Auditor Report of Panama Petrochem Ltd.
Mar 31, 2017
To the Members of Panama Petrochem Limited Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Panama Petrochem Limited ("the Company"), which comprise the Balance Sheet as at 31 March, 2017, the Profit and Loss Statement and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,2013 ("the Act"") with respect to the preparation and presentation of these standalone 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 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.
Auditors'' Responsibility
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 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.
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 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 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31 March 2017 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("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.
2. As required by section 143(3) of the Act, we report that:
a. we have sought and obtained all the information and explanations which to the 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 Balance Sheet, the Profit and Loss Statement and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d. in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. on the basis of written representations received from the directors as on 31 March 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2017, from being appointed as a director in terms of Section 164(2) of the Act;
f. with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure B"; and
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, in our opinion and to thebest of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 25 to the financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 33 to the financial statements;
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 Company had provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8 November 2016 to 30 December 2016. Based on audit procedures and relying on the management representation we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the Management. Refer Note No 45 of the financial statements.
to Independent Auditors'' Report of even dateon the standalone financial statements for the year ended 31 March, 2017 referred to in paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements"
(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, all the fixed assets have not been physically verified by the management during the year but there is regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) According to information & explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) In respect of its inventories:
As explained to us, inventories have been physically verified during the year by the management and in our opinion, the frequency of verification is reasonable. In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.
(iii) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Act and accordingly, the provisions of Clause (iii) (a) to (c) of Para 3 of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 186 of the Act, with respect to the guarantees made. The Company has neither made any investment nor given any loans during the year.
(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public as per the provisions of section 73 to 76 of the Act and rules framed there under, and accordingly, the provisions of Clause (v) of Para 3 of the Order are not applicable to the Company.
(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 section (1) of section 148 of the Act, related to manufacture of specialty petroleum products and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained.
(vii) In respect of statutory dues:
(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 accounts in respect of undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, duty of Customs, duty of Excise, Value Added Tax, cess and any other statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31 March 2017 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 dues outstanding in respect of income tax, sales tax or wealth tax or value added tax which have not been deposited on account of any dispute.
According to the information and explanations given to us, the following dues in respect of service tax, duty of customs and duty of excise, have not been deposited by the Company on account of disputes:
|
Name of the Statute |
Nature of the Dues |
Amount (Rs, in lakhs) |
Period to which the amount relates |
Forum where dispute is pending |
|
Finance Act,1994 |
Service Tax and Penalty |
58.25 |
FY 2007-08 to FY 2011-12 |
Commissioner of Central Excise (Appeals) - IV, Mumbai |
|
Finance Act,1994 |
Service Tax |
22.46 |
FY 2012-13 |
Addl. Commissioner, Service Tax - 1, Mumbai |
|
Finance Act,1994 |
Service Tax |
2.42 |
F.Y. 2015-16 |
Addl. Commissioner Service Tax -I and II, Mumbai |
|
Custom Act, 1962 |
Custom Duty, Fine and Penalty |
126.701 |
FY 2011-12 |
CESTAT, Mumbai |
|
Central Excise Act, 1944 |
Central Excise Duty |
66.511 |
April 2009 to November 2013 |
CESTAT, Ahmadabad |
|
Central Excise Act, 1944 |
Central Excise Duty |
23.171 |
December 2013 to October 2014 |
CESTAT, Ahmadabad |
|
Central Excise Act, 1944 |
Central Excise Duty |
0.27 |
October 2015 to February 2016 |
Central Excise, Customs and Sales Tax, Bharuch. |
1Net of amounts paid under protest & pre-deposit.
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company did not have any borrowings from financial institutions, government or debenture holders.
(ix) Based on our audit procedures and on the information and explanations given to us, the Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and through term loans during the year. Accordingly, clause 3 (ix) of the Order is not applicable to the Company.
(x) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
(xi) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, the provisions of Clause (xii) of Para 3 of the Order are not applicable to the Company.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with the directors. Accordingly, the provisions of Clause (xv) of Para 3 of the Order are not applicable to the Company.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause 3 (xvi) of the Order is not applicable to the Company.
referred to in paragraph titled as "Report on the Internal Financial Controls under clause (i) of Sub- section 3 of Section 143 of the Companies Act, 2013" ("the Act")
We have audited the internal financial controls over financial reporting of Panama Petrochem Limited ("the Company") as of 31 March 2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management 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 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 its 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
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. 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 was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, 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.
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 system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting 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 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
Because of the inherent limitations of internal financial controls over financial reporting, 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 to future periods are subject to the risk that the internal financial control over financial reporting 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, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2017, 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 issued by the Institute of Chartered Accountants of India.
Independent Auditor''s Report on Statement of Financial Results of M/s. Panama Petrochem Limited Pursuant
to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
TO THE BOARD OF DIRECTORS OF M/s. PANAMA PETROCHEM LIMITED
1. We have audited the accompanying Statement of Standalone Financial Results of M/s.PANAMA PETROCHEM LIMITED ("the Company")for the quarter and the year ended 31 March, 2017 attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This Statement, which is the responsibility of the company''s management and approved by the Board of Directors, has been prepared on basis of the related financial statements of the Company. Our responsibility is to express an opinion on these financial results based on our audit of such financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and other accounting principles generally accepted in India.
2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Statement, 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 Statement 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 Management, as well as evaluating the overall presentation of the Statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
3. In our opinion and to the best of our information and according to the explanations given to us the Statement:
i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation,2015; and
ii. gives a true and fair view in conformity with the aforesaid Accounting Standards and other accounting principles generally accepted in Indiaof the net profit and other financial information for the year ended 31 March, 2017.
4. In the Statement, the figures for the quarter ended March 31, 2017 and March 31, 2016 as reported in these financial results are the balancing figures between figures in respect of the full financial year and the published year to date figure upto the end of third quarter of the relevant financial year. Also, the figure upto the end of third quarter had only been subjected to limited review by us and not subject to audit.
For and on behalf of
For Bhuta Shah & Co. LLP
Chartered Accountants
Firm Reg. No.: 101474W/W100100
Harsh Bhuta
Partner
Mumbai, 30 May, 2017 Membership No.: 137888
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Panama Petrochem Limited ("the Company"), which comprise the Balance
Sheet as at 31 March, 2015, the Profit and Loss Statement and the Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone 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 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.
Auditors' Responsibility
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
thereunder.
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.
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 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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 31 March 2015 and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 as
amended ("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.
2. As required by section 143(3) of the Act, we report that:
a. we have sought and obtained all the information and explanations
which to the 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 Balance Sheet, the Profit and Loss Statement and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. on the basis of written representations received from the directors
as on 31 March 2015 taken on record by the Board of Directors, none of
the directors is disqualified as on 31 March 2015, from being appointed
as a director in terms of Section 164(2) of the Act;
f. 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, in our opinion and to the best of our information and
according to the explanations given to us:
i. the Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 25 to the
financial statements;
ii. the Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts - Refer Note 34
to the financial statements;
iii. there has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to Independent Auditors' Report Referred to in paragraph 1
under the heading of "Report on Other Legal and Regulatory
Requirements" of our Report of even date
(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, all the fixed assets have not been physically
verified by the management during the year but there is regular
programme of verification which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(ii) In respect of its inventories:
(a) As explained to us, inventories have been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
(iii) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act and accordingly, Clause (iii) of Para 3 of
the Order is not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fixed assets and for sale
of goods. The activities of the company currently do not involve sale
of services. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
(v) According to the information and explanations given to us, the
Company has not accepted any deposits from the public and accordingly,
the provisions of Clause (v) of Para 3 of the Order are not applicable
to the company.
(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 section (1) of section 148 of the
Act, related to manufacture of specialty petroleum products and are of
the opinion that prima facie, the prescribed accounts and records have
been made and maintained.
(a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, duty of Customs, duty
of Excise, Value Added Tax, cess and any other statutory dues have
generally been regularly deposited during the year by the Company with
the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31 March 2015 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no amounts payable in respect of income tax, wealth tax, sales tax
and value added tax which have not been deposited on account of any
disputes except:
Name of the Nature of Dues Amount Period to which the
Statute (Rs.in lakhs) amount relates
Finance Service Tax and 58.25 FY 2007-08 to FY
Act,1994 Penalty 2011-12
Finance Service Tax 22.46 FY 2012-13
Act,1994
Custom Act, Custom Duty, Fine 126.701 FY 2011-12
1962 and Penalty
Central Excise Central Excise Duty 73.90 April 2009 to November
Act, 1944 2013
Central Excise Central Excise Duty 25.74 December 2013 to
Act, 1944 October 2014
Name of the
Statute Forum where dispute is
pending
Finance
Act,1994 Commissioner of Central Excise (Ap-
peals) - IV, Mumbai
Finance
Act,1994 Addl. Commissioner, Service Tax - 1,
Mumbai
Custom Act,
1962 CESTAT, Mumbai
Central Excise
Act, 1944 Commissioner of Central Excise, Daman
Central Excise
Act, 1944 Joint Commissioner of Central Excise,
Daman
1Net of amounts paid under protest
(c) According to the information and explanations given to us, the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under has been
transferred to such fund within time.
(viii) The Company does not have any accumulated losses at the end of
the financial year. Further, the Company has not incurred any cash
losses during the financial year covered by our audit and in the
immediately preceding financial year.
(ix) 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 dues to its bankers. The
Company did not have any borrowings from financial institutions or
debenture holders.
(x) The Company has given guarantee for loan taken by other from a bank
or financial institution. According to the information and explanations
given to us, we are of the opinion that the terms and conditions
thereof are not prima facie prejudicial to the interest of the Company.
(xi) According to the information and explanations given to us and the
records examined, the term loans taken by the Company have been applied
for the purpose for which they were obtained.
(xii) Based on the audit procedures performed and information and
explanations given to us, we report that no material fraud on or by the
Company has been noticed or reported during the year.
For Bhuta Shah & Co.
Chartered Accountants
Firm Reg. No.: 101474W
CA. Virag Shah
Partner
Mumbai, 30 May, 2015 Membership No.: 153415
Mar 31, 2014
We have audited the accompanying financial statements of Panama
Petrochem Limited ("the Company"), which comprise the Balance Sheet as
at 31 March, 2014, the Statement of profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility on Financial Statements
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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). 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.
Auditors'' Responsibility
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.
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, but not for the
purpose of expressing an opinion on effectiveness of the entity''s
internal control. 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.
We believe that the audit evidence we have obtained is suffcient and
appropriate to provide a basis for our audit opinion.
Opinion
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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2014;
(b) In the case of the Statement of profit and Loss, of the profit of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 as
amended ("the Order") 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.
2. As required by section 227(3) of the Act, we report that:
a. 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;
b. 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;
c. the Balance Sheet, Statement of profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
section 211(3C) of the Act;
e. on the basis of written representations received from the directors
as on 31 March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act;
f. since the Central Government has not issued any notifcation as to
the rate at which the cess is to be paid under section 441A of the Act
nor has it issued any Rules under the said section, prescribing the
manner in which such cess is to be paid, no cess is due and payable by
the Company.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT Referred to in paragraph 1
under the heading of "Report on Other Legal and Regulatory
Requirements" of our Report of even date (i) In respect of fixed Assets
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) As explained to us, all the fixed assets have not been physically
verifed by the management during the year but there is regular
programme of verifcation which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verifcation.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption
(ii) In respect of its inventories:
(a) As explained to us, inventories have been physically verifed during
the year by the management. In our opinion, the frequency of
verifcation is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verifcation 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verifcation of stocks
by the management as compared to book records.
(iii) In respect of the loans, secured or unsecured, granted or taken
by the company to / from companies, firms or other parties covered in
the register maintained under section 301 of the Act:
(a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
granted unsecured loan to one subsidiary company listed in the register
maintained under Section 301 of the Act. The maximum amount outstanding
during the year wasRs.6,58,99,000 and the year-end balance of such loans
given is Rs. 6,64,570.The Company has not granted any loans, secured or
unsecured, to any other party listed in the register maintained under
section 301 of the Act.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been granted to the company listed in the register
maintained under Section 301 of the Act are not, prima facie,
prejudicial to the interest of the Company.
(c) There is no stipulation for repayment of principal amount or
interest on these loans and hence, the question of repayment being
irregular does not arise.
(d) As there is no stipulation for repayment of principal, the question
of overdue principal amount does not arise.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken any loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Act. Thus, the provisions
of Clause 4 (iii) (f) & (g) of the Order are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fixed assets and payment
for expenses and for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
(v) In respect of the contracts or arrangements referred to in section
301 of the Act:
(a) In our opinion and according to the information and explanations
provided by the management, the particulars of contracts or
arrangements referred to in section 301 of the Act have been entered in
the register required to be maintained under that section.
(b) In our opinion and as per information and explanations given to us,
the transaction entered into by the company with parties covered u/s
301 of the Act and exceeding the value of Rs. five lakhs in respect of
each party during the year has been made at prices which appear
reasonable as per information available with the company.
(vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause 4 (vi) of the Order are not applicable to the
company.
(vii) As per information and explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
(viii) 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 section 209 (1)(d) of the Act,
related to manufacture of speciality petroleum products and are of the
opinion that prima facie, the prescribed accounts and records have been
made and maintained.
(ix) In respect of statutory dues:
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and other
statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31 March
2014 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there
are no amounts payable in respect of income tax, wealth tax, sales tax,
customs duty and excise duty which have not been deposited on account
of any disputes except:
Nature Nature of
Dues Amount Amount
paid Period to which Forum where
dispute is
of the (Rs.in
lakhs) (Rs.in
lakhs) the amount
relates pending
Statute Service tax
demand 58.25 - FY 2007-08 to Hon''ble
Commissioner
of Central
Service
Tax raised on
certain
items FY 2011-12 Excise
(Appeals) Â
IV, Mumbai
(x) The Company does not have any accumulated losses and has not
incurred cash loss during the financial year covered by our audit and in
the immediately preceding financial year.
(xi) 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 dues to its bankers. The
Company did not have any borrowings from financial institutions or
debenture holders.
(xii) According to the information and explanations given to us and
based on the documents and records produced before 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) In our opinion, the Company is not a chit fund or a nidhi
/mutual benefit fund/society. Therefore, the provisions of Clause 4
(xiii) of the Order are not applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4 (xiv) of the Order are not applicable to the
Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from a
bank or financial institution.
(xvi) According to the information and explanations given to us and the
records examined, the term loans taken by the company have been applied
for the purpose for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company as at 31
March 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) The Company does not have any outstanding debentures during the
year.
(xx) The Company has not raised any monies by way of public issues
during the year.
(xxi) Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year.
For Bhuta Shah & Co.
Chartered Accountants
Firm Reg. No.: 101474W
CA. Mitesh Kothari
Partner
Membership No.: 110822
Mumbai, 21 May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Panama
Petrochem Limited ("the Company"), which comprise the Balance Sheet as
at 31 March 2013, the Statement of Proft and Loss and Cash Flow
Statement for the year then ended, and a summary of signifcant
accounting policies and other explanatory information.
Management''s Responsibility on Financial Statements
Management is responsible for the preparation of these fnancial
statements that give a true and fair view of the fnancial position,
fnancial performance and cash fows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in section 211(3C) of the Companies
Act, 1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the fnancial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these fnancial
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 fnancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the fnancial statements. The procedures
selected depend on the auditor judgment, including the assessment of
the risks of material misstatement of the fnancial 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 fnancial 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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid
fnancial 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2013;
(b) In the case of the Statement of Proft and Loss, of the proft for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash fows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") 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 specifed in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. 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;
b. 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.
c. The Balance Sheet, Statement of Proft and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the Balance Sheet, Statement of Proft and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
section 211(3C) of the Act;
e. On the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualifed as on 31 March 2013, from being
appointed as a director in terms of section 274(1)(g) of the Act.
f. Since the Central Government has not issued any notifcation as to
the rate at which the cess is to be paid under section 441A of the Act
nor has it issued any Rules under the said section, prescribing the
manner in which such cess is to be paid, no cess is due and payable by
the Company.
Annexure to Independent Auditors'' Report Referred to in paragraph 1
under the heading of "Report on Other Legal and Regulatory
Requirements" of our Report of even date
(i) In respect of fxed Assets
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fxed assets.
(b) As explained to us, all the fxed assets have not been physically
verifed by the management during the year but there is regular
programme of verifcation which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verifcation.
(c) In our opinion and according to the information and explanations
given to us, no fxed asset has been disposed during the year and
therefore does not affect the going concern assumption
(ii) In respect of its inventories:
(a) As explained to us, inventories have been physically verifed during
the year by the management. In our opinion, the frequency of
verifcation is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verifcation 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verifcation of stocks
by the management as compared to book records.
(iii) In respect of the loans, secured or unsecured, granted or taken
by the company to / from companies, frms or other parties covered in
the register maintained under section 301 of the Act:
(a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, frms or
other parties listed in the register maintained under Section 301 of
the Act. Consequently, the provisions of Clause 4 (iii) (b), (c) and
(d) of the Order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken any loans from companies, frms or other parties listed in the
register maintained under Section 301 of the Act. Thus, the provisions
of Clause 4 (iii) (f) & (g) of the Order are not applicable to the
Company.
(iv) In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fxed assets and payment
for expenses and for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
(v) In respect of the contracts or arrangements referred to in section
301 of the Act:
(a) In our opinion and according to the information and explanations
provided by the management, the particulars of contracts or
arrangements referred to in section 301 of the Act have been entered in
the register required to be maintained under that section.
(b) In our opinion and as per information and explanations given to us,
the transaction entered into by the company with parties covered u/s
301 of the Act and exceeding the value of Rs. fve Lakhs in respect of
each party during the year has been made at prices which appear
reasonable as per information available with the company.
(vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause 4 (vi) of the Order are not applicable to the
company.
(vii) As per information and explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
(viii) 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 section 209 (1)(d) of the Act,
related to manufacture of speciality petroleum products and are of the
opinion that prima facie, the prescribed accounts and records have been
made and maintained.
(ix) In respect of statutory dues:
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to
the extent applicable and any other statutory dues have generally been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us there were no outstanding
statutory dues as on 31 March 2013 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us, there
are no amounts payable in respect of income tax, wealth tax, sales tax,
customs duty and excise duty which have not been deposited on account
of any disputes except:
Nature Nature Amount Amount Period to Forum
of the of paid which the where
(Rs.
Statute Dues amount dispute is
Lakhs) (Rs.
Lakhs) relates pending
Service Service
tax 10.88 September 08 Deputy
Tax demand to Commissioner
raised on November 09 of Service
certain Tax
items
(x) The Company does not have any accumulated losses and has not
incurred cash loss during the fnancial year covered by our audit and in
the immediately preceding fnancial year.
(xi) 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 dues to a fnancial
institution, bank or debenture holders.
(xii) According to the information and explanations given to us and
based on the documents and records produced before 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) In our opinion, the Company is not a chit fund or a nidhi/
mutual beneft fund/society. Therefore, the provisions of Clause 4
(xiii) of the Order are not applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of Clause 4 (xiv) of the Order are not applicable to the
Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from a
bank or fnancial institution.
(xvi) The Company has not taken any term loan during the year and
previous year. Accordingly, we are not required to comment on its
utilization.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company as at 31
March 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) The Company does not have any outstanding debentures during the
year.
(xx) The Company has not raised any monies by way of public issues
during the year.
(xxi) Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Bhuta Shah & Co.
Chartered Accountants
Firm Registration No.: 101474W
CA. Mitesh Kothari
Place: Mumbai Partner
Date : 29th May, 2013 Membership No.: 110822
Mar 31, 2012
1. We have audited the attached Balance Sheet of Panama Petrochem
Limited Othe Company") as at March 31, 2012 and also the Statement of
profit and loss and the cash flow statement for the year ended on that
date annexed thereto. 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 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 (as
amended) 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:
i. 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;
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, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account;
iv. In our opinion, the balance sheet, statement of profit and loss
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.
v. On the basis of the written representations received from the
directors, as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 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 give the information
required by the Companies Act, 1956, in the manner so required and 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 March 31, 2012;
b) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
c) in the case of cash flow statement, of the cash flows for the year
ended on that date.
Annexure referred to in paragraph 3 of our report of even date
Re: Panama Petrochem Limited ('the Company')
(i) (a) The Company has 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 during the year but 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. No material
discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) (a) The management has conducted physical verification of
inventory at reasonable intervals during the year.
(b) 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) The Company is maintaining proper records of inventory.
Discrepancies noted on physical verification of inventories were not
material, and have been properly dealt with in the books of account.
(iii) (a) The Company has granted loans to two companies covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs.111.48 lakhs and the
year- end balance of loans granted to such parties was Rs. nil.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
(c) The loans granted are re-payable on demand. During the year, the
company has demanded the repayment of loans and the same has been
received thus there has been no default on the part of the parties to
whom the money has been lent. The payment of interest has been regular.
(d) There is no overdue amount of loans granted to companies listed in
the register maintained under section 301 of the Companies Act, 1956.
(e) The Company had taken loan from two persons covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 2.78 lakhs and the year-end
balance of loans taken from such parties was Rs. nil.
(f) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
(g) The loans taken are re-payable on demand and have been paid
regularly and thus, there has been no default on the part of the
company. The loans taken are interest free.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the company in respect of these areas.
(v) (a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Companies Act, 1956 that
need to be entered into the register maintained under section 301 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees five lakhs have been
entered into during the financial year 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.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) 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 section 209(1)(d) of the Companies
Act, 1956, related to manufacture of speciality petroleum products and
are of the opinion that prima facie, the prescribed accounts and
records have been made and maintained.
(ix) (a) The Company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education and protection fund, employees' state
insurance, income-tax, sales- tax, wealth-tax, service tax, customs
duty, excise duty, cess 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, investor
education and protection fund, employees' state insurance, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty cess and
other material statutory dues were outstanding, at the year end, for a
period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales-tax, wealth tax, customs duty, excise duty and
cess which have not been deposited on account of any dispute except in
case of income-tax and service tax which has not been deposited. The
details are given as under:
Name Nature Amount Amount
of the of (Rs paid
Statute dues lakhs) (Rs. lakhs)
Income Dispute 24.96 24.61
Tax Act relating to
1961 provisions
of Section
145A and
others
Service Service tax 10.88 -
Tax demand
raised on
certain items
Name of the Period to which Forum
the amount where
Statute relates dispute is pending
Income Tax Act, 1961 AY 06-07 Income Tax Appellate
Tribunal
Service Tax September 08 to Deputy
November 09 Commissioner of Service
Tax
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution or bank.
(xii) According to the information and explanations given to us and
based on the documents and records produced 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) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor's Report) Order, 2003 (as amended)
are not applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 (as amended) are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) The company has not taken any term loans during the year.
Accordingly we are not required to comment on the same. In case of term
loans taken in the previous year and repaid during the year, the
company has utilized the said loans completely in the previous year.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) We have verified that the end use of money raised from issuance of
Global Depository Receipt's is as disclosed in note 41 to the financial
statements.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the year.
For S. R. Batliboi & Co.
Firm registration number: 301003E
Chartered Accountants
per Ravi Bansal
Place: Mumbai Partner
Date : May 24, 2012. Membership No.: 49365
Mar 31, 2011
1. We have audited the attached Balance Sheet of Panama Petrochem
Limited ('the Company') as at March 31, 2011 and also the Profit and
Loss account and the cash fow statement for the year ended on that date
annexed thereto. 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 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 (as
amended) 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:
i. 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;
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, profit and loss account and cash fow 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
fow 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.
v. On the basis of the written representations received from the
directors, as on March 31, 2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2011 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 give the information
required by the Companies Act, 1956, in the manner so required and 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 March 31, 2011;
b) in the case of the profit and loss account, of the profit for the
year ended on that date; and
c) in the case of cash fow statement, of the cash fows 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 not been physically verified by the management
during the year but 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. No material discrepancies were noticed
on such verification.
(c) There was no substantial disposal of fixed assets during the year.
(ii) (a) The management has conducted physical verification of inventory
at reasonable intervals during the year.
(b) 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) The Company is maintaining proper records of inventory.
Discrepancies noted on physical verification of inventories were not
material, and have been properly dealt with in the books of account.
(iii) (a) The Company has granted loans to two companies covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount involved during the year was Rs.11,148 (thds) and the
year- end balance of loans granted to such parties is Rs.11,148 (thds).
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
(c) The loans granted are re-payable on demand. We are informed that
the company has not demanded repayment of any such loan during the
year, and thus, there has been no default on the part of the parties to
whom the money has been lent. The payment of interest has been regular.
(d) There is no overdue amount of loans granted to companies, frms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956.
(e) The Company had taken loan from two persons covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 2,475 (thds) and the year-end
balance of loans taken from such parties was Rs. 275 (thds).
(f) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
Company.
(g) The loans taken are re-payable on demand and have been paid
regularly and thus, there has been no default on the part of the
company. The loans taken are interest free.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
During the course of our audit, we have not observed any continuing
failure to correct major weakness in internal control system of the
company.
(v) (a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Companies Act, 1956 that
need to be entered into the register maintained under section 301 have
been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees five lakhs have been
entered into during the financial year 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.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) 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 section 209(1)(d) of the Companies
Act, 1956, related to manufacture of speciality petroleum products and
are of the opinion that prima facie, the prescribed accounts and
records have been made and maintained.
(ix) (a) Undisputed statutory dues including income tax, provident
fund, investor education and protection fund, employees' state
insurance, wealth-tax, customs duty, service tax, excise duty, cess and
other material statutory dues applicable to it have generally been
regularly deposited with appropriate authorities though there has been
a slight delays in few cases of income tax, provident fund, service
tax, profession tax and sales tax.
Further, since the Central Government has till date not prescribed the
amount of cess payable under section 441 A of the Companies Act,1956,
we are not in a position to comment upon the regularity or otherwise of
the company in depositing the same.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, investor
education and protection fund, employees' state insurance, income-tax,
wealth-tax, service tax, sales-tax, customs duty, excise duty cess and
other material statutory dues were outstanding, at the year end, for a
period of more than six months from the date they became payable
(c) According to the information and explanations given to us, there
are no dues of sales-tax, wealth tax, service tax, customs duty, excise
duty and cess which have not been deposited on account of any dispute
except in case of income- tax which has not been deposited. The details
are given as under:
Name Nature Amount Amount Period Forum
of the of ( Rs. thds) paid to which where
Statute dues ( Rs. thds) the dispute
amount is
relates pending
Income Dispute 2,496 1,248 AY 06-07 Income
Tax Act relating to Tax
1961 provisions Appellate
of Section Tribunal
145A and
others
(x) The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and immediately
preceding financial year.
(xi) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(xii) According to the information and explanations given to us and
based on the documents and records produced 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) In our opinion, the Company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor's Report) Order, 2003 (as amended)
are not applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor's Report) Order,
2003 (as amended) are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xvi) Based on information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) The Company has not made any preferential allotment of shares
to parties or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) The Company has not raised any money through a public issue during
the period. Accordingly, the provisions of clause 4(xx) of the
Companies (Auditor's Report) Order, 2003 (as amended) are not
applicable to the Company.
(xxi) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the year.
For S. R. Batliboi & Co.
Firm registration number: 301003E
Chartered Accountants
per Ravi Bansal
Place: Mumbai Partner
Date : May 30, 2011. Membership No.: 49365
Mar 31, 2010
I) We have audited the attached Balance Sheet of PANAMA PETROCHEM
LIMITED, as at 31st March 2010, the Profit and Loss account and also
the Cash Flow Statementfor the year ended on that date 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.
ii) We 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.
iii) 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.
iv) Further to our comments in the annexure referred to above, we
report that:
1. 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;
2. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
3. The Balance Sheet, Profit and Loss account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
4. 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 to the extent applicable except that no provision
is made towards Leave Encashment payable to employees which is not in
accordance with the Accounting Standard-15 issued by the Institute of
Chartered Accountants of India, amount not being quantified, its impact
on the profit could not be ascertained;
5. On the basis of written representations received from the directors
of the Company, as on 31st March 2010 and taken on record by the Board
of Directors, we report that none of the director 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;
6. Subject to our observation made in para 4 hereinabove, in our
opinion, and to the best of our information and according to the
explanations given to us, the said accounts read together with the
other notes to accounts given in Schedule T give the information
required by the Companies Act, 1956, in the manner so required, 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 of the
Company for the year ended on that date;
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Annexure to the Auditors Report
(Referred to in paragraph iii 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) As explained to us, all the assets have not been physically
verified by the management during the year but there is a regular
programme of verification in a phased manner. In our opinion, the same
is reasonable having regard to the size of the company and the nature
of its assets. The management has explained to us that no material
discrepancies were noticed during such verification.
(c) In our opinion, the disposal of fixed assets during the year are
not of the significant value so as to affect the going concern
assumption.
(ii) (a) As explained to us, the inventories (except stock in transit)
have been physically verified at reasonable intervals during the year.
In respect of inventory lying with bonded warehouse and with third
parties, the same have been taken as per the confirmation obtained. In
our opinion, the frequency of such verification is reasonable.
(b) Based on the information given to us, 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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between physical stocks and book
records were not material.
(iii) (a) According to the information and explanation given to us, the
Company has granted interest free unsecured advances in the nature of
loan to two Companies and to three parties covered in the register
maintained under section 301 of the Companies Act, 1956 and the maximum
amount involved is Rs. 1,62,47,472/- and the balance at the close of
the year is Rs. 1,54,17,172/
(b) According to the information and explanation given to us, in our
opinion except that the same being interest free, the other terms and
conditions of the loans granted by the company are prima facie not
prejudicial to the interest of the company.
(c) As there is no specific stipulation for repayment of principal and
interest, the requirement of clauses iii (c) & iii (d) of paragraph 4
of the order are not applicable.
(d) The company has not taken any unsecured loan from companies, firms
or other parties covered in the register maintained under section 301
of the Companies Act, 1956. Accordingly, requirement of clauses iii (f)
& iii (g) of paragraph 4 of the order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, having regard to the explanation that some of the items
are of special nature for which alternative quotations are not
available, 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 sale of
goods. During the course of our audit and according to the information
and explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that the particulars of
contracts or agreements that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
(b) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered
into register maintained under section 301 of the Companies Act, 1956
and exceeding the value of rupees five lacs in respect of each party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at relevant time.
(vi) According to the information and explanations given to us, the
company has not accepted any deposits to which the provisions of
section 58A & 58AA of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 apply.
(vii) The Company has set up in-house internal audit department The
Company is in the process of setting up a formal internal audit system
to make it commensurate with the size of the company & nature of its
business.
(viii) We have broadly reviewed the books of accounts relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have, however,
not made a detailed examination of the records with a view to determine
whether they are accurate or complete.
(ix) (a) The company is generally regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax,
Excise Duty, Cess, and other statutory dues as applicable with the
appropriate Authorities, except that there were few cases of delay in
depositing professional tax, customs duty and further, undisputed
professional tax and tax deducted at source amounting to Rs. 9127/- and
Rs. 593948/- respectively has remained outstanding as at 31 st March,
2010 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there
are no dues of Sales Tax, Customs Duty, Wealth Tax, Excise Duty and
Cess which have not been deposited on account of any dispute, except
liability in respect of service tax amounting to Rs.9.30 Lacs, the
details of the same are given as under:
Name of Period Amount Forum where
Statute (Rs.) dispute are
pending
Service Tax F.Y. 2008-09 & 9.30 Lacs Superintendent
2009-10 Central Excise
& Customs.
(x) The Company has neither accumulated losses as at 31 st March 2010
nor it has incurred any cash losses during the financial year ended on
that date or in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions, bank 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 shafes, debentures and other
securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause (xiii) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the Company is not dealing in or trading in
securities, debentures and other investments except that dealing in
shares were effected, and proper records have been maintained in
respect of transaction and contracts and timely entries have been made
therein. Also the shares have been held by the Company in its own
name.
(xv) According to the information & explanations given to us, the
Company has not given any guarantee for loans taken by other from banks
or financial institutions.
(xvi) In our opinion and according to the information & explanations
given to us, the term loans have been applied for the purpose for which
they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds on short- term basis have been used for long term
investment.
(xviii) According to the information and explanations given to us, the
Company has not made any preferential allotment during the year to the
parties and companies covered in the register maintained u/s 301 of the
Act.
(xix) The Company has not issued any debentures during the year.
(xx) No money has been raised by public issue by the company 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.
For HABIB & CO.
CHARTERED ACCOUNTANTS
D. P. SHROFF
PARTNER
Place: Mumbai M. NO. 45417
Date : 31st May, 2010 Firm Reg. No. 103479W
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