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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 28, 12:37
121.60 -0.40 (-0.33%)
Volume
AVERAGE VOLUME
5-Day
72,105
10-Day
65,430
30-Day
56,385
75,284
  • Prev. Close

    122.00

  • Open Price

    122.95

  • Bid Price (Qty.)

    121.60 (1)

  • Offer Price (Qty.)

    121.90 (74)

NSE Live

Sep 28, 12:37
121.25 -0.70 (-0.57%)
Volume
AVERAGE VOLUME
5-Day
594,850
10-Day
665,352
30-Day
511,830
504,360
  • Prev. Close

    121.95

  • Open Price

    123.00

  • Bid Price (Qty.)

    121.35 (142)

  • Offer Price (Qty.)

    121.55 (991)

Annual Report

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

Auditor's Report

1. We have audited the accompanying financial statements of Chennai Petroleum Corporation Limited (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements: 2. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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: 3. Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. 4. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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. 5. An audit involves performing procedures to obtain audit evidence about the amounts and the 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 internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the financial statements. Opinion: 6. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, of the state of affairs of the Company as at 31st March, 2015 and its Loss and its cash flows for the year ended on that date. Report on other Legal and Regulatory Requirements: 7. As required under section 143(5) of the Companies Act, 2013, we give in the Annexure I our report on the directions issued by the Comptroller and Auditor General of India. 8. As required by the Companies (Auditor''s Report) Order, 2015 (the Order), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure II a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 9. As required by Section 143 (3) of the Act, we report that: (a) We have sought and 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, the 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 aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. (e) On the basis of the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on31st March, 2015 from being appointed as a director in terms of Section 164(2) of the Act. (f) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: (i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements. (Refer Note 28(1) (b) to the financial statements); (ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; (iii) The amount required to be transferred to the Investor Education and Protection fund has been transferred within the stipulated time. ANNEXURE TO INDEPENDENT AUDITOR''S REPORT Referred to in paragraph 7 of our report of even date On the basis of checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that: a. The Company has not been selected for disinvestment and hence reporting on this direction does not arise. b. There were no cases of waiver/write off of the debts, loans/interest etc, during the year. c. The company has maintained adequate records in respect of inventories lying with the third parties. No assets have been received by the Company as gift from Government or other authorities during the year. d. Age wise analysis of pending legal / arbitration cases is as given below: S.no Pending Legal / 0 - 3 years 4 - 5 years More than Arbitration Cases 5 years 1 Indirect Tax - Disputed cases 1 - 3 2 Labour & Staff welfare cases 1 1 11 3 Land acquisition Cases 1 - 5 4 Dispute with contractors/vendors 7 3 21 5 Other Miscellaneous Cases 3 - 5 Total 13 4 45 As informed to us, the pendency of legal/arbitration cases is due to legal formalities in Court proceedings. The legal expenses are incurred in accordance with the delegation of powers laid down. ANNEXURE TO INDEPENDENT AUDITOR''S REPORT Referred to in paragraph 8 of our report of even date On the basis of checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that: (i) In respect of Fixed Assets: 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. No material discrepancies were noticed on such verification. (ii) In respect of Inventories: 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 inventory 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. (iii) We are informed that there is no Company, firm or party to be listed in the register referred to in section 189 of Companies Act, 2013 and hence we have no comments to offer in this respect. (iv) In our opinion and according to the information and explanation given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in the internal control system of the company. (v) The company has not accepted any deposits from public. Hence we have no comments to offer in respect of the same. (vi) We have broadly reviewed the books of accounts maintained by the company pursuant to the rules made by the Central Government for maintenance of cost records under Sec 148(1) of the Companies Act 2013 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. (vii) In respect of Statutory Dues: a. The Company has been generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Customs Duty, Value added Tax, cess and other material statutory dues with the appropriate authorities during the year applicable to it. We are informed that there are no employees who are eligible to be covered under Employees State Insurance scheme. b. The details of disputed dues of Income Tax, Sales Tax, Excise Duty, Customs Duty, and Value added Tax which have not been deposited, as on 31st March 2015 are given in Annexure -III to our report. c. The amount required to be transferred to the Investor Education and Protection Fund in accordance with relevant provisions of the Companies Act 1956 and rules made thereunder has been transferred to such fund within the time. (viii) The accumulated losses of the company as at 31st march 2015 is more than 50% of its Net worth. The Company has incurred cash loss of Rs. 51626.41 lakhs during the financial year covered by our audit. The Company has not incurred cash loss in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions or banks or debenture holders. (x) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. Hence we have no comments to offer, in this regard. (xi) No term loans were obtained by the company during the year under audit. (xii) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For CHANDRAN & RAMAN For S.VENKATRAM & CO Chartered Accountants Chartered Accountants (FRN NO: 000571S) (FRN NO: 004656S S.Pattabiraman R.Vaidyanathan Partner Partner (Membership No. 14309) (Membership No. 18953) Place : New Delhi Date : May 23, 2015.