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Avon Lifesciences Ltd.

BSE: 531541 Sector: Industrials
NSE: N.A. ISIN Code: INE881A01015
BSE LIVE 14:56 | 02 Dec 12.22 0.53
(4.53%)
OPEN

11.99

HIGH

12.22

LOW

11.80

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.99
PREVIOUS CLOSE 11.69
VOLUME 21388
52-Week high 48.80
52-Week low 6.40
P/E
Mkt Cap.(Rs cr) 29.12
Buy Price 12.22
Buy Qty 35178.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.99
CLOSE 11.69
VOLUME 21388
52-Week high 48.80
52-Week low 6.40
P/E
Mkt Cap.(Rs cr) 29.12
Buy Price 12.22
Buy Qty 35178.00
Sell Price 0.00
Sell Qty 0.00

Avon Lifesciences Ltd. (AVONLIFESCIENCE) - Auditors Report

Company auditors report

AUDITORS

To

The Members of AVON ORGANICS LIMITED

We have audited the attached Balance Sheet of AVON ORGANICS LIMITED as at 31stMarch 2014 and the Profit and Loss Account and also the Cash Flow statement for theyear ended on that date annexed thereto. These financial statements are the responsibilityof the Company's management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.

MANAGEMENT'S RESPONSIBILITY:

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of thecompany in accordance with the Accounting Standards notified under the Companies Act1956(the Act) read with General Circular 15/2013 dated 13th September 2013 of theMinistry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 andaccordance with the accounting principles generally accepted in India. This responsibilityincludes the design implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY:

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conduct our audit in accordance with Standards on Auditing issued by TheInstitute of Chartered Accountants of India. Those Standards require that we compile withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedure selected depends on auditor'sjudgment including the assessment of the risk of material misstatement of the financialstatement whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the managementas well as evaluating the overall presentation of the financial statement.

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

OPINION:

In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts read together with the significant Accounting Policies andother notes thereon give the information required by the Companies Act 1956 in themanner so required and present a true and fair view in conformity with the accountingprinciples generally accepted in India:

(i) In so far as it relates to the Balance Sheet of the state of affairs of thecompany as at 31st March 2014;

(ii) In so far as it relates to the Profit & Loss Account the profit of thecompany for the year ended on that date; and

(iii) In so far as it relates to the cash flow statement of the cash flow of thecompany for the year ended on that date.

REPORT ON OTHER LEGAL & REGULATION REQUIREMENTS:

1. As required by the Companies (Auditors Report Order 2003 issued by the CentralGovernment of India in terms of subsection (4A) of section 227 of the Companies Act 1956we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 ofthe said Order.

2. Further to our comments in the Annexure referred to above we report that:

(i) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit.

(ii) In our opinion proper books of account as required by law have been kept by thecompany so far as appears from our examination of those books.

(iii) The Balance Sheet Profit and Loss Account and Cash flow statement dealt with bythis report are in agreement with the books of account.

(iv) In our opinion the Balance Sheet the Profit & Loss Account and the cash flowstatement comply with Accounting Standards notified under the Act read with the GeneralCircular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs inrespect of Section 133 of the Companies Act 2013.

(v) On the basis of written representations received from the directors as on 31stMarch 2014 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on 31st March 2014 from being appointed as a director interms of clause (g) of sub-section (1) of Section 274 of the Companies Act 1956.

For Mukesh Mehta & Associates
Chartered Accountants
Sd/-
Mukesh Mehta
Proprietor
Place: Mumbai Membership No.100407
Date: 30.05.2014 FRN.H6309W

ANNEXURE TO AUDIT REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

1 In respect of fixed assests:

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 all the Fixed assets have been physically verified by themanagement at reasonable intervals which in our opinion is reasonable having regard tothe size of the company and nature of its assets. No material discrepancies were noticedon such verification.

c) During the year the company has not disposed of any substantial part of its fixedassets during the year and going concern status of the company not affected.

2 In respect of its inventories:

a) The inventory has been physically verified during the year by the management atreasonable intervals. In our opinion the frequency of verification is reasonable.

b) In our opinion and according to the information and explanation 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) On the basis of our examination of records of inventory we are of the opinion thatthe company is maintaining proper records of inventory. The discrepancies noticed onphysical verification between the physical stocks and the book stocks were not material.

3 In respect of loans secured or unsecured granted or taken by the company to/fromcompanies firms or other parties covered in the register maintained under section 301 ofthe Companies Act 1956:

a) company had taken interest free unsecured loans from holding company covered in theregister maintained under section 301 of the Companies Act 1956 and the amountoutstanding at the end of the year is Rs. 3171.40 lacs (Previous year Rs. 3171.40 lacs)

b) The loans taken by the company do not have any stipulation for payment of principleand interest; hence no amounts outstanding as at the end of the year and is considered asover due.

c) The company has not granted any loans or advances in the nature of loans to thecompanies covered in the register maintained under section 301 of the Companies Act 1956.

d) The company has given interest free loan to wholly owned subsidiary of the company.In respect of the said loans the maximum amount outstanding at any time during the yearis Rs. 51015/-and the year end balance is Rs. 51015/-.

4 In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory fixed assets and for the sale ofgoods. During the course of our audit no major weakness has been noticed in the internalcontrol system and there is no continuing failure to correct any major weakness ininternal control.

5.1 Based on the audit procedures applied by us and according to the information andexplanations provided by the management we are of the opinion that the transactions madein pursuance of contracts or arrangements that need to be entered in the registermaintained under section 301 of the Act have been so entered.

5.2 In our opinion and according to the information and explanations given to us thetransactions made in pursuance of contracts or arrangements which needs to be entered inthe registers maintained under section 301 of the Act have been so entered. Owing to theunique and specialized nature of the items involved and in the absence of any comparableprices we are unable to comment as to whether the transactions made in pursuance of suchcontracts or arrangements have been made at prevalent market price at the relevant time.

6 Based on our audit procedures and according to the information and explanations givento us the company has not accepted any deposits from the public and hence complying withthe provisions of Section 58A and 58AA of the Companies Act 1956 and the rules framedthere under is not applicable.

7 In our opinion the company has an internal audit system commensurate with its sizeand nature of its business.

8 The Central Government has prescribed maintenance of cost records under section209(1)(d) of the Companies Act 1956 to the company and such accounts and records havebeen made and maintained by the company.

9 According to the records of the company the company is not regular in depositing theundisputed statutory dues including provident fund Employees' State Insurance Incometax Sales-tax Wealth-tax Customs duty Excise-duty Service tax Cess and any otherstatutory dues with the appropriate authorities. and there are arrears of outstandingstatutory dues as at the last day of the financial year concerned for a period of morethan six months from the date they became payable.

10 The company has incurred cash loss of Rs. 2241.03 lacs (Previous year cash profi ofRs. 1875.92 lacs) in the current year. The company does not have any accumulated losses inthe current year and immediately preceding previous year.

11 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 any financial institution or bank as at the end of the financial year.

12 In our opinion and according to the information and explanation given to us thecompany has not granted any loans and advances on the basis of security by way of pledgeof shares and debentures and other securities. Accordingly the provisions of para 4(xii)of the CARO 2003 are not applicable to the company.

13 Based on our examination of documents and record we are of the opinion that thecompany has not granted any loans and advances on the basis of the security by way ofpledge of shares debentures and the securities.

14 Based on our examination of the records and evaluation of the related internalcontrol we are of the opinion that the company has not dealt or traded in securitiesdebentures and other investments during the year. The company's longterm investments inshares have been held by the Company in its own name.

15 According to the records of the company and information and explanations given tous the company has not given any guarantee for loans taken by others from banks orfinancial institutions.

16 According to the records of the company and information and explanations given tous during the year the company has availed the term loans from Banks / Financialinstitution and have been applied for the purpose for which they have been obtained.

17 Based on the audit procedures applied and according to the information andexplanations furnished to us the funds raised on short term basis have not been used forlong term investment and vice versa.

18 The company has not made any preferential allotment of shares / share warrants toparties and companies covered in the register maintained under Section 301 of the Act.

19 According to the information and explanations furnished to us and based on therecords verified by us during the period covered by our audit report the company has notissued any long term debentures and hence creation of securities for the same is notapplicable.

20 According to the information and explanations furnished to us and based on therecords verified by us the company has not raised any money through public issues duringthe period covered under audit and hence disclosure by the management on the end usage ofmoney raised by public issues and our verification of the same is not applicable.

21 Based upon the audit procedures performed and information and explanations given bythe management no material fraud on or by the company has been noticed or reported duringthe year.

For Mukesh Mehta & Associates
Chartered Accountants.
Sd/-
Mukesh Mehta
Proprietor
Place: Mumbai Membership No.100407
Date: 30.05.2014 FRN:116309W

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