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Kothari Petrochem Ltd.

BSE: 532096 | NSE: KOTHARIPET |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE720A01015 | SECTOR: Trading

BSE Live

Dec 27, 11:22
1.70 -0.45 (-20.93%)
Volume
No Data Available
1
  • Prev. Close

    2.15

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Kothari Petrochem is not listed on BSE

NSE Live

Sep 22, 15:57
54.50 3.40 (6.65%)
Volume
AVERAGE VOLUME
5-Day
134,413
10-Day
131,912
30-Day
231,749
258,201
  • Prev. Close

    51.10

  • Open Price

    51.85

  • Bid Price (Qty.)

    54.50 (976)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of Kothari Petrochemicals Limited (the Company), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then 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 referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). 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 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. 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 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 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 entity''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 evidence we have obtained is 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 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. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 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, 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, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; e. on the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE. 1. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. 2. Some of the fixed assets were physically verified during the year by the management in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification. 3. No major asset has been disposed off during the year and hence the concept of going concern is not affected. 4. Inventories were physically verified during the year by the management at reasonable intervals. 5. In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management was reasonable and adequate in relation to the size of the Company and the nature of its business. 6. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. 7. The company has not granted any loan secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act 1956. 8. The company has taken an unsecured loan from a company covered in the register maintained under Section 301 of the Companies Act 1956. The maximum amount involved during the year was Rs.600 lacs and the year-end balance of loan taken was Rs.600.00 lacs. In our opinion, interest and other terms and conditions on which loan has been taken are not prima facie prejudicial to the interest of the company. 9. 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 the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and there was no continuing failure to correct any major weakness. 10. In our opinion and according to the explanations given to us, the transactions that have been made in pursuance of contracts or arrangements requiring entry in the registers maintained under Section 301 of the Companies Act, 1956 have been so entered. 11. According to the information and explanation given to us, the transactions that have been made in pursuance of such contracts or arrangements made by the company have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 12. According to the information and explanation given to us, the company has not accepted deposits from the public. Therefore, provisions of Section 58 and 58 AA or any other relevant provisions are not applicable to the company. 13. The Internal Audit function has been carried out by a firm of Chartered Accountants and is commensurate with the size of the company and the nature of its business. 14. We have broadly reviewed the cost records and accounts relating to materials, labour and other items of cost 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. We are of the opinion that prima facie the prescribed accounts and records have been made and maintained from the period under audit. We have however not made a detailed examination of the said records with a view to determine whether they are accurate or complete. 15. According to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues, including Income Tax, Sales Tax and any other statutory dues with the appropriate authorities during the year. The company has no dues towards Provident Fund, Investor Education and Protection Fund, Wealth Tax, Service Tax, Customs Duty, Excise Duty. 16. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and other material statutory dues were in arrears as at 31st March 2014 for a period of more than six months from the date they became payable. 17. According to the information and explanations given to us, there are no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Custom Duty, and Excise Duty, which have not been deposited on account of any dispute. According to the information and explanations given to us, the following dues of Excise Duty have not been deposited by the Company on account of disputes: Sl. Nature Amount Rs. Period Forum where No. Name of Statute of dues in Lakhs dispute is pending (i) Central Excise Excise 129.30 2005-06 Commissioner Act Duty to 2009 Chennai -10 and April to October 2010 (ii) Central Excise Differe 25.41 April to Commissioner Act -ntial November Chennai Excise 2007 and Duty April 2008 and May 2008. (Appeals), 18. The Company does not have accumulated losses at the end of the year. The Company has not incurred any cash loss during the financial year and in the immediately preceding financial year. 19. The Company has not defaulted in the repayment of dues to the Banks. There were no dues to Financial Institutions and Debenture Holders. 20. The Company has not granted any loan or advance on the basis of security by way of pledge of shares, debentures and other securities. 21. The Company is not a chit fund or a nidhi / mutual benefit fund / society. 22. In our opinion and according to the information and explanations given to us the Company is not a dealer or trader in shares, securities and debentures. The Company has maintained proper records of transactions and contracts in respect of shares, securities, debentures and other investments and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the company in its own name. 23. In our opinion and according to the information and explanations given to us the Company has not given any guarantee for any loans taken by others from banks and financial institutions during the financial year. 24. The Company has not any raised any new term loan and hence the question on the application of loan would not arise. 25. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. 26. In our opinion and according to the information and explanations given to us the Company has not made preferential allotment of shares to companies, firms covered in the register maintained under Section 301 of the Companies Act, 1956. 27. The company has not made any public issue of shares during the year and hence the question of verifying the end use of the funds does not arise. 28. According to the information and explanations given to us and the records examined by us, no debentures have been issued during the year. 29. 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 was noticed or reported during the financial year. for R.Subramanian and Company Chartered Accountants Firm No. 004137S R. Rajaram Place: Chennai Partner Date: May 27, 2014 M.No.25210