Mar 31, 2015
Dear Members,
The directors take pleasure in presenting their 22nd Annual Report
together with the audited financial statements for the Year ended March
31st, 2015. The Management Discussion and Analysis has also been
incorporated into this report.
1. Financial summary or highlights/Performance of the Company
Particulars Year Ended Year Ended
31.03.2015 31.03.2014
Amount (Rs) Amount (Rs)
Profit before Finance costs, 75068 61745
Depreciation and Amortization Expenses
Less:
Finance Cost 5175 5999
Depreciation and Amortization expenses 10062 2372
Profit before Exceptional item and 59831 53374
Extraordinary Item
Exceptional Item 0 0
Extraordinary Item 0 0
Provision for taxation:
Current tax 11400 0
Less: MAT Credit entitlement (11400) 0
Deferred tax 0 0
Profit/(Loss) for the period 59831 53374
Add: Balance of profit /(Loss) brought (11,993,086) (12,046,460)
forward from previous year
Loss carried to the Balance sheet (11,933,255) (11,993,086)
2. Performance Review
During the year company has reported total income of Rs. 324.49 Lakhs
as against the total income of Rs. 96.30 Lakhs in the previous year,Net
profit of the company during the current year stands at Rs. 0.60 Lakhs
as against profit of Rs. 0.53 Lakhsin the Previous year.
3. Dividend
Directors do not recommend any dividend for the year.
4. Share capital
The issued Equity Share capital as on 31st March, 2015 is
Rs.560.73Lacs. During the year under review, the Company has not issued
shares with differential voting rights nor granted stock options nor
sweat equity. On 15th December, 2014 Board of directors of the company
had by passing board resolution forfeited 1516600 shares on which
amount of Rs. 11321250 remains unpaid. Consequent to such forfeiture
paid up Equity capital of the company as on 31stMarch,2015 stands at
Rs.409.07 lakhs.
5. Directors' Responsibility Statement
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statements in terms of Section 134(3)(c) of theCompanies Act,
2013:
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss account of the company for that period.
iii. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
iv. The Directors have prepared the annual accounts on a going concern
basis.
v. The Directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi. The directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
6. Listing on Stock Exchanges
Your Company's shares are listed on Ahmedabad Stock Exchange Limited.
7. Corporate Governance
As required by Clause 49 of the Listing Agreement with the Stock
Exchanges, the Corporate Governance Report, Management Discussion and
Analysis, and the Auditor's Certificate regarding compliance of
conditions of Corporate Governance, form part of the Annual Report.
8. Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed Messrs Jalan Alkesh &
Associates, a firm of Company Secretaries in Practice to undertake the
Secretarial Audit of the Company. No adverse comments have been made in
the said report by the Practicing Company Secretary. The Secretarial
Audit Report is annexed herewith as "Annexure C".
9. Extract of the Annual Return and other disclosures under Companies
(appointment & Remuneration) Rules, 2014
The Extract of Annual Return in form No. MGT-9 as per Section 134 (3)
(a) of the Companies Act, 2013 read with Rule 8 of Companies Act
(Accounts) Rules 2014 and Rule 12 of Companies (Management &
Administration) Rules, 2014 is annexed herewith as "Annexure D" and
forms part of this report.
Further the Disclosure in the Board Report under Rule 5 of Companies
(Appointment &Remuneration) Rules, 2014 is also annexed herewith as
"Annexure E" and forms part of this report.
10. Declaration on Independent Directors
The Board of Directors declare that the Independent Directors Mr.
Maulik Shah and Mr. Dinesh Chauhan are:
a. in the opinion of the Board, are persons of integrity and possesses
relevant expertise and experience;
b. (i) who were or were not a promoter of the company or its holding,
subsidiary or associate company
(ii) who are not related to promoters or directors in the company, its
holding, subsidiary or associate Company;
c. Who have or had no pecuniary relationship with the company, its
holding, subsidiary or associate company or their promoters or
directors, during the two immediately preceding financial years or
during the current financial year;
d. None of whose relatives has or had pecuniary relationship or
transaction with the company, its holding, subsidiary or associate
company or their promoters, or directors, amounting to two percent or
more of its gross turnover of total income or fifty lakh rupees or such
higher amount as may be prescribed, whichever is lower, during the two
immediately preceding financial years or during the current financial
year;
e. Who, neither himself nor any of his relatives -
i. holds or has held the position of a key managerial personnel or is or
has been employee of the company or its holding, subsidiary or associate
company in any of the three financial year immediately preceding the
financial year in which he is proposed to be appointed;
ii. is or has been an employee or propriety or a partner, in any of
the three financial years immediately preceding the financial year in
which he is proposed to be appointed, of -
A. a firm of auditors or company secretaries in practice or cost
auditors or the company or its holding, subsidiary or associate
company; or
B. any legal or a consulting firm that has or had any transaction with
the company, its holding, subsidiary or associate company amounting to
ten percent or more of the gross turnover of such firm;
iii. holds together with his relative two per cent, or more of the
total voting power of the company; or
iv. is a Chief Executive or director, by whatever name called, of any
nonprofit organization that receives twenty-five percent or more of its
receipts from the company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds two per cent or
more of the total voting power of the company; or
f. Who possesses such other qualification as may be prescribed.
11. Particulars of Loans, guarantees or investments
Loans, Guarantees and Investments covered under Section 186 of the
Companies Act,2013 form part of the notes to the financial statements
provided in theAnnual Report. The loans and advances mentioned in the
financial statement have been given for business purpose.
12. Deposits
Your company has not accepted deposits from public as envisaged under
Sections 73 to 76 of Companies Act, 2013 read with Companies
(acceptance of Deposit) Rules, 2014.
13. Related Party Transactions
No related party transaction was taken place during the year under
review.
14. Conservation of Energy, technology absorption, foreignexchange
earnings and outgo
The company has no activities relating to conservation of energy as
technology absorption. The company has no foreign earnings as outgo.
15. Risk Management Policy implementation
The Company has developed comprehensive risk management policy and same
is reviewed by the Audit Committee, which in turn, informs the Board
about the risk assessment and minimization procedures. Major risks
identified for the Company by the management are Currency fluctuation,
Compliance, Regulatory changes, Manufacturing & Supply, Litigation,
Information Technology and new capital investments return. The
management is however, of the view that none of the above risks may
threaten the existence of the Company as robust Risk mitigation
mechanism is put in place to ensure that there is nil or minimum impact
on the Company in case any of these risks materialise. Since the risk
control frame work is new to Indian Corporate Culture, it is being
strengthened on continuous basis using the outside professional help.
16. Corporate social responsibility
Section 135 of the Companies Act, 2013 has imposed CSR mandate on
companies having minimum threshold limit of net worth, turnover or net
profit as prescribed. Since the company does not meet any one of these
criterion, it remains outside the purview of Sec.135 and consequently
the reporting requirements thereunder do not at present apply to us.
The company however as a responsible corporate citizen has constituted
a CSR Committee and formulated a CSR policy. Its CSR Policy on
voluntary basis is furnished in Annexure- F forming part of this
report.
17. Disclosure under the Sexual Harassment of Women at Workplace(
Prevention, Prohibition and Redressal) Act, 2013
The company has in place an Anti harassment policy in line with the
requirements of the Sexual Harassment of women at workplace (Prevention,
Prohibition and Redressal) Act, 2013. Any complaint/ grievances from
women employees are reported to Chairman and Managing Director. All
employees (Permanent, contractual, temporary, trainees) are covered
under the policy. There was no complaints received from any employee
during the financial year 2014-15 and no complaint is outstanding as on
31/03/2015.
18. Directors:
A) Changes in Directors and Key Managerial Personnel
The Board of Directors had on the recommendation of the Nomination &
Remuneration Committee appointed Mr. Karan Mishra as Chief Financial
Officer on 30th September,2014.
The Board of Directors had on the recommendation of the Nomination
&Remuneration Committee appointed Ms. Monika Shah as Company Secretary
on 5thDecember,2014.
Mr. Govind Patel, a Non Executive Director of the Company had given
resignation from the Board of Directors with effect from 9th
March,2015. The Board has placed on record its appreciation for the
outstanding contributions made by Mr. Govind Patel during their
respective tenures of office.
The Board of Directors had appointed Ms. Monika Shah as an Additional
Directors of the Company in the category of Non Independent Directors
with effect from March 9,2014.
B) Formal Annual Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well
as the evaluation of the working of its Audit, Nomination &
Remuneration and Compliance Committees. The manner in which the
evaluation has been carried out has been explained in the Corporate
Governance Report.
19. Auditors
M/s S. S. Dasani & CO., Chartered Accountants, retires as statutory
Auditors of the company at the ensuing Annual general Meeting and is
eligible for re-appointment. The company has received a certificate
from the Auditors stating that their appointment is made is within the
limits prescribed under the Companies Act,2013 and Rules framed there
under. Members are requested to reappoint the firm as provided in the
notice to them.
20. Whistle Blower Policy
In accordance with the requirements of the Act, read with Clause 49 of
the Listing Agreement(s), the Company has a Whistle Blower Policy
approved by the Board of Directors. The objectives of the policy are:
To provide a mechanism for employees and directors of the Company and
other persons dealing with the Company to report to the Audit
Committee; any instances of unethical behavior, actual or suspected
fraud or violation of the Company's Ethics Policy.
To safeguard the confidentiality and interest of such
employees/directors/other persons dealing with the Company against
victimization, who notice and report any unethical or improper
practices.
To appropriately communicate the existence of such mechanism, within
the organization and to outsiders. Whistle blower policy is available
on website of the Company.
The Company confirms that no personnel has been denied access to the
audit committee pursuant to the whistle blower mechanism
21. Acknowledgements
The Directors gratefully acknowledge all stakeholders of the Company
viz. customers, members, dealers, vendors, banks and other business
partners for the excellent support received from them during the year.
The Directors place on record their sincere appreciation to all
employees of the Company for their unstinted commitment and continued
contribution to the Company.
FOR AND ON BEHALF OF THE
BOARD OF DIRECTORS OF
Place: Ahmedabad
Date: 29/05/2015
Mansukh Patel
Chairman and Managing Director
DIN:00162160
Dinesh Chuahan
Director
DIN:00977893
Mar 31, 2014
Dear Members,
The Directors are pleased to present the Annual Report together with
the Audited statement of Accounts along with the report of auditors,
for the year ended on 31st March, 2014.
1. FINANCIAL RESULTS: Year Ended Year Ended
31.03.2014 31.03.2013
Amount(Rs.) Amount(Rs.)
Profit before Finance Costs, 61745 33124
Depreciation and Amortisation Expense
Less :
Finance Costs 5999 44
Depreciation and Amortisation Expense 2372 2864
Profit before Exceptional Item and 53374 30216
Extrordinary Item
Exceptional Item 0 0
Extraordinary Item 0 0
Provision for Taxation:
-Current Tax 0 0
-Deferred Tax 0 0
Profit / ( Loss ) for the Period 53374 30216
Add: Balance of profit / ( Loss ) brought (12046460) (12076676)
forward from previous year
Loss carried to the Balance Sheet (11993086) (12046460)
DIVIDEND:
Your Directors do not recommend any dividend for the year.
OPERATION
During the year company has reported total income of Rs. 96.30 Lacs as
against total income of Rs. 363.59 Lacs in the previous year, Net
Profit of the Company during the Current year stands at Rs. 53,374 as
against profit of Rs. 30,216/- in the previous year.
FUTURE OUTLOOK
The Company expects that market condition will improve in the coming
year and perform reasonably well.
STOCK EXCHANGES:
The Company's shares are listed on Ahmedabad Stock Exchange Limited
(ASE). The Company has paid necessary listing fees for the years up to
2013-14.
RESEARCH & DEVELOPMENT:
There is no Research and development activity at present.
AUDITORS:
M/s.Purushottam Khandelwal & Co., Chartered Accountants, retires as
Statutory Auditors of the Company at the ensuing Annual General Meeting
and is eligible for re-appointment. The Company has received a
Certificate from the auditors stating that their appointment if made is
within the limits prescribed under the Companies Act 2013 and rules
framed thereunder. Members are requested to reappoint him.
There is no disqualification or adverse remarks made in the Auditors
Report.
DIRECTOR'S RESPONSIBILITY STATEMENT
In compliance of Section 217(2AA) of the Companies Act, 1956 the
Directors of the Company confirm:
a) that the applicable accounting standards have been followed in the
preparation of final accounts and that there are no material
departures;
b) that such accounting policies have been selected and applied
consistently and such judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as on 31st March, 2014 and of the profit or loss of the
Company for the year ended on that date;
c) that proper and sufficient care has taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) that the annual accounts have been prepared on a going concern
basis.
DEPOSITS:
During the year Company has not accepted any deposits under Section
58-A of the Companies Act, 1956.
PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES. 1988:
CONSERVATION OF ENERGY OR TECNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO :
The Company has no activities relating to conservation of energy or
technology absorption. The Company has no foreign exchange outgo. The
Company has earned Rs. 13,82,722/- in foreign exchange earnings.
PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES)
RULES. 1975 :
The Company does not have any employee whose particulars are required
to be reported pursuant to provision of Section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
COMPLIANCE CERTIFICATE :
Pursuant to provision of Section 383A of the Companies Act, 1956 the
Company has obtained a compliance certificate from a Practicing Company
Secretary which forms part of Directors Report.
CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the listing agreement the corporate governance
is annexed and forms part of Directors Report.
MATERIAL CHANGES AND COMMITMENTS SUBSEQUENT TO BALANCESHEET DATE:
There are no material changes and commitments, if any, affecting the
position of the Company subsequent to the Balance sheet and upto the
date of the report.
APPRECIATION:
Your Directors appreciate the continued support received from the
Bankers, shareholders and other stakeholders.
For and on Behalf of Board of Directors of
AVI POLYMERS LIMITED
Date: 27/05/2014
Place: Ahmedabad
SHRI MANSUKH PATEL
CHAIRMAN CUM MANAGING DIRECTOR
Mar 31, 2013
Dear Members,
The Directors are pleased to present the Annual Report together with
the Audited statement of Accounts along with the report of auditors,
for the year ended on 31st March, 2013.
1.FINANCIAL RESULTS: Year Ended Year Ended
31.03.2013 31.03.2012
Amount(Rs.) Amount(Rs.)
Profit before Interest & Depreciation & 33,124 17,355
Taxes
Less :
Interest (net) 44 357
Depreciation 2,864 3,497
Provision for Taxation:
*Current Tax 0 0
*Deferred Tax 0 0
Fringe Benefit Tax 0 0
Total 2,908 3,854
Net Profit 30,216 13,501
Add. Prior Period adjustments 0 0
Net Profit After Taxation 30,216 13,501
Add: Balance of profit brought forward (12,076,676) (12,090,177)
from previous year
Profit for the available for (12,046,460) (12,076,676)
apropriation
Less. (1.) Proposed Dividend 0 0
(2.) Prov. For Tax on Div. 0 0
(12,046,460) (12,076,676)
Less: Transferred to General Reserve 0 0
Balance carried to Balance Sheet (12,046,460) (12,076,676)
DIVIDEND:
Your Directors do not recommend any dividend for the year.
OPERATION
During the year company has reported total income of Rs. 363.59 Lacs
against total income of Rs. 1269.61 lacs in the previous year, Net
Profit of Rs. 30,216/- as against Net Profit of Rs. 13,501/- in the
previous year.
FUTURE OUTLOOK
The Company expects that market condition will improve in the coming
year and perform reasonably well.
STOCK EXCHANGES:
The company's shares are listed on Ahmedabad Stock Exchange Limited
(ASE). The company has paid necessary listing fees for the years up to
2012-13.
RESEARCH & DEVELOPMENT:
There is no Research and development activity at present.
AUDITORS:
M/s.Purushottam Khandelwal & Co., Chartered Accountants, retires as
Statutory Auditors of the company at the ensuing Annual General Meeting
and is eligible for re-appointment
DIRECTOR'S RESPONSIBILITY STATEMENTS
In compliance of Section 217(2AA) of the Companies Act, 1956 the
Directors of the Company confirm:
a) that the applicable accounting standards have been followed in the
preparation of final accounts and that there are no material
departures;
b) that such accounting policies have been selected and applied
consistently and such judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as on 31st March, 2013 and of the profit or loss of the
Company for the year ended on that date;
c) that proper and sufficient care has taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) that the annual accounts have been prepared on a going concern
basis.
DEPOSITS:
During the year Company has not accepted any deposits under Section
58-A of the Companies Act, 1956.
PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES. 1988:
CONSERVATION OF ENERGY OR TECNOLOGY ABSORPTION
The Company has no activities relating to conservation of energy or
technology absorption.
PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES)
RULES. 1975 :
The Company does not have any employee whose particulars are required
to be reported pursuant to provision of Section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975.
COMPLIANCE CERTIFICATE :
Pursuant to provision of Section 383A of the Companies Act, 1956 the
Company has obtained a compliance certificate from a Practicing Company
Secretary which forms part of Directors Report.
CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the listing agreement the corporate governance
is annexed and forms part of Directors Report.
MATERIAL CHANGES AND COMMITMENTS SUBSEQUENT TO BALANCESHEET DATE :
There are no material changes and commitments, if any, affecting the
position of the Company subsequent to the Balance sheet and upto the
date of the report.
APPRECIATION:
Your Directors appreciate the continued support received from the
Bankers, shareholders and other stakeholders.
For and on Behalf of Board of Directors of
AVI POLYMERS LIMITED
Date : 27th May, 2013
Place : Ahmedabad
SHRIMANSUKH PATEL
MANAGING DIRECTOR
Mar 31, 2011
Dear Members,
The Directors are pleased to present the Annual Report together with the
Audited statement of Accounts along with the report of auditors, for the
year ended on 31 March, 2011.
1. FINANCIAL RESULTS: Year Ended Year Ended
31.03.2011 31.03.2010
Amount(Rs.) Amount(Rs.)
Profit before Interest &
Depreciation & Taxes 256,900 143,158
Less :
Interest (net) 227,949 125,845
Depreciation 4,349 5,532
Provision for Taxation:
-Current Tax 0 0
-Deferred Tax 0 0
-Fringe Benefit Tax 0 0
Total 232,298 131,377
Net Profit 24,602 11,781
Add. Prior Period adjustments 0 0
Net Profit After Taxation 24,602 11,781
Add: Balance of profit brought (12,114,779) (12,126,560)
forward from previous year
Balance Profit for the available for (12,090,177) (12,114,779)
appropriation
Less. (1.) Proposed Dividend 0 0
(2.) Prov. For Tax on Div. 0 0
(12,090,177) (12,114,779)
Less: Transferred to General Reserve 0 0
Balance carried to Balance Sheet (12,090,177) (12,114,779)
DIVIDEND:
Your Directors do not recommend any dividend for the year.
OPERATION
During the year company has reported total income of Rs. 529.74 Lacs
against total income of Rs. 25.65 lacs in the previous year Net Loss of
Rs. 120.90 lacs as against Net Profit of Rs. 121.15 lacs in the
previous year.
FUTURE OUTLLOK
The Company expects that market condition will improve in the coming
year and perform reasonably well.
STOCK EXCHANGES:
The company's shares are listed on Ahmedabad Stock Exchange Limited
(ASE) the company has paid necessary listing fees for the year
2010-2011. Also the Company is considering listing at National Stock
Exchange(NSE) shortly.
CONSERVATION OF ENERGY(TECNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
& OUTGO:
The Company has no particulars to report details in respect of
Conservation of Energy, Technology Absorption.
The foreign exchange earnings during the year was Rs. 19.24 lacs. The
expenditure on account of foreign exchange during the year was Rs.
11.09 lacs.
RESEARCH & DEVELOPMENT:
There is no Research and development activity at present.
EMPLOYEES:
There are no employees to report under Section 217 (2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees )
Rules 1975.
AUDITORS:
M/s. Ghanshyam K. Patel retiring auditors of the company are eligible
for reappointment at ensuring Annual General Meeting. The company has
received a certificate from the auditors stating that their
appointment, if made, will be within the limits prescribed by Section
224 (IB) of the Companies Act, 1956. The Directors recommend for their
reappointment.
DIRECTOR'S RESPONSIBILITY STATEMENT
In compliance of Section 217(2AA) of the Companies Act, 1956 the
Directors of the Company confirm:
a) that the applicable accounting standards have been followed in the
preparation of final accounts and that there are no material
departures;
b) that such accounting policies have been selected and applied
consistently and such judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as on 31st March, 2011 and of the profit or loss of the
Company for the year ended on that date;
c) that proper and sufficient care has taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) that the annual accounts have been prepared on a going concern
basis.
DEPOSITS:
During the year Company has not accepted any deposits under Section 5
8-A of the Companies Act, 1956.
PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
The Company has no activities relating to conservation of energy or
technology absorption. There has been no foreign exchange earning or
outgo during the year under review.
PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES)
RULES. 1975:
The company does not have any employee in the category as specified
under Section 217 (2A) of the Companies Act, 1956.
COMPLIANCE CERTIFICATE .
Pursuant to provision of Section 383A of the Companies Act, 1956 the
Company has obtained a compliance certificate from a Practicing Company
Secretary which forms part of Directors Report.
CORPORATE GOVERNANCE :
Pursuant to Clause 49 of the listing agreement the corporate governance
is annexed and forms part of Directors Report.
MATERIAL CHANGES AND COMMITMENTS SUBSEQUENT TO BALANCESHEET DATE .
There are no material changes and commitments, if any, affecting the
position of the Company subsequent to the Balance sheet and upto the
date of the report.
APPRECIATION:
Your Directors appreciate the continued support received from the
Bankers, shareholders and other stakeholders.
For and on Behalf of Board of Directors of
AVI POLYMERS LIMITED
Date: 3 September, 2011
Place: Ahmedabad
DIRECTOR DIRECTOR
DIRECTOR