| We have audited the accompanying financial statements of MAHARASHTRA
POLYBUTENES LIMITED, which comprise the Balance Sheet as at March
31,2015 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
Company's Board of Director is responsible for the matters stated in
Section 134(5) of The Companies Act, 2013(The Act) with respect to 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
Section 133 of the Act, read with Rule 7 of the
Companies(Accounts)Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies ;making judgement
and estimates that are reasonable and prudent ;and design, and
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.
Auditor's Responsibility
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.
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 financial controls relevant to the Company's
preparation of the financial statements that give a true view in order
to design audit procedures that are appropriate in the circumstances but
not for the purpose of expressing an opinion on whether the Company has
in place an adequate internal financial controls system over financial
reporting and the operating effectiveness of such controls An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the Company's
Directors,, 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 the Financial
Statement.
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 31,2015 ;
(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, 2015 ,issued
by the Central Government of India in terms of subsection 11section 143
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 3 and 4 of the Order.
2. As required by section 143(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 account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
c. The Balance Sheet, The 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 specified under section 133 of the Act read with Rule 7 of
the Companies(Accounts)Rules 2014.
e. On the basis of written representative received from the directors as
on March, 31, 2015, and taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,2015, from being
appointed as a director in terms of Section 164(2) of The Act With
respect to the other matters to be included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014
,in our opinion and to the best of our information and according to the
explanation given to us :
1) The Company does not have any pending litigations which would impact
its financial position.
ii) The Company did not have any long- term contracts including
derivative contracts for which there any material foreseeable losses.
iii) There has been no delay in transferring amounts required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in our report to the members of Maharashtra
Polybutenes Limited for the year ended on 31st March 2015.We report
that :
1. In respect of its Fixed Assets:
(i) As explained to us the company is maintaining proper records showing
full particulars, including quantitative details and situation of fixed
assets;
(ii) 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.
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 189 :-
a) The Company had granted unsecured advances to parties covered in the
register maintained under section 189 of The Companies Act 2013 .
b) The loans granted were re-payable on demand. As informed, repayment
have been made during the year whenever demanded by us .whenever
stipulated interest and principal have been received regularly There
were no overdue of principal and interest .
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 for the
purchase of inventory and fixed assets and for the sale of goods and
services. . During the course of our audit, we have not observed any
major weakness in the internal system.
5. As informed to us, the company has not accepted any deposits
6. The company has adequate internal audit system commensurate with size
of the Company and the nature of its business.
7 Company has maintained the cost records pursuant to the rules made by
the Central Government for the maintenance of cost records under Section
148(1) Companies Act, 2013.
8 (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 generally been regular in
depositing liability towards undisputed statutory dues including
Provident Fund, Employees State Insurance, Income tax, Sales tax, Wealth
Tax, Service Tax , Duty of Custom, Duty of Excise ,Value added Tax ,cess
and any other statutory dues with the appropriate authorities. However
the following are the taxes etc which have remained outstanding for more
then six month as on the date of the balance sheet i.e .31-03-2015
- 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/ - ,TDS (FY
2014-15 ) Rs 247373/ ST (FY 2013-14) of Rs 7,34,615/,ST(F.Y.2014-15) of
Rs16537/ and MVAT of Rs. 1,22,16,503- .
(b) According to the information and explanations given to us there are
no dues of income tax or sales tax or wealth tax or service tax or duty
of customs or duty of excise or value added tax or cess which have not
been deposited on account of dispute.
(c) The amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under has been
transferred to such fund within time.
9 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.
10 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.
11. 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.
12 The Company has not raised any term loans
13 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
Membership No.: 040889
Firm Reg. No.: 114852W
Place: Mumbai
Dated: 28TH May, 2015
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