Mar 31, 2014
We have audited the accompanying financial statements of "AVIVA
INDUSTRIES LIMITED.", which comprise the Balance Sheet as at March 31,
2014, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement of Profit and Loss, of the profit/ loss
for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued
by the Central Government of India in terms of sub-section (4A)of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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 as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956; except AS 22 relating to the Taxes on Income read with notes
forming part of accounts.
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) It may be noted that at present, no Rules relating to the amount of
cess for rehabitation or revival or protection of assets of sick
industrial companies, payable by a company under section 441A of the
Act have been notified by the central Government. Thus, it would not be
possible for the auditor to comment on the regularity or otherwise
about the cess till the time relevant rules or regulations are issued.
AVIVA INDUSTRIES LIMITED
Annexure referred to in paragraph 1 of our report even date.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) In Respect of the Fixed Assets:
a) Proper records showing full particulars including quantitative
details and situation of Fixed Assets of the company are being updated.
b) The management physically verifies the fixed assets of the Company.
No material discrepancies were noticed on verification.
c) No substantial parts of the fixed assets have been disposed off
during the year.
(ii) In respect of its Inventories:
a) At the end of the year company has no inventory
(iii) In respect of Loan:
a) The company has not taken any loans from Companies, Firms or other
parties and directors and relative of the Director; Register maintained
under section 301 of the Act.
b) In our opinion, the terms and conditions, on which loans have been
taken from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 and from the
companies under the same management, are not, prima facie, prejudicial
to the interest of the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regards to purchases of inventory, fixed assets and with
regards to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) In respect of Contracts or arrangements referred to in Section 301
of the Companies Act, 1956:
According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered in into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
In our opinion and according to the information and explanation given
to us, There is no any transaction more than Rs. 500000/- or more of
purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each party, so this provision is not applicable.
(vi) In our opinion and according to the information and explanations
given to us, since the company has not accepted any deposits from the
public the compliance with the provisions of sections 58A, 58AA or any
other relevant provisions of the Act and the rules frame there under
with regard to the deposits accepted from the public are not applicable
to the company. No order has been passed by the applicable authorities.
(vii) In our opinion, the company has no required any internal audit
system commensurate with the size and nature of its business.
(viii) The Central Government has not prescribed for maintenance of
cost records under section 209(1) (d) of the Companies Act, 1956 for
the products of the Company.
(ix) In respect of Statutory Dues:
a) According to the information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it.
b) According to the information and explanations given to us,there are
no undisputed amounts payable in respect of wealth tax, sales tax,
custom duty, excise duty and cess were outstanding, as at 31st March,
2014 for a period of more than six months from the date they become
payable.
(x) The company has not any accumulated losses. The company has
incurred cash losses Rs. 43,911 during the financial year covered by
our audit and the immediately preceding financial year.
(xi) In our opinion and according to the information and explanation
given to us, the company has opted for One Time Settlement Scheme for
repayment of dues to financial institutions or banks in earlier year.
(xii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the Companies (Auditors Report)
order, 2003 are not applicable to the company
(xiii) In our opinion, the company is not a Chit Fund or a NIDHI Mutual
Benefit Fund/Society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) order, 2003 are not applicable to the
company.
(xiv) In our opinion the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of the clause 4 (xiv) of CARO 2003 are not applicable to the
company as regards dealing in or trading in shares, securities and
other investments.
(xv) As informed to us, the company has not given guarantees for loans
taken by others from banks or financial institutions.
(xvi) In our opinion, on the basis of information & explanations given
to us, the term loans were not applied for the purpose for which they
were raised.
(xvii) In our opinion, on the basis of information and explanations
given to us funds raised on Short term basis have not been used for
Long-term investment.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) The company has not issued any debentures during the period
covered by our audit report.
(xx) The company has not made any public issue of shares during the
period covered by our audit report.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
Date : 30th May ,2014 For, Vishves A. Shah & Co.
Place : Ahmedabad Chartered Accountants
Firm No.121356w
(Vishves A. Shah)
Proprietor
M. No. 109944
Mar 31, 2013
We have audited the accompanying financial statements of "AVIVA
INDUSTRIES LIMITED,", which comprise the Balance Sheet as at March 31,
2013, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the accounting
principles generally accepted in India including Accounting Standards
referred to in sub-section (3C) of section 211 of die Companies Act,
1956 ["the Act"). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to
the Company''s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the profit/ loss
for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2, As required by section 227{3) of the Act, 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 as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account
d) In cur opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956; except AS 22 relating to the Taxes on Income read with notes
forming part of accounts.
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) It may be noted that at present, no Rules relating to the amount of
cess for rehabitation or revival or protection of assets of sick
industrial companies, payable by a company under section 441A of the
Act have been notified by the central Government, Thus, it would not be
possible for the auditor to comment on the regularity or otherwise
about the cess till the time relevant rules or regulations are issued,
AVVA INDUSTRIES LIMITED
Annexure referred to in paragraph 1 of our report even date.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) In Respect of the Fixed Assets:
a) Proper records showing full particulars including quantitative
details and situation of Fixed Assets of the company are being updated.
b) The management physically verifies the fixed assets of the Company.
No material discrepancies were noticed on verification-
c) No substantial parts of the fixed assets have been disposed off
during the year.
(ii) In respect of its Inventories:
a) At the end of the year company has no inventory (in) In respect of
Loan:
a) The company has not taken any loans from Companies, Firms or other
parties and directors and relative of the Director; Register maintained
under section 301 of the Act.
b) In our opinion, the terms and conditions, on which Joans have been
taken from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 and from the
companies under the same management, are not, prima facie, prejudicial
to the interest of the company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regards to purchases of inventory, fixed assets and with
regards to the sale of goods and services. During the course of our
audit, we have not observed any continuing failure to conect major
weaknesses in internal controls,
(v) In respect of Contracts or arrangements referred to in Section 301
of the Companies Act, 1956:
According to the information and explanations given to us, we are of
the opimon that the transactions that need to be entered in into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
In our opinion and according to the information and explanation given
to us, There is no any transaction more than Rs. 500000/- or more of
purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each party, so this provision is not applicable.
(vi) In our opinion and according to the information and explanations
given to us, since the company has not accepted any deposits from the
public the compliance with the provisions of sections 58A, 58AA or any
other relevant provisions of the Act and the rules frame there under
with regard to the deposits accepted from the public are not applicable
to the company. No order has been passed by the applicable authorities.
(vii) In our opinion, the company has no required any internal audit
system commensurate with the size and nature of its business,
(viii) The Central Government has not prescribed for maintenance of
cost records under section 209(1} (d) of the Companies Act, 1956 for
the products of the Company.
(ix) In respect of Statutory Dues:
a) According to the information and explanation given to us, die
company is generally regular in depositing with die appropriate
audxorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it.
b) According to die information and explanations given to us, tiiere
are disputed amounts payable in respect of income tax of amount Rs,
5,01,293, however there are no undisputed amounts payable in respect of
wealth tax, sales tax, custom duty, excise duty and cess were
outstanding, as at 31*'' March, 2013 for a period of more than six
months from die date they become payable.
(x) The company has not any accumulated losses. The company has
incurred cash losses Rs. 64,401 during the financial year covered by
our audit and the immediately preceding financial year,
(xi) In our opinion and according to the information and explanation
given to us, the company has opted for One Time Settlement Scheme for
repayment of dues to financial institutions or banks in earlier year.
(xii) According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii} of the Companies (Auditors Report)
order, 2003 are not applicable to the company
(xiii) In our opinion, the company is not a Chit Fund or a NIDHI Mutual
Benefit Fund/Society, Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) order, 2003 are not applicable to the
company.
(xiv) In our opinion the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of the clause 4 (xiv) of CARO 2003 are not applicable to the
company as regards dealing in or trading in shares, securities and
other investments.
(xv) As informed to us, the company has not given guarantees for loans
taken by others from banks or financial institutions.
(xvi) In our opinion, on the basis of information & explanations given
to us, the term loans were not applied for the purpose for which they
were raised.
(xvii) In our opinion, on the basis of information and explanations
given to us funds raised on Short term basis have not been used for
Long-term investment
(xvui) The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
(xix) The company has not issued any debentures during the period
covered by our audit report,
(xx) The company has not made any public issue of shares during the
period covered by our audit report
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
Date : 23rd may ,2013 For, Vishves A. Shah & Co.
Place : Ahmedabad Chartered Accountants
Firm Nol21356w
A. Shah)
Proprietor
M, No. 109944
Mar 31, 2012
1. We have audited the attached Balance sheet of Aviva Industries
limited as at 31st March, 2012 and the related Profit & Loss Account
for the year ended on that date annexed thereto, which we have signed
under reference to this report These financial statements are the
responsibility of the Company''s management, Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conduct our audit in accordance with auditing standards
generally accepted in India, Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion,
3. As required by the Companies (Auditor''s Report) Order, 2003 as
amended by Companies (Auditor''s Report) amendment Order, 2004 (together
with the order) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, we annex
here to a statement on the matters specified in paragraphs 4 and 5 of
the said order.
4. Further to our comments in the Annexure referred to in paragraph
(3) above and information and explanations provided to us, we report
that:
1) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of the
audit,
2) In our opinion, proper books of accounts as required by the law have
been kept by the Company so far as it appears from our examination of
such books.
3) The Balance Sheet Profit & Loss Account and the Cash Flow Statement
referred to in this report are in agreement with the books of accounts
of the company.
4) In our opinion, these financial statements comply with the
Accounting Standards referred to in sub section (3C) of section 211 of
the Companies Act 1956, except as stated in Para 6(a) and (h) below,
5) On the basis of written representations received from the directors,
as on 31st March, 2012, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub*section (1) of section 274 of Companics Act 1956.
6) In our opinion and to the best of our information and according to
the explanations given to us, the accounts together with the notes
thereon of schedule 12 and in particular; give the information required
by the companies act,1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India;
a) In the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March 2012.
b) In the case of Profit and Loss Account, of the profit for the year
ended on 31st March, 2012.
c) En the case of Cash Flow Statement, of the Cash flows of the Company
the year ended on 31st March, 2012.
Annexure referred to In paragraph 3 of our report even date.
1. (a) Proper records showing full particulars including quantitative
details and situation of
Fixed Assets of the company are being updated
(b) The management physically verifies the fixed assets of the Company.
No material discrepancies were noticed on verification.
(c) No substantial parts of the fixed assets have been disposed off
during the year.
2. (a) At the end of the year company have inventory of Rs. NIL.
(b) The Inventories are valued at cost or market value, which is lower.
(c) Inventories have been physically verified by the management at
regular intervals during the year.
3. (a) The company has not taken any loans from Companies, Firms or
other parties other than directors; Register maintained under section
301 of the Act, No amount was borrowed from the directors of the
company during the year & other financial institutes.
(b) In our opinion, the terms and conditions, on which loans have been
taken from companies, firms or other parties listed in the register
maintained under section 301 of the Companies Act 1956 and from the
companies under the same management are not, prima facie, prejudicial
bo the interest of the company,
4. in our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, with regard to purchases of plant and machinery, equipment
and other assets and with regard to the sale of goods.
5. (a) According to the information and explanation given to us, we
are of the opinion at the transactions that need to be entered into the
register maintained under section 301 of the Act have been so entered.
(b) In our opinion and according to the information and explanation
given to us, There is no any transaction more than Rs. 500000/ or more
of purchase of goods and materials and sale of goods, materials and
services, made in pursuance of contracts or arrangements entered in the
registers maintained under section 301 and aggregating during the year
in respect of each party, so this provision is not applicable,
6- In our opinion and according to the information and explanation
given to us, the company has not accepted any deposits; hence the
provision of section 58A of the Companies Act 1956 and Companies
(acceptance of Deposits) Rules, 1975 with regard to the deposits
accepted from the public are not applicable.
7. In our opinion, the company has no required any internal audit
system commensurate with the size and nature of its business.
8. The Central Government has not prism; maintenance of cost
records under section 209(1) (d) of the Companies Act products
of the Company.
9. (a) According to the information and explanation given to us, the
company is generally regular in depositing with the appropriate
authorities, undisputed statutory dues including Provident Fund, ESIC,
Income Tax, Sales Tax, Excise Duty, Cess and any other material
statutory dues applicable to it
(b) According to the information and explanations given to us,
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were outstanding, as at 31**
March'' 2012 for a period of more than six months from the date they
become payable.
10, The company does not have any accumulated losses. The company has
incurred cash losses during the financial year covered by our audit and
the immediately preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues to
financial institutions or banks.
12, According to the information and explanations given to us, the
company has not granted loans and advances on the basis of securities
by way of pledge of shares, debentures and other securities. Therefore
the provisions of clause 4(xii) of the Companies (Auditors Report)
order, 2003 are not applicable to the company.
13. In our opinion, the company is not a Chit Fund or a N1DHI Mutual
Benefit Fund/Society. Therefore the provisions of clause 4(xiii) of the
Companies (Auditors Report) order, 2003 are not applicable to the
company,
14. In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Therefore the
provisions of clause 4(xiv) of the Companies (Auditors Report) order,
2000 are not applicable to the company.
15, As informed to us, the company has not given any guarantee for
loans tafcen by others from banks or financial institutions,
16, According to the information and explanations given to us, and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for Long-term
assets. No long-term funds have been used to finance short-term assets,
17, The company has not made any preferential allotment of shares to
companies, firms or other parties listed in the register maintained u/s
301 of the Companies Act,
18. The company has not issued any debentures.
19. During the period covered by out audit report the company has not
raised any money by public issue.
20, To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit.
For and on behalf of the Board
Ahmadabad Bharvin Patel
August 18, 2012 Chairman
Mar 31, 2010
1. We have audited the attached balance sheet of AVIVA INDUSTRIES
LIMITED, as at 31st March 2010, the profit and loss account and also
the (cash flow statement) for the year ended" on that date annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
there financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosure in the financial statement. An Audit also includes
assessing the accounting principal used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003issued
by the Central Government of India in term of sub-section (4A) of
section 277 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that.
I. We have obtained the information and explanation, which to the best
of our knowledge , and belief were necessary for the purpose of our
audit.
II. In our opinion, proper books of account, as required by law have
been kept by the company so far as appears from our examination of
those books.
III. The Balance Sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account.
IV. In our opinion, the balance sheet, profit and loss account and
cash flow statement dealt . with by this report comply with the
accounting standards referred to in sub- section (3C) of section 211 of
the Companies Act. 1956.
V. On the basis of written representation received from the directors,
as on 31st March 2010 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March
2010, from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
VI. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the companies Act,1956 in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India..
(a) In the case of the balance sheet, of the state of affairs of the
company as at 31st March 2010.
(b) In the case of the profit and loss account, of the Loss for the
year ended on that date; and
(c) In the case of the cash flow statement, of the cash flows for the
year ended on that date. prices which are reasonable having regard to
prevailing market prices at the relevant time.
VI. The Company has not accepted any deposits during the year from the
public within the meaning of the provisions of Section 58A and 58AA of
the Companies Act, 1956 and rules made there under.
VII. In our opinion, the company has an internal control system
commensurate with the size and nature of its business.
VIII. Since this is being Trading Unit hence section 209 (1) (d) of the
Companies Act 1956 is not applicable to it.
IX. (A) The company is regular is depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
custom duty, cess and other material statutory dues applicable to it.
(B) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty, excise duty and cess were in arrears, as at 31st
March,2010 for a period of more than six months from the date they
became payable, other than income tax for the immediate previous years.
(C) According to the information and explanation given to us, there are
no dues of sale tax, customs duty, wealth tax, excise duty and cess,
which have not been deposited on account of any dispute.
X. The Company has incurred cash losses during the financial year
covered by our audit and immediately preceding financial year and also
company has no accumulated losses.
XI. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
XII. The Company has not granted loans and advances-on the basis of
security by way of pledge of share, debentures and other securities.
XIII. The Company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4 (xiii) of the
companies (Authors Report) Order, 2003 are not applicable to the
company.
XIV. The Company is not dealing in or trading in shares, securities,
debentures and other investments except as an investment. Accordingly,
the provisions of clause 4(xiv) of the companies (Auditors Report)
Order, 2003 are not applicable to the company.
XV. In our opinion and informed by the management, the company has not
given guarantees for loans taken by others from banks or Financial
Institution.
XVI. In our opinion, the term loans have been applied for the purpose
for which they were raised.
XVII. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term assets perment working capital.
XVIII. According to the information and explanations given to us, the
company has not made any allotment of preferential shares during the
financial year.
XIX. The company has no issued any debentures during the year.
XX. The company has not issued and raised money by public issues
during the year.
XXI. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For and on behalf of
For, J .VAGERIYA & ASSOCIATES
Chartered Accountants
Jitendra Vegeriya
Proprietor
MNo. 114424
Place: Ahmedabad
Date : July 26, 2010
Mar 31, 2009
1. We have audited the attached balance sheet of AVIVA INDUSTRIES
LIMITED, MUMBAI as at 31st March 2009, the profit and loss account and
also the (cash flow statement) for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosure in the financial statement. An audit also includes
assessing the accounting principal used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central , Government of India in term of sub - section (4A) of
section 227 of the Companies Act,
1956, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that.
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(ii) In our opinion, proper books of account, as required by law have
been kept by the company so far as appears from our examination of
those books.
(iii) The balance sheet, profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account.
(iv) In our opinion, the balance sheet, profit and loss account and
cash flow statement dealt with by this report comply with the
accounting standards referred to in sub - section (3C) of section 211
of the Companies Act, 1956.
(v) On the basis of written representation received from the directors,
as on 31st March 2009 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March
2008, from being appointed as a director in terms of clause (g) of sub
- section (1) of section 274 of the Companies Act, 1956
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India.
(a) in the case of the balance sheet, of the state of affairs of the
company as at 31st March 2009
(b) in the case of the profit and loss account, of the Loss for the
year ended on that date ; and
(c) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Annexure referred to in paragraph 3 of our report of even date.
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed to
such verification
(c) Some part of old fixed assets has been disposed off during the
period. According to the information and explanations given to us, we
are of the opinion that the sale of the said part of fixed assets has
not affected the going concern status of the company.
(ii) (a) The inventory has been physically verified during the year by
the management.
In our opinion the frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) (a) The company has not granted/taken loans to/from companies,
firms or other parties listed in the register maintained under section
301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of gods. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the Informations and explanations
given to us, the transactions made in pursuance of the contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lacs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of sections
58A and 58AA of the Companies Act, 1956 and the Companies (acceptance
of Deposits) Rules, 1975.
(vii) In our opinion, the company has an internal control system
commensurate with the size and nature of its business.
(viii) Since this is being Trading unif;, hence sec 209 (1) (d) of the
Companies Act, 1956 is not applicable.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including income tax, sales tax,
custom duty, cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect income tax, wealth tax, sales
tax, custom duty, excise duty and cess were In arrears, as at 31st
March, 2009 for a period of more than six months from the date they
became payable, other than income tax for the immediate previous years.
(c) According to the information and explanation given to us, there are
no dues of sale tax, customs duty, wealth tax, excise duty and cess,
which have not been deposited on account of any dispute.
(x) The company has incurred cash losses during the financial year
covered by our audit and immediately preceding financial year and also
company has no accumulated losses.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of share, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit
fund/society. Therefore, the provisions of clause 4 (xiii) of the
Companies (Authors Report) Order, 2003 are not applicable to the
company.
(xiv) The company is not dealing in or trading in shares, securities,
debentures and other investments except as an investment. Accordingly,
the provisions of clause 4 (xiv) of the Companies (Auditors Report)
Order, 2003 are not applicable to the company.
(xv) In our opinion and informed by the management, the company has not
given guarantees for loans taken by others from banks or financial
Institutions.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short - term basis have been used for long
- term investment. No long - term funds have been used to finance short
- term assets except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made any allotment of preferential shares during the
financial year.
(xix) The company has no issued and / or outstanding debentures at the
end of the year.
(xx) The company has not issued and raised money by public issues
during the year.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For J. P. SABOO & CO.,
CHARTERED ACCOUNTANTS
(J. P. SABOO)
PARTNER
M. NO. 54037
SURAT. 12th AUGUST, 2009