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Andhra Petrochemicals Ltd.

BSE: 500012 Sector: Industrials
NSE: ANDHRAPET ISIN Code: INE714B01016
BSE LIVE 15:40 | 02 Dec 26.95 -0.90
(-3.23%)
OPEN

27.00

HIGH

27.50

LOW

26.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 27.00
PREVIOUS CLOSE 27.85
VOLUME 134512
52-Week high 28.40
52-Week low 9.90
P/E
Mkt Cap.(Rs cr) 228.99
Buy Price 27.05
Buy Qty 1401.00
Sell Price 0.00
Sell Qty 0.00
OPEN 27.00
CLOSE 27.85
VOLUME 134512
52-Week high 28.40
52-Week low 9.90
P/E
Mkt Cap.(Rs cr) 228.99
Buy Price 27.05
Buy Qty 1401.00
Sell Price 0.00
Sell Qty 0.00

Andhra Petrochemicals Ltd. (ANDHRAPET) - Auditors Report

Company auditors report

To

The Members of

The Andhra Petrochemicals Limited Tanuku

Report on the Financial Statements:

We have audited the accompanying financial statements of The Andhra PetrochemicalsLimited Tanuku which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters stated 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities selection and application of appropriateaccounting policies making judgments and estimates that are reasonable and prudent anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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:

1. Our responsibility is to express an opinion on these financial statements based onour audit.

2. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

3. 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 financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 on the financial statement.

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its losses and its 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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in the paragraphs 3and 4 of the 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 the Statement of Profit and Loss and Cash Flow statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 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 isdisqualified as on 31st March 2015 from being appointed as a Directorin terms of Section 164 (2) of the Act and f) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us.

i. The Company does not have any pending litigations that 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.

for BRAHMAYYA & CO.
Chartered Accountants
Place : Visakhapatnam Firm Regn. No. 000513S
Date : 22.5.2015 C V Ramana Rao
Partner
Membership No.018545

Annexure to the Independent Auditor's Report:

The Annexure referred to in our Independent Auditor's report of even date to themembers of THE ANDHRA PETROCHEMICALS LIMITED TANUKU for the year ended 31 March 2015. Wereport that:

i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The fixed assets have been physically verified by the management during the year.According to the information furnished to us no material discrepancies have been noticedon such verification. ii) a) Physical verification of inventory has been conducted duringthe year by the management at reasonable intervals.

b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) On the basis of our examination of the records of inventory we are of the opinionthat the Company is maintaining proper records of inventory. The discrepancies noticed onsuch verification between the physical stocks and the book records were not material.

iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct 2013. Consequently clauses 3 (iii) (a) and (b) of the Order are not applicable.

iv) In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of inventories fixed assets and sale ofgoods. We have not observed any major weakness in the internal control system during thecourse of the audit.

v) The Company has not accepted any deposits from the public.

Consequently the clause 3(v) of the order is not applicable to the Company.

vi) We have broadly reviewed the books of account relating to materials labour andother items of cost maintained by the Company pursuant to the Rules made by the CentralGovernment for the maintenance of cost records under sub-section (1) of section 148 of theCompanies Act 2013 and we are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained. However we have not made a detailed examination ofthe records.

vii) a) According to the information and explanations given to us and on the basis ofexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax wealth-tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues have been regularlydeposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us no undisputed amounts arepayable in respect of income tax sales tax wealth tax service tax duty of customsduty of excise value added tax or cess and other material statutory dues which were inarrears as at 31st March 2015 for a period of more than six months fromthe date they became payable.

b) As at 31st March 2015 there have been no disputed dues whichhave not been deposited with the respective authorities in respect of Income taxWealth-tax Service tax duty of customs duty of excise value added tax and Cess exceptthe following:

Sr. No. Name of the Statute Nature of the Dues Amount * Period to which the amount relates Forum where dispute is pending
(Rs. in lakhs)
1. The Income Tax Act 1961 Tax Deduction at Source 1.72 Assess- ment Year 2006-07 Income Tax Appellate Tribunal Visakhapatnam
2. The Income Tax Act 1961 Income Tax 2.82 Assess- ment Year 2008-09 Commissioner of Income Tax (Appeals) Visakhapatnam
3. The Income Tax Act 1961 Fringe Benefit Tax 2.28 Assess- ment Year 2008-09 Commissioner of Income Tax (Appeals) Visakhapatnam
4. The Income Tax Act 1961 Tax Deduction at Source 15.68 Assessment Years 2008-09 & 2009-10 Commissioner of Income Tax (Appeals) Visakhapatnam
5. Value Added Tax Dis- allowance of Input tax credit 10.45 Assess- ment Year 2009-10 Appellate Deputy Commissioner (CT)

* Net of Pre deposits made.

c) According to the information and explanations given to us the amounts which wererequired to be transferred to the Investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules thereunderhas been transferred to such fund within time.

viii) The Company has no accumulated losses. It has incurred cash losses during thefinancial year covered by our audit and also the immediately preceding financial year.

ix) The Company has not defaulted in payment of any loan installment or interest inrespect of term loans from financial institutions and banks consequent to thereschedulement of term loan installments by IDBI Bank.

x) According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from banks or financial institutions. Consequentlythe clause 3 (x) of the order is not applicable to the Company.

xi) In our opinion the Term Loans obtained during the financial year under report andin earlier years have been applied for the purposes for which they were raised.

xii) 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 BRAHMAYYA & CO.
Chartered Accountants
Place : Visakhapatnam Firm Regn. No. 000513S
Date : 22.5.2015 C V Ramana Rao
Partner
Membership No.018545

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