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Paras Petrofils Ltd.

BSE: 521246 | NSE: PARASPETRO | Series: NA | ISIN: INE162C01024 | SECTOR: Textiles - Manmade

BSE Live

Aug 07, 16:00
0.17 0.00 (0.00%)
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500
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Paras Petrofils is not traded on BSE in the last 30 days

NSE Live

Jul 17, 15:31
0.10 0.00 (0.00%)
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200
  • Prev. Close

    0.10

  • Open Price

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Paras Petrofils is not traded on NSE in the last 30 days

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007 2005

Auditor's Report

We have audited the accompanying financial statement of PARAS PETROFILS LTD (The Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit & 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(the Act) read with the General Circular 15/2013 dated 13th September,2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act,2013 and in accordance with the accounting principles generally accepted in India. 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. Auditors'' 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 misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures 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 but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. 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 aforesaid financial statements give the information requires by the Act in the manner so requires 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 Statement of Profit and Loss, of the Profit for the year ended on that date; (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 (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Act, we give in the Annexure a statement on the matters specified in Paragraph - 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 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 those books. (c) The Balance Sheet, the Statement of Profit & Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts. (d) In our opinion, Balance Sheet, the Statement Profit & Loss and Cash Flow Statement comply with the accounting standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate affairs in respect of Section 133 of the Companies Act, 2013. (e) On the basis of the written representations received from the directors as on 31st March, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Section 274 (1) (g) of the Companies Act, 1956. ANNEXURE TO AUDITOR''S REPORT (Referred to in Para - 1 of our report of even date) (1) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. (b) All the assets have been physically verified by the management during the year but there is a regular program of verification which in our opinion is reasonable having regards to the size of the company and nature of its assets. No material discrepancies were noticed on verification. (c) During the year, the company has not disposed off any substantial part of fixed assets. (2) (a) The inventory has been physically verified during the year by the management. In our opinion, The frequency of verification is reasonable. (b) The procedures 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) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. (3) (a) The company has not granted loan to companies, firms or other parties covered in theRegister maintained under section 301 of the Companies Act. (b) The company has taken unsecured loan from one company and four other parties covered under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 1.60 Crores and yearend balance of the loan taken from such parties was Rs. 71.31 lacs. (c) In our opinion and according to the information and explanations given to us, the company has not paid any interest and other terms and conditions of loan taken are not prima facie prejudicial to the interest of the company. (d) In our opinion and according to the information and explanations given to us, the company is regular in payment of principal amount as stipulated. (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 with regard to purchases of inventory, fixed assets and with regard to sale of goods and service. During the course of audit, we have not observed any continuing failure to correct major weaknesses in internal controls. (5) According the information and explanations given to us, we are of the opinion that transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered. There are no transactions made exceeding the value of Rs. 5.00 lacs or more in respect of each parties. (6) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 58A and 58AA and other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rule, 1975 with regard to acceptance of deposit from public. (7) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (8) We have broadly reviewed the Books of Accounts relating to materials, labour and other items of cost maintained by the company 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 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. (9) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, service tax, excise duty and cess were in arrears, as at 31.03.2014 for a period of more than six months from the date they become payable. (c) As on 31.03.2014, according to the record of the company, the following disputed dues have not been deposited with the appropriate authorities. Name of the Statute Nature of Due Amount (in lacs) Gujarat Sales Tax Act Sales Tax 83.11 Gujarat Sales Tax Act Sales Tax 19.86 Gujarat Sales Tax Act Sales Tax 1.73 Central Excise and Excise Duty 1.98 Custom Act Name of the Statute From, where dispute is pending Year Gujarat Sales Tax Act Joint Sales Tax Acc. Year Commissioner-(Appeal-)II 2002-2003 Gujarat Sales Tax Act Joint Sales Tax Acc. Year Commissioner-(Appeal-)II 2001-2002 Gujarat Sales Tax Act Joint Sales Tax Acc. Year Commissioner-(Appeal-)II 2000-2001 Central Excise and Commissioner-(Appeal-1) Acc. Year Custom Act Surat 2005-2006 (10) In our opinion, the accumulated losses of the company are not more than 50% of its net worth. The company has not incurred cash loss during the financial year under review and however there is cash loss in the immediate preceding financial year. (11) In our opinion and according to the information and explanations given to us, the company does not have any loan from Bank, financial Institution and debenture holder. (12) In our opinion and 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) In our opinion, the company is not a chit fund or a nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (14) In our opinion and according to information and explanations given to us, the company does not trade in shares or other securities. However it has made investment in the quoted shares/mutual funds. The company has maintained proper records of the transaction and contract and timely entry have been made therein. All the investments are held in the name of the company. (15) In our opinion and according to information and explanations given to us, the company has not given guarantees for loans taken by others from bank and financial institutions. (16) In our opinion, the company has not obtained term loans during the year. Hence the provisions of clause 4(xvi) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (17) According to the in formations and explanations given to us and on an overall examination of the Balance Sheet of the company, we report that no funds raised on short term basis have been used for long term investment. (18) In our opinion and according to the in formations and explanations given to us, the company has not made preferential allotment of share to parties and companies covered in the register maintained under section 301 of the Act. (19) According to the in formations and explanations given to us, during the period covered by our audit report, the company has not issued any debentures. (20) According to the in formations and explanations given to us, during the period covered by our audit report, the company has not raised any money by way of public issue. (21) Based upon the audit procedure performed and as per the information and explanations given to us by the management, we report that no fraud on or by the company has been noticed during the year. FOR R K G & CO. Chartered Accountants, (CA. RAMESH GOYAL) PLACE: SURAT Partner DATE :30-05-2014 M. No. 037747 FRN -103366W