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Maharashtra Polybutenes Ltd.

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Annual Report

For Year :
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Auditor's Report

1. We have audited the attached Balance Sheet of M/s. MAHARASHTRA POLYBUTENES LIMITED as at 31st December, 2004 and also the Profit and Loss Account and the cash flow statement for the year ended on that date annexed thereto. 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. 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 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 the management, 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 (Auditors Report) Order, 2003 (read w[th Companies (Auditors Report)(Amendment) Order, 2004) issued by the Centra! Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (hereinafter referred to as the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent applicable. 4. Further to our comments in the Annexure referred to in Paragraph (3) above, we report that; a) The accounts have been prepared by the management on a going concern basis, as explained in Note no. 4 in Schedule14. In view of non-adherence to schedule of payment asprescribed in the sanctioned rehabilitation scheme, suspension of manufacturing activities and other uncertainties, we are unable to express an opinion as to whether the Company can now operate as a going concern. b) Attention is drawn to note no.2 (d) in Schedule 14 regarding Companys inability to adhering to the prescribed payment schedule as per the sanctioned rehabilitation scheme and provision of interest liability being continued to be made in accordance to the aforesaid sanctioned scheme in view of proposal submitted to the monitoring agency for the reschedulement of the outstanding loan and arrears of interest. In the event of Scheme being declared as failed the amount of additional interest as would be payable and reversal of waivers earlier granted as would have to be made connot be determined. c) Following legal advice, the Company had earlier adjusted the accumulated losses amounting to Rs. 1529.42 lacs against the revaluation reserve arising on the revaluation of certain fixed assets (Refer Note No. 5(b) in Schedule 14). This treatment is not in accordance with the views of the Institute of Chartered Accountants of India on treatment of reserve created on revaluation and also not strictly in accordance with Accounting Standard -10 Accounting for Fixed Assets issued by them. d) The Company has provided depreciation on Plant & Machinery on actual capacity utilisation basis which is not in accordance with the provisions of Schedule XIV of the Act, read with Accounting Standard - 6 Depreciation Accounting issued by the Institute of Chartered Accountants of India. This has resulted in short provision of depreciation by Rs. 705.21 lacs (including Rs. 104.60 lacs for the year) (Refer Note No.6 in Schedule 14). e) Subject to what is stated in paragraph 4(f) below, 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; f) The accounts of certain lenders and creditors are subject to confirmations, reconciliations and consequent adjustments, if any, which are presently not ascertainable. (Refer Note No. 7(b) in Schedule 14); g) We are unable to express an opinion as to the extent of: realisabilty and usability of non-moving stores and electrical items amounting to Rs. 9.68 lacs and no provision for loss as may arise in the matter has been considered necessary by the management, in view of the fact they would be used on commencement of operations in the near future. h) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account; i) 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 the Act, to the extent applicable except for (i) Accounting Standard 10 - Accounting for Fixed Assets and (ii) Accounting Standard 6 - Depreciation Accounting, the details and effect of which, have been disclosed in the paragraphs 4(c) and 4(d) above, respectively. j) On the basis of written representations received from the directors, as on 31st December, 2004 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st December, 2004 from being appointed as a director in terms of clause (g) of sub- section (1) of Section 274 of the Act; k) We further report that, without considering items mentioned at paragraphs 4 (a), 4(b), 4(f) and 4(g) the effect of which could not be determined as also without considering item at paragraph 4(c) regarding adjustment of accumulated losses against revaluation reserve based on a legal advice, had the observations made by us in paragraphs 4(d) above been considered, the loss for the year would have been Rs. 344.52 lacs (as against the reported figure of Rs. 239.92 lacs), accumulated losses would have been Rs. 2611.12 lacs (as against reported figure ofRs-.1905.91 lacs) and Net block of Fixed Assets would have been Rs. 2409.52 lacs (as against reported figure of Rs.3060.84 lacs) Subject to the above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with note no. 17(ii) in Schedule 14 regarding pending Centra) Government approval with respect to the managerial remuneration and Significant Accounting Policies, Contingent liabilities and other notes appearing in the said Schedule and other notes appearing elsewhere in the accounts give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st December, 2004 and (ii) in the case of Profit and Loss Account, of the loss of the Company for the year ended on that date; and (iii) in the case of cash flow statement, of the cash flows for the year ended on that date. For LODHA & COMPANY Chartered Accountants R.P.BARADIYA Partner Membership No. 44101 Place : Mumbai Date : April 29, 2005 ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER, 2004 OF M/s. MAHARASHTRA POLYBUTENES LIMITED. On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that: The Company is in the process of updating its fixed assets records to show full particulars including quantitative details and situation of fixed assets. There is a programme of verification of fixed assets in a phased manner which as explained could not be complied with due to closure of the plant. No substantial part of the fixed assets has been disposed off during the year. (a) The inventory has been physically verified by the management at reasonable intervals during the year. (b) The procedures for physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were properly dealt with in the books of account. 3. (a) The company has not granted any loans, secured or unsecured, to cotnpanies, firms or other parties covered in the register maintained under Section 301 of the Act. (b) The company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Act 4. There is adequate internal control system 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, no major weakness has been noticed in these internal control system. 5. The Company has no? entered into any transaction with the parties covered in Section 301 of the Act. 6. No deposits within the meaning of Sections 58A and 58AA or any other relevant provision of the Act and ruies framed thereunder have been accepted by the Company. 7. In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of its business, 8. The Company is not required to maintain cost records 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. 9. (a) The Company is regular in depositing undisputed statutory dues including provident Fund, Investor Education and Protection Fund, Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to the Company with the appropriate authorities. Following undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable. Sl.No. Particulars Amount outstanding for more than 6 months Rs. in Lacs 1 Sales Tax 62.24 2 Interest on Sales Tax 48.66 3 Property Tax (NMMC) 88.72 (b) According to the information and explanations given to us, the dues in respect of Income Tax, Sales Tax, Service tax, Customs Duty, Wealth Tax, Excise Duty, Cess that have not been deposited with the appropriate authorities on account of any dispute are given below; Particulars Forum where the dispute is pending Rs. in Lacs Income Tax Appeal before C)T(A) A.Y. 97-98 30.13 J.A.Y. 98-99 27.53 Sales Tax The Deputy Commissioner of Sales tax F.Y. 93-94 (BST) 71.96 F.Y. 96-97 (CST) 8.32 F.Y. 97-98 (BST) 130.01 F.Y. 97-98 (CST) 8.12 The Sales Tax Tribunal F.Y. 98-99 (BST) 24.50 10. The accumulated losses of the Company at the end of year as on December 31, 2004 are more than 50% of its net worth, The Company has incurred cash losses during the current financial year and in the immediately preceding financial year 11. The Company has made default in repayment of dues to financial institutions and banks, details whereof are as under. Rs. In Lacs Sl. No. Fis/Bank Interest Principal Total 1. IDBI 35.51 145.59 181.10 2. IFCI 18.94 77.65 96.58 3. LIC 10.73 44.00 54.73 4. ICICI 2.10 - 2.10 5. SBT 6.65 27.28 33.93 TOTAl 368.44 As explained the Company has approached the monitoring agency for reschedulement of the outstanding loan and arrears of interest. 12. According to the records of the Company and on the basis of information and explanations given to us, the Company has not given any guarantee during the year for loans taken by others from banks or financial institutions. 13. The Company has not borrowed any Term Loan during the Year. 14. According to the information and explanations given to us, in our opinion, the term loans were applied for the purpose for which they were obtained. 15. During the year, no frauds on or by the Company has been noticed or reported by/to us during the course of our audit. For LODHA & COMPANY Chartered Accountants R.P.BARADSYA Partner Membership No. 44101 Place: Mumbai Date: April 29, 2005