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AVI Photochem Ltd.

BSE: 523896 Sector: Others
NSE: N.A. ISIN Code: INE316O01021
BSE LIVE 15:17 | 06 Dec 18.00 0.45
(2.56%)
OPEN

18.00

HIGH

18.00

LOW

18.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 18.00
PREVIOUS CLOSE 17.55
VOLUME 120
52-Week high 18.35
52-Week low 8.90
P/E 7.23
Mkt Cap.(Rs cr) 1.87
Buy Price 18.00
Buy Qty 380.00
Sell Price 0.00
Sell Qty 0.00
OPEN 18.00
CLOSE 17.55
VOLUME 120
52-Week high 18.35
52-Week low 8.90
P/E 7.23
Mkt Cap.(Rs cr) 1.87
Buy Price 18.00
Buy Qty 380.00
Sell Price 0.00
Sell Qty 0.00

AVI Photochem Ltd. (AVIPHOTOCHEM) - Auditors Report

Company auditors report

To the members of Avi Photochem Limited

5.1 REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the acCompanying standalone financial statements of AVI PHOTOCHEMLimited (the Company) which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

5.2 MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company’s Management is responsible for the matters stated in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the Accounting principles generally accepted in India including the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgement andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements.

5.3 AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statement that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made the Company’s Director as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

5.4 OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its profit and its cash flows for the year ended on that date.

5.5 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

I. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub- Section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

. II. 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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial Statement comply with AccountingStandards specified under the 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 March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f. With respect to other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the

Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us.

i. the Company does not have any pending litigations which would impact its financialpositions; ii. The Company did not have any long - term contracts including derivativescontracts for which there were any material foreseeable losses;

iii. There has been no delay in transferring amounts required to be transferred tothe investor

Education and protection fund by the Company.

For S. Shah & Associates.
Chartered Accountants
Place: Mumbai Firm Registration No. 109771W
Date : May 30 2015 sd/-
Shailesh Shah
Proprietor
Membership No: 034446

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in Our Report to the members of AVI PHOTOCHEM LIMITED. On thestandalone financial statements for the year ended 31st March 2015 we report that:

On the basis of such checks as we considered appropriate and according to theinformation 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 includingquantitative details and situation of fixed assets on the basis of available information.

b. As explained to us the management during the year has physically verified the fixedassets in a phased periodical manner which in our opinion is reasonable having regard tothe size of the Company and nature of its assets. No material discrepancies were noticedon such physical verification.

a. As explained to us the Company is conducting physical verification of theinventories at reasonable intervals.

b. In our opinion According to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and nature of its businessand activities

c. The Company has maintained proper records of the inventories. As explained to us nomaterial discrepancies have been noticed on physically verification of stock as comparedto the book records.

3.

a. The Company had not granted unsecured loans during the years to Company covered inthe register maintained under section 189 of the Companies Act 2013 ("theact").

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchases of inventory and Fixed assets and sale of goods.During the year there was no sale of Service. During the course of our audit we have notobserved any major weakness in the internal control system.

5. The Company has not accepted any deposits from the public.

6. The Nature of the Company’s business/activities is such that maintenance ofCost Records under section 148(1) of the Act is not applicable to the Company.

7

. a. According to the records of the Company undisputed statutory dues includingIncome-tax Sales-tax Value Added tax Wealth Tax Service Tax Custom Duty Excise Dutycess and other statutory dues to the extent and as applicable to the Company have beengenerally regularly deposited by the Company during the year with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the aforesaid dues were outstanding as on 31stMarch 2015 for a period of more than six months from the date of becoming payable.

b. According to the records of the Company there are no disputed statutory dues thathave not been deposited on account of matters pending before appropriate authorities.

c. In our opinion and according to the information and explanations given to us therehas been no delay in transferring amounts required to be transferred to the investorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made thereunder.

8. The Company does not have any accumulated losses. The Company has not incurred cashlosses during the financial year covered by our audit or in the immediately precedingfinancial year.

9. Based on our audit procedures and according to the information and explanation givento us we are of the opinion that the Company has not defaulted in repayment of dues tofinancial institutions banks or debenture holders. 10. The Company has not givenguarantees for loans taken by others from banks or financial institutions.

11. The Company has not raised any term loans during the year.

12. In our opinion and according to the information and explanation given to us nofraud on or by the Company has been noticed or reported during the course of our audit.

For S. Shah & Associates.
Chartered Accountants
Place: Mumbai Firm Registration No. 109771W
Date : May 30 2015 sd/-
Shailesh Shah
Proprietor
Membership No: 034446

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