you are here:

KG Petrochem Ltd.

BSE Live

Oct 21, 16:00
388.00 2.10 (0.54%)
Volume
AVERAGE VOLUME
5-Day
238
10-Day
501
30-Day
537
204
  • Prev. Close

    385.90

  • Open Price

    396.80

  • Bid Price (Qty.)

    382.05 (8)

  • Offer Price (Qty.)

    404.00 (2)

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

We have audited the accompanying financial statements of KG Petrochem Ltd. (''the Company'') which comprises the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements 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 notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. 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. Auditor''s Responsibility a) 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. b) 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 judgement, 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 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, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidences we have obtained are 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 March 31, 2014; 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 of the Company 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 sub-section (4A) of Section 227 of the Act, we give in the anaxure a statement on the matter specified in peragraph 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 purpose of our audit; b) 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; c) The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013; and e) On the basis of written representations received from the Directors as on 31st March, 2014, and taken on record by the Board of Directors, none of the directors are disqualified as on 31st March, 2014, from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Act. ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE As required by the Companies (Auditor''s report) Order, 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we report that: 1 In respect of its fixed assets: (A) The Company has prepared records showing full particulars, including quantitative details and situation of fixed assets as explained by the Management. (B) As explained to us, all the fixed assets have been physically verified by the management during the year at reasonable intervals, 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 physical verification. (C) In our opinion, the Company has not disposed off any substantial/major part of its fixed assets during the year, hence, the going concern status of the Company is not affected. 2 In respect of its inventories: (A) As explained to us, the inventory has been physically verified by the management at regular intervals during the year. In our opinion, the frequency of verification is reasonable. (B) In our opinion and according to the information and explanations given to us, the procedures followed by the management for physical verification of inventory are reasonable and adequate in relation to size of the Company and the nature of its business. (C) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of inventory, the Company has maintained proper records of inventory. And, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3 In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956: (A) According to the information and explanations given to us, the Company has not granted any loans, secured and unsecured, to companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956. (B) Long term unsecured loans taken from persons covered in the register maintained under section 301 of the Companies Act, 1956 amounting to Rs. 299.23 lacs outstanding at the year end and the maximum amount involved is Rs. 535.57 lacs. (C) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been taken from the parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. (D) According to the information and explanations given to us, no stipulation has been made for the repayment of principal amount and interest in respect of loans taken from the parties listed in the register maintained under section 301 of the Companies Act, 1956. 4 In our opinion and according to the information and explanations given to us, there exists adequate internal control procedure commensurate with the size of the Company and nature of its business with regard to purchase of inventory and fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system of the Company. 5 In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956: (A) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered. (B) In our opinion and according to explanations given to us, the transactions exceeding the value of Rs. Five lacs in respect of any party during the year have been made at prices which are prima-facie reasonable having regard to prevailing market prices at the relevant time where such prices are available. 6 According to the information and explanations given to us, the Company has not accepted deposits from the public during the year. 7 In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with the size and nature of its business which needs to be strengthened. 8 We have broadly reviewed the accounts and records 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. However, we have not made detailed examination of the records with a view to determine whether they are accurate and complete. 9 In respect of statutory dues: (A) The Company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it. (B) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty and Excise Duty were in arrears as at the end of the financial year for a period of more than six months from the date they became payable. (C) According to the information and explanations given to us, there are no dues of Sales tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty, Service Tax and Cess which have not been deposited on account of any dispute except the following: Statement on Disputed Dues Period to Forum where Nature of the Nature of Amount which the dispute is Statute the dues (in Rs.) amount pending. relates Finance Act, FY 2005 -06 1994 (Service Service Tax 33,75,730/- to FY 2008 - CESTAT Tax) 09 FY 2001 -02 Central Excise to FY 2004 - Act, 1944 Excise Duty 2,43,190/- 05 (upto CESTAT Feb. 2005) 10 The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash losses during current and the immediately preceding financial year. 11 Based on our audit procedures and on the basis of information and explanations given by the management, the Company has not defaulted in the repayment of dues to banks, financial institutions and debenture holders during the year. 12 In our opinion and according to information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. 13 In our opinion, the Company is not a Chit Fund/Nidhi or Mutual Benefit Fund/Society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company. 14 The Company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company. 15 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. 16 In our opinion and according to information and explanation given to us, the term loans have been applied for the purpose for which they were raised. 17 According to the information and explanations given to us and on overall examination of Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long term investment. 18 According to the information and explanation given to us, the Company has not made any preferential allotment of shares to any party during this year. 19 According to the information and explanation given to us, the Company has not issued debentures. 20 The Company has not raised any monies by way of any public issues during the year. 21 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 R Sogani & Associates Chartered Accountants FRN 018755C (CA Rakesh Kedia) Place: Jaipur Partner Date: 30/05/2014 M. No. 074620