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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

1. We have audited the attached Balance Sheet of M/s MAHARASHTRA POLYBUTENES LIMITED as at 31st March, 2008 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 with Companies (Auditors Report)(Amendment) Order, 2004) issued by the Central 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) 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. 4(b) in Schedule 17). 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. b) Subject to what is stated in paragraph 4(g) below, 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. c) 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. 5 (b) in Schedule 17). d) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. e) 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 Accounting Standard 10 - Accounting for Fixed Assets, the details and effect of which have been disclosed in the paragraphs 4(a) above. f) On the basis of written representations received from the directors, as on 31st March, 2008 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2008 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act; g) We further report that, without considering items mentioned at paragraph 4(a), regarding adjustment of accumulated losses against revaluation reserve based on a legal advice, the effect of the same on profit of the Company and its assets and liabilities could not be determined. 5. 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 Notes and Significant Accounting Policies in Schedule 17 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 March, 2008 and (ii) in. the case of Profit and Loss Account of the Profit 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. ANNEXURE TO THE AUDITORS REPORT 1. In respect of its fixed assets: (a) The Company is in the process of maintainance of proper records showing full particulars including details and situation of fixed assets. (b) 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. (c) No substantial part of fixed assets have been disposed off during the year, and it has not affected the going concern. 2. In respect of its inventories: (a) Physical verification of inventory has been conducted at reasonable intervals by the management. (b) The procedures of 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) Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification. 3. In respect of loans granted and taken to / from parties covered in the register maintained u/s 301 of the Companies Act, 1956. (a) The company has not granted any loans, secured or unsecured to companies, firms or other parlies covered in the register maintained u/s 301; of the companies Act-1956. (b) The company has not taken any loans, secured or unsecured from companies, firms or other parlies covered in the register maintained u/s 301 of the companies Act-1956. 4. In respect of internal control In our opinion and according to the information and explanations given to us there are 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 audit, We have not observed continuing failure to correct major weaknesses in internal control system. 5. In respect of contracts or arrangements need to be entered into a register maintained u/s 301 of the Companies Act, 1956 (a) According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301 have been so entered. (b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act 1956 are made at price which are reasonable having regard to prevailing market prices at the relevant time. 6. In respect of deposits from public No deposits within the meaning of Sections 58A and 58AA or any other relevant provision of the Act and rules farmed thereunder have been accepted by the Company. 7. In respect of internal audit system In our opinion, the Company has an internal audit system commensurate with its size and nature of business. 8. In respect of maintenance of cost records The Company is not required to maintain cost records pursuant to the Rules made by the Central Govenment for the maintenance of cost records under Section 209 (1)(d) of the Act. 9. In respect of statutory dues (a) Undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess have not generally been regularly deposited with the appropriate authorities though the delays in deposit have not been serious. (b) According to the information and explanations given to us, undisputed dues 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, cess and other statutory dues which were outstanding at the year end for a period of more than six months from the date they became payable are as follows: Sales Tax Payable (including interest thereon) Rs. 85.85 Lacs Muinicipal Taxes Payable (Property & other cess) Rs. 128.38 Lacs Service Tax Rs. 13.51 Lacs TDS Professional Charges Rs. 3.37 Lacs Vat Payable Rs. 179.93 Lacs CST Payable Rs. 11.49 Lacs 10. The other Provisions of the said Order are not applicable to the company For B. Maheshwari & Associates Chartered Accountants B.L.MAHESHWARI Place : Mumbai Partner Date : 18 June, 2008 Membership No. 41501