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Asian Petroproducts & Exports Ltd.

BSE: 524434 Sector: Industrials
NSE: N.A. ISIN Code: INE810M01019
BSE 00:00 | 02 Aug 8.74 0
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NSE 05:30 | 01 Jan Asian Petroproducts & Exports Ltd
OPEN 8.74
PREVIOUS CLOSE 8.74
VOLUME 100
52-Week high 8.74
52-Week low 2.62
P/E 21.32
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.74
CLOSE 8.74
VOLUME 100
52-Week high 8.74
52-Week low 2.62
P/E 21.32
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asian Petroproducts & Exports Ltd. (ASIANPETROPROD) - Auditors Report

Company auditors report

TO THE MEMBERS OF ASIAN PETROPRODUCTS & EXPORTS LIMITED Report on the Audit of theStandalone Financial Statements

WeOpinionhave audited the accompanying standalone financial statements of

ASIAN PETROPRODUCTS & thenStatement EXPORTS ended of Profit andLoss (statement of changes in equity) and statement of Cash Flow for the yearLIMITED andnotes ("theto Company")the financialwhichstatementscompriseincludingtheBalancea summarySheet asofatsignificantMarch 31accounting2020 the policies andother explanatory information. Inaforesaidour opinionstandaloneand tofinancialthe beststatementsof our informationgive the andinformationaccordingrequiredto the explanationsbythe Act ingiventhe mannerto us theso in India of the state of affairs of the Company asat 31st March 2020 and profit/loss changes in equityrequired and give a true and fairview in conformity with the accounting principles generally accepted and its cash flowsfor the year ended on that date except mentioned in our basis for qualified opinion.

Basis for Qualified Opinion

1) a going concern. But our review indicates that:-The standalone financial statementshave been prepared assuming that company will continue as There is an erosion in the networth of the company. Current liabilities are far in excess to current assets. Company isincurring cash losses for last many years. Overall liabilities are far in excess to totalassets of the company. Qualified We conductedOpinionour audit in accordancewith the Standards on Auditing (SAs) specified under section in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. Weare143(10) of the Companies Act 2013. Our responsibilities under those Standards arefurther described Accountantsindependent of the Company in accordance with the Code ofEthics issued by the Institute of Charteredof India together with the ethical requirementsthat are relevant to our audit of the have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code offinancial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we basis for ouropinion except mentioned in our basis for qualified opinion.Ethics. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide

a Key Audit Matters are these matters that in our professionaljudgment were of most significance in our context of our Audit of Standalone financialstatement as a whole and in forming our opinion thereonAudit of Standalone financialstatement of the current period. These matters were addressed in the observed by us exceptthe matters reported in the notes to accounts.and we do not provide a separate opinion onthese matters. There are no significant key audit matters

TheResponsibility of Company's BoardManagement of Directorsfor theStandalone Financial is responsible for the mattersStatements stated in section134(5) of the CompaniesStatements that give a true and fair view of the financialposition financial performance (changes inAct 2013 ("the Act") with respectto the preparation of these Standalone Financial in India including the equity) and cashflows of the Company in accordance with the Accounting Principles generally acceptedAccounting Standards specified under section 133 of the Act. This responsibility foralsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Actsafeguarding the assets of the Company and for preventing and detecting frauds andother policies making judgments and estimates that are reasonable and prudent and designimplementationirregularities selection and application of appropriate implementation andmaintenance of accounting the accuracy and completeness of the accounting recordsrelevant to the preparation and presentationand maintenance of adequate internal financialcontrols that were operating effectively for ensuring ofwhether due to fraud or error.the Financial Statements that give a true and fair view and are free from materialmisstatement continue as a going concern disclosing as applicable matters related togoing concern and using theIn preparing the financial statements management isresponsible for assessing the Company's ability to ceasegoingconcernoperationsbasisorofhasaccountingno realisticunlessalternativemanagementbuttoeitherdo so.intendsThoseto Boardliquidateof theDirectorsCompanyare oralsoto responsiblefor overseeing the Company's financial reporting process. Our objectives are to obtainreasonable assurance about whether the financial statements as a wholeAuditorsResponsibility for the audit of Financial Statements are free from materialmisstatement whether due to fraud or error and to issue an auditor's reportthatauditincludes our opinion. Reasonable assurance is a high level of assurance but isnot a guarantee that anconducted in accordance with SAs will always detect a materialmisstatement when it exists. aggregate they could reasonably be expected to influence theeconomic decisions of users taken on theMisstatements can arise from fraud or error andare considered material if individually or in the basis of these financial statements. Aspart of an audit in accordance with SAs we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:a) Identifywhether due to fraud orerror design and perform audit procedures responsive to those risksand assess the risksof material misstatement of the standalone financial statements The risk of non detectinga material misstatement resulting from fraud is higher than for oneand obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion.resultingmisrepresentations or the override of internal control.from error as fraud mayinvolve collusion forgery intentional omissions b) audit procedures that areappropriate in the circumstances. Under section 143(3)(I) of the ActweObtainareanalsounderstandingresponsible forof internalexpressingfinancialour opinioncontrolonrelevantwhetherto thethe auditCompanyin orderhas toadequatedesign internal financialcontrols system in place and the operating effectiveness of such controls. c) estimatesand related disclosures made by management.Evaluate the appropriateness of accountingpolicies used and the reasonableness of accounting d) andConclude on the appropriatenessof management's use of the going concern basis of accountingbased on the audit evidenceobtained whether a material uncertainty exists related to goingevents or conditions thatmay cast significant doubt on the ability of the group to continue as aconcern. If weconclude that a material uncertainty exists we are required to draw conditions may causethe group to cease to continue as a going concern.audit evidence obtained upto the date ofour Auditors' Report. However future events or e) includingEvaluate the overallpresentation structure and content of the standalone financial statementunderlinetransactions and events in a manner that achieves fair presentation. the disclosure andwhether the standalone financial statements represent the f) statements. We areresponsible for the direction supervision and performance of the audit oforObtainsufficient appropriate audit evidence regarding the financial information of theentitiesbusiness activities within the group to express an opinion on the standalonefinancial the financial statement of such entities include in the standalone financialstatements. Materiality is the magnitude of misstatements in the standalone financialstatements that individuallyfinancial statements may be influenced. We considerquantitative materiality and qualitative factor inor in aggregate makes it probable thatthe economic decision of a reasonably knowledgeable user of the the effect of anyidentified misstatements in the financial statements.(I) planning the scope of our auditwork and in evaluating the results of our work and (II) to evaluate scopeWecommunicateand timing withof thethoseauditchargedand significantwith governanceauditfindingsregardingincludingamonganyothersignificantmattersdeficienciesthe plannedininternal control that we identify during our audit.ethicalWe also provide those chargedwith governance with a statement that we have compiled with relevantrequirements regardingindependence and to communicate with them all relationships and otherrelated safeguards.matters that may reasonably be thought to bear on our independence and where applicablewere of most significance in the audit of the standalone financial statements of thecurrent period andFrom the matters communicated with those charged with governance wedetermine those matters that regulation precludes public disclosure about the matter orwhen in extremely rare circumstances weare therefore the key audit matters. We describethese matters in our Auditors' Report unless law or doing so would reasonably be expectedto outweigh public interest benefits of such communication. determine that matter shouldnot be communicated in our report because the adverse consequences of AsReport requiredonOther by ‘theLegal Companiesand Regulatory (Auditor'sRequirementsReport) Order 2016 (the order) issued by the Central the Annexure "A" astatement on the matters specified in paragraphs 3 and 4 of the Order to theextentGovernment of India in terms of sub-section (11) of section 143 of the CompaniesAct 2013 we give in applicable. As required by section 143(3) of the Act we reportthat: a) paragraph obtained all the information and explanations which to the best of ourknowledgeWe have sought and except for the matters described in the basis for qualifiedopinion and belief were necessary for the purposes of our audit. b) Except for thepossible effects of the matters described in the basis for qualification paragraphcompanyso far as it appears from our examination of those books.above in our opinion properbooks of accounts as required by law have been kept by the this Report are in agreementwith the books of account. d) Except for the possible effects of the matters described inthe basis for qualification paragraph in our opinion the Balance Sheet Statement ofProfit and Loss and Cash Flow Statement complyCompanies (Accounts) Rules 2013.with theAccounting Standards specified under section 133 of the Act read with Rule 7 of the e)taken on record by the board of directors none of the directors is disqualified as on31st MarchOn the basis of the written representations received from the directors as on31st March 2020 2020 from being appointed as a director in terms of section 164(2) of theAct. f) company and operating effectiveness of such controls refer to our separate reportin "AnnexureA".With respect to the adequacy of the internal financial controlsover financial reporting of the g) information and according to the explanations given tous:11With respect to the other matters to be included in the Auditor's report inaccordance with Ruleof the Companies (Audit and Auditors) Rules2014 in our Opinion andto the best of our 1) position except mentioned in notes to Accounts.The Company does nothave any pending litigations which would impact its financial 2) there were any materialforeseeable losses.The Company did not have any long term contracts including derivativecontracts for which 3) and protection fund by the company.There were no amounts which wererequired to be transferred to the investor education

For R H A D & Co.
Chartered Accountants
Firm Registration No: 102588W
Sd/-
Gopal Dave
(Partner)
M.No.: 040191
Place : Vasai Palghar
Date: 31-07-2020
UDIN:20040191AAAAAI5592

Annexure A to the Independent Auditor's Report (Referred to in paragraph (1) of ourreport of even date) I a) Thesituation of fixed assets and is in the process ofupdating the same. Company has maintained the fixed assets records including quantitativedetails and b) reasonable interval in a phased manner during the year and nomaterial discrepancy has beennoticed on such verification and has been properly dealt within the Books of Accounts.As explained to us the fixed assets have been physicallyverified by the management at c) are held in the name of company.As per theinformation and explanations given to us the Title Deeds of Immovable Properties II TheStock of finished goods stores spare parts and raw material have byexplanation given tous and according to the records produced to us no material discrepanciesthe management atreasonable intervals during the year and as perbeen physically verifiedthe information andManagement could not physically verified the stock at the end of the year.noticed on suchphysical verification as compared to book records. Due to COVID 19 situation III Act2013.The Company has not granted loans to the Companies covered under section 189 ofcompanies IV parties covered under section 185 and section 186 of the companiesAct 2013.According to the information and explanations given to us the company has notgiven loans to V The Company has not accepted any deposits from public.We have beeninformed by

VI section 148(1) of the Companies Act 2013 in respect of products manufactured bythe company.the management no cost records have been prescribed under VII a)of the company with regard to undisputed statutory dues including Provident FundEmployeesAs per the information and explanation given by the management and according tothe records mentionedState Insurance Income Tax Sales Tax GST and Other Statutory duesapplicable to it except asherein below the company is generally regular in depositingwith appropriate have remained outstanding as at 31st March 2019 for a period more thansix months. authorities. There are no undisputed amount payable in respect of suchstatutory dues which

Years Before
Income Act1961 Tax Depreciation Disallowance of 1998-99 124999/- (Appeal) CIT

b) on account of any disputes.company examined by us there are no dues of IncomeTax GST which have not been deposited VIII Accordinginstitutions toorthebanksrecordsor Governmentof the Companyor has notthe issuedcompanyany hasdebenturesnotborrowedtill 31stfromMarchfinancial2020.

Accordingly provisions of Clause 3(viii) of the Order are not applicable to thecompany.

IX (including debt instruments) and term loans during the year. The Company has notraised any money by way of Initial Public Offer or Further Public Offer

X us no fraud by the company or any fraud on the company by its officers oremployees has been noticed or reported during the year under review. XI approvalsmandated by the provisions of section 197 read with schedule V to the Companies ActtoTothe best of our knowledge and beliefs and according to the information and explanationsgivenus the managerial remuneration has been paid or provided in accordance with therequisite

2013.

XII The Company is not a Nidhi Company as per the provisions of section 406 of theCompanies Act2013. XIII As per the information and explanation given to us all thetransactions with the related parties arein compliance with section 177 and 188 of theCompanies Act 2013 and the details have been disclosedaccounting standards.in the note tothe accounts on financial statements as required by the applicable XIV partlyconvertible debentures during the year under review.The Company has not made anypreferential allotment or private placement of shares or fully or XV transactionswith directors or person connected with him.As per the information and explanation givento us the company has not entered into any non cash XVI under section 45-1A of theReserve Bank of India Act 1934.As per the information and explanations given to us thecompany is not required to be registered

For R H A D & Co.
(CHARTERED ACCOUNTANTS)
Firm Reg. No : 102588W
Sd/-
CA. Gopal Dave
(Partner)
Membership No. 040191
Place : Vasai Palghar
Date: 31-07-2020

Annexure - B to the Independent Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

ASIAN PETROPRODUCTS & EXPORTS standalone financial statements of the Companyfor the year ended on that date. Limited ("the Company") as of 31 March2020 in conjunction with our audit of the Management's The Company's managementis Responsibility responsible for establishing and maintaining internal financialcontrolsfor Internal Financial Controls the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financialbased on the internalcontrol over financial reporting criteria established by the Company consideringControlsThese responsibilitiesover Financial includeReportingtheissueddesignbyimplementationthe Institute of andCharteredmaintenanceAccountantsofadequateof India internal(‘ICAI'). business including adherence to company'spolicies the safeguarding of its assets the prevention andfinancial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its preparation ofreliable financial information as required under the Companies Act 2013. detection offrauds and errors the accuracy and completeness of the accounting records and the timelyOur responsibility is to express an opinion on the Company's internal financial controlsover financialAuditors' Responsibility Internalreporting based on our audit. Weconducted our audit in accordance with the Guidance Note on Audit ofFinancial Controlsover Financial Reporting (the "Guidance Note") and the Standards onAuditing2013 to the extent applicable to an audit of internal financial controls bothapplicable to an audit ofissued by ICAI and deemed to be prescribed under section 143(10)of the Companies Act StandardsInternal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Thoseand the Guidance Note require that wecomply with ethical requirements and plan and over financial reporting was established andmaintained and if such controls operated effectively in allperform the audit to obtainreasonable assurance about whether adequate internal financial controls material respects.financial controls system over financial reporting and their operating effectiveness. Ouraudit of internalOur audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal controlsfinancial overcontrolsfinancialoverreportingfinancial reportingassessing includedthe risk thatobtaininga materialanunderstandingweakness existsof internaland testingfinancialand evaluatingproceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterialthe design and operating effectiveness of internal control based on the assessedrisk. The error. misstatement of the statement of the standalone Ind AS financialstatements whether due to fraud or our audit opinion on the Company's internal financialcontrols system over financial reporting. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for AMeaning company'sofInternal internalFinancial financialControlscontrol over FinancialReporting financial reporting is a process designed to provide statementsreasonableassurancefor externalregardingpurposestheinreliabilityaccordanceof financialwithgenerallyreportingacceptedand theaccountingpreparationprinciples.of financialAcompany'sthat (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect theinternal financial control over financial reportingincludes those policies and procedures in accordance with generally accepted accountingprinciples and that receipts and expenditures of thetransactions are recorded asnecessary to permit preparation of standalone Ind AS financial statements company;companyare being made only in accordance with authorizations of management and directors oftheand (3) provide reasonable assurance regarding prevention or timely detection of on thestandalone Ind AS financial statements. unauthorized acquisition use or disposition ofthe company's assets that could have a material effect Because of the inherent limitationsof internal financial controls over Inherent Limitations of Internal Financial Controlsover Financial financial reporting including theReporting possibility ofcollusion or improper management override of controls material misstatements due toerroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial control over financial reporting may become inadequate because ofchanges in conditions orfinancial controls over financial reporting to future periods aresubject to the risk that the internal that the degree of compliance with the policies orprocedures may deteriorate.

Opinion overIn our opinion the Company has in all material respects an adequateinternal financial controls systemfinancial reporting and such internal financial controlsover financial reporting were operating establishedeffectively asby atthe31CompanyMarch2020consideringbased theon essentialthe internalcomponentscontrol overofinternalfinancialcontrolreportingstatedcriteriain the of Chartered Accountants of India.Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute

For R H A D & Co.
(CHARTERED ACCOUNTANTS)
Firm Reg. No : 102588W
Sd/-
CA. Gopal Dave
(Partner)
Membership No. 040191
Place : Vasai Palghar
Date: 31-07-2020

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