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Notes to Accounts of AVI Polymers Ltd.

Mar 31, 2015

(a) As per the information and explanation given to us the Company does not have the policy of providing post employment benefits and hence no provision is made for liabilities for retirement benefits.

(b) Contingent Liabilities

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)The balances shown in the Balance sheet under the head of Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment, if any, on receipt of confirmation.

(e) The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure , if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

(f) The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to the current year classification.

(g) The amount remitted during the year in foreign currencies on account of dividend is Rs. NIL

* C.I.F. Value of Imports is Rs. NIL.

* Earnings in Foreign Exchange is (FOB) is NIL

(h) The amounts have been rounded off nearest Rupee.


Mar 31, 2014

1. As per the information and explanation given to us the Company does not have the policy of providing post employment benefits and hence no provision is made for liabilities for retirement benefits.

2. Contingent Liabilities

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 1999-2000 Gujarat High Act,1961 assessment u/s 5.56 Court 143(3) Ahmedabad

Income tax Tax on 2000-2001 ITAT Ahmedabad Act,1961 Assessment u/s 98.28 143(3)

103.84 -

3. The balances shown in the Balance sheet under the head of , Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.

4. The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure , if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

5. The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to the current year classification.

6. The amount remitted during the year in foreign currencies on account of dividend is Rs. NIL

* C.I.F. Value of Imports is Rs. NIL.

* Earnings in Foreign Exchange is (FOB) is Rs. 10,81,250/-

7. The amounts have been rounded off nearest Rupee.


Mar 31, 2013

(a) As per the information and explanation given to us the Company does not have the policy of encashment of leave and hence no provision is made for liabilities for retirement benefits. The effect of the same cannot be quantified, to that extent loss for the year and balance of Profit & Loss account is understated and balance of current liabilities is understated.

(b) Contingent Liabilities

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 18.00 1999-2000 Gujarat High Court Act, 1961 assessment u/s Ahmedabad 143(3)

Income tax Penalty u/s 6.93 1999-2000 CIT (Appeal), Act,1961 271(l)(c) Ahmedabad

Income tax Tax on 3.31 2000-2001 ITAT Ahmedabad Act,1961 Assessment u/s 143(3)

28.24

(d) The balances shown in the Balance sheet under the head of unsecured loans, Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.

(e) The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure , if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

(f) The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to the current year classification.

(g) The amount remitted during the year in foreign currencies on account of dividend is Rs. NIL

*C.I.F. Value of Imports is Rs. NIL.

*Expenditure in foreign currency is Rs. Nil.

*Earnings in Foreign Exchange is (FOB) is Nil

(h) The amounts have been rounded off nearest Rupee.


Mar 31, 2011

1. Debit and Credit balances appearing in Balance Sheet are subject to confirmation from respective parties.

2 The Directors are of the opinion that all the known liabilities have been adequately provided for and the current Assets, Loans and Advances are approximately at the value stated, if realised in ordinary course of business.

3 Depreciation on fixed assets for the year has been provided during the year Rs. 5532

4 In last year, the company has opted for one time settelment with the lending bank and paid a treed setlment amount

5 Debtors include Rs. 2,47,26,975 (Previous year Rs.35402408 ) due three companies namely Gujarat Optical Comm. Jd., RHB Cable & Ind.Ltd., and Hindustan Cable Ltd. It is informed by management that the all the three companies were closed and not in operation, Hence the amount is doubt full for recovery. During the previous year Rs 10675434 due from GTCL Mobile Comm.Tech Ltd is written off as bed debt.

6 In accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, Company has not accounted for deferred tax during the year. Consequently the deferred tax liability for the year has not been recognised in view of loss for the year.

7 Previous year figures have been regrouped or rearranged wherever necessary so as to confirm to Current Year's classification.

8 Related party transaction:

A Name of related party and Nature of related party relationship:

a) Subsidary companies/concem

b) Directors and their relatives:

SHRl MANSUKH A. patal Director

SHRI GOVIND R. PATEL Director

SHRl rooplal nuwal Director

SHRI DINESH CHAUHAN Director

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