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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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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 31,2014, 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 Management is responsible for 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 the Companies Act,1956 read with the General Circular 15/2013 dated September 13,2013 of The Ministry of Corporate Affairs in respect of Section 133 of The Companies Act 2013. This responsibility includes the design, implementation and maintenance of internal control 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 conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. 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 control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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. 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 31,2014; (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, 2003 as amended by the Companies(Auditors'' Report )(Amendment )Order 2004,issued by the Central Government of India in terms of sub-section (4A) of section 227 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 4 and 5 of the Order. 2. As required by section 227 (3) of the Act, 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 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 appears from our examination of those books. c. The Balance Sheet, 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 notified under the Act read with the General Circular 15/2013 dated September 13,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 . e. On the basis of written representative received from the directors as on March, 31,2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraph 1 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 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 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. 7016056/- Including (opening balance) to one party and interest free unsecured advances Rs. 4,13,11,665/- 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.5,86,43,381/- and the year end balance is Rs. 4,95,59,434/-. b) In our opinion and according to the information and explanation given to us, term and condition of the advance granted by the Company are not prima facie prejudicial to the interest of the Company except non charging of interest on advances of Rs. 4,13,11,665/-. 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) 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 facie prejudicial to the interest of the Company. e) 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 control 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 informed 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 Company has maintained the 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 has 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 (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/ CST of Rs 5,54,197/- ST (F Y 2013-14) of Rs. 1,48,227/ and MVAT of Rs. 1,90,90,586/- . No undisputed amounts payable were in arrears in respect of Income tax, tax deducted at sources as at 31/03/2014 for a period of six months from the date they become payable except as mentioned herein. (b) According to the information and explanations given to us there are 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 / bank. 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. The Company has not raised any term loans. Accordingly, the provisions of Clause 4(xvi) of the Order are not applicable to the Company. 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 BKG & ASSOCIATES CHARTERED ACCOUNTANTS (CA. B.K.Gupta) Partner Place: Mumbai Membership No.: 040889 Dated: 12th May, 2014. Firm Reg. No.: 114852W