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Company Information

Home » Market » Company Information

Ester Industries Ltd.

May 24
37.45 +2.10 (+ 5.94 %)
 
VOLUME : 65492
Prev. Close 35.35
Open Price 35.30
TODAY'S LOW / HIGH
35.30
 
 
 
39.15
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
26.75
 
 
 
64.00
May 24
37.25 +1.70 (+ 4.78 %)
 
VOLUME : 398200
Prev. Close 35.55
Open Price 35.45
TODAY'S LOW / HIGH
35.40
 
 
 
39.20
Bid PRICE (QTY.) 0.00 (0)
Offer PRICE (Qty.) 0.00 (0)
52 WK LOW / HIGH
26.50
 
 
 
63.70
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Market Cap. ( ₹ ) 310.64 Cr. P/BV 0.99 Book Value ( ₹ ) 37.70
52 Week High/Low ( ₹ ) 64/27 FV/ML 5/1 P/E(X) 9.99
Bookclosure 24/09/2018 TTM EPS ( ₹ ) 3.73 Div Yield (%) 1.34
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2018-03 

Report on the Financial Statements

1. We have audited the accompanying financial statements of Ester Industries Limited (‘the Company'), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the 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 state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (‘Ind AS') specified under Section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for 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 audit report under the provisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether these financial statements are freefrom 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 controls 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 these 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 including Ind AS specified under Section 133 of the Act, of the state of affairs (financial position) of the Company as at March 31, 2018, and its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Other Matter

9. The comparative financial information for the year ended March 31, 2017 and the transition date opening balance sheet as at April 1, 2016 prepared in accordance with Ind AS included in these financial statements, are based on the previously issued statutory financial statements for the year ended March 31, 2017 and March 31, 2016 respectively prepared in accordance with Accounting Standards prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, 2016 which were audited by the predecessor auditor S.R. Batliboi & Co LLP, whose reports dated June 2, 2017 and May 25, 2016 respectively expressed unmodified opinion on those financial statements and have been adjusted for the differences in the accounting principles adopted by the Company on transition to Ind AS, which have been audited by us. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor's Report) Order, 2016 (‘the Order') issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order.

11. Further to our comments in Annexure I, 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 purpose 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 Ind AS specified under Section 133 of the Act;

e) on the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 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 (IFCoFR) of the Company as on March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date and our report dated May 16, 2018 as per Annexure A expressed an unmodified opinion;

g) 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 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

i. the Company, as detailed in Note 37 to the financial statements, has disclosed the impact of pending litigations on its financial position;

ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

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

iv. the disclosure requirements relating to holdings as well as dealings in specified bank notes were applicable for the period from 8 November 2016 to 30 December 2016 which are not relevant to these financial statements. Hence, reporting under this clause is not applicable.

Annexure A to the Independent Auditor’s Report of even date to the Members of Ester Industries Limited on the financial statements for the year ended March 31, 2018

ANNEXURE A

Independent Auditor’s report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

1. In conjunction with our audit of the financial statements of Ester-Industries Limited (“the Company”) as at and for the year ended March 31, 2018 we have audited the internal financial controls over financial reporting (IFCoFR) of the company of as at that date.

Management’s Responsibility for Internal Financial Controls

2. The Company's Board of Directors is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting 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 (‘the Guidance Note') issued by the Institute of Chartered Accountants of India (‘ICAI’). 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, the safeguarding of its assets, the 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 IFCoFR based on our audit. We conducted our audit in accordance with the Standards on Auditing, issued by the ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of 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 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 IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining an understanding of 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 judgement, 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 IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's 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 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 authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised 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 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 IFCoFR to future periods are subject to the risk that IFCoFR may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion, the Company has, in all material respects, adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

Annexure 1 to the Independent Auditor’s Report of even date to the members of Ester Industries Limited, on the financial statetments for the year ended March 31, 2018 Annexure I

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

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

(b) The Company has a regular program of physical verification of its fixed assets under which fixed assets are verified in a phased manner over a period of 3 years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this program, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification.

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

(ii) In our opinion, the management has conducted a physical verification of inventory at reasonable intervals during the year, except for goods-in-transit. No material discrepancies were noticed on the aforesaid verification.

(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, the provisions of clauses 3(iii)(a), 3(iii)(b) and 3(iii)(c) of the Order are not applicable.

(iv) In our opinion, the Company has not entered into any transaction covered under Sections 185 and 186 of the Act. Accordingly, the provisions of clause 3(iv) of the Order are not applicable.

(v) In our opinion, the Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act 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 account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of Company's products and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) (a) The Company is regular in depositing undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, to the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they become payable.

(b) The dues outstanding in respect of income-tax, sales-tax, service-tax, duty of customs, duty of excise and value added tax on account of any dispute, are as follows:

Statement of disputed dues

Name of the statute

Nature of dues

Rs. in lacs

Period to which the amount relates

Forum where dispute is pending

Central Excise Act, 1944

Excise Duty

8.06

March 1990 to May 1991

Commissioner (Appeal), Central Excise, Ghaziabad, UP

Central Excise Act, 1944

Excise Duty

17.46

June 1988 to March 1992

Joint Commissioner, Meerut, UP

Central Excise Act, 1944

Excise Duty

164.2

April 1990 to February 1992

Commissioner (Appeals), Central Excise, Ghaziabad, UP

Central Excise Act, 1944

Excise Duty

11.72

June 1987 to October 1988

Assistant Commissioner, Central Excise, Rampur, UP

Central Excise Act, 1944

Excise Duty

20.61

March 1991 to May 1991

Commissioner (Appeals), Cen tral Excise, Ghaziabad, UP

Central Excise Act, 1944

Excise Duty

17.23

April 1992 to November 1993

Commissioner, Central Excise, Meerut, UP

Central Excise Act, 1944

Excise Duty

1.59

August 1993 to March 1994

Commissioner (Appeal), Central Excise, Rampur, UP

Central Excise Act, 1944

Excise Duty

12.95

April 1991 to November 1992

Joint Commissioner, Meerut, UP

Central Excise Act, 1944

Excise Duty

1.58

July 1987 to December 1988

Commissioner, Central Excise, Meerut, UP

Central Excise Act, 1944

Excise Duty

4.32

April 1992 to July 1993

Assistant Commissioner, Central Excise, Rampur, UP

Central Excise Act, 1944

Excise Duty

34.44

January 2010 to January 2012

Commissioner (Appeals), Central Excise, Meerut, UP

Central Excise Act, 1944

Excise Duty

2.5

April 2009 to December 2009

Commissioner (Appeals), Central Excise, Rampur, UP

Finance Act, 1994

Service Tax

14.55

April 2015 to March 2016

Deputy Commissioner, Central Excise, Rampur, UP

Finance Act, 1994

Service Tax

123.05

April 2010 to March 2015

Commissioner (Appeals),Central Excise, Meerut, UP

The Customs Act, 1962

Custom Duty

2.58

January 1997 to March 1998

Additional Commissioner (Customs), Mumbai

The Customs Act, 1962

Custom Duty

4.48

January 1997 to March 1998

Additional Commissioner (Customs), Mumbai

The Customs Act, 1962

Custom Duty

7.59

January 1997 to March 1998

Additional Commissioner (Customs),Mumbai

The Customs Act, 1962

Custom Duty

43.05

April 1998 to March 1999

Commissioner of Customs, Mumbai

The Customs Act, 1962

Custom Duty

14.43

June 2016

Additional Commissioner (Customs), New Delhi

The Customs Act, 1962

Custom Duty

15.35

June 2016

Additional Commissioner of (Customs), New Delhi

Income Tax Act, 1961

Income Tax

18.00

Assessment year 1993-94 to Assessment year 1995-96

Income Tax Appellate Tribunal, New Delhi

Income Tax Act, 1961

Income Tax

3.41

Assessment year 1997-98

The Hon'ble Supreme Court of India

Income Tax Act, 1961

Income Tax

11.16

Assessment year 2005-06

Income Tax Appellate Tribunal, New Delhi

Income Tax Act, 1961

Income Tax

5.78

Assessment year 2004-05

The Hon'ble Supreme Court of India

Income Tax Act, 1961

Income Tax

14.09

Assessment year 2006-07 to Assessment year 2007-08 and Assessment year 2011-12

Income Tax Appellate Tribunal, New Delhi

Income Tax Act, 1961

Income Tax

4.05

Assessment year 2006-07 to Assessment year 2013-14

Commissioner of Income Tax (Appeals), New Delhi

Income Tax Act, 1961

Income Tax

33.68

Assessment year 2004-05

The Hon'ble Supreme Court of India

Income Tax Act, 1961

Income Tax

45.74

Assessment year 2014-15

Commissioner of Income Tax (Appeals), New Delhi

(viii) The Company has not defaulted in repayment of loans or borrowings to any bank or financial institution during the year. The Company did not have any outstanding debentures and loan from government during the year.

(ix) The Company did not raise moneys by way of initial public offer or further public offer (including debt instruments). In our opinion, the term loans were applied for the purpose for which the loans were obtained.

(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 our audit.

(xi) Managerial remuneration has been paid and provided by the Company in accordance with the requisite approvals mandated by the provisions of Section 197 of the Act read with Schedule V to the Act.

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

(xiii) In our opinion all transactions with the related parties are in compliance with Sections 177 and 188 of Act, where applicable, and the requisite details have been disclosed in the financial statements etc., as required by the applicable Ind AS.

(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures.

(xv) In our opinion, the Company has not entered into any noncash transactions with the directors or persons connected with them covered under Section 192 of the Act.

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

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

per Ashish Gupta

Partner

Membership No.: 504662

Place: New Delhi

Date: May 16, 2018