you are here:

KG Petrochem Ltd.

BSE Live

Sep 27, 16:00
379.00 8.80 (2.38%)
Volume
AVERAGE VOLUME
5-Day
1,097
10-Day
830
30-Day
1,141
976
  • Prev. Close

    370.20

  • Open Price

    375.00

  • Bid Price (Qty.)

    383.65 (50)

  • Offer Price (Qty.)

    398.00 (83)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

KG Petrochem is not listed on NSE

Annual Report

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

Auditor's Report

1. We have audited the attached Balance Sheet of KG PETROCHEM LIMITED as at 31st March 2011, the Profit and Loss Account and also 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. 2. 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 misstatements. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the company, 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 (Auditor''s Report) Order, 2003 issued by 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 paragraph 4 and 5 of the said order. 4. Further to 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 the purposes of our audit. ii) In our opinion, proper books of accounts as required by the law have been kept by the company as 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 accounts. iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of Companies Act, 1956. v) On the basis of the written representations received from the directors as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the director is disqualified from being appointed as Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956ason31stMarch2011. vi) Attention is drawn that Sales have been accounted for as soon as material is dispatched from factory gate as per Accounting Policy No.5 of schedule no.20 of the Financial statements. vii) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information as 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 Balance Sheet, of the state of affairs as at 31st March, 2011; b) ln the case of 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. Statement referred to in paragraph (3) of our report of even date to the members of the KG PETROCHEM LTD. on the accounts for the year ended 31 st March 2011. (i.) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets (b) 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. (c) During the year, Company has not disposed off any substantial /major part of fixed assets; hence the going concern status of the company is not affected. (ii.) (a) As informed to us the inventory has been physically verified by the management during the year at reasonable intervals. ln our opinion, the frequency of such verification is reasonable. (b) The procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. (c) The company is maintaining proper records of the inventory. The discrepancies noticed by the management on verification between the physical stocks and the book records were not material. (iii) (a)to(g) The company has not granted/taken any loans secured or unsecured to companies, firms or other parties covered in the register maintained u/s 301 of the Act. Accordingly paragraph (iii) (a) to (g) is not applicable. (iv.) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to the purchase of inventories, fixed assets, other assets and with regard to sale of goods. During the course of our audit, we have not observed any major weakness in internal controls (v.) (a) On the basis of checks carried out by us and according to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been entered. (b) In our opinion and according to the explanations and information given to us, the transactions in pursuance of the contracts or arrangements entered in the register maintained under section 301 of the companies Act, 1956 and exceeding the value of rupees five lacs in respect of a party during the year have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time. (vi) According to the information and explanations given to us, company has not accepted deposits under provisions of Sections 58A and of the Companies Act,1956. (vii) In our opinion the company has internal audit system commensurate with the size and nature of its business. (viii) According to information and explanation given to us, the Central Government has not prescribed under Section 209(1 )(d)of the Companies Act 1956 maintenance of the cost records in respect of products manufactured by the company. (ix) (a) According to the records examined by us the company is generally regular in depositing with appropriate authorities all applicable undisputed statutory dues including Provident Fund, Investor Education & Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess & any other statutory dues applicable to it. According to the information and explanations given to us there were no undisputed amount payable in respect of Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess & any other statutory dues were in arrears, as at 31.03.11 for the period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues of Sales tax, Income tax, Customs duty, Wealth tax, Excise duty, Service tax & cess which have not been deposited on account of any dispute except the following. Period to which Forum which Nature of Statue Nature of Amount the amount dispute Dues (ln Rs) relates (F.Y.) pending Income Tax Act, 1961 Income Tax 1,07,026/- 1998-1999 CIT (A) Central Excise 2001-02 to 2004-05 Act, 1944 Excise Duty 2,43,190/- (up to Feb-05) CESTAT (x) There are no accumulated losses at the end of the financial year. Therefore, the provisions of clause 4 (x) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institutions or bank. (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 company is not a chit fund or a nidhi/mutual benefit society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xiv) The company is not dealing in or trading in the shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xv) 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. (xvi) In our opinion and according to the information and explanation given to us, the company has prima facie applied the sum raised on term loans for the purposes for which the loans were obtained. (xvii) According to the records examined by us and information and explanations given to us and on overall examination of Balance Sheet and Cash Flow Statement 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 allotment of shares to the parties covered in register maintained un deletion 301 of the Companies Act, 1956. (xix) The company has not issued debentures during the year. (xx) The company has not raised any money through public issue during the year. (xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year. For Kalani& Company Chartered Accountants FRN 000722C Place: JAIPUR. (K.L. Jhanwar) Date :28th May 2011 Partner (M. No. 14080)