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Maharashtra Polybutenes Ltd.

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May 15, 16:00
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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 :
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Auditor's Report

1. We have audited the attached Balance Sheet of M/s MAHARASHTRA POLYBUTENES LIMITED as at 31 st March, 2010 and also the annexed Profit and Loss Account and the Cash Flow statement for the year ended on that date. 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 annex hereto 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) 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; b) In our opinion, proper books of accounts, as required by law, have been kept by the company, so far as appears from our examination of these books; c) The Said Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report have been prepared in compliance with the Accounting standards referred in to in sub-section (3 C) of section 211 of the Act, to the extent applicable; e) On the basis of the written representations received from the directors, as on 31st March, 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director of the company in terms of clause (g) of sub-section (1) of Section 274 of the Act; 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 the Significant Accounting Policies and other notes appearing in Schedule 16 and elsewhere in the financial statements and our comments in the annexure referred above, 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: (i) in the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; (ii) in the case of Profit and Loss Account, of the Profit for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash flows of the company for the year ended on that date; ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH, 2010 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: 1) a) The Company is in the process of maintenance of proper records showing full particulars including details and situations 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 has been disposed off by the company during the year, and it has not affected the going concern. 2) a) The inventory has been physically verified by the management at reasonable intervals during the year. 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 the opinion that the Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. 3) In respect of loans, Secured or Unsecured, granted or taken by the company to/from Companies, firms or other parties listed in the register maintained under section 301 of the companies act, 1956: a) The Company has not granted any Loans, secured or unsecured to companies, firms or other parties covered in the register maintained u/s 301 of the act. b) The company has not taken any loans secured or unsecured from the companies, firms or other parties listed in the register maintained under section 301 of the act. 4) In our opinion, and according to information and explanations given to us, there is adequate internal control system commensurate with the size of the company and the nature of the business for the purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weakness has been noticed in the internal control system. 5) a) Based on the audit procedure applied by us and according to the information and explanation provided by the management, we are of the opinion that the particulars of contracts or arrangements 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 explanations 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 at price which are reasonable having regard to prevailing market price at the relevant time. 6) In our opinion and according to the information and explanations given to us the company has not accepted any deposits from public during the year as stated in the provisions of section 58A, 58AA or any other relevant provisions of the companies act, 1956 or the rules framed there under. 7) In our opinion, the Company has an adequate internal audit system commensurate with the size of the Company and nature of its business. 8) We have been informed by the management that the Company is not required to maintained 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. 9) a) Undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales tax, service tax, customs duty, excise duty, cess have not generally been regularly deposited with the appropriate authorities. b) According to the information and explanations given to us, undisputed dues in respect of Provident Fund, Investor Education & 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 become payable is Service Tax of Rs. 9.14 Lacs Only. 10) The Company does not have accumulated losses at the end of the financial year. The company has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year. 11) Based on our audit procedures and according to the information and explanations given to us, we are of opinion that the company had no over dues payable to financial institutions or banks and no dues payable to debenture holders. 12) As explained to us the company has not granted any loans against securities or pledge of shares, debentures or other securities. 13) The provisions of the chit funds, nidhi or mutual benefit society do not apply to the company. 14) The company is not dealing in ortrading in shares, securities, debentures and other investments. 15) 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. 16) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, clause 4 (xvi) is not applicable to the company as the company has not raised any term loan during the year. 17) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, the funds raised on short-term basis have not been used for long term investment. Except for Following Investments; a) New Era Advisors Private Limited - Rs. 6,40,00,000/- b) Gujarat Textiles SEZ Infrastructure Private Limited - Rs. 5,00,000/- 18) During the year the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained u/s. 301 of the Act. 19) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, the company has not issued any debentures. 20) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, the company has not raised any fund by way of public issue. 21) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, in our opinion, no fraud on or by the Company has been noticed or reported to/by us during the course of our audit. For Indani & Associates Chartered Accountants Date: 17th May, 2010 CA Gokul Indani Place: Navi Mumbai Propriator Membership No.406446