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Company Information

Home » Market » Company Information

Vikas Ecotech Ltd.

Feb 16
37.60 -1.45 ( -3.71 %)
 
VOLUME : 862717
Prev. Close 39.05
Open Price 39.05
TODAY'S LOW / HIGH
36.60
 
 
 
39.45
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
17.10
 
 
 
48.50
Feb 16
37.60 -1.40 ( -3.59 %)
 
VOLUME : 3234119
Prev. Close 39.00
Open Price 38.50
TODAY'S LOW / HIGH
36.80
 
 
 
39.50
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
17.10
 
 
 
48.50
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Market Cap. ( ₹ ) 1052.42 Cr. P/BV 8.01 Book Value ( ₹ ) 4.69
52 Week High/Low ( ₹ ) 49/17 FV/ML 1/1 P/E(X) 45.42
Bookclosure 28/09/2017 EPS ( ₹ ) 0.83 Div Yield (%) 0.13
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2016-03 

To

The Members of

Vikas Ecotech Limited.

New Delhi

Report on the Financial Statements

1. We have audited the accompanying Financial Statements of M/s Vikas Ecotech Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2016, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014( as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, safeguarding the assets of the Company; preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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

4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the Auditor’s Report under the provisions of the Act and the Rules made there under.

5. We conducted our audit in accordance 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 the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the financial statements.

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

Opinion

8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure- A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

10. 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 best of 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 the Company so far as it appears from our examination of those books;

c. the financial statements dealt with by this Report are in agreement with the books of account;

d. in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 ( as amended);

e. On the basis of written representations received from the directors as on March 31, 2016 and taken on the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of section 164(2) of the Act.

f. We have also audited the internal financial controls over financial reporting of the Company as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date and our report dated 23rd May 2016 as per Annexure-B expressed an unqualified opinion; and

g. in our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i. the Company has disclosed the impact of pending litigations on its financial position in its financial statements (Refer to Note No 32)

ii. The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise (Refer to Note No 46); and

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

Report on the matters required by the Companies (Auditor's Report) Order, 2016, issued by the Central Government of India in term of sub-section 11 of section 143 of the Companies Act, 2013.

(i) In respect of Fixed Assets :

a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b) As explained to us, fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification programme, which in our opinion, is reasonable, looking to the size of the company and the nature of its business. According to the information and explanation given to us by the Management, no material discrepancies were noticed on such verification.

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

(ii) In respect of Inventory :

a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) The Company has not granted any loan, secured or unsecured to companies, firms, Limited Liability Partnerships (LLPs) or other parties covered in the register maintained under section 189 of the Act. Accordingly, clauses 3(iii) (a), 3(iii) (b) and 3(iii) (c) of the Order are not applicable to the Company.

(iv) The Company has not given any loans or made any investments or provided any guarantees and security covered under Section 185 and 186 of the Act. Accordingly, the provisions of Clause 3(iv) of the Order are not applicable.

(v) The Company has not accepted any deposits within the meaning of sections 73 to 76 of the Companies Act' 2013 and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.

(vi) We have broadly reviewed the books of accounts maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act' 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, Employee's State Insurance Fund, income tax, sales tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been deposited during the year by the Company with the appropriate authorities but delay in deposit of the same has been observed in some of the cases. Further it has been observed that the company has not deposited the Employees State Insurance Act' 1948 ( ESI) and Provident fund of two of its units i.e of Bawana and Sitarganj Units.

(b) According to the information and explanations given to us, no other undisputed amounts payable in respect of provident fund, income tax, sales tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at March 31, 2016 for a period of more than six months from the date they became payable Except ESI of Rs,24,699/- and PF of Rs,97,316/- of Sitarganj Unit and ESI of Rs,34,149/- and PF of Rs,1,34,548/- of Bawana and except as stated hereunder for which appeals are pending :-

Nature of Statute

Period to which amount relates

Nature of Dues

Amount

(in Rs,)

Forum where dispute is pending

Income Tax Act

Income Tax demand

31,44,000/-

ITAT, Delhi

Custom Act

Custom Duty Demand

5,33,266/-

Custom Authorities, Rajasthan

VAT

Vat Demand

88,000/-

VAT Authorities, Jammu

VAT

Vat Demand

90,67,107/-

Special Commissioner department of trade and taxes, Rajasthan

Income Tax Act

Assessment Year 2012-13

Income Tax Demand

27,64,140/-

Commissioner of Income Tax Appeal - IX, Delhi

Income Tax Act

Assessment Year 2013-14

Income Tax Demand

4,02,480/-

Commissioner of Income Tax Appeal - IX, Delhi

Income Tax Act*

Assessment Year 2012-13

Income Tax Demand of Sigma Plastic Industries

38,53,030/-

Commissioner of Income Tax Appeal - XIV, Delhi

Income Tax Act*

Assessment Year 2013-14

Income Tax Demand of Sigma Plastic Industries

7,08,640/-

Commissioner of Income Tax Appeal - XIV, Delhi

Excise *

Excise Duty Refund ( Sigma Plastic Industries)

31,24,983/-

CESTET ( Delhi )

Excise

Excise Duty Refund

4,09,226/-

CESTET ( DELHI)

Note :- The Company Vikas Ecotech Limited acquired 100% share in Sigma Plastic Industries, and merged the same in the Vikas Ecotech Limited in FY. 2014-15, by virtue of this, pending litigation of Sigma Plastic Industries is also become part of pending litigation of Vikas Ecotech Limited

(c) According to the information and explanations given to us, there has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise.

(viii) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of loans or borrowings to any financial institution or a bank or any dues to debenture-holders during the year.

(ix) As per information & explanations given by the Company, monies raised by way of Initial Public Offer or further public offer (including debt instruments) and Term Loan have been applied for the purpose for which they were raised.

(x) No fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period covered by the audit.

(xi) As per information & explanations given to us, the Company has paid or provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013

(xii) In our opinion, the Company is not a Nidhi Company. Accordingly, the provisions of clause 3(xii) of the Order are not applicable.

(xiii) In our opinion and according to information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and the requisite details have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures. Accordingly, the provisions of clause 3(xiv) of the order are not applicable.

(xv) During the year, the Company has not entered into any non-cash transactions with directors or persons connected with them. Accordingly, the provisions of clause 3(xv) of the Order are not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

1. In conjunction with our audit of the standalone financial statements of M/s VIKAS ECOTECH LIMITED (“the Company”) as of and for the year ended March 31, 2016, we have audited the Internal Financial Controls over Financial Reporting (IFCoFR) of the Company as of that date.

Management's Responsibility for Internal Financial Controls

2. The Company’s Board of Director is responsible for establishing and maintaining internal financial controls based on the Internal Control over Financial Reporting (IFCoFR) criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (IFCoFR) (“the Guidance note”) issued by the Institute of Chartered Accountants of India”. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the Company’s business, including adherence to Company’s policies, safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company’s Internal Financial Controls over Financial Reporting (IFCoFR) based on our audit. We conducted our audit in accordance with the Standards on Auditing, Issue by the ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of Internal Financial Controls over Financial Reporting (IFCoFR), and the Guidance Note issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate Internal Financial Controls over Financial Reporting (IFCoFR) were established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the Internal Financial Controls over Financial Reporting (IFCoFR) and their operating effectiveness. Our audit of Internal Financial Controls over Financial Reporting (IFCoFR) included obtaining an understanding of Internal Financial Controls over Financial Reporting (IFCoFR), assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s Internal Financial Controls over Financial Reporting (IFCoFR).

Meaning of Internal Financial Controls over Financial Reporting

6. A company’s Internal Financial Control over Financial Reporting (IFCoFR) is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s Internal Financial Control over Financial Reporting (IFCoFR) includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of Internal Financial Controls over Financial Reporting (IFCoFR), including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the Internal Financial Controls over Financial Reporting (IFCoFR) to future periods are subject to the risk that the Internal Financial Control over Financial Reporting (IFCoFR) may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the company has, in all material respects, adequate Internal Financial Control over Financial Reporting (IFCoFR) and such (IFCoFR) were operating effectively as of 31 March 2016, base on the Internal Financial Control over Financial Reporting (IFCoFR) criteria established by the Company considering the essential components of internal control stated in the guidance note issued by the ICAI.

For R S P H & Associates

Chartered Accountants

FRN:- 003013N

Place: New Delhi

Date: 23.05.2016

(CA. Tarun Kumar Batra)

Partner

Membership No: 094318