You are here » Home » Companies » Company Overview » Paschim Petrochem Ltd

Paschim Petrochem Ltd.

BSE: 531005 Sector: Industrials
NSE: N.A. ISIN Code: INE066B01011
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Paschim Petrochem Ltd. (PASCHIMPETROCH) - Auditors Report

Company auditors report

ANNUAL REPORT 1998-99 PASCHIM PETROCHEM LIMITED REPORT OF THE AUDITORS TO THE SHAREHOLDERS OF PASCHIM PETROCHEM LIMITED We have audited the attached Balance Sheet of PASCHIM PETROCHEM LIMITED as at 31st March,1999 and the Profit and Loss account annexed thereto for the year ended on that date in which are merged the accounts of Baroda Branch audited by the duly appointed Branch auditors We have also considered and relied upon the audit report and notes given by the said Auditors in framed our report and report that: As required by the Manufacturing and other Companies (Auditor s Report) Order 1988 issued by the Company Law Board in terms of section 227 (4A) of the Companies Act 1956 we enclose in Annexure a statement of the matters specified in Paras 4 an 5 of the said order. 2. Further to our comments in the Annexure referred to in Para (1) above we report that: a) We have 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 have been kept by the company as require by law so far as appears from our examination of those books except as stated under clause (i) of Para 1. c) The Balance Sheet and the Profit and Loss account dealt with by this report are in agreement with the books of account. d) Reference is invited to Note 2 of Schedule V regarding non provision of retirement benefits which is no in conformity with Accounting Standard 15 issued by the Institute of Chartered Accountants of India. Other than the above in our opinion the Balance Sheet and the Profit and Loss Account comply /with Accounting standards referred to in subsection (3C) of section 211 of the Companies Act,1956. e) In our opinion and to the best of our information and according to the explanations given to us the accounts give the information required by the Companies Act,1956 in the manner so required and subject to: i) Note 2 regarding non-provision of retirement benefits amounting to Rs 15,775 resulting in overstatement of profit and Reserves and Surplus and understatement of liabilities to that extent. ii) Note 4 regarding non receipt of confirmation of balances and read together with Significant Accounting Policies and other notes given in Schedule V give a true and fair view: (i) In case of the Balance Sheet of the state of affairs of the Company as at 31st March,1999 and (ii) In case of the Profit & Loss account of the profit of the Company for the year ended on that date. For and on behalf of the BORKAR & MUZUMDAR Chartered Accountants Manish Makharia Partner Place: MUMBAI Date : 10.06.1999. ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 1 of our report of even date to the Members of Paschim Petrochem the year ended 31st March,1999. 1) The Company informs us that Fixed Assets Registers is being prepared. We are informed that during the year fixed Assets were physically verified by the management and no serious discrepancies were noticed on such verification with the books records. 2) None of the Fixed assets have been revalued during the year. 3) In our opinion the procedure of physical verification of stocks followed by the Company are reasonable and adequate in relation to the size of the Company and the nature of its business. 4) In our opinion the discrepancies noticed on physical verification of stock as compared to book records were not material and the same have been properly dealt with in the books of account. 5) In our opinion the procedure of physical verification of stocks followed by the Company are reasonable and adequate in relation to the size of the Company and the nature of its business. 6) In our opinion and on the basis of examination of the stock records the valuation of stock is fair and proper and is in accordance with normally accepted accounting principles, and is on the same basis as in the preceding year. 7) Company has taken interest free unsecured loans from companies under the same management within the meaning of section 370(1B) of the Companies Act,1956. The terms and conditions of the said loans are not in our opinion prima facie prejudicial to the interest of the Company. 8) Company has given any amounts in the nature of loan to companies,firms and other parties listed in the register maintained under section 301 of the Companies Act,1956 or to Companies under the same management as defined under Section 370 (1B) of the said Act. However there are accounts with some such parties showing amounts due from them on which no interest has been charged since these, we are informed, are merely in the nature of its business. 9) The Company has not given loans or advances in the nature of loans other than those given to staff who are repaying the principal amount as stipulated. 10) In our opinion and according to the information and explanations given to us there are internal control procedures with regard to purchase of stores, raw materials including components plant and machinery equipment and other similar assets and for the sale of goods. However in our opinion the same need to be strengthened having regard to the size of the company and nature of its business. 11) The Company has entered into transactions of purchase of goods and materials and sales in pursuance to contracts or arrangements entered in the register maintained under section 301 of the Companies Act,1956 and aggregating during the year to Rs. 50,000/- or more. The same is being in technical specification as to quality, we are unable to state reasonableness over prevailing market price. However management has certified that such transactions are entered into at prevailing market prices or at prices at which such transactions are entered into with other parties. 12) As explained to us the Company has a regular procedure for determination of unserviceable or damaged stores, raw materials and finished goods and makes adequate provisions for the loss arising on items so determined. 13) The Company has not accepted deposits in contravention of the provisions of Section 58A of the Companies Act,1956 and the rules thereunder for accepting deposits from the public. 14) The Company has no by-products. We are informed that the process of production does not generate any realisable scrap. 15) The Company does not have an internal audit system. 16) We are informed that the maintenance of cost records has not been prescribed by the Central Government under Section 209(I)(d) of the Companies Act,1956 for the year under the review in respect of the product dealt with by the company. 17) The Company has been generally regular in depositing provident fund dues with the appropriate authorities. We are informed that the provision regarding Employees State Insurance Act is not applicable to the Company. 18) According to the information and explanations given to us except Sales Tax amounting to Rs. 2.07 lacs (P.Y. 7.09 lacs) and interest on Sales Tax amounting to Rs. 1.8 lacs for outstanding/belatedly paid dues there was no undisputed amounts payable in respect of Income-tax Wealth tax Custom. duty and Excise duty as at 31st March,1999 outstanding for a period exceeding six months from the date they became payable. 19) According to the information and explanations given to us there are no personal expenses of employees or Directors charged to revenue account except those incurred under contractual obligations or in accordance with the normally accepted business practices. 20) In our opinion the Company is not a sick industrial Company within the meaning of Clause (o) of sub-section (I) of Section 3 of the Sick Industrial Companies (Special Provisions) Act,1985. 21) In respect of trading activity of the Company in our opinion proper provision has been made for the damaged goods. For and on behalf of BORKAR & MUZUMDAR Chartered Accountants Manish Makharia Partner PLACE: MUMBAI DATE : 10.06.1999.