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Navin Fluorine International Limited.

BSE: 532504 Sector: Industrials
NSE: NAVINFLUOR ISIN Code: INE048G01026
BSE LIVE 15:40 | 23 Aug 661.80 2.25
(0.34%)
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664.50

HIGH

666.85

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NSE 15:59 | 23 Aug 664.70 7.10
(1.08%)
OPEN

662.60

HIGH

670.00

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OPEN 664.50
PREVIOUS CLOSE 659.55
VOLUME 11027
52-Week high 799.00
52-Week low 431.20
P/E 24.66
Mkt Cap.(Rs cr) 3,263
Buy Price 661.80
Buy Qty 145.00
Sell Price 0.00
Sell Qty 0.00
OPEN 664.50
CLOSE 659.55
VOLUME 11027
52-Week high 799.00
52-Week low 431.20
P/E 24.66
Mkt Cap.(Rs cr) 3,263
Buy Price 661.80
Buy Qty 145.00
Sell Price 0.00
Sell Qty 0.00

Navin Fluorine International Limited. (NAVINFLUOR) - Auditors Report

Company auditors report

To the members of

Navin fluorine international limited

Report on the standalone financial statements

We have audited the accompanying standalone financial statements ofnavin fluorine international limited ("the company") which comprise the balancesheet as at 31st march 2017 the statement of profit and loss and the cash flow statementfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's responsibility for the standalone financial statements

The company's board of directors is responsible for the mattersstated in section 134(5) of the companies act 2013 ("the act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the company in accordancewith the accounting principles generally accepted in india including the accountingstandards prescribed under section 133 of the act.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the act for safeguarding the assets of thecompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these standalonefinancial statements based on our audit.

In conducting our audit we have taken into account the provisions ofthe act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the act and the rules madethereunder.

We conducted our audit of the standalone financial statements inaccordance with the standards on auditing specified under section 143(10) of the act.Those standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement.

An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the standalone financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud or error. In making those risk assessments the auditor considers internal financialcontrol relevant to the company's preparation of the standalone financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the company'sdirectors as well as evaluating the overall presentation of the standalone financialstatements.

We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the standalone financialstatements.

Opinion

In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone financial statements give theinformation required by the act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in india of the state ofaffairs of the company as at 31st march 2017 and its profit and its cash flows for theyear ended on that date.

Report on other legal and regulatory requirements

1. As required by section 143 (3) of the act based on our audit wereport to the extent applicable that:

A) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

B) in our opinion proper books of account as required by law havebeen kept by the company so far as it appears from our examination of those books.

C) the balance sheet the statement of profit and loss and the cashflow statement dealt with by this report are in agreement with the relevant books ofaccount.

D) in our opinion the aforesaid standalone financial statementscomply with the accounting standards prescribed under section 133 of the act.

E) on the basis of the written representations received from thedirectors as on 31st march 2017 taken on record by the board of directors none of thedirectors is disqualified as on 31st march 2017 from being appointed as a director interms of section 164 (2) of the act.

F) with respect to the adequacy of the internal financial controlsover financial reporting of the company and the operating effectiveness of such controlsrefer to our separate report in "annexure a". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the company's internal financialcontrols over financial reporting.

G) with respect to the other matters to be included in the auditor'sreport in accordance with rule 11 of the companies (audit and auditors) rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us:

I. The company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements in accordance with the generallyaccepted accounting practice - refer note 37 to the financial statements.

Ii. The company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

Iii. There has been no delay in transferring amounts required to betransferred to the investor education and protection fund by the company.

Iv. The company has provided requisite disclosures in the standalonefinancial statements as regards its holding and dealings in specified bank notes asdefined in the notification s.o. 3407(e) dated the 8th november 2016 of the ministry offinance during the period from 8th november 2016 to 30th december 2016. Based on auditprocedures performed and the representations provided to us by the management we reportthat the disclosures are in accordance with the books of account maintained by thecompany.

2. As required by the companies (auditor's report) order 2016("the order") issued by the central government in terms of section 143(11) ofthe act we give in "annexure b" a statement on the matters specified inparagraphs 3 and 4 of the order.

For deloitte haskins and sells
Chartered accountants
Firm's registration no.117364w
Ketan vora
Partner
Mumbai 28th april 2017 Membership no. 100459

Annexure "a" to the independent auditors' report

(referred to in paragraph 1(f) under 'report on other legal andregulatory requirements' section of our report of even date)

Report on the internal financial controls over financial reportingunder clause (i) of sub-section 3 of section 143 of the companies act 2013 ("theact")

We have audited the internal financial controls over financialreporting of navin fluorine international limited ("the company") as of 31stmarch 2017 in conjunction with our audit of the standalone financial statements of thecompany for the year ended on that date.

Management's responsibility for internal financial controls

The company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the company considering the essential components ofinternal control stated in the guidance note on audit of internal financial controls overfinancial reporting issued by the institute of chartered accountants of india. 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.

Auditor's responsibility

Our responsibility is to express an opinion on the company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the guidance note on audit of internal financial controls over financialreporting (the "guidance note") issued by the institute of chartered accountantsof india and the standards on auditing prescribed under section 143(10) of the companiesact 2013 to the extent applicable to an audit of internal financial controls. Thosestandards and the guidance note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the company's internal financialcontrols system over financial reporting.

Meaning of internal financial controls over financial reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 financialreporting

Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor 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 theexplanations given to us the company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st march 2017 based on theinternal control over financial reporting criteria established by the company consideringthe essential components of internal control stated in the guidance note on audit ofinternal financial controls over financial reporting issued by the institute of charteredaccountants of india.

For deloitte haskins and sells
Chartered accountants
Firm's registration no.117364w
Ketan vora
Partner
Mumbai 28th april 2017 Membership no. 100459

(i) (a) the company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) the fixed assets were physically verified during the year by themanagement in accordance with a regular programme of verification which in our opinionprovides for physical verification of all the fixed assets at reasonable intervals.According to the information and explanation given to us no material discrepancies werenoticed on such verification.

(c) according to the information and explanations given to us and therecords examined by us and based on the examination of the registered sale deed / transferdeed / conveyance deed provided to us we report that the title deeds comprising all theimmovable properties of land and buildings which are freehold are held in the name of thecompany as at the balance sheet date. In respect of immovable properties of land andbuildings that have been taken on lease and disclosed as fixed asset in the financialstatements the lease agreements are in the name of the company where the company is thelessee in the agreement.

(ii) as explained to us the inventories were physically verifiedduring the year by the management at reasonable intervals and no material discrepancieswere noticed on physical verification.

(iii) the company has not granted any loans secured or unsecured tocompanies firms limited liability partnerships or other parties covered in the registermaintained under section 189 of the companies act 2013.

(iv) the company has not granted any loans made investments orprovided guarantees and hence reporting under clause (iv) of the order is not applicable.

(v) according to the information and explanations given to us thecompany does not accept deposits and hence reporting under clause (v) of the order is notapplicable.

(vi) the maintenance of cost records has been specified by thecentral government under section 148(1) of the companies act 2013. We have broadlyreviewed the cost records maintained by the company pursuant to the companies (costrecords and audit) rules 2014 as amended prescribed by the central government undersub-section (1) of section 148 of the companies act 2013 and are of the opinion that primafacie the prescribed cost records have been made and maintained we have however notmade a detailed examination of the cost records with a view to determine whether they areaccurate or complete.

(vii) according to the information and explanations given to us inrespect of statutory dues:

(a) the company has been regular in depositing undisputed statutorydues including provident fund employees' state insurance income-tax sales tax servicetax customs duty excise duty value added tax cess and other material statutory duesapplicable to it to the appropriate authorities.

(b) there were no undisputed amounts payable in respect of providentfund employees' state insurance income-tax sales tax service tax customs duty exciseduty value added tax cess and other material statutory dues in arrears as at 31st march2017 for a period of more than six months from the date they became payable.

(c) details of dues of income-tax sales tax service tax customsduty excise duty and value added tax which have not been deposited as on 31st march2017 on account of disputes are given below:

Name of statute Nature of dues Forum where dispute is pending Period to which the amount relates Amount unpaid (Rs. In lacs)
Income tax act 1961 Income tax Cit appeals vii mumbai 2005-06 36.13
Income tax act 1961 Income tax Cit appeals vii mumbai 2006-07 226.33
Income tax act 1961 Income tax Itat mumbai 2007-08 63.57
Income tax act 1961 Income tax Itat mumbai 2009-10 31.06
Income tax act 1961 Income tax Itat mumbai 2010-11 9.69
Income tax act 1961 Income tax Cit(appeals)- 13 mumbai 2011-12 117.70
Central excise act Excise duty High court 1993-94 to 2005-06 90.33
Central excise act Excise duty Assistant commissioner of central excise - ujjain 2005-06 & 2006-07 0.17

 

Renaing Amount relates (Rs. In lacs)
Central excise act Excise duty Assistant commissioner of central excise 1994-95 0.76
Central excise act Excise duty Commissioner of central excise 2007-08 36.25
Central excise act Excise duty Commissioner (appeals) - bhopal (central excise & customs & service tax) 2011-12 86.56
Central excise act Excise duty The additional commissioner indore 2009-10 16.48
The central sales tax act 1956 Central sales tax - west bengal Appellate revisional board 2005-06 2.70
The west bengal value added tax act Value added tax Deputy commissioner appeals 2000-01 to 200405 8.69
The west bengal value added tax act Value added tax Appellate revisional board 1994-95 1.08
M.p commercial tax act 1994 Entry tax Deputy commissioner of commercial taxes - ujjain 1992-93 & 1993-94 1.21
M.p commercial tax act 1994 Entry tax central sales tax value added tax Appellate board 1995-96 1996-97 & 2006-07 23.02
M.p commercial tax act 1994 Central sales tax Madhya pradesh high court 1990-91 to 1994-95 22.73
U.p vat act Value added tax Allahabad high court 1998-99 to 2000-01 69.14

(viii) in our opinion and according to the information andexplanations given to us the company has not defaulted in the repayment of loans orborrowings to financial institutions banks and government. The company has not issued anydebentures.

(ix) the company has not raised moneys by way of initial public offeror further public offer (including debt instruments) or term loans and hence reportingunder clause (ix) of the order is not applicable.

(x) to the best of our knowledge and according to the information andexplanations given to us no fraud by the company and no material fraud on the company byits officers or employees has been noticed or reported during the year.

(xi) in our opinion and according to the information and explanationsgiven to us the company has paid / provided managerial remuneration in accordance withthe requisite approvals mandated by the provisions of section 197 read with schedule v tothe companies act 2013.

(xii) the company is not a nidhi company and hence reporting underclause (xii) of the order is not applicable.

(xiii) in our opinion and according to the information andexplanations given to us the company is in compliance with section 177 and 188 of thecompanies act 2013 where applicable for all transactions with the related parties andthe details of related party transactions have been disclosed in the financial statementsetc. As required by the applicable accounting standards.

(xiv) during the year the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures andhence reporting under clause (xiv) of the order is not applicable to the company.

(xv) in our opinion and according to the information and explanationsgiven to us during the year the company has not entered into any non-cash transactionswith its directors or directors of its subsidiary company or persons connected with themand hence provisions of section 192 of the companies act 2013 are not applicable.

(xvi) the company is not required to be registered under section45-ia of the reserve bank of india act 1934.

For deloitte haskins and sells

Chartered accountants

Firm's registration no.117364w

Ketan vora

Partner

Membership no. 100459

Mumbai 28th april 2017