Mar 31, 2015
We have audited the financial statements of AVI Polymers Limited ("the
Company"), which comprise the Balance Sheet as at March 31, 2015, the
Statement of Profit and Loss, the Cash Flow Statement for the year then
ended and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statement
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. 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 misstatements.
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 financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's directors, 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 on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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, of the state of affairs of the Company as
at March 31, 2015, and its profit and its cash flows for the year ended
on that date.
Report on other Legal and Regulatory Requirement
1. As required by the Companies ( Auditor's Report) order, 2015 (' the
Order') issued by central Government of India in terms of sub-section
(11) of section 143 of the Act , we give in the Annexure a statement on
the matters specified in the paragraph 3 and 4 of the order , to the
extent applicable.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it 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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164(2).
The Annexure referred to in our report to the members of AVI Polymers
Limited, on the financial statements for the year ended on 31st March
2015. We report that:
(i) (a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) As explained to us, the company has a regular programme of physical
verification of its assets by which fixed assets are verified, and no
material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
(ii) (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
(iii) (a) The company has not granted any loans, secured or unsecured,
to companies, firms or other (a) Parties listed in the register
maintained under Section 189 of the Companies Act, 2013. Consequently,
the provisions of clauses iii (b), iii(c) of the order are not
applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct anyweaknesses in the
internal controls has been noticed.
(v) The company has not accepted any deposits from the public.
(vi) As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under section 148(1) of the Act.
(vii) (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed amount payable in respect of aforesaid dues were in arrears
as on 31st of March, 2015 for a period of more than six months from the
date they became payable.
(c) The disputed statutory dues aggregating Rs. 103.84 lacs that have
not been deposited on account of disputed matter pending before
appropriate authority are as under.
Name of Nature of Amount Rs. Financial
status Dues In Lacs Year to
which
amount
relates
Income tax Tax on 5.56 1999-2000
Act,1961 assessment
u/s 143(3)
Income tax Tax on 98.28 2000-2001
Act,1961 Assessment
u/s 143(3)
Income tax Tax on 11.34 2006-2007
Act,1961 Assessment
u/s 143(3)
Income tax Tax on 0.19 2011-2012
Act,1961 Assessment
u/s 143(3)
115.37
Name of Forum where
status dispute is
pending
Income tax Gujarat High
Act,1961 Court
Ahmedabad
Income tax ITAT
Act,1961 Ahmedabad
Income tax ITAT
Act,1961 Ahmedabad
Income tax CIT (Appeals)
Act,1961
(d) According to the information and explanations given to us there
were no amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under has been
transferred to such fund within time, and hence this clause is not
applicable.
(viii) The Company has accumulated loss at the end of the financial
year which is not more than 50 % of its net worth. Considering the
above we are of the opinion that the Fundamental Assumption of "Going
Concern" is not affected. The company has not incurred cash losses
during the financial year covered by the audit and in the immediate
preceding financial year.
(ix) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(x) In our opinion and according to the information given to us, the
company has not given any guarantee for loan taken by other from banks
and financial institutions.
(xi) Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
(xii) Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
Date: - 2&h May, 2015 For, S.S. Dasani & Co.
Place: - Ahmedabad Chartered Accountants
(Arpit Shah)
Partner
M.No.125043
FRN: 116521W
Mar 31, 2014
We have audited the accompanying financial statements of "AVI POLYMERS
LIMITED", which comprise the Balance Sheet as at March 31, 2014, and
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statement |
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 read with General Circular 15/2013 dated 13
September, 2013 of Ministry of Corporate Affairs in respect of Section
133 of the Companies Act, 2013 and in accordance with the accounting
principles generally accepted in India . 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.
Auditor's Responsibility
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 but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal Control. 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.
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 Account, of the
profit 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 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: i
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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956 read with
General Circular 15/2013 dated 13 September, 2013 of Ministry of
Corporate Affairs in respect of Section 133 ofthe Companies Act, 2013;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of 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:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. The company has not granted any loans, secured or unsecured, to
companies, firms or other
(a) Parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Consequently, the provisions of clauses iii (b),
iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
there is no transaction made in pursuance of such contract or
arrangement at price which are not reasonable having regard to
prevailing market price at the relevant time.
6. As per information & explanations given to us and in our opinion,
the Company has not accepted any deposits from the public covered under
section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company does not have an internal audit system commensurate with its
size and the nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities.
(b)According to the information and explanations given to us there were
no undisputed amount payable in respect of aforesaid dues were
outstanding statutory dues as on 31st of March, 2014 for a period of
more than six months from the date they became payable.
(c) The disputed statutory dues aggregating Rs. 103.84 lacs that have
not been deposited on account of disputed matter pending before
appropriate authority are as under.
Name of Nature of Dues Amount Financial Forum where
status Rs. In Year to dispute is
Lacs which pending
amount
relates
Income Tax on assessment 5.56 1999-2000 Gujarat High Court
tax u/s 143(3) Ahmedabad
Act, 1961
Income Tax on Assessment 98.28 2000-2001 ITAT Ahmedabad
tax u/s 143(3)
Act, 1961
103.84
10. The Company has accumulated loss at the end of the financial year
which is not more than 50 % of its net worth. Considering the above we
are of the opinion that the Fundamental Assumption of "Going Concern"
is not affected. The company has not incurred cash losses during the
financial year covered by the audit and in the immediate preceding
financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments; therefore
the provision of clause 4(xiv) of the Companies (Auditors Report)
Order, 2003 is not applicable.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution therefore the provision of clause 4(xv)
of the Companies (Auditors Report) Order, 2003 is not applicable.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. According to the information and explanations given to us and based
on the audit procedures performed the Company has no outstanding
debentures during the period under audit.
20. The Company has not raised any money by public issue during the
year therefore the provision of clause 4(xx) of the Companies (Auditors
Report) Order, 2003 is not applicable.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
Date:- 27th May,2014 For, Purushottam Khandelwal & Co.
Place: - Ahmedabad Chartered Accountants
(P.H. Khandelwal)
PARTNER
Membership No. 100601
Mar 31, 2013
We have audited the accompanying financial statements of "AVI POLYMERS
LIMITED", which comprise the Balance Sheet as at March 31, 2013, and
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statement
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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.
Auditor's Responsibility
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.
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 Profit and Loss Account, of the profit/ 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.
1. As required by the Companies (Auditor's Report) Order, 2003 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, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
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) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of 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:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. The company has not granted any loans, secured or unsecured, to
companies, firms or other
(a) Parties listed in the register maintained under Section 301 of the
Companies Act, 1956. Consequently, the provisions of clauses iii (b),
iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
there is no transaction made in pursuance of such contract or
arrangement at price which are not reasonable having regard to
prevailing market price at the relevant time.
6. As per information & explanations given to us and in our opinion,
the Company has not accepted any deposits from the public covered under
section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities.
(b)According to the information and explanations given to us there were
no outstanding statutory dues as on 31st of March, 2013 for a period of
more than six months from the date they became payable.
(c) The disputed statutory dues aggregating Rs. 28.24 lacs that have
not been depoited on account of disputed matter pending before
appropriate authority are as under.
Name of status Nature of Dues Amount Financial Forum where
Rs. In Year to dispute is
Lacs which pending
amount
relates
Income tax Tax on assessment 18.00 1999-2000 Gujarat High
Act,1961 u/s 143(3) Court
Ahmedabad
Income tax Penalty u/s 6.93 1999-2000 CIT (Appeal),
Act, 1961 271(l)(c) Ahmedabad
Income tax Tax on Assessment 3.31 2000-2001 ITAT Ahmedabad
Act, 1961 u/s 143(3)
28.24
10. The Company has accumulated loss and has not incurred cash loss
during the financial year covered by our audit and in the immediately
preceding financial year. Considering the same we are of the opinion
that the Fundamental Assumption of Going Concern is not affected.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments, therefore
the provision of clause 4(xiv) of the Companies (Auditors Report)
Order, 2003 is not applicable.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution therefore the provision of clause 4(xv)
of the Companies (Auditors Report) Order, 2003 is not applicable.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company no long term funds
have been used to finance short term asset except permanent working
capital.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. According to the information and explanations given to us and based
on the audit procedures performed the Company has no outstanding
debentures during the period under audit.
20. The Company has not raised any money by public issue during the
year therefore the provision of clause 4(xx) of the Companies (Auditors
Report) Order, 2003 is not applicable.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
Date:- 27th May,2013 For, Purushottam Khandelwal & Co.
Place: - Ahmedabad Chartered Accountants
(P.H. Khandelwal)
Proprietor
M.No.100601
FRN: 123825W
Mar 31, 2011
We have audited the attached Balance Sheet of AVI POLYMERS LIMITED as
at 31st March, 2011 and also the Profit and Loss Account and Cash flow
statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these statements based on our audit.
We conducted our audit in acdordance 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 misstatements. An audit includes
examining, on a test basis, evidences supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management. As well as evaluating the overall financial
statement presentation. We believe that our audit provided a reasonable
basis for our opinion.
(1) 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.
(2) In our opinion proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
the books of accounts ;
(3) The Balance Sheet and Profit & Loss Account and cash flow statement
dealt with by this report are in agreement with the books of accounts.
(4) In our opinion, the Profit & Loss Account and the Balance Sheet and
cash flow statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
(5) On the basis of the written representations received from the
Directors as on 31st March 2011 and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as on
31st March 2011 from being appointed as a Director in terms clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
(6) a) Balance of debtors, creditors, loans and advances are subject to
confirmation and adjustments, if any.
(7) In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and Profit & Loss
account read together with notes thereon give the information required
by the Companies Act, 1956, in the manner so required and on such basis
give a true and fair view :
Annexure referred to in paragraph 1 of our report even date.
As required by the Companies (Auditor's Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, , and on the basis of such checks of
the books of account and records as we considered appropriate during
the course of the audit, we further state on the matters specified in
the paragraphs 4 and 5 of the said order that:
(1) (a) Proper records showing full particulars including quantitative
details and situation of Fixed Assets of the company has been kept.
(b) As informed by to us, the fixed assets have been physically
verified by the management during the year and there is a regular
programme of verification, which, in our opinion is reasonable regards
to its nature of assets. As informed to us, no material discrepancies
were noticed on verification.
(c) No substantial parts of the fixed assets have been disposed off
during the year.
(2) (a) The inventory has been physically verified during the year by
the management. In our opinion, having regard to the nature and location
of stocks, the frequency of verification is reasonable..
(b) In our opinion and according to the information and explanation
given to us, 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) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory.
The discrepancies, if any noticed on verification between the physical
stocks and the books records were not material and have been properly
dealt with.
(3) (a) The company has not granted any loans, secured or unsecured, to
the parties covered under the register maintained under section 301 of
the Companies Act, 1956. So the question of maximum amount involved
during the year and year end balance does not arise.
(b) Since company has not granted any loans, secured or unsecured, to
the parties covered under the register maintained under section 301 of
the Companies Act, 1956. So the question of rate of interest does not
arise.
(c) Since company has not granted any loans, secured or unsecured, to
the parties covered under the register maintained under section 301 of
the Companies Act, 1956. So the question of repayment of loans does not
arise.
(d) Since the company has not given any loan to the parties covered in
register maintain u/s 301, so the question of whether there are any
overdue amount with the parties to whom loans granted does not arise.
Name of Status Nature of dues Amount Financial Year
Rs. In lacs to which amt.
relates
Income Tax Act,1961 Tax on assessment Rs18.00 1999-2000
u/s 143(3) lacs
Income Tax Act, 1961 Taxon assessment Rs.3.31 2000-2001
u/s 143(3) lacs
Name of Status Forum where dispute
is pending
Income Tax Act,1961 Gujarat High Court
Ahmedabad.
Income Tax Act, 1961 ITAT
Ahmedabad.
(10) In our opinion, company has incurred cash profit of Rs 0.29 lacs
during the financial year covered by our audit and Profit of Rs 0.17
lacs in the immediately preceding financial year.
(11) In our opinion and according to the information and explanations
given to us, there is no dues of any financial institute and debenture
holders.
(12) According to the information and explanation 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.
(13) 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 is 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,
2003 is not applicable to the company.
(15) According to the information and explanation given to us, the
company has not given any guarantees for loans taken by others from
banks or financial institutions. And hence the provisions of clause
4(xv) of the Companies (Auditors Report) Order, 2003 is not applicable.
(16) In our opinion, no term loan was obtained during the year under
audit.
(17) 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
investment. No long-term funds have been used to finance short- term
assets except permanent working capital.
(18) According to the information and explanations given to us, the
company has not made preferential allotment of shares to companies and
parties covered in the register maintained u/s 301 of the Companies
Act. Accordingly, the provisions of clause 4(XVIII) of the companies
(Auditor's Report) Order, 2003 is not applicable.
(19) According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures. Accordingly, the provisions of clause 4(XIX) of the
companies (Auditor's Report) Order, 2003 is not applicable.
(20) The company has not raised any money by way of public issues
during the year.
Accordingly, the provisions of clause 4(XX) of the Companies (Auditor's
Report) order, 2003 is not applicable.
For and on Behalf of Board of Directors of
AVI POLYMERS LIMITED
Date: 3 September, 2011
Place: Ahmedabad
DIRECTOR DIRECTOR
DIRECTOR