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AVI Products India Ltd.

BSE: 523896 Sector: Others
NSE: N.A. ISIN Code: INE316O01021
BSE LIVE 12:11 | 06 Dec 22.20 1.05
(4.96%)
OPEN

22.20

HIGH

22.20

LOW

22.20

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 22.20
PREVIOUS CLOSE 21.15
VOLUME 200
52-Week high 22.45
52-Week low 17.45
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 22.20
Sell Qty 420.00
OPEN 22.20
CLOSE 21.15
VOLUME 200
52-Week high 22.45
52-Week low 17.45
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 22.20
Sell Qty 420.00

AVI Products India Ltd. (AVIPRODUCTS) - Auditors Report

Company auditors report

TO THE MEMBERS OF AVI PRODUCTS INDIA LIMITED

4.1 REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of AVI PRODUCTS INDIALIMITED (the Company) which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

4.2 MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Management is responsible for the matters stated in section 134(5) of theCompanies Act 2013 (“the Act”) with respect to the preparation and presentationof these standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theAccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgement and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements

4.3 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statement that give a true and fair view in orderto design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made the Company's Director as well as evaluating the overallpresentation 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.

4.4 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 2017 and its profit and its cash flows for the year ended on that date.

4.5 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1 . As required by the Companies (Auditor's Report) Order 2016 (“the Order”)issued by the Central Government of India in terms of sub- Section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 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 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 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct.

f. With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure II" and

g. with respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information 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 derivatives contractsfor 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.

IV. the Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with the booksof accounts maintained by the Company. Refer Note 26 to the standalone financialstatements.

For S. SHAH & ASSOCIATES
Chartered Accountants
(Firm Registration No.109771W)
Sd/-
Place: Mumbai Proprietor
Date: 30th May 2017 Membership No.: 034446

ANNEXURE I TO INDEPENDENT AUDITORS' REPORT

The Annexure referred to in Our Report to the members of AVI PRODUCTS IDNIA LIMITED(FORMERLY KNOWN AS AVI PHOTOCHEM LIMITED. On the standalone financial statements for theyear ended 31st March 2017 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 thefixed assets in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

(c) The company does not own immovable Properties.

2. As explained to us the Company is conducting physical verification of theinventories at reasonable intervals and no material discrepancies were noticed on suchverification.

3. The company had not granted loans during the years to companies firms LimitedLiability partnership covered in the register maintained under section 189 of theCompanies Act 2013 (“the act”).

4. The company has not granted any loans made investments or has provided guaranteeand security during the year.

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

6. The Nature of the Company's business/activities is such that maintenance of CostRecords 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 Custom Duty cess and other statutory dues to theextent and as applicable to the company have been generally regularly deposited by theCompany during the year with the appropriate authorities. According to the information andexplanations given to us no undisputed amounts payable in respect of the aforesaid dueswere outstanding as on 31st March 2017 for a period of more than six months from the dateof 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.

8. 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.

9. The Company has not raised any public offer or term loans during the year.

10. 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.

11. The managerial remuneration has been paid in accordance with the requisite approvalmandated by the provisions of section

197 read with schedule V to companies Act 2013.

12. The Company is not Nidhi Company

13. There are no transactions with related parties as prescribed u/s 177 & 188 ofCompanies Act 2013.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

15. The company has not entered into any non - cash transactions with directors orpersons connected with him.

16. The company is not required to be registered u/s 45 1A of the Reserve Bank of IndiaAct 1934.

ANNEXURE II TO INDEPENDENT AUDITORS' REPORT

The Annexure II referred to in clause (f) of Paragraph (10) of our IndependentAuditor's Report to the members of AVI PRODUCTS INDIA LIMITED. On the standalone financialstatements for the year ended 31st March 2017.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act.

We have audited the internal financial controls over financial reporting of AviProducts India Ltd. (“the Company”) as at 31stMarch 2017 inconjunction with our audit of the Financial Statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls.

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (“ICAI”). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the “Guidance Note”) and the Standards on Auditing issued by ICAI and deemed tobe prescribed under section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained if such controls operated effectively in all material respects.

Our Audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes on accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that:

(a) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the company; and

(c) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls systems over financials reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India.

For S. SHAH & ASSOCIATES
Chartered Accountants
(Firm Registration No.109771W)
Sd/-
Place: Mumbai Proprietor
Date: 30th May 2017 Membership No.: 034446