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Chennai Petroleum Corporation Ltd.

BSE: 500110 | NSE: CHENNPETRO |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE178A01016 | SECTOR: Refineries

BSE Live

Sep 17, 16:00
117.95 2.25 (1.94%)
Volume
AVERAGE VOLUME
5-Day
58,105
10-Day
68,242
30-Day
56,421
70,026
  • Prev. Close

    115.70

  • Open Price

    118.00

  • Bid Price (Qty.)

    118.35 (3600)

  • Offer Price (Qty.)

    118.90 (3)

NSE Live

Sep 17, 15:59
118.25 2.40 (2.07%)
Volume
AVERAGE VOLUME
5-Day
689,652
10-Day
700,012
30-Day
488,561
1,114,699
  • Prev. Close

    115.85

  • Open Price

    116.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    118.25 (35)

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 Chennai Petroleum Corporation Limited, as at 31st March 2010, 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 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 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-I, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure-I 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 accounts 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 flow 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 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) Disclosure in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 is not required for Government Companies as per notification No. GSR829(E) dated October 21, 2003, issued by the Department of Company Affairs.; 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 31st March 2010 (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 the cash flow statement, of the cash flows for the year ended on that date. Annexure to auditors report ANNEXURE -1 Annexure to 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 the 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. (c) During the year, no substantial part of the fixed assets of the company were disposed off. (ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) 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 the physical stocks and the book records have been appropriately dealt with in the books of account. (iii) We are informed that there is no company, firm or party to be listed in the Register referred to in Section 301 of the Companies Act, 1956 and hence we have no comments to offer in respect of clauses 4 (iii) (a), 4 (iii) (b), 4 (iii) (c), 4 (iii) (d), 4 (iii) (e), 4 (iii) (f) and 4 (iii) (g) of the Companies (Auditors Report) Order, 2003. (iv) 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 purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. (v) We are informed that there is no company, firm or party to be listed in the Register referred to in Section 301 of the Companies Act, 1956 and hence we have no comments to offer in respect of clauses 4 (v) (a) and 4 (v) (b) of the Companies (Auditors Report) Order, 2003. (vi) The company has not accepted any deposits from the public and hence we have no comments to offer in respect of clause 4(vi) of the Companies (Auditors Report) Order, 2003. (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 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. (ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. We are informed that no employee of the company is covered by Employees State Insurance Scheme (b) The company, in the absence of suitable notification by the Central Government specifying the applicable rate of cess under section 441A of the Companies Act, 1956 on turnover payable by the company, towards Rehabilitation and Revival Fund, the company has neither paid nor provided for cess. (c) The details of disputed dues of Income tax, Sales tax, Wealth tax, Service tax, Customs duty, Excise duty and Cess, which have not been deposited, are given in Annexure - II to our report. (x) The company does not have any accumulated losses as on 31st March 2010. The company has not incurred cash losses during the financial year covered by our audit and has incurred cash loss 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 a financial institution or banks. (xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities and hence we have no comments to offer in respect of clause 4 (xii) of the Companies (Auditors Report) Order, 2003. (xiii) The company is not a chit fund or a nidhi, mutual benefit fund/society. Therefore, the provisions of clauses 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (xiv) 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 (Auditors Report) Order, 2003 are not applicable to the company. (xv) In our opinion and according to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions and hence we have no comments to offer in respect of clause 4 (xv) of the Companies (Auditors Report) Order, 2003. (xvi) In our opinion, 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 raised on short-term basis have been used for long-term investment (xviii) The company has not issued shares during the year and hence we have no comments to offer in respect of clause 4 (xviii) of the Companies (Auditors Report) Order, 2003 (xix) The company has not issued any debentures during the year nor there is any outstanding as on 31st March 2010 and hence we have no comments to offer in respect of clause 4 (xix) of the Companies (Auditors Report) Order, 2003 (xx) The company has not raised money by public issues in the recent past and hence we have no comments to offer in respect of clause 4 (xx) of the Companies (Auditors Report) Order, 2003 (xxi) As represented to us by the management and based on our examination in the normal course of audit, no fraud on or by the company has been noticed or reported during the year. Statement of Disputed Dues Disputed Amount paid Period to Nature of the Amounts under protest which the Name of the Statute dues (Rs.In) Predepo- sit amount Lakhs) (Rs. in lakhs) relates TamilNadu General Sales Tax Dues 5.30 - 1992-93 Sales Tax Act Tribunal Andhra Pradesh Value Added 1731.81 626.20 Apr 2005 to Value Added Tax Act Tax Dues Aug 2007 Karnataka Value Value Added 60.00 60.00 2005-06 to Added Tax Act Tax Dues 2008-09 Central Sales Tax Act Sales Tax Dues 165.18 - 1991-92 Central Excise Act Excise Dues 56.62 - Aug 2003 to May 2004 Central Excise Act Excise Dues 128.64 - Feb 2004 to Aug 2004 Central Excise Act Excise Dues 98.78 - Jan 2005 to Jun 2005 Central Excise Act Excise Dues 46.32 6.50 Jan 2005 to Feb 2005 Income Tax Act Income Tax 99.12 - AY 2006-07 Dues Name of the Statute Forum where the dispute is pending TamilNadu General TN State Appellate Tribunal Sales Tax Act Andhra Pradesh AP State Appellate Tribunal Value Added Tax Act Karnataka Value Joint Commissioner(Appeals) Added Tax Act Central Sales Tax Act TN State Appellate Tribunal Central Excise Act Customs Excise and Service Tax Appellate Tribunal Central Excise Act Customs Excise and Service Tax Appellate Tribunal Central Excise Act Customs Excise and Service Tax Appellate Tribunal Central Excise Act Customs Excise and Service Tax Appellate Tribunal Income Tax Act Commissioner of Income Tax (Appeals) Place : Chennai Date : May 18, 2010 for M. THOMAS & CO. for SREEDHAR, SURESH & RAJAGOPALAN Chartered Accountants Chartered Accountants J.PJ.KAMALESH S.SUBRAMANIAM Partner Partner Membership No. 201093 Membership No. 25433 FRN: 004408S FRN: 003957S