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AVI Products India Ltd.

BSE: 523896 Sector: Others
NSE: N.A. ISIN Code: INE316O01021
BSE LIVE 11:04 | 21 Jun 18.35 -0.95
(-4.92%)
OPEN

18.35

HIGH

18.35

LOW

18.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 18.35
PREVIOUS CLOSE 19.30
VOLUME 50
52-Week high 22.45
52-Week low 9.80
P/E
Mkt Cap.(Rs cr) 2
Buy Price 18.35
Buy Qty 75.00
Sell Price 0.00
Sell Qty 0.00
OPEN 18.35
CLOSE 19.30
VOLUME 50
52-Week high 22.45
52-Week low 9.80
P/E
Mkt Cap.(Rs cr) 2
Buy Price 18.35
Buy Qty 75.00
Sell Price 0.00
Sell Qty 0.00

AVI Products India Ltd. (AVIPRODUCTS) - Auditors Report

Company auditors report

INDEPENDENT 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 2016 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 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

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 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.

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 2016 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 ("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.

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 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f. The company has adequate internal financial control system in place and theoperating effectiveness of such controls are satisfactory.

g. 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 opinionand to the best 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.

For S. SHAH & ASSOCIATES
Place: Mumbai Chartered Accountants
(Firm Registration No.109771W)
Date: 30th May 2016 Sd/-
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 2016 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 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 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 2016 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 to financial institutions banks ordebenture 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.

For S. SHAH & ASSOCIATES
Place: Mumbai Chartered Accountants
(Firm Registration No.109771W)
Date: 30th May 2016 Sd/-
Proprietor
Membership No.: 034446