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Maharashtra Polybutenes Ltd.

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Maharashtra Polybutenes is not traded on BSE in the last 30 days

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Maharashtra Polybutenes is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying financial statements of MAHARASHTRA POLYBUTENES LIMITED, which comprise the Balance Sheet as at March 31,2015 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 Company''s Board of Director 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 Standards notified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts)Rules, 2014. This responsibility also includes the 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 judgement and estimates that are reasonable and prudent ;and design, and 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. Auditor''s Responsibility 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. 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. An audit involves performing procedures to obtain audit evidence about the amounts and disclosure 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 controls relevant to the Company''s preparation of the financial statements that give a true 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 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 the Financial Statement. 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 31,2015 ; (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 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, 2015 ,issued by the Central Government of India in terms of subsection 11section 143 of the Act hereinafter referred to as the Order, and on the basis of such checks of the Books and records of the company as we considered appropriate and according to the information and explanations given to us we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. 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 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 it appears from our examination of those books. c. The Balance Sheet, The Statement of Profit and Loss, and Cash Flow Statement dealt with by the 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 dealt by this report 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 written representative received from the directors as on March, 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of Section 164(2) of The Act 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 explanation given to us : 1) The Company does not have any pending litigations which would impact its financial position. ii) The Company did not have any long- term contracts including derivative contracts for which there any material foreseeable losses. iii) There has been no delay in transferring amounts required to be transferred, to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE AUDITORS'' REPORT The Annexure referred to in our report to the members of Maharashtra Polybutenes Limited for the year ended on 31st March 2015.We report that : 1. In respect of its Fixed Assets: (i) As explained to us the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets; (ii) As explained to us, the fixed assets have been physically verified by the management during the year and no material discrepancies were identified on such verification. 2. In respect of its Inventories: (a) As informed to us, the Inventory has been physically verified during the year by the management at reasonable intervals. (b) In our opinion the procedure 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 its business. (c) On the basis of examination of the records of inventory, we are of opinion that the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. 3. In respect of loans covered u/s 189 :- a) The Company had granted unsecured advances to parties covered in the register maintained under section 189 of The Companies Act 2013 . b) The loans granted were re-payable on demand. As informed, repayment have been made during the year whenever demanded by us .whenever stipulated interest and principal have been received regularly There were no overdue of principal and interest . 4. 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 services. . During the course of our audit, we have not observed any major weakness in the internal system. 5. As informed to us, the company has not accepted any deposits 6. The company has adequate internal audit system commensurate with size of the Company and the nature of its business. 7 Company has maintained the cost records pursuant to the rules made by the Central Government for the maintenance of cost records under Section 148(1) Companies Act, 2013. 8 (a) According to the books of accounts examined by us and also based on representations received from the management and information and explanation given to us, the company has generally been regular in depositing liability towards undisputed statutory dues including Provident Fund, Employees State Insurance, Income tax, Sales tax, Wealth Tax, Service Tax , Duty of Custom, Duty of Excise ,Value added Tax ,cess and any other statutory dues with the appropriate authorities. However the following are the taxes etc which have remained outstanding for more then six month as on the date of the balance sheet i.e .31-03-2015 - except Income Tax (FY 2009-10) of Rs. 38,92,150/- Income tax for ( FY 2011-12) 88,17,679/, Income tax (FY 2012-13) 5,80,100/ - ,TDS (FY 2014-15 ) Rs 247373/ ST (FY 2013-14) of Rs 7,34,615/,ST(F.Y.2014-15) of Rs16537/ and MVAT of Rs. 1,22,16,503- . (b) According to the information and explanations given to us there are no dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess which have not been deposited on account of dispute. (c) The amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time. 9 The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year. 10 Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that Company has not defaulted in repayment of dues to financial institutions / bank. 11. In our opinion and according to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions. 12 The Company has not raised any term loans 13 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 year. FOR BKG & ASSOCIATES CHARTERED ACCOUNTANTS (CA. B.K.Gupta) Partner Membership No.: 040889 Firm Reg. No.: 114852W Place: Mumbai Dated: 28TH May, 2015