ASIAN PETROPRODUCTS & EXPORTS LIMITED
We have audited the attached Balance Sheet of ASIAN PETROPRODUCTS & EXPORTSLIMITED as at 31st March 2014 and also Profit and Loss Account and Cash Flowstatement of the Company for the year ended on that date annexed thereto. These financialstatements are the responsibility of the Companys management. Our responsibility isto express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards generally accepted inIndia. Those standards require that we plan and perform the audit to obtain reasonableassurances about the financial statements are free from material misstatement. An auditalso includes examining on a test basis evidence supporting the amounts and disclosuresin the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management as well as evaluating the over allfinancial statement presentation. We believe that our audit provides a reasonable basisfor our opinion.
1. As required by the Companies (Auditors Report) Order 2003 issued by theCentral Government of India in terms of Section 227 (4A) of the Companies Act 1956 weenclose in the Annexure a statement on the matters specified therein.
2. Further to our comments in the Annexure referred to in paragraph 1 above we statethat:
a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.
b. In our opinion proper books of accounts as required by the law have been kept bythe
Company so far as appears from our examination of the books.
c. The Balance Sheet the Profit and Loss Account and the Cash Flow statement dealtwith by this report are in agreement with the books of accounts.
d. In our opinion the Balance Sheet the Profit & Loss account and the Cash FlowStatement dealt with by this report comply with Accounting Standard referred to in subsection (3C) of Section 211 of the Companies Act 1956 except AS-15 relating to AccountingFor Retirement Benefits in the Financial Statement of Employers.
e. On the basis of written representation received from directors of the company andtaken on records by the board of directors none of the directors of the Company is primafacie as at 31.03.2014 is disqualified from being appointed as director of the Companyu/s 274 (1)(g) of the Companies Act 1956.
f. In our opinion and to the best of our information and according to the explanationsgiven to us the said Profit and Loss Account and the Balance sheet read together with thenotes thereon give the information required by the Companies Act 1956 in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India
i) In the case of the Balance Sheet of the State of affairs of the Company as at 31stMarch 2014
ii) In the case of Profit and Loss Account the Profit of the Company for the yearended on that date and
iii) In the case of Cash Flow Statement of the Cash Flow for the year ended on thatdate.
For Dinesh Bangar & Co
Dinesh C. Bangar
M. No. 36247
Place: Vasai (E)
Date: 2nd September 2014
ANNEXURE TO THE AUDITORSREPORT
(Statement referred to in paragraph 1 of our Report of even date on the Accounts ofASIAN PETROPRODUCTS LIMITED for the year ended 31st March 2014.
1) 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 management at reasonableintervals. No material discrepancies were noticed on such verification.
c) During the year company has not disposed off any fixed assets.
2) a) The stock in trade of shares and securities held in physical format has beenphysically verified and those held in dematerialized form have been verified from therelevant statements received from the depositories by the management. In our opinionhaving regard to the nature of stocks the frequency of verification is reasonable.
b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of stock of shares and securities followed by themanagement is reasonable and adequate in relation to the size of the company and thenature of its business.
c) In our opinion the company has maintained proper records of inventory. No materialdiscrepancies have been noticed on physical verification of stocks of shares andsecurities as compared to book records.
3) a) As informed to us the company has not granted unsecured loans to any partiescovered in the register maintained under section 301 of the Act.
b) The Company has not taken unsecured loan from any party covered in the registermaintained under section 301 of the Companies Act 1956.
4) In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for the salegoods. During the course of audit no major weakness has been noticed in these internalcontrols.
5) In our opinion and according to the information and explanations given to us thecompany has not done any transactions that needs to be entered into the registeredmaintained under section 301 of the Companies Act 1956.
6) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from the public within the meaning of section 58-Aand 58-AA of the Act and the rules framed there under. Therefore the provision of clause(vi) of the Companies (Auditors Report) Order 2003(as amended) are not applicableto the company.
7) In our opinion the Company has an internal audit system commensurate with the sizeand nature of its business.
8) The Central Government has not prescribed maintenance of cost records under section209(1) (d) of the companies Act 1956 for any of the products of the company.
9) a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees state insurance income taxsales tax wealth tax custom duty excise duty cess and other material statutory duesapplicable to it.
b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax sales tax customs duty excise duty andcess were in arrears as at 31st March 2014 for a period of more than sixmonths from the date they became payable.
c) According to the information and explanations given to us there are no dues ofsales tax income tax customs duty wealth tax excise duty and cess which have not beendeposited on account of any dispute.
10) The accumulated losses of the company are not more than fifty percent of its networth at the end of financial year. Company has incurred cash loss during the financialyear covered by our audit.
11) The company has not taken any loan from bank or financial institution.
12) According to the information and explanations given to us and based on thedocuments and records produced before us the company has not granted any loans oradvances on the basis of security by way of pledge of shares debentures or othersecurities.
13) In our opinion the company has maintained proper records and contracts with respectto its investments where timely entries of transactions are made in former. Allinvestments at the close of the year are held in the name of the company.
14) In our opinion the Company has not given any guarantee for loans taken by othersfrom Bank or Financial institutions.
15) As the company has not taken any term loan para 4 (xvi) of the order is notapplicable.
16) The company has not raised any fund long term or short term during the year.
17) The company has not made preferential allotment of shares to parties and companiescovered in the register maintained under section 301 of the Act.
18) According to the information and explanations given to us the company has notissued debentures during the year.
19) The company has not raised any money through a public issue during the year.
20) Based upon the audit procedures performed and information and explanations given tous we report that no fraud on or by the Company has been noticed during the course of ouraudit.
For Dinesh Bangar & Co
Dinesh C. Bangar
M. No. 036247
Place: Vasai (E)
Date: 2nd September 2014