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Advance Petrochemicals Ltd.

BSE: 506947 Sector: Consumer
NSE: N.A. ISIN Code: INE334N01018
BSE LIVE 13:47 | 07 Nov Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 26.00
52-Week high 30.55
52-Week low 17.80
P/E 29.89
Mkt Cap.(Rs cr) 2.34
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.10
Sell Qty 100.00
OPEN 26.00
CLOSE 26.25
52-Week high 30.55
52-Week low 17.80
P/E 29.89
Mkt Cap.(Rs cr) 2.34
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.10
Sell Qty 100.00

Advance Petrochemicals Ltd. (ADVANCEPETROCH) - Auditors Report

Company auditors report



Report on the Financial Statements:

1 We have audited the accompanying financial statements of ADVANCE PETROCHEMICALSLIMITED which comprise the Balance Sheet as at March 31 2015 the Statementof Profit and Loss & Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management Responsibility:

2 The Company’s Board of Directors is responsible for the matters in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility:

3 Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with standards on auditing specified under section 143(10) of the Act. Thosestandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

4 An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement 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 toprovide a basis for our audit opinion.

Opinion :

6 In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

ii) In the case of statement of profit & loss of the profit for the year ended onthat date; and

iii) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements:

7 As required by the Companies (Auditors Report) Order 2015 ("the Order) issuedby the Central Government of India in terms of sub section(11) of section 143 of the Actwe give in the Annexure a statement on the matters Specified in Paragraphs 3 and 4 of theOrder.

8 As required by section 143(3) of the Act we report that:

i) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

ii) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

iii) The Balance Sheet and Statement of Profit and Loss dealt with by this Report arein agreement with the books of account.

iv) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards specified under section 133 of the Actread with Rule 7 of the Companies(Accounts) Rules 2014.

v) On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section of 164 (2) ofthe Companies Act 2013.

9 With respect to the other matters included in the Auditor’s report and to bestof our information and explanation given to us:

i) The Company does not have any pending litigations which would impact its financialposition.

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the company.

Chartered Accountants
(F.R.N.: 107929W)
Place : AHMEDABAD Partner
Date : 29.05.2015 M.No. 034289

Annexure referred to in paragraph 3 & 4 of our report of even date to the membersof Advance Petrochemicals Limited on the accounts for the year ended on 31st March 2015.

(i) (a) The company has not maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management at reasonableintervals.

(ii) (a) The inventory has been physically verified by the management during the year.In our opinion the frequency of verification is reasonable having regards the size of thecompany and the nature of its business.

(b) In our opinion the procedure of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the company and thenature of its business.

(c) The company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks and book records were not material.

(iii) According to information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the Companyand the nature of its business with regard to purchases of inventory fixed assets andwith regard to the sales of goods. In our opinion and as explained to us there is nomajor weakness in internal control. However Company does not have an internal Auditsystems commensurate with its size and nature of its business .

(v) (a) In our opinion and according to the information and explanations given to usthe directives issued by the Reserve Bank of India and the provisions of sections 73 to 76or any other relevant provisions of the Companies Act and the rules framed there underhave been complied by company with regards to acceptance of Deposit.

(b) No order has been passed by Company Law Board or National Company Law Tribunal orReserve Bank of India or any court or any other tribunal aganist the company

(vi) According to the information and explanations given to us maintenance of costrecords in respect of manufacturing activities of the Company are prescribed by theCentral Government under sub section (1)of Section 148 the Companies Act 2013

(vii) (a) According to the information and explanations given to us and on the basisof our examination of the books of accounts the Company has generally been regular indepositing the undisputed statutory dues including Income-Tax Sales Tax Wealth TaxCustom Duty Cess and other statutory dues during the period with the appropriateauthorities. Hence at the end of the year there are no undisputed dues payable for aperiod of more than six months from the date they became payable.

(b) According to the information and explanation given to us there are no amounts inrespect of Sales Tax Income tax Wealth tax Custom Duty Cess and any other materialstatutory dues were in arrears with the appropriate authorities on account of any dispute.

(c) According to information and explanation given to us there are no such amountswhich are required to be transferred to investor education and protection fund inaccordance with the provisions Companies Act 1956(1 of 1956) and rules made thereuder.

(viii) The company does not have any accumulated losses at the end of financial yearand has not incurred cash losses during the financial year and in the financial yearimmediately preceding such financial year.

(ix) In our opinion and according to the information & explanations given to usthe company has not defaulted in repayment of dues to a financial institution or banks orDebenture holder.

(x) In our opinion and based on certificate given by the management to us andinformation and explanations given to us the Company has not given any guarantee forloans taken by others from banks or financial institutions.

(xi) In our opinion and according to the information & explanations given to us thecompany has not procured ant fresh term loan during the year hence this clause is notapplicable.

(xii) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the year under audit and even up to the dateof our audit.

Chartered Accountants
(F.R.N.: 107929W)
Place : AHMEDABAD Partner
Date : 29.05.2015 M.No. 034289

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