To the Members of
AMINES AND PLASTICIZERS LIMITED
Report on the Financial Statements
We have audited the accompanying standalone financial statements of Amines &Plasticizers Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2015 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.
Managements Responsibility for Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the
Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards 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 inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
While conducting the audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors 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 Companys preparation and fairpresentation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the Companys internal financialcontrol system. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Managementas well as evaluating the overall presentation of the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on standalone financial statement.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India.
a) in the case of the Balance Sheet the state of affairs of the company as at March31 2015;
b) in the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date;
c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date;
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Companies Act2013 we give in the Annexure a statement on matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.
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 bestof our knowledge and belief were necessary for the purposes of our audit.
b) in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;
c) the Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this
Report are in agreement with the books of account; d) in our opinion the aforesaidstandalone financial statements comply with the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014;
e) on the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors disqualifiedas on 31st March 2015 from being appointed as a director in terms of Section 164(2)of the Act.
f) with respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 27(1) to the financial statements.
ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. there were no amounts which were required to be transferred to the InvestorEducation and
Protection Fund by the Company
For Bhandari Dastur Gupta & Associates
Firm Registration No.: 119739W
Membership Number: 047981
Mumbai 29th May 2015.
The annexure referred to in our Independent Auditors to members of the company onstandalone financials statement for the year ended 31 March
2015 we report that:
1. (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;
(b) According to information and explanations given to us and records examined by usthe verification management conducted physical of fixed assets in a phased programmedmanner to cover all the items over period of 3 years which in our opinion in reasonablehaving regards to size of the company and nature of its assets. Pursuant to the programphysical verification was carried out during the year and no material discrepancies werenoticed on such physical verification.
2. (a) The inventory has been physical verified by the management at the year end.Inventories lying with the third parties and in transit have been verified by themanagement with reference to or statement of accounts or subsequent receipt of goods.
(b) verification In our opinion the procedures of physical of inventory followed bythe management are reasonable and adequate in relation to size of the company and thenature of the business.
(c) on the basis of our examination of physical records in our opinion the company ismaintaining proper records of inventory. The discrepancies noticed verification physicalof inventory as compared book records were not material and have been properly dealt within the books of accounts.
3. (a) During the year the Company has granted unsecured loans to following subsidiarycompanies covered in the register maintained under section 189 of the Companies Act2013("the Act").
(Rs in Lacs)
| ||APL Infotech Limited (APLIL) ||APL Engineering Services Private Limited (APLESPL) |
|Relationship ||Subsidiary ||Wholly owned Subsidiary |
|Rate of Interest (%) ||14% ||Interest Free |
|Loan Given During the Year ||5.4 ||256.84 |
|Loan Repaid During the Year ||5.4 ||35.50 |
|Maximum Balance outstanding during ||358.84 ||664.04 |
|the Year || || |
|Interest Accrued and due on above (A) ||204.25 ||NA |
|Year End Balance (B) ||353.44 ||664.04 |
|Total (A+B) ||557.69 ||664.04 |
b) In respect of APLIL the company is under the process of developing and furtherupgrading of the software based on the feedback received from prospective users. Thecompany had received one order in past which is under execution and hopeful of receivingadditional orders in coming years also the management is hopeful of realising theprincipal and interest accrued thereon at the earliest and on the basis of suchrepresentation by the management the terms and conditions of the aforesaid loan has notbeen considered prejudicial to the interest of the Company.
In respect of APLESPL its fabrication Unit and have received orders which are underexecution the management is confident of recovering the amount in due course andaccordingly has not been considered prejudicial to the interest of the Company.
4. In our opinion and according to information and explanation given to us there areadequate internal control systems commensurate with the size of the company and the natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. Further on the basis of our examination of the books and records of theCompany and according to the information and explanation given to us we have neithercome across nor we have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control system.
5. The Company has not accepted any deposits from the public.
6. In our opinion and according to information and explanation given to us company hasmaintained various accounts and records in respect of cost records as specified by theCentral Government under sub-section (1) of section 148 of the Companies Act 2013.
7. a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employeesstate insurance income tax sales tax wealth tax service tax duty of customs duty ofexcise value added tax cess and other statutory dues have been regularly depositedduring the year by the Company with the appropriate authorities.
b) According to the information and explanations given to us there are no dues ofincome tax provident fund sales tax wealth tax service tax duty of customs duty ofexcise value added tax cess and other statutory dues which have not been deposited withthe appropriate authorities on account of any dispute except the following :
|Name of the Statute ||Nature of Dues ||Period to which it relates ||Rs in Lacs ||Forum where dispute is pending |
|Income Tax Act 1961 ||Income Tax ||Assessment Year 2009-10 ||8.24* ||ITAT Guwahati |
|Income Tax Act 1961 ||Income Tax ||Assessment Year 2010-11 ||4.24 ||Commissioner of Income Tax (Appeals) Guwahati |
* Payment made under protest
c) There were no amounts which were required to be transferred to investor educationand protection fund by the company in accordance with the relevant provisions of theCompanies Act 1956 (1 of 1956) and rules there under.
8. In our opinion the Company has no accumulated losses as at March 31 2015 and hasnot incurred any cash losses in the current financial year and in the immediatelypreceding financial year.
9. According to records of the Company examined by us and information and explanationsgiven to us the company has not defaulted in any of dues to financial institutions orbank as the balance sheet date.
10. In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.
11. In our opinion and according to the information and explanation given to us theCompany has not obtained any term loan during the year and accordingly this clause is notapplicable.
12. According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.
For Bhandari Dastur Gupta & Associates
Firm Registration No.: 119739W
Membership Number: 047981
Mumbai 29th May 2015