellate Tribunal
Income Tax Act 1961 Income Tax(penalty u/s271(i)(C) 2515770/- A.Y 2005 -06 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax 33947880/- A.Y2012-13 Commissioner of Income Tax (Appeals)
MVAT Act 2005/CST Act 1956 MVAT/CST 12975068/- F.Y 2006-07 Deputy Commissioner of Sales Tax (Appeals)
MVAT Act 2005/CST Act 1956 MVAT/CST 6589313/- F.Y 2007-08 Deputy Commissioner of Sales Tax (Appeals)
MVAT Act 2005/CST Act 1956 MVAT/CST 3208307/- F.Y 2008-09 Joint Commissioner of Sales Tax (Appeals)
MVAT Act 2005/CST Act 1956 MVAT/CST 5188246/- F.Y 2009-10 Deputy Commissioner of Sales Tax (Appeals)
MVAT Act 2005/CST Act 1956 MVAT/CST 3728646/- F.Y 2010-11 Deputy Commissioner of Sales Tax (Appeals)
Employees PF & Misc. Provisions Act1952 Provident Fund 2887724/- Mar 2000 to Juner 2009 EPF Appellate Tribunal New Delhi
Employees PF & Misc. Provisions Act1952 Provident Fund 4379369/- Aug. 2011 to Sept. 2013 EPF Appellate Tribunal New Delhi
Profession Tax Act 1975 Profession Tax 872555/- F.Y 2005-06 to 2009-10 Joint Commissioner of Profession Tax(Appeal)

(c) According to the information and explanations given to us the Company is notrequired to transfer any sum during the year under report to the Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules there under.

(viii) The Company has accumulated losses at the end of the financial year which ismore than fifty per cent of its net worth. The Company has not incurred cash losses duringthe financial year covered by our audit and in the immediately preceding financial year.

(ix) The Company has not obtained any loans from the financial institution or bank norissued any debentures hence clause (ix) of paragraph 3 of the Order is not applicable.

(x) According to the information and explanations given to us the Company has givencorporate guarantee for loans taken from ICICI Bank by Himachal Polyolefins Ltd. Howeverterms and conditions thereof are not prejudicial to the interest of the Company.

(xi) On the basis of our review and related information and explanation as madeavailable to us the Company has not taken any term loans during the year.

(xii) According to the information to and explanations given to us no fraud on or bythe Company has been noticed or reported during the course of the audit.

For A. N. Damania & Co.

Chartered Accountants

Firm Reg. No.102077W

Ashvin Damania

Proprietor

M. No. 040166

Date: 30th August 2015

Place: Mumbai