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KG Petrochem Ltd.

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Oct 18, 15:40
401.00 -3.95 (-0.98%)
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362
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584
30-Day
549
304
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    404.95

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    411.00

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Dec 27, 11:22
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KG Petrochem is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance sheet of KG PETROCHEM LIMITED, C-171, ROAD N0.9J, V.K.I.AREA, JAIPUR-302013 as at 31 st March, 2009 and the Profit & Loss Account for the year ended on that date annexed thereto and the cash flow statement for the year ended on that date. 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. 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. As required by the Companies (Auditors Report) Order, 2004 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 a statement on the matters specified in paragraphs 4 and 5 of the said Order. Furtherto our comments in the Annexure 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 purposes of our audit; (ii) 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; (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) On the basis of written representations received from the directors, as on 31st March, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 st March, 2009, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; (vi) 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 31 st March, 2009; (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 cash flow statement, of the case flows for the year ended on that date. ANNEXURE STATEMENT REFERRED TO IN PARAGRAPH ABOVE OF OUR REPORT OF EVEN DATE Ref: KG PETROCHEM LIMITED, C-171, ROAD N0.9J, V.K.I.AREA, JAIPUR- 302013 for the year ended on 31 st March 2009. 1. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of information available. According to the information and explanations given to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, which, in our opinion, is reasonable, having regard to the size of the Company and nature of the assets. No material discrepancies were noticed on such verification. During the year substantial part of fixed assets of wovan sacks division amounting to Rs. 236.58 lakh (WDV Rs. 11.83 lakh) have been disposed off. 2. As explained to us, the management at reasonable intervals during the year has physically verified the inventories. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and the nature of its business. In our opinion and according to the information and explanations given to us, 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 the business. The company has maintained proper records of inventory. As explained to us, there was no material discrepancies noticed on physical verification of stock, as compared to book records. 3. (i) In respect of loans, secured or unsecured granted or taken by the company to/from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. (a) The company has granted loan to one party of Rs. 36 lacs and the outstanding balance as on 31.03.2009 is NIL. Company has taken loans from 11 parties aggregating to Rs. 432.34 lacs during the year. The amount outstanding as on 31.03.2009 is Rs. 308.58 lacs. (b) In our opinion and according to information and explanation given to us, the rate of interest wherever applicable and other terms & conditions are not prima facie prejudicial to the interest of the company. (ii) The payment of the principal amount and interest are not overdue as well as outstanding at the end of the year. 4. In our opinion, and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods. In our opinion and according to the information and explanations given to us, there is no continuing failure to correct major weaknesses in internal control. 5. As explained to us that the transactions during the year that need to be entered in the register maintained under section 301 of the Companies Act 1956 have been so entered. 6. In our opinion, and according to the information and explanation given to us, the Company has not accepted deposits under the provisions of Sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. 7. The company has adequate internal audit system commensurate with the size and nature of its business. 8. As informed, cost records as prescribed under section 209(1 )(d) of the companies Act, 1956 are maintained by the company under Cost Accounting Records (Textile) Rules. 9. According to the information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Fringe Benefit Tax, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, cess which are < tutstanding as at 31.03.2009 for a period of more than six months from the date they became payable. 10. The company has been registered on 29.02.1980 and having substantial profit. Hence the requirements of clause (x) of paragraph 4 of the Order is not applicable to the company. 11. According to the information and explanations given to us, the company has not defaulted in repayment of dues to a bank. 12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The company is not a Chit fund, Nidhi or mutual benefit Society. Hence the requirements of item (xiii) of paragraph 4 of the order is not applicable to the company. 14. The company has kept adequate records of its transactions and contracts in shares, securities and other investments and timely entries have been made therein, if any. The shares, securities and other investments, are now Nil in the name of the company. 15. According to the information and explanations given to us, the company has not given any corporate guarantee for loans taken by other(s) from bank, Hence the requirements of item (xv) of paragraph 4 of the order is not applicable to the company. 16. The company has taken term loan from Banks and applied for the purpose for which it has been taken. 17. According to the information and explanations given to us, no funds raised on Short-term basis have been used for long-term investment. Similarly, no funds raised on long term basis have been used for short-term investment. 18. According to the information and explanations given to us, the company has made no preferential allotment of shares to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. 19. The company has not issued any debentures. Hence the requirements of clause (xix) of paragraph 4 of the order are not applicable to the company. 20. As explained to us, the management has not raised any money from public issues during the year, hence this para is not applicable. According to the information and explanation given to us, a fraud on or by the company has not been noticed or reported during the year. For A. R.Vijay & Go. Chartered Accountants Place: JAIPUR. (A. R. VIJAY) Date :13th JULY2009 Partner (M. No. 16581)