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Virgo Polymers (India) Ltd.

BSE: 531282 Sector: Industrials
NSE: N.A. ISIN Code: INE464H01015
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Virgo Polymers (India) Ltd. (VIRGOPOLYMERS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

M/s. VIRGO POLYMERS (INDIA) LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s.VIRGO POLYMERS (INDIA)LIMITED ("the company")which comprise the Balance Sheet as at 31 March 2015the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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 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 free 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 materia! 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 statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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;

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) in the case of the Statement of Profit and Loss - of the Profit for the year endedon that date; and

c) in the case of the Cash Fiow Statement of the cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

As required by the Companies {Auditor's Report) Order 2015 ("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 the paragraph 3and 4 of the Order to the extent applicable.

As required by section 143(3) of the Act we report that:

a) We have sought and obtained alt 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 taw have been kept by theCompany so far as appears from our examination of those books (and proper returns adequatefor the purposes of our audit have been received from the branches not visited by us).

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith 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 written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii.The Company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

FOR VENKATAND RANGAA

Chartered Accountants Firm Reg. No.4597 S

(S. MOHAN RAAJAN)

PARTNER

Membership No. 206393

Place: Chennai

Dated: 29.05.2015.

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

With reference to the annexure referred to in paragraph 1 under the heading"Report on other legal and regulatory requirement" of the Independent Auditorsreport to the members of VIRGO POLYMERS (INDIA) LIMITED on the standalone financialstatements for the year ended 31st March 2015 we report that:

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

(b) All the assets have not been physically verified by the management during the yearbut there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the company and the nature of its assets. No materialdiscrepancy noticed between book balance and physical assets of fixed assets.

II. (a) The management has conducted physical verification of inventory at reasonableintervals during the year. In our opinion frequency of such verification is reasonable.

(b) The procedures of physical verification of inventory 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 the records of inventory we are of the opinioifthat the Company is maintaining proper records of inventory. The discrepancies noticed andverification between the physical stocks and the book records were not material.

III. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under Section 189 of the Companies Act 2013.

IV. 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 jts business with respect to purchase of inventory and fixed assets and for thesale of goods and services. Further on the basis of our examination of the books andrecords of the company and according to the information and explanations given to us wehave neither come across nor have we been informed of any continuing failure to correctmajor weakness in the aforesaid internal control system.

V. In our opinion the Company has not accepted any deposits within the meaning ofCompanies (Acceptance of Deposits) Rules 2014 from the public during the year.

Vi. We have broadly reviewed the books of account and records maintained by the companypursuant to the rules made by the Central Government for the maintenance of cost recordsunder section 301 (l) of the Companies Act 2013 are not applicable to this Company.

VII. (a) According to the information and explanations given to us and on the basis ofour examination of the books and records of the company in respect of undisputedstatutory dues including providend fund income- tax sales tax wealth tax service taxduty of customs duty of excise value added tax cess and other material statutory dueshave been regularly deposited during the year by the company with appropriate authorities-

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income-tax sales tax wealth tax service tax dutyof customs duty of excise value added tax cess and other material statutory dues werein arrears as at 31st March 2015 for a period of more than six months from the date theybecame payable.

(c)) According to the information and explanations given to us and the records of thecompany examined by us there are no materia! dues of Income tax service tax duty ofcustoms duty of excise value add tax and cess which have not been deposited on accountof any dispute subject to the following:

Income Tax

SI.No. Asst Year Demand raised by IT Dept Amount paid by the Company Appeal Pending with Due Rs.
1 2006- 2007 7766270 800000 ITAT 6966270
Sales Tax
i. 2000-01 76582 46776 Sales Tax Tribunal 29806
ii. 2001-02 767149 576390 Sales Tax Tribunal 190759
iii. 2002-03 4547242 1689640 Sales Tax Tribunal 2857602
iv 2003-04 558107 247530 Sales Tax Tribunal 310577 (Bank Guarantee given)
V 2009-10 194777 145933 Sales Tax Tribunal 48844 (48844/- Bank Guarantee given)
VI 2008-09 205302 51330 Sales Tax Tribunal {153972/- Bank Guarantee Given)

(d) According to the information and explanations given to us the amounts which wererequired to be transferred to the Investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (of 1956) and rules there underhas been transferred to such fund with in time. This clause is not applicable to thisCompany

VIII. The company does not have accumulated losses at the end of financial year and hasnot incurred cash losses in the current financial year and cash losses in the immediatelypreceding financial year.

IX. According to the records of the company examined by us and the information andexplanations given to us the company has not defaulted in repayment of dues to afinancial institution bank or debenture holders.

X. According to the information and explanations given to us the company has not givenany guarantee for loans taken by others from bank or financial institutions.

XI. Based on information and explanations given to us by the management term loanswere applied for the purpose for which loans were obtained.

XII. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstances of material fraud on the Company noticed or reported during the year nor havewe been informed of such cases by the management.

FOR VENKATAND RANGAA

Chartered Accountants

Firm Reg. No.4597 S

(S. MOHAN RAAJAN)

PARTNER

Membership No. 206393

Place: Chennai

Dated: 29.05.2015.