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AVI Polymers Ltd.

BSE: 539288 Sector: Others
NSE: N.A. ISIN Code: INE897N01014
BSE LIVE 14:27 | 26 May Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.23
PREVIOUS CLOSE 6.89
VOLUME 1
52-Week high 7.23
52-Week low 5.05
P/E
Mkt Cap.(Rs cr) 2.96
Buy Price 7.23
Buy Qty 4.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.23
CLOSE 6.89
VOLUME 1
52-Week high 7.23
52-Week low 5.05
P/E
Mkt Cap.(Rs cr) 2.96
Buy Price 7.23
Buy Qty 4.00
Sell Price 0.00
Sell Qty 0.00

AVI Polymers Ltd. (AVIPOLYMERS) - Auditors Report

Company auditors report

To the Members of

AVI POLYMERS LIMITED

Report on the Financial Statements

We have audited the financial statements of AVI Polymers Limited ("theCompany") which comprise the Balance Sheet as at March 31 2015 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatements.

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 statements 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 by the Company’s directors as wellas evaluating 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 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 (‘ theOrder’) issued by central Government of India in terms of sub-section (11) of section143 of the Act we give in the Annexure a statement on the matters specified in theparagraph 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 purposes 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 financial statements comply with the AccountingStandards 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 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).

The Annexure referred to in our report to the members of AVI Polymers Limited on thefinancial statements for the year ended on 31st March 2015. We report that:

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us the company has a regular programme of physical verification ofits assets by which fixed assets are verified and no material discrepancies were noticedon such verification.

(c) In our opinion and according to the information and explanations given to us nofixed asset has been disposed during the year and therefore does not affect the goingconcern assumption.

(ii) (a) As explained to us inventories have been physically verified during the yearby the management at reasonable intervals

(b) In our opinion and 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 the nature of itsbusiness.

(c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed 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 companiesfirms or other (a) Parties listed in the register maintained under Section 189 of theCompanies Act 2013. Consequently the provisions of clauses iii (b) iii(c) of the orderare not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to usthere is generally an adequate internal control procedure commensurate with the size ofthe company and the nature of its business for the purchase of inventories & fixedassets and payment for expenses & for sale of goods. During the course of our auditno major instance of continuing failure to correct anyweaknesses in the internal controlshas been noticed.

(v) The company has not accepted any deposits from the public.

(vi) As per information & explanation given by the management maintenance of costrecords 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 includingProvident Fund Investor Education and Protection Fund Employees’ State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities.

(b) According to the information and explanations given to us no undisputed amountpayable in respect of aforesaid dues were in arrears as on 31st of March 2015for 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 beendeposited on account of disputed matter pending before appropriate authority are as under.

Name of status Nature of Dues Amount Rs. In Lacs Financial Year to which amount relates Forum where dispute is pending
Income tax Act1961 Tax on assessment u/s 143(3) 5.56 1999-2000 Gujarat High Court Ahmedabad
Income tax Act1961 Tax on Assessment u/s 143(3) 98.28 2000-2001 ITAT Ahmedabad
Income tax Act1961 Tax on Assessment u/s 143(3) 11.34 2006-2007 ITAT Ahmedabad
Income tax Act1961 Tax on Assessment u/s 143(3) 0.19 2011-2012 CIT (Appeals)
115.37

(d) According to the information and explanations given to us there were no amountrequired to be transferred to investor education and protection fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and rules made there underhas 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 notmore than 50 % of its net worth. Considering the above we are of the opinion that theFundamental Assumption of "Going Concern" is not affected. The company has notincurred cash losses during the financial year covered by the audit and in the immediatepreceding financial year.

(ix) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

(x) In our opinion and according to the information given to us the company has notgiven 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 wereport that the company has not raised any term loans during the year.

(xii) Based on the audit procedures performed and the information and explanationsgiven to us we report that no fraud on or by the Company has been noticed or reportedduring the year nor have we been informed of such case by the management.

Date: - 29th May 2015 For S.S. Dasani & Co.
Place: - Ahmedabad Chartered Accountants
(Arpit Shah)
Partner
M.No.125043
FRN: 116521W

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