You are here » Home » Companies » Company Overview » Indo Amines Ltd

Indo Amines Ltd.

BSE: 524648 Sector: Industrials
NSE: N.A. ISIN Code: INE760F01010
BSE 11:49 | 23 Jul 120.10 15.75
(15.09%)
OPEN

103.50

HIGH

122.00

LOW

102.65

NSE 05:30 | 01 Jan Indo Amines Ltd
OPEN 103.50
PREVIOUS CLOSE 104.35
VOLUME 101146
52-Week high 144.90
52-Week low 65.00
P/E 27.23
Mkt Cap.(Rs cr) 401
Buy Price 120.00
Buy Qty 1697.00
Sell Price 120.10
Sell Qty 120.00
OPEN 103.50
CLOSE 104.35
VOLUME 101146
52-Week high 144.90
52-Week low 65.00
P/E 27.23
Mkt Cap.(Rs cr) 401
Buy Price 120.00
Buy Qty 1697.00
Sell Price 120.10
Sell Qty 120.00

Indo Amines Ltd. (INDOAMINES) - Auditors Report

Company auditors report

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying Standalone financial statements of INDO AMINESLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE 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 Standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand 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 financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITOR'S 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 underSection 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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the 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 Standalone financial statements give the information requiredby the Act 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 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 issued by the CentralGovernment of India in terms of sub- section (11) of section 143 of the Act we give inthe Annexure "A" a statement on the matters specified in Paragraphs 3 and4 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 purposes 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 Standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure "B".

(g) 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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company.

For KULKARNI & KHANOLKAR
Chartered Accountants
Firm's Registration No. 105407W
Place: Mumbai Sd/-
Date: 27th May 2017 (P. M. Parulekar)
Partner
Membership No. 036362

Annexure "A" to the Independent Auditor's Report of Even Date on the

Standalone Financial Statements of Indo Amines Limited

(ANNEXURE "A" REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF "REPORT ONOTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE)

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) We are informed that the physical verification of the fixed assets is conducted bythe management at reasonable intervals.

As informed to us no material discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the company.

(ii) We are informed that the physical verification of the inventory is conducted bythe management at reasonable intervals. As informed to us no material discrepancies werenoticed on such verification.

(iii) According to the information given to us the company has not granted any loanssecured or unsecured to Companies Firms Limited Liability Partnerships or other partiescovered in the register maintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to us inrespect of loans investments guarantees and security the company has complied with theprovisions of Section 185 and section 186 of the Companies Act 2013.

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted deposits.

(vi) As informed to us the Company is required to maintain cost records in pursuant toRules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act 2013. In our opinion such accounts and records are prima faciemade and maintained.

(vii) (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income tax salestax service tax custom duty excise duty VAT cess and any other statutory duesapplicable to it.

(b) According to the information and explanation given to us details of dues of incometax sales tax service tax customs duty excise duty and VAT which have not beendeposited on account of dispute are as follows:-

Sr. No. Particulars Amount Forum where dispute is pending
(Rs In Lac)
1 Income Tax Appeal - A.Y. 2007-08 -Versatile Chemicals Ltd 16.63 ITAT PUNE
2 Income Tax Appeal - Penalty A.Y. 2009-10 - 58.79 CIT (A) Thane
3 Income Tax Appeal A.Y. 2010-11 29.67 ITAT MUMBAI
4 Income Tax Appeal A.Y. 2012-13 12.47 ITAT MUMBAI
5 Income Tax Appeal A.Y. 2013-14 1.75 ITAT MUMBAI
6 Income Tax Appeal A.Y. 2009-10 -Versatile Chemicals Ltd. 2.61 ITAT PUNE
7 VAT & CST for F.Y. 2009-10. 269.43 Jt. Commissioner of sales tax Thane
8 CST Appeal - Baroda F.Y. 2008-09 6.90 Dy. Commissioner of Sales Tax
9 CST appeal - Baroda - FY 2011-12 3.23 Dy. Commissioner of Sales Tax
10 VAT & CST F.Y. 2011-12 33.09 Jt. Commissioner of Sales Tax Thane
11 Appeal under Central Sales Tax - M/s Flame Pharma for the F. Y. 2002-03 4.23 Dy. Commissioner of Sales Tax Mazgaon
12 Service Tax Commission on Exports made in foreign currency to foreign party 15.92 Tribunal at Ahmedabad
13 Service Tax Cenvat Credit. 16.42 Commissioner Appeal at Baroda
14 Service Tax valuation of goods. 51.81 Commissioner Appeal at Baroda
15 Service tax undervaluation of goods. 6.90 Commissioner Appeal at Baroda
16 Service Tax Cenvat availed. 16.73 Commissioner Appeal at Baroda
17 Service Tax on Branch Transfer. 10.76 Commissioner Appeal at Baroda
18 Service Tax on Export Commission. 15.41 Commissioner Appeal at Baroda
19 Service Tax on Branch transfer. 0.86 Commissioner Appeal at Baroda
20 Service Tax on Export Commission. 70.33 Commissioner Appeal at Mumbai
21 Service Tax on Export Commission. 15.58 Commissioner Appeal at Mumbai
22 Service Tax on Export Commission. 15.92 Commissioner Appeal at Mumbai

(ix) In our opinion and according to the information & explanation given to us thecompany has not raised money by way of initial public offer or further public offer(including debt instruments). The moneys raised by way of term loans were applied for thepurposes for which those are raised.

(x) According to the information and explanations given to us no fraud by the companyor on the company by its officers or employees has been noticed or reported during theyear under our audit.

(xi) The Company has paid/ provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act 2013.

(xii) In our opinion and according to the information and explanations given to us thecompany is not a Nidhi Company.

(xiii) In our opinion and according to the information and explanations given to usall transactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards where applicable.

(xiv) In our opinion and according to the information and explanations given to us thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review.

(xv) According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with him.

(xvi) In our opinion and according to the information and explanations given to us thecompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For KULKARNI & KHANOLKAR
Chartered Accountants
Firm's Registration No. 105407W
Place: Mumbai Sd/-
Date: 27th May 2017 (P. M. Parulekar)
Partner
Membership No. 036362