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Apar Industries Ltd.

BSE: 532259 | NSE: APARINDS |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE372A01015 | SECTOR: Electric Equipment

BSE Live

Jul 26, 16:00
610.75 -2.05 (-0.33%)
Volume
AVERAGE VOLUME
5-Day
21,063
10-Day
15,337
30-Day
8,722
32,941
  • Prev. Close

    612.80

  • Open Price

    616.95

  • Bid Price (Qty.)

    601.00 (17)

  • Offer Price (Qty.)

    608.00 (210)

NSE Live

Jul 26, 15:58
610.15 -2.65 (-0.43%)
Volume
AVERAGE VOLUME
5-Day
336,939
10-Day
217,350
30-Day
109,910
517,271
  • Prev. Close

    612.80

  • Open Price

    616.40

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    610.15 (4636)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of Apar Industries Limited (the Company) as at March 31, 2007 and also the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, annexed thereto (all together referred to as financial statements). These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 anjounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 (the Act), and on the basis of such checks of the books and records as we considered necessary and appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the Order. 4. Further to our comments in the Annexure referred to above, 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 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 appears from our examination of those books; c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d. 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 Section 211 (3C) of the Act; e. On the basis of the written representations received by the Company from its directors, and taken on record by the Board of Directors, we report that none of the directors are disqualified as at the balance sheet date from being appointed as a director under Section 2 74(1 )(g) of the Act; f. In our opinion, and to the best of our information and according to the explanations given to us, the said financial statements, read with the notes thereon, give the information required by the Act in the manner so required and, give a true and fair view in conformity with the accounting principles generally accepted in India: i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2007; ii. in the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date; and iii. in case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Annexure to Auditors Report [Referred to in our Report of even date to the members of Apar Industries Limited on the financial statements for the year ended on March 31, 2007] (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets over a period of three years, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, the management conducted physical verification of certain fixed assets during the year. We are informed that no material discrepancies were noticed on such verification. , (c) The Company has not disposed off a substantial part of fixed assets during the year under report, and accordingly, the going concern assumption is not affected. (ii) (a) As explained to us, the management has conducted physical verification of inventory at reasonable intervals during the year, and also as at the balance sheet date. In respect of inventory in the custody of third parties as at the balance sheet date, the Company has received written confirmations of holding from the parties for a substantial portion of such inventories. (b) In our opinion, and according to the information and explanations given to us, the procedures for physical verification of inventory, followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. (c) In our opinion, and according to the information and explanations given to us, the Company has maintained proper records of its inventory, and the discrepancies noticed on physical verification of inventory as compared to the book records were not of a material nature and have been properly dealt with in the books of account. (iii) (a) The Company has granted unsecured loan to one party covered in the register maintained under Section 301 of the Act. The maximum amount of the loan outstanding during the year was Rs. 8,500,000. This loan was recovered by the Company as at the year-end. (b) In our opinion, and based on the information and explanations given to us, the rate of interest and other terms and conditions of the loan granted by the Company is, prima facie, not prejudicial to the interests of the Company. (c) In our opinion, and according to the information and explanations given to us, the principal and interest have been received regularly. (d) According to the information and explanations given to us, the loan has been recovered by the Company as at the year-end, hence, sub-clause (e) of clause (iii) of paragraph 4 of the Order are not applicable (e) The Company has availed secured and unsecured loans from thirteen parties covered in the register maintained under Section 301 ofthe Act. The aggregate of the maximum amount of the loans outstanding during the year, and the aggregate of the year-end balances of such loans was Rs. 493,001,983 and Rs. 351,767,804 respectively. (f) In our opinion, and based on the information and explanations given to us, the rate of interest and other terms and conditions of the loans availed by the Company are, prima facie, not prejudicial to the interests of the Company. (g) In our opinion, and according to the information and explanations given to us, the Company is regular in repayment of principal and interest in cases where stipulations have been made. In cases where there are no stipulations, and repayment of both principal and interest is stated to be at call, as the same has been paid as and when demanded by the parties, in our opinion, the Company is regular in the payment of principal and interest. (iv) In our opinion, and according to the information and explanations given to us, the Company has an adequate internal control system commensurate with the size of the Company and 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 continuing failure to correct major weaknesses in the internal control system. (v) (a) To the best of our knowledge and belief, and according to the information and explanations given to us, and on the basis of the audit procedures applied by us, the particulars of contracts or arrangements referred to in Section 301 of the Act, have been entered into the register required to be maintained pursuant to that Section. (b) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements referred to in Section 301 of the Act have been made at prices which are reasonable having regard to the prevailing market prices atT:he relevant times. (vi) In our opinion and according to the information and explanations given to us, the Company has accepted deposits from the public, and in this regard, has complied with the directives issued by the Reserve Bank of India and the provisions of Sections 58A, 58AA and other relevant provisions of the Act and the rules framed there under. (vii) In our opinion, the Company has an internal audit system of which the scope and coverage is commensurate with the size and nature of its business. (viii) We have broadly reviewed the cost records maintained by the Company in respect of its Oil, Polymer and Conductor businesses pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1 )(d) of the Act, and we are of the opinion that, prima facie, the prescribed records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determining whether they are accurate or complete. (ix) (a) In our opinion, and according to the information and explanations given to us, the Company was generally regular during the year in depositing 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, with appropriate authorities. In respect of contractors retained by the Company, the management has represented to us that the relevant dues have been regularly deducted and deposited by the contractors with appropriate authorities. As regards sales-tax dues relating to sales effected through the Companys consignment agents, which are recognised in the books of the agents, the management has represented to us that the agents are regular in depositing the same, and as at the balance sheet date there are no undisputed dues that remain unpaid. (b) As at the balance sheet date, the following amounts of specified dues have not been deposited by the Company on account of disputes pending before authorities: Nature of the Nature Amount under Statute of dues dispute & unpaid (Rs) The Central Excise Act, 1944 Excise Duty 71,293,908 4,688,322 2,081,160 463,697 7,717,920 Customs Act, 1962 Customs Duty 20,127,980 3,257,626 Central sales Tax Act Sales Tax 3,482,493 and Local Sales Acts 451,351 1,467,483 Period to which the Forum where amount relates dispute pending 2000 to 2002 Settlement Commission 2000 to 2005 Commissioner (Appeals) 2000 to 2001 Commissioner 2001 to 2002 Assistant Commissioner 1995 to 2000 Tribunal 1998 to 1999 Tribunal 1999 to 2006 Commissioner (Appeals) 1998 to 2005 Assistant Commissioner 1 998 to 2004 Commercial Tax Officer 1994 to 1999 Tribunal (x) The Company does not have any accumulated losses as at March 31, 2007 and has not incurred cash losses in the financial year ended on that date, or in the immediately preceding financial year. (xi) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks or its debenture holders as at the balance sheet date. (xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities, accordingly, the provisions of clause (xii) of paragraph 4 of the Order are not applicable. (xiii) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies, are not applicable to the Company. (xiv) In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments. (xv) According to the information and explanations given to us, the Company has given a guarantee in respect of credit facilities availed by its wholly owned subsidiary from a bank, the terms and conditions whereof, in our opinion, are prima facie not prejudicial to the interests of the Company. (xvi) In our opinion and according to the information and explanations given to us, on an overall basis, the term loans availed during the year by the Company were applied for the purposes for which they were obtained including temporary deployment pending such application. (xvii) In our opinion, and on the basis of an overall examination of the balance sheet of the Company and according to the information and explanations given to us, there are no funds raised on a short-term basis which have been used for long-term investment. (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 during the year. (xix) According to the information and explanations given to us, the Company has not issued any debentures during the year. (xx) The Company has not raised any money by public issue during the year; accordingly, the provisions of clause (xx) of paragraph 4 of the Order are not applicable. (xxi) During the course of our examination of books and records, and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the year. For RSM & Co. Chartered Accountants Vilas Y. Rane Mumbai: Partner May 30, 2007 Membership No.: F-33220