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Rajasthan Petro Synthetics Ltd.

BSE Live

Mar 02, 16:00
6.20 0.28 (4.73%)
Volume
AVERAGE VOLUME
5-Day
100
10-Day
110
30-Day
2,590
100
  • Prev. Close

    5.92

  • Open Price

    6.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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Rajasthan Petro Synthetics is not listed on NSE

Annual Report

For Year :
2015 2013 2012 2011

Auditor's Report

1 We have audited the accompanying financial statements of RAJASTHAN PETRO SYNTHETICS LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the 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 2 The Company''s Board of Directors is responsible for the matters stated in section 134 (5) of the Companies Act, 2013 (the Act) with respect to the preparation and presentation 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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 3 Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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. 4 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 the 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 reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements. 5 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion 6 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: (i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2015; (ii) in the case of the Statement of Profit and Loss, of the Loss of the Company for the year ended on that date; and (iii) in the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date. 7 As required by the Companies (Auditor''s Report) Order, 2015 (''Order''), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we enclose in the Annexure, a statement on the matters specified in paragraphs 3 and 4 of the said Order, to the extent applicable. 8 As required by Section143 (3) of the Act, we report that: a. we have sought and 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 accounts as required by the law have been kept by the Company, so far as it appears from our examination of those books; c. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account; d. In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013; e. on the basis of written representations received from the directors as on 31 March 2015, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 March 2015 from being appointed as director in terms of section 164(2) of the Companies Act, 2013 and f. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule11 of the Companies (Audit and Auditors)Rules,2014,in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigation on its financial position in its financial statements refer Note 19 to the financial statements. ii. The Company did not have any foreseeable losses on long term contracts and had no derivative contracts outstanding as at 31st March, 2015; and iii. The Company did not have any dues on account of Investor Education and Protection Fund. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT (Referred to in paragraph 7 of our report of even date to the members of Rajasthan Petro Synthetics Limited on the financial statements for the year ended 31st March, 2015) i) (a) The Company has now Office equipments as fixed assets at the close of year, the fixed Asset Register of which is being prepared. (b) The Company has physically verified the Office equipments during the year which in our opinion is reasonable having regard to size of the company and the nature of the assets. ii) The Company does not have any Inventory therefore this clause is not applicable. iii) According to the information and explanations given to us, the Company has, during the year, not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the companies Act, 2013. Accordingly, paragraph 3(iii) of the Order is not applicable. iv) In our opinion and according to the information and explanations given to us, there are internal control systems commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and with regard to sale of service. v) The Company has not accepted public deposits during the year. vi) The Central Government has not prescribed maintenance of cost accounts for the type of activities of the Company pursuant to the rules made by the Central Government of India for the maintenance of cost records under clause (d) of Sub Section (1) of Section 148 of the Companies Act, 2013. vii) (a) According to the records examined by us , during the year, no deductions were made towards Provident Fund and Employee''s State Insurance. The Company was regular in depositing with appropriate authorities Income Tax, and other statutory dues deducted by it during the year. However, Undisputed Statutory dues amounting to Rs. 21.39 Lacs in respect of ESI, Rs. 8.59 Lacs in respect of Sales Tax, Rs. 0.10 Lacs in respect of excise duty, Rs. 4.87 Lacs in respect of Textile Committee cess and Rs. 0.13 Lacs in respect of TDS were outstanding as at 31st March, 2015 for the period of more than 6 month from the date they became payable. (b) According to the records of the Company, the dues of income tax, service tax, duty of excise, cess and value added tax, which have not been deposited on account of dispute and the forum where the dispute are pending, are as under: S. No. Status Nature of Taxes Amount involved Forum where dispute is pending (Rs. In Lacs) 1. Central Excise Act, 1944 Excise Duty 169.23 Supreme Court 2. Central Excise Act, 1944 Excise Duty 4.67 C.E.S.T.A.T. Delhi 3. Central Excise Act, 1944 Excise Duty 3.23 Dy. Commissioner of Excise (Appeals) Jaipur 4. Sales Tax Department Sales Tax 82.77 SLSC 5. Central Excise Act, 1944 Excise Duty 2.33 Central Excise & Gold Appellate Tribunal 6. Central Excise Act, 1944 Service Tax 1.11 Asst. Commissioner of Central Excise & Customs. (c) The Company did not have any dues on account of Investor Education and Protection Fund. viii) There are accumulated losses of Rs.3092.43 lacs as on 31st March 2015 which is more than 50% of its net worth. The company has incurred cash losses in the current year but not in the immediately preceding year of the Company. ix) There are no loans from any Financial Institute or banks. Hence, this clause of the Order is not applicable. x) According to the information and explanations given to us, Company has not given any guarantee during the year for loans taken by others from banks or financial institution. xi) In our opinion and according to the information and explanations given to us, the Company has not raised any term loans during the year. xii) Based upon the audit procedures performed and to the best of our knowledge and according to the information and explanations given to us by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. PLACE: NEW DELHI FOR M B R & COMPANY DATE : 27TH May 2015 CHARTERED ACCOUNTANTS FRN 021360N (MUKESH SHARMA) PARTNER M. NO. 0511275