Mar 31, 2015
1 We have audited the accompanying financial statements of ADVANCE
PETROCHEMICALS LIMITED, which comprise the Balance Sheet as at March
31, 2015, the Statement of Profit and Loss & Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management Responsibility:
2 The Company's Board of Directors is responsible for the matters 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. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, 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. 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 there under.
We conducted our audit in accordance with 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.
4 An audit involves performing procedures to obtain audit evidence
about the amounts and 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 control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5 We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion :
6 In our opinion and to the best of our information and according to
the explanations given to us, the 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:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
ii) In the case of statement of profit & loss, of the profit for the
year ended on that date; and
iii) In the case of Cash Flow Statement , of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
7 As required by the Companies (Auditors Report) Order, 2015 ("the
Order) issued by the Central Government of India in terms of sub
section(11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in Paragraphs 3 and 4 of the Order.
8 As required by section 143(3) of the Act, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
iii) The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
specified under section 133 of the Act, read with Rule 7 of the
Companies(Accounts) Rules 2014.
v) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section of 164 (2) of the Companies
Act, 2013.
9 With respect to the other matters included in the Auditor's report
and to best of our information and explanation given to us:
i) The Company does not have any pending litigations which would impact
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.
Annexure referred to in paragraph 3 & 4 of our report of even date to
the members of Advance Petrochemicals Limited on the accounts for the
year ended on 31st March, 2015.
(i) (a) The company has not maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have not been physically verified by the
management at reasonable intervals.
(ii) (a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable having regards the size of the company and the nature of its
business.
(b) In our opinion, the procedure 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material.
(iii) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered 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, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sales of goods. In our opinion, and as explained to us
there is no major weakness in internal control. However Company does
not have an internal Audit systems commensurate with its size and
nature of its business .
(v) (a) In our opinion and according to the information and
explanations given to us, the directives issued by the Reserve Bank of
India and the provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there under have
been complied by company with regards to acceptance of Deposit.
(b) No order has been passed by Company Law Board or National Company
Law Tribunal or Reserve Bank of India or any court or any other
tribunal aganist the company
(vi) According to the information and explanations given to us
maintenance of cost records in respect of manufacturing activities of
the Company are prescribed by the Central Government under sub section
(1)of Section 148 the Companies Act, 2013
(vii) (a) According to the information and explanations given to us,
and on the basis of our examination of the books of accounts, the
Company has generally been regular in depositing the undisputed
statutory dues including Income- Tax, Sales Tax, Wealth Tax, Custom
Duty, Cess and other statutory dues during the period with the
appropriate authorities. Hence, at the end of the year, there are no
undisputed dues payable for a period of more than six months from the
date they became payable.
(b) According to the information and explanation given to us, there are
no amounts in respect of Sales Tax, Income tax, Wealth tax, Custom
Duty, Cess and any other material statutory dues were in arrears with
the appropriate authorities on account of any dispute.
(c) According to information and explanation given to us, there are no
such amounts which are required to be transferred to investor education
and protection fund in accordance with the provisions Companies Act
1956(1 of 1956) and rules made hereunder.
(viii) The company does not have any accumulated losses at the end of
financial year and has not incurred cash losses during the financial
year and in the financial year immediately preceding such financial
year.
(ix) In our opinion and according to the information & explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or banks or Debenture holder.
(x) In our opinion and based on certificate given by the management to
us and information and explanations given to us, the Company has not
given any guarantee for loans taken by others from banks or financial
institutions.
(xi) In our opinion and according to the information & explanations
given to us the company has not procured ant fresh term loan during the
year, hence this clause is not applicable.
(xii) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the year
under audit and even up to the date of our audit.
For, PIPARA & CO.
Chartered Accountants
(F.R.N.: 107929W)
Place : AHMEDABAD GYAN PIPARA
Date : 29.05.2015 Partner
M.No. 034289
Mar 31, 2014
1 We have audited the accompanying financial statements of ADVANCE
PETROCHEMICALS LIMITED, which comprise the Balance Sheet as at March
31, 2014, the Statement of Profit and Loss & Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management Resposibility :
2 The Company''s Management is responsible for 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 Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
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. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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.
4 An audit involves performing procedures to obtain audit evidence
about the amounts and 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 control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5 We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion :
6 In our opinion and to the best of our information and according to
the explanations given to us, the 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:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014; and
ii) In the case of statement of profit & loss, of the profit for the
year ended on that date.
iii) In the case of Cash Flow Statement , of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
7 As required by the Companies (Auditor''s Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8 As required by section 227(3) of the Act, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
iii) The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
v) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure referred to in paragraph 7 of our report of even date to the
members of Advance Petrochemicals Limited on the accounts for the year
ended on 31st March 2014.
(i) (a) The company has not maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have not been physically verified by the
management at reasonable intervals.
(c) There is no disposal of substantial part of fixed assets have been
disposed off during the year, which could affect the going concern.
(ii) (a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable having regards the size of the company and the nature of its
business.
(b) In our opinion, the procedure 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Act. Hence, Clause (iii)(b), (c) & (d) are not applicable.
(e) According to the information and explanations given to us, the
Company has taken unsecured loans from the companies, firms or other
parties covered under section 301 of the Companies Act, 1956 details of
which are as under:
Particulars Loans Accepted
No. of Parties Involved - 4
Maximum Amount Involved
During the Year- Rs. 1,00,07,683/-
Amount Outstanding as on 31.03.2014 Rs. 27,09,827/-
(f) In our opinion, the rate of interest and other terms and conditions
of inter corporate deposits and loans given/taken by the company,
secured or unsecured, are prima facie not prejudicial to the interest
of the company.
(g) As explained to us, no stipulation have been fixed for the
repayment of principal amount and interest, therefore, we are unable to
give any comment on the regularity of payment of the principal amount
and interest thereon.
(iv) In our opinion, and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sales of goods. In our opinion, and as explained to us
there is no major weakness in internal control.
(b) According to the information and explanations given to us, the
transaction made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act,1956 and
exceeding the value of rupees five lakhs in respect of any party during
the year have been made at prices which are reasonable having regard to
the prevailing market prices at the relevant time. However, the said
register was not made available for our perusal.
(vi) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposits from the public.
Hence, the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA of the Act and the rules framed
there under are not applicable.
(vii) The company does not have an Internal audit system commensurate
with its size and nature of its business; or as required by Companies
Auditors (Report) Order, 2003.
(viii) According to the information and explanations given to us
maintenance of cost records in respect of manufacturing activities of
the Company are prescribed by the Central Government under section
209(1)(d) of the Companies Act, 1956.
(ix) (a) According to the information and explanations given to us, and
on the basis of our examination of the books of accounts, the Company
has generally been regular in depositing the undisputed statutory dues
including Income- Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and
other statutory dues during the period with the appropriate
authorities. Hence, at the end of the year, there are no undisputed
dues payable for a period of more than six months from the date they
became payable.
(b) According to the information and explanation given to us, there are
no amounts in respect of Sales Tax, Income tax, Wealth tax, Custom
Duty, Cess and any other material statutory dues were in arrears with
the appropriate authorities on account of any dispute.
(x) The company does not have any accumulated losses at the end of
financial year and has not incurred cash losses during the financial
year and in the financial year immediately preceding such financial
year.
(xi) In our opinion and according to the information & explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or banks.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loan or advance on the
basis of security by way of pledge of shares, debentures and other
securities and hence maintenance of such documents and records does not
arise.
(xiii) According to the information and explanations given to us, the
provisions of any special statute applicable to Chit Fund, Nidhi or
Mutual Benefit Fund and Societies are not applicable to the Company, as
no such activity has been undertaken by the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not dealing or trading in shares,
securities, debentures or other investments.
(xv) In our opinion and based on certificate given by the management to
us and information and explanations given to us, the Company has not
given any guarantee for loans taken by others from banks or financial
institutions.
(xvi) In our opinion and according to the information & explanations
given to us the company has not procured ant fresh term loan during the
year,hence this clause is not applicable.
(xvii) In our opinion, and according to the information & explanations
given to us, funds raised on short-term basis have not been used for
long-term investment and vice versa.
(xviii) According to the information & explanations given to us, during
the year under our audit , the Company has not allotted shares on
preferential basis to the parties and companies covered in the register
maintained under section 301 of the Act, 1956. However, the said
register was not made available for our perusal.
(xix) The Company has not issued any debentures during the year and
therefore paragraph 4 (XiX) of the said order is not applicable.
(xx) The Company has not raised any money by public issues during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
PIPARA & CO.
Chartered Accountants
(F.R.N.: 107929W)
Place : AHMEDABAD GYAN PIPARA
Date: 30.05.2014 Partner
M.No. 034289
Mar 31, 2013
Report on the Financial Statements
1 We have audited the accompanying financial statements of ADVANCE
PETROCHEMICALS LIMITED, which comprise the Balance Sheet as at March
31, 2013, the Statement of Profit and Loss & Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management Resposibility:
2 Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control 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. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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.
4 An audit involves performing procedures to obtain audit evidence
about the amounts and 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 control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5 We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion :
6 In out opinion and to the best of our information and according to
the explanations given to us, the 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:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013; and
ii) In the case of statement of profit & loss, of the profit for the
year ended on that date.
iii) In the case of Cash Flow Statement , of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements:
7 As required by the Companies (Auditor''s Report) Order, 2003, issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
8 As required by section 227(3) of the Act, we report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
iii) The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
v) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure referred to in paragraph 7 of our report of even date to the
members of Advance Petrochemicals Limited on the accounts for the year
ended on 31st March 2013.
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management at
reasonable intervals; and no material discrepancies were noticed on
such verification;
(c) There is no disposal of substantial part of fixed assets have been
disposed off during the year, which could affect the going concern.
(ii) (a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of verification is
reasonable having regards the size of the company and the nature of its
business.
(b) In our opinion, the procedure 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material.
(iii) (a) According to information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
301 of the Act. Hence, Clause (iii)(b), (c) & (d) are not applicable.
(e) According to the information and explanations given to us, the
Company has taken unsecured loans from the companies, firms or other
parties covered under section 301 of the Companies Act, 1956 details of
which are as under:
Particulars Loans Accepted
No. of Parties Involved 3
Maximum Amount Involved
During the Year Rs. 930,000/-
Amount Outstanding as on 31.03.2013 Rs. 8,399,413/-
(f) In our opinion, the rate of interest and other terms and conditions
of inter corporate deposits and loans given/taken by the company,
secured or unsecured, are prima facte not prejudicial to the interest
of the company.
(g) As explained to us, no stipulation have been fixed for the
repayment of principal amount and interest, therefore, we are unable to
give any comment on the regularity of payment of the principal amount
and interest thereon.
(iv) (a) In our opinion, and according to the information and
explanations given to us, there are adequate internal control
procedures commensurate with the size of the Company and the nature of
its business with regard to purchases of inventory, fixed assets and
with regard to the sales of goods. In our opinion, and as explained to
us there is no major weakness in internal control.
(b) According to the information and explanations given to us, the
transaction made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956
and exceeding the value of rupees five lakhs in respect of any party
during the year have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time. However,
the said register was not made available for our perusal.
(vi) In our Opinion and according to the information and explanations
given to us the Company has not accepted any deposits from the public.
Hence, the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA of the Act and the rules framed
there under are not applicable.
(vii) . The company does not have an Internal audit system commensurate
with its size and nature of its business; or as required by Companies
Auditors (Report) Order, 2003.
(viii) According to the information and explanations given to us
maintenance of cost records in respect of manufacturing activities of
the Company are prescribed by the Central Government under section
209(1 )(d) of the Companies Act, 1956.
(ix) (a) According to the information and explanations given to us, and
on the basis of our examination of the books of accounts, the Company
has generally been regular in depositing the undisputed statutory dues
including Income- Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and
other statutory dues during the period with the appropriate
authorities. Hence, at the end of the year, there are no undisputed
dues payable for a period of more than six months from the date they
became payable.
(b) According to the information and explanation given to us, there are
no amounts in respect of Sales Tax, Income tax, Wealth tax, Custom
Duty, Cess and any other material statutory dues were in arrears with
the appropriate authorities on account of any dispute.
(x) The company does not have any accumulated losses at the end of
financial year and has not incurred cash losses during the financial
year and in the financial year immediately preceding such financial
year.
(xi) In our opinion and according to the information & explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or banks.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted any loan or advance on the
basis of security by way of pledge of shares, debentures and other
securities and hence maintenance of such documents and records does not
arise.
(xiii) According to the information and explanations given to us, the
provisions of any special statute applicable to Chit Fund, Nidhi or
Mutual Benefit Fund and Societies are not applicable to the Company, as
no such activity has been undertaken by the Company.
(xiv) In our opinion and according to the information and explanations
given to us, the Company is not dealing or trading in shares,
securities, debentures or other investments.
(xv) In our opinion and based on certificate given by the management to
us and information and explanations given to us, the Company has not
given any guarantee for loans taken by others from banks or financial
institutions.
(xvi) In our opinion and according to the information & explanations
given to us the company has not procured ant fresh term loan during the
year,hence this clause is not applicable.
(xvii) In our opinion, and according to the information & explanations
given to us, funds raised on short-term basis have not been used for
long-term investment and vice versa.
(xviii) According to the information & explanations given to us, during
the year under our audit, the Company has not allotted shares on
preferential basis to the parties and companies covered in the register
maintained under section 301 of the Act, 1956. However, the said
register was not made available for our perusal.
(xix) The Company has not issued any debentures during the year and
therefore paragraph 4 (XiX) of the said order is not applicable.
(xx) The Company has not raised any money by public issues during the
year.
(xxi) According to the information and explanations given to us, no
fraud on cr by the Company has been noticed or reported during the
course of our audit.
For, PIPARA & COMPANY
Chartered Accountants
(F.R.N. 107929W)
PLACE: AHMEDABAD (GYAN PIPARA)
DATE :31/05/2013 PARTNER
Membership No. 034289
Mar 31, 2012
1. We have audited the attached Balance Sheet of ADVANCE
PETROCHEMICALS LIMITED, as at 31st March, 2012, the Profit & Loss
Account and also the Cash Flow Statement of the Company for the year
ended on that date, both annexed hereto. These financial statements are
the responsibility of the Company's Management. Our responsibility is
to express an opinion on these Financial Statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraphs 4 & 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
ii) 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;
iii) The Balance Sheet, Profit & Loss Account and Cash-flow Statement
dealt with by this report are in agreement with the books of account;
iv) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Applicable
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, read together with
significant accounting policies and notes give a true and fair view in
conformity with the accounting principles generally accepted in India
a) in the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March, 2012;
b) in the case of Profit & Loss account, of the Profit for the year
ended on that date; and
c) in the case of Cash Flow Statement, of the Cash Flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management
during the year and there is a regular programme of verification which
in our opinion is reasonable having regard to the size of the Company
and the nature of its assets. As informed, no material discrepancies
were noticed on such verification.
(c) During the year no disposal of fixed asset has been made which
could affect the going concern status of the company.
(ii) (a) The management has conducted physical verification of
inventory at reasonable intervals during the year. In our opinion, the
frequency of such verification is reasonable having regard to the size
of the Company and the nature of its business.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) According to the information and explanations given to us and in
our opinion, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and book records have been properly dealt with in the books of accounts
and were not material.
(iii) (a) During the year, the company has not granted any loans,
secured or unsecured, to companies or other parties covered in the
maintained under section 301of the companies act, 1956.
Details of loans, secured or unsecured, taken from companies or other
parties are as under:-
No. of Parties : One
Maximum amount involved during the year : Rs.10,76,822/-
Outstanding Balance as on 31.03.2012 : Rs.60,15,554/-
(b) In our opinion, the loans taken and given are prima facie, not
prejudicial to the interest of the Company.
(c) As stated in clause (iii)(b) above and in the absence of any
stipulation for the repayment of principal amount and interest thereon,
we are unable to give any comment on the regularity of payment of the
principal amount and interest thereon.
(d) As stated in clause (iii)(b) above and in the absence of any
stipulation for the repayment of principal amount or interest, the
overdue amount could not be found out. Hence, we are unable to give any
comment on the steps taken by the Company for recovery / payment of the
principal or interest.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchases of inventory, fixed assets and for the sale
of goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in the
internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956, and exceeding the value of Rs.5,00,000 in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(vi) The company has not accepted any deposits from the public and
therefore the provisions of sections 58A, 58AA of the Companies Act,
1956 and the rules framed there under are not applicable.
(vii) In our opinion, the company has an Internal Audit System
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund, Income
Tax, Wealth Tax, Service Tax and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Income Tax,
Wealth Tax, Sales Tax, Service Tax, Cess, Custom Duty and other
undisputed statutory dues were in arrears as at 31st March, 2012 for a
period of more than six months from the date they became payable
(c) According to the records of the Company, There are no dues
outstanding of income-tax, sales-tax, service-tax, cess on account of
any dispute.
(x) The Company neither has any accumulated losses nor has incurred any
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
(xi) According to the information and explanation given to us, the
Company has not defaulted in repayment of dues to banks, financial
institution or debenture holders.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause (xiii) of paragraph
4 of the Companies (Auditor's Report) Order 2003 (as amended) are not
applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
(xiv) of paragraph 4 of the order are not applicable.
(xv) To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has not given
guarantees for loans taken by subsidiaries from banks and financial
institution, the terms and conditions whereof in our opinion are not
prima-facie prejudicial to the interest of the company.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, the term
loans outstanding at the beginning of the year and raised during the
year were, prima facie, applied by the Company for the purpose for
which they were obtained.
(xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us, on an overall
basis, funds raised on short-term basis have not, prima facie, been
used during the year for long-term investments.
(xviii) During the year, the company has not made preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
(xix) The Company has not issued any debentures during the year under
our audit.
(xx) The Company has not raised any money by way of public issues
during the year.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no material fraud on or by
the Company has been noticed or reported during the year.
For, PIPARA & COMPANY
Chartered Accountants
(Registration No. 107929W)
PLACE: AHMEDABAD (GYAN PIPARA)
DATE : 31/08/2012 PARTNER
Membership No. 034298
Mar 31, 2010
1. We have audited the attached Balance Sheet of Advance
Petrochemicals Limited as at 31 st March 2010, the Profit and Loss
Account and also the Cash Flow Statement for the year ended on that
date both annexed thereto. These financial statements are the
responsibility of the companys management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the auditto obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management/as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
On the basis of written representations received from the directors,
as on 31st March 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2010
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
significant accounting policies and notes, give a true and fair view in
conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2010;
(b) in the case of the Profit and Loss Account, of the Profit for the
year ended v on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (referred to in paragraph 3 of our
report of evendate)
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management
during the year and there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and nature of its assets. As informed, no material discrepancies were
noticed on such verification.
(c) During the year no disposal of fixed asset has been made which
could affect the going concern status of the company.
(a) The management has conducts physical verification of invetory at
reasonable intervals during the year. In our opinion, the frequency of
such verification is reasonable having regard to the size of the
Company and the nature of its business.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) According to the information and explanations given to us and in
our opinion, the company is maintaining proper records of invetory. The
discrepancies noticed on verification between the physical stocks and
book records have been properly dealt with in the books of accounts and
were not material.
(iii) (a) During the year, the company has not granted any loans,
secured or unsecured, to companies or other parties covered in the
maintained under section 301 of the companies act, 1956.
Details of loans, secured or unsecured, taken from companies or other
parties are as under :-
No of Parties : One
Maximum amount Involved during the year : Rs.17,49,997/-
Outstanding Balance as on 31.03.2010 : Rs.16,58,766/-
(b) In our opinion, the loan taken and given are prima facie, not
prejudicial to the interest of the company.
(c) As stated in clause (iii) (b) above and in the absence of any
stipulation for the repayment of principal amount and interest thereon,
we are unable to give any comment on the regularity of payment of the
principal amount and interest thereon.
(d) As stated in clause (iii) (b) above and in the absence of any
stipulation for the repayment of principal amount or interest, the
overdue amount could not be found out. Hence, we are unable to give any
comment on the steps taken by the Company on the steps taken by the
Company for recovery / payment of the principal or interest.
(iv) In our opinion and according to the information and explanations
given to us, there
are adequate internal control procedures commensurate with the size of
the Company and the nature of its business for the purchases of
inventory, fixed assets and forthe sale of goods and services. During
the course of our audit, we have not observed any continuing failure to
correct majorweakness in the internal controls.
(a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956, and exceeding the value of Rs.5,00,000 in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
i) The company has not accepted any deposits from the public and
therefore the provisions of sections 58A, 58AAof the Companies Act,
1956 and the rules framed there under are not applicable.
(vii) In our opinion, the company has an Internal Audit System
commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed maintenance of cost
records under section 209(1 )(d) of the Companies Act, 1956.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund, Income
Tax, Wealth Tax, Service Tax and other material statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Income Tax,
Wealth Tax, Sales Tax, Service Tax, Cess, Custom Duty and other
undisputed statutory dues were in arrears as at 31 st March, 2010 for a
period of more than six months from the date they became payable
(c) According to the records of the Company, the dues outstanding of
income-tax, sales-tax, service-tax, cess on account of any dispute, are
as follows:
Name of the Nature of dues Amount in Period to which Forum where
statute INR the amount dispute
pending
relates
Income Tax Income tax on 2,36,928 AY1992-93 Commissioner
of
Act,1961 regular Income Tax
(Appeals),
assessment Ahmedabad
Income Tax Income tax on 9,21,642 AY1996-97 Deputy
Act,1961 regular Commissioner
assessment - Udaipur
(x) The Company neither has any accumulated losses nor has incurred any
cash losses during the financial year covered by our audit and the
immediately preceding financial year.
(xi) According to the information and explanation given to us, the
Company has not defaulted in repayment of dues to banks, financial
institution or debenture holders.
(xii) In our opinion and according to the information and explanations
given to us, the Company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
(xiii) The company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of clause (xiii) of paragraph
4 of the Companies (Auditors Report) Order 2003 (as amended) are not
applicable to the company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments. Therefore, the provisions of clause
(xiv) of paragraph 4 of the order are not applicable.
(xv) To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has not given
guarantees for loans taken by subsidiaries from banks and financial
institution, the terms and conditions whereof in our opinion are not
prima-facie prejudicial to the interest of the company.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, the term
loans outstanding at the beginning of the year and raised during the
year were, prima facie, applied by the Company for the purpose for
which they were obtained.
(xvii) According to the Cash Flow Statement and other records examined
by us and the information and explanations given to us, on an overall
basis, funds raised on short- term basis have not, prima facie, been
used during the year for long-term investments.
(xviii) During the year, the company has not made preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
(xix) The Company has not issued any debentures during the year under
our audit.
(xx) The Company has not raised any money by way of public issues
during the year.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, no material fraud on or by
the Company has been noticed or reported during the year.
For, Pipara & Company
Chartered Accountants
(Registration No. 107929W)
(RASHMIRUNGTA)
PLACE: AHMEDABAD PARTNER
DATE : 30.08.2010 Memb. No. 101176