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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 23, 16:00
612.80 44.70 (7.87%)
Volume
AVERAGE VOLUME
5-Day
18,233
10-Day
12,371
30-Day
7,757
51,333
  • Prev. Close

    568.10

  • Open Price

    567.85

  • Bid Price (Qty.)

    612.80 (131)

  • Offer Price (Qty.)

    612.80 (419)

NSE Live

Jul 23, 15:59
612.80 46.20 (8.15%)
Volume
AVERAGE VOLUME
5-Day
261,718
10-Day
166,979
30-Day
94,167
1,014,660
  • Prev. Close

    566.60

  • Open Price

    566.00

  • Bid Price (Qty.)

    612.80 (718)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the attached Balance Sheet of Apar Industries Limited as at 31st March, 2011, the Profit and Loss Account and also 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. 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. In accordance with provisions of Section 227 of the Companies Act 1956, we report that: 1. As required by the Companies (Auditor''s Report) Order, 2003 and as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004 (the Order'') issued by the Central Government of India in terms of Section 227 (4A) 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. 2. Further to our comments in the Annexure referred to above, we report that: (a) we have obtained all 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, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; (d) in our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956; and (e) on the basis of the written representations received from directors of the Company as on 31st March, 2011, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011, from being appointed as a director in terms of Section 274 (1)(g) of the Companies Act, 1956. (f) The Company has not provided for mark-to-market losses on commodity forward contracts aggregating to Rs.280,401,393 as at 31st March, 2011. Consequently, after considering the deferred tax effect, the profit for the year is lower by Rs.79,889,117, the Current Liabilities and Provisions as at 31st March, 2011 have been understated by Rs. 280,401,393, the closing Reserves as at 31st March, 2011 are overstated by Rs.187,259,060 and the opening Reserves as at 1st April, 2010 are overstated by Rs.264,057,967. Had the observation made by us been considered, the profit after tax for the year would have been Rs.1,138,420,534 (as against the reported profit after tax of Rs.1,058,531,417), the Current Liabilities and Provisions would have been Rs.14,465,091,895 (as against the reported Current Liabilities and Provisions of Rs.14,184,690,502), the closing Reserves would have been Rs.3,236,668,688 (as against the reported closing Reserves of Rs.3,423,927,748) and the opening Reserves as at 1st April, 2010 would have been Rs.2,342,420,335 (as against the reported opening Reserves of Rs.2,606,478,302). (Refer Note 5 of Schedule 22) Subject to our observations referred to in paragraph 2(f) above and its consequential effects on the financial statements, in our opinion, and to the best of our information and according to the explanations given to us, the said financial statements, read together with the Significant Accounting Policies in Schedule 21'' and the Notes to the Financial Statements in Schedule 22'', 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: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011; (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and (iii) in case of the Cash Flow Statement, of the cash flows for the year ended on that date. Annexure to the Auditors'' Report i) a) The Company is maintaining proper records to show full particulars, including quantitative details and situation of all fixed assets. b) As explained to us, these fixed assets have been physically verified by the management, in accordance with a phased programme of verification, which in our opinion, is reasonable, considering the size of the Company and nature of its assets. The frequency of physical verification is reasonable and no material discrepancies were noticed on such verification. c) The Company has not disposed off any substantial part of its fixed assets during the year, so as to affect its going concern status. ii) a) As explained to us, the inventories have been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. b) As per the information given to us, the procedures of physical verification of inventory followed by the management are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business. c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records, which were not material, have been properly dealt with in the books of account. iii) a) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, Paragraphs 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, the Company has taken unsecured loans from thirteen parties covered in the register maintained under Section 301 of the Companies Act, 1956. The aggregate of the maximum amount of loans outstanding during the year and the aggregate of the year-end balances of such loans was Rs. 698,905,825, and Rs. 145,423,033 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 interest 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. 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 nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system. v) a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956, have been so entered. b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of such contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. vi) The Company has accepted deposits from the public and in our opinion and according to the information and explanations given to us, the directives issued by the Reserve Bank of India and the provisions of Sections 58A, 58AA and other relevant provisions of the Companies Act, 1956 and the rules framed there under, where applicable, have been complied with. We are informed that 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. vii) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. viii) We have broadly reviewed the books of account and records maintained by the Company pursuant to the rules prescribed by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956, in respect of the products and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. The contents of these accounts and records have not been examined by us. ix) a) According to the information and explanations given to us, in our opinion, the Company is generally regular in depositing 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 and other statutory dues, as applicable, with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts were in arrears as at 31st March, 2011, for a period of more than six months from the date they become payable. b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of sales tax, service tax, excise duty, custom duty and cess as at 31st March, 2011, which have not been deposited on account of a dispute, are as under: Name of the Nature of the Amount Period to which Forum where disputes Statute disputed dues Rupees* the amount relates are pending The Central Sales Tax Act, Tax, interest 83,181 1998-99 Tribunal 1956, Local Sales Tax Acts and penalty 61,205, 190 2002-03 and Works Contract 2003-04 Commissioner VAT Tax Act 2004-05 2006-07 99,583 2008-09 Deputy Commissioner of Taxes (Appeals) 1,205,837 1998-99 Assistant Commissioner 2001-02 to 2004-05 60,204 2003-04 and 2004-05 Commercial Tax Officer The Central Excise Act, Duty, service 44,507,841 1999-2000 to 2001-02 Supreme Court 1944, the Customs Act, tax and penalty 35,489,508 1996-97 to 1999-2000 CESTAT 1962 and Ser vice tax 2001-02 under the Finance Act, 2003-04 to 2006-07 1994 925,851 1993-94 DGFT, Mumbai 36,286,978 2000-01 to 2009-10 Commissioner (Appeals) * Net of pre-deposit paid in getting the stay / appeal admitted x) The Company has no accumulated losses as at 31st March, 2011 and it has not incurred any cash losses in the financial year ended on that date and in the immediately preceding financial year. xi) According to the information and explanations given to us, in our opinion the Company has not defaulted in the repayment of dues to any financial institutions or bank as at the balance sheet date. The Company has not issued any debentures. xii) According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xiii) The provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/society are not applicable to the Company. xiv) In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in securities. The Company has invested surplus fund in mutual funds. According to the information and explanations given to us, proper records have been made of the transactions and contracts and timely entries have been made therein. xv) In our opinion and according to the information and explanations given to us, the terms and conditions of guarantee given by the Company for loans taken by others from banks or financial institutions are not prima facie prejudicial to the interests of the Company. xvi) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained. xvii) According to the information and explanations given to us and on 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 investments. 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, during the year. (xix) The Company has not issued any debentures during the year. Accordingly, Paragraph 4 (xix) of the Order pertaining to creation of security or charge for debentures does not arise. (xx) The Company has not raised any money by public issues during the year. Accordingly, Paragraph 4 (xx) of the Order is not applicable to the Company. (xxi) During the course of our examination of 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 instances of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. Sharp & Tannan Chartered Accountants Registration No.: 109982W by the hand of Milind P. Phadke Partner Mumbai, 27th May, 2011 Membership No.: 033013