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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 30, 15:40
648.65 -20.80 (-3.11%)
Volume
AVERAGE VOLUME
5-Day
69,855
10-Day
44,044
30-Day
18,307
21,240
  • Prev. Close

    669.45

  • Open Price

    670.00

  • Bid Price (Qty.)

    648.00 (20)

  • Offer Price (Qty.)

    666.00 (70)

NSE Live

Jul 30, 15:58
649.20 -19.65 (-2.94%)
Volume
AVERAGE VOLUME
5-Day
978,013
10-Day
522,542
30-Day
211,044
183,161
  • Prev. Close

    668.85

  • Open Price

    670.00

  • Bid Price (Qty.)

    649.20 (42)

  • Offer Price (Qty.)

    0.00 (0)

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, 2010, and the related Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. 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 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 statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order, 2004 (together the Order), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of The Companies Act, 1956 of India (the Act) and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. The Company has not provided for a mark-to-market loss on commodity forward/option contracts aggregating Rs. 400,027,218 as at March 31, 2010 aswas requiredto be provided on grounds of prudence under the provisions of Accounting Standard 1 Disclosure of Accounting Policies (Refer Note 7A, Schedule 22), for the reasons stated by the management in the said note. Consequently, without considering the tax effect, the profit for the year and reserves and surplus are overstated and current liabilities are understated by Rs. 400,027,218. Had the effect of the observation made by us been considered, the reported profit would turn into a loss for the year of Rs. 94,198,819 (as against the reported profit after tax and extraordinary items of Rs. 305,828,399), the reserves and surplus would have been Rs. 2,206,451,084 (as against the reported figure ofRs. 2,606,478,302) and the current liabilities would have been Rs. 12,135,770,325 (as against the reported figure of Rs. 11,735,743,107) 5. Further to our comments in the Annexure referred to in paragraph 3 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, subject to our comments in paragraph 4 above, 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 Act; e. On the basis of written representations received from the directors, as on March 31, 2010 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 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 together with the notes thereon and attached thereto, subject to the effect on the financial statements of the matter referred to in the paragraph 4 above, give in the prescribed manner, the information required by the Act, 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, 2010; ii. in the case of the Profit and Loss Account, of the reported profit for the year ended on that date; and iii. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to the Auditors Report [Referred to in paragraph 3 of the Auditors Report of even date to the members of Apar Industries Limited on the financial statements for the year ended March 31, 2010] 1) a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets. b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of three years, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of fixed assets has been physically verified-by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year. 2) a) The inventory (excluding stocks with third parties) has been physically verified by the Management during the year. In respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is reasonable. b) In our opinion, the procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business. c) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not material. 3) a) The Company has not granted loans, secured or unsecured, to Companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of sub clause (b) to (d) of clause (iii) of paragraph 4 of the Order are not applicable. b) The Company has taken unsecured loans from thirteen parties covered in the register maintained under Section 301 of the 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. 598,321,594 and Rs. 250,653,157 respectively. c) In our opinion, and according to the information and explanations given to us, the rate of interest and other terms and conditions of the loans taken by the Company are, prima facie, not prejudicial to the interests of the Company. d) In our opinion, and according to the information and explanations given to us, the Company is regular in repayment of principal and interest, where stipulations have been made. In cases where there are no stipulations and repayment of both principal and interest are stated at call, the Company is regular in the payment of principal and interest as and when demanded. 4) 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, fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, no major weakness have been noticed or reported. 5) a) In our opinion and according to the information and explanations given to us, 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 according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements and exceeding Rs. five lakhs in respect of any party during the year, which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant time. 6) In our opinion and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. According to the information and explanations given to us, no Order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on the Company in respect of the aforesaid deposits. 7) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. 8) We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub-section (1) of Section 209 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete. 9) a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income-tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues as applicable with the appropriate authorities. b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of wealth tax and cess which have not been deposited on account of any dispute, and the particulars of excise duty, sales tax, customs duty, income-tax and service tax as at 31st March, 2010 which have not been deposited on account of a dispute are as follows: Nature of the Nature of dues* Amount under Period to which Statute dispute and the unpaid amount relates (Rs.) The Central Excise duty, 44,507,841 1999-00 to 2001-02 Excise Act, 1944 Service tax and The Finance Act, Customs duty 1994-Service 18,767,127 2004-05 to 2006-07 tax and Customs 23,118,932 1999-00,2001 -02 Act, 1962 1,694,484 2003-04 to 2006-07 925,851 1993-94 1,984,896 1996-97 to 1998-99 Central Sales Tax Sales Tax 1,205,837 1998-99,2001-02 to Act and Local 2004-05 Sales Tax Acts 60,204 2003-04 and 2004-05 83,181 l998-99 54,492,862 2002-03,2003-04 & 2004-05 Income Tax Act, Tax Deducted At 201,742 2003-04 to 2007-08 1961 Source Nature of the Forum where dispute Statute is pending The Central Bombay High Court, Excise Act, 1944 against the Order of The Finance Act, Settlement Commission 1994-Service Commissioner (Appeals) tax and Customs Customs, Excise and Act, 1962 Service Tax Appellate Tribunal Customs, Excise and Service Tax Appellate Tribunal DGFT,Mumbai Customs, Excise and Service Tax Appellate Tribunal Central Sales Tax Assistant Commissioner Act and Local Sales Tax Acts Commercial Tax Officer Tribunal Commissioner-VAT Income Tax Act, Commissioner Income Tax 1961 (Appeals) *including interest and penalty, as applicable 10. The Company has no accumulated losses as at 31 st March, 2010, and has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. 11. 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 any financial institution or bank or debenture holders as at the balance sheet date. 12. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The provisions of any special statute applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company. 14. In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments. 15. In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the Company, for loans taken by others from banks or financial institutions during the year, are not prejudicial to the interest of the Company. 16. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purposes for which they were obtained. 17. On the basis of an overall examination of the balance sheet of the Company, in our opinion 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. 18. 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. 19. The Company has not issued any debentures during the year. 20. The Company has not raised any money by public issue during the year. 21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the Management. For Price Waterhouse Chartered Accountants Firm Registration No.: 301112E Vilas Y. Rane Partner Mumbai, May 25, 2010 Membership No.: F 33220