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Apcotex Industries Ltd.

BSE: 523694 | NSE: APCOTEXIND |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE116A01032 | SECTOR: Rubber

BSE Live

Dec 08, 16:00
360.20 6.85 (1.94%)
Volume
AVERAGE VOLUME
5-Day
28,020
10-Day
21,001
30-Day
21,633
12,765
  • Prev. Close

    353.35

  • Open Price

    359.85

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 08, 15:43
360.40 6.40 (1.81%)
Volume
AVERAGE VOLUME
5-Day
80,777
10-Day
84,232
30-Day
128,630
57,979
  • Prev. Close

    354.00

  • Open Price

    360.00

  • Bid Price (Qty.)

    360.40 (138)

  • 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 accompanying financial statements of Apcotex Industries Limited (the Company), which comprise the Balance Sheet as at 31st March , 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The 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 the internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, 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.

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 31st March, 2013;

(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 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) as amended, issued by the Central Government of India in terms of subsection (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 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, Statement of Profit and Loss 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, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT (REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF REPORT ON THE OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE).

1) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of the Fixed Assets.

(b) There is a regular program of physical verification, which in our opinion is reasonable, having regard to the size of the Company and the nature of fixed assets. No material discrepancies were noticed by the management on such physical verification.

(c) The Company has not disposed of substantial part of fixed assets during the year.

2) (a) Inventories have been physically verified by the management during the year. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of account.

3) (a) The Company has not granted any loans during the year to any parties covered in the register maintained under section 301 of the Companies Act, 1956. In view of clause 4(iii)(a) of the Companies (Auditors' Report) Order, 2003, Clause 4(iii)(b, c and d) are not applicable to the Company.

(b) The Company has not accepted any loans during the year from the parties covered in the register maintained under section 301 of the Companies Act, 1956.

In view of clause 4 (iii) (e) of the Companies (Auditor's Report) Order, 2003, clauses 4 (iii) (f & g) are not applicable to the Company.

4) In our opinion, and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to the purchase of inventory and fixed assets and with regard to sale of goods and services. We have not observed any major weakness in the internal control system during the course of our audit.

5) (a) According to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion, and according to the information and explanations given to us, the transactions of purchase of goods, materials or services and sale of goods, materials or services, made in pursuance of contracts or arrangements referred to in (a) above and exceeding the value of Rs. 5 lakhs with any party during the year have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

6) According to the information and explanations given to us, the Company has not accepted any deposit from the Public, therefore the provisions of clause 4(vi) of the Companies (Auditors' report) Order, 2003 are not applicable to the Company.

7) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

8) As informed to us the Company maintains the cost records pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Sec. 209(1 )(d) of the Companies Act, 1956. We have, however, not checked those records or the statements prepared as per requirements.

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 the undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income tax, sales tax, wealth tax, customs duty, cess and other material statutory dues as applicable with appropriate authorities.

(b) According to the information and explanations given to us, there are no undisputed dues payable in respect of Income tax, Wealth tax, Sales Tax, VAT, Service Tax, customs Duty, Excise Duty and cess were outstanding as at 31st March, 2013 for a period of more than six months from the date they became payable.

(c) Following disputed demands aggregating to Rs. 428.62 lacs have not been deposited since the matter is pending with the relevant concerned authorities.

Name of the Nature of Amount Period to Forum where Statute Dues (Rs. In which the dispute is pending Lacs) amount relates

Income Tax Act Income Tax 3.75 2002-03 CIT(A) Penalty

Income Tax Act Tax, Interest 36.53 2005-06 ITAT

Income Tax Act Tax, Interest 3.77 2006-07 ITAT

Income Tax Act Tax, Interest 208.33 2007-08 CIT(A)

Customs Act Custom Duty 140.98 August SUPREME COURT & Penalty 2000 to July 2004

Excise Act Excise Duty 35.26 2002-03 JOINT & Penalty COMMISSIONER

2003-04 CESTAT

2005-06 ASSISTANT COMMISSIONER

2006-07 ASSISTANT COMMISSIONER

2007-08 ASSISTANT COMMISSIONER

2010-11 COMMISSIONER CESTAT

10) The Company has no accumulated losses as at 31st March 2013 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11) The Company has not defaulted during the year in repayment of dues to any financial institutions, banks or debenture holders.

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) As the Company is not a chit fund, nidhi, mutual benefit fund or society, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company.

14) The Company has maintained proper records of the transactions and contracts in respect of dealing or trading in shares, securities and other investments and timely entries have been made therein. All the shares, securities and other investments have been held by the Company in its own name.

15) The Company has not given any guarantees for loans taken by others from Banks or Financial institutions during the year.

16) The term loan has been applied for the purpose for which it was raised.

17) According to the information and explanations given to us, the Company has not applied short-term borrowings for long-term investment.

18) The Company has not made any preferential allotment of shares during the year.

19) The Company has not issued any debentures during the year.

20) The Company has not raised any money by way of public issue during the year.

21) As per the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For Shah & Co.

Chartered Accountants

FRN: 109430W

P.N. SHAH

Partner

Mumbai: April 25, 2013 M. No. 001738