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Maharashtra Polybutenes Ltd.

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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 MAHARASHTRA POLYBUTENES LTD. as at 31st March, 2012, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any 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 management, as well as evaluating the overall presentation of the financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments as referred to in paragraph 4, we report as follows:-

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 appear from our examination of the books.

c) The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d) In our opinion, the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in compliance with the Accounting Standards referred to in section 211(3C) of the Companies Act, 1956, to the extent applicable.

e) On the basis of the written representation received from the directors as on March 31, 2012 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012, from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 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 the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2012 and

ii) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date: and

iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 3 of our Report of even date.

1. In respect of its Fixed Assets:

(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) In our opinion the Company has not disposed off any major asset/ substantial part of its business during the year and the 'Going Concern' status of the Company is not affected.

2. In respect of its Inventories:

(a) As inform 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 301 :-

In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956:

a) The Company had granted interest bearing unsecured loan of Rs. 65,50,000/- to one party and interest free unsecured advances Rs. 6,00,00,000/- to one party. In respect of the said loans / advances, maximum amount outstanding at any time during the period covered under the audit was Rs. 6,70,41,326/- and the year end balance is Rs. 6,64,95,408/-.

b) In our opinion and according to the information and explanation given to us, terms and conditions of the advances granted by the Company are not prima facia prejudicial to the interest of the Company except non charging of interest on advances of Rs. 6,00,00,000/-.

c) The loans granted were re-payable on demand. As informed, repayment have been made during the year whenever demanded by the lender, thus there has been no default on repayment.

d) During the year the company has taken interest bearing unsecured loan from one party Rs. 4,50,00,000/- during the financial year covered under audit. In respect of the said loan, maximum amount outstanding at any time during the period covered under audit was Rs. 4,50,00,000/- and the year end balance of the said loan is Rs. 69,04,670/- including accrued interest which are yet to payable whenever demanded by lenders

e) In our opinion and according to the information and explanation given to us, the rate of interest and other term and condition of the loan taken by the Company are not prima facia prejudicial to the interest of the Company.

f) The loans taken were re-payable on demand. As informed, repayment have been made during the year whenever demanded by the lender, thus there has been no default on the part of the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal system procedures commensurate with the size of the company and the nature of its business. During the course of our audit, we have not observed any major weakness in the internal system.

5. (a) According to the information and explanations given to us, the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956, have been so entered where ever applicable.

(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 in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5 lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. As inform to us, the company has not accepted deposits from the public.

7. The company has adequate internal audit system commensurate with size of the Company and the nature of its business.

8. We have been informed by the management that 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) 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 have been regular in depositing liability towards undisputed statutory dues including Provident Fund, Employees State Insurance, Income tax, tax deducted at sources, excise duty and other material statutory dues wherever applicable to it except Income Tax, Central Sales Tax and MVAT. No undisputed amounts payable were in arrears in respect of Income tax, tax deducted at sources as at 31/03/2012 for a period of six months from the date they become payable except Income Tax (FY 2009-10) of Rs. 63,92,150/-, CST of Rs. 24,84,737/- and MVAT of Rs. 61,34,710/-.

(b) According to the information and explanations given to us there is no statutory dues which have not been deposited on account of dispute.

10. 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.

11. 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 / banks.

12. According to the information and explanations given to us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Order are not applicable to the company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of this clause are not applicable to the Company.

15. 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.

16. Based on the audit procedures applied by us and according to the information and the explanations given by the management, the company has raised term loans during the financial year 2011-12 for replacement of spares and components of plant & machineries located at R-802, TTC Industrial Area, Thane Belapur Road, Mahape, Navi Mumbai - 400701 and the said term loan has been utilized for the purposes which they have been raised.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no fund raised on short term basis have been used to finance long term assets.

18. According to the information and explanations given to us, the company has not made any preferential allotment to the parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly the provisions of this clause are not applicable to the Company.

19. According to the information and explanations given to us, the company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause (xix) of the Order are not applicable to the company.

20. During the period covered by our audit report, the company has not raised any money by way of a public issue.

21. 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 Parekh Shah & Lodha

Chartered Accountants Firm Reg. No. 107487W

Ashutosh Dwivedi (Partner)

M. No.: 410227

Place : Mumbai

Date : 13th August, 2012