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Vybra Automet Ltd.

BSE: 520003 Sector: Engineering
NSE: N.A. ISIN Code: INE251F01010
BSE LIVE 09:52 | 17 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.00
PREVIOUS CLOSE 5.88
VOLUME 200
52-Week high 6.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.15
Sell Qty 3500.00
OPEN 6.00
CLOSE 5.88
VOLUME 200
52-Week high 6.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.15
Sell Qty 3500.00

Vybra Automet Ltd. (VYBRAAUTOMET) - Auditors Report

Company auditors report

VYBRA AUTOMET LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT The Members of VYBRA AUTOMET LIMITED 1. We have audited the attached Balance Sheet of M/s.VYBRA AUTOMET LIMITED,as at 31st March,2012,the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining,on a test basis,evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 4. Further to our comments in the Annexure referred to above, and subject to : a) Debtors/Creditors are subject to confirmation b) The company is in the process of identifying slow moving / non moving items and the pending finalization of said process and we are not in a position to quantify the provision required to be made in the profit & loss account. (I) We have obtained all the information and explanations, which to the best of our knowledge 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 the Company so far as appears from our examination of those books. (III) The Balance Sheet,Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. (IV) In our opinion, the Balance sheet, Profit and Loss Account and Cash Flow statement dealt with by this report comply with accounting standards referred to except AS-15 retirement benefits to employees, in sub-section (3c) of the Section 211 of the Companies Act,1956; (V) On the basis of written representations received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of Clause (g) of sub-section (1) of section 274 of the Companies Act,1956. (VI) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and given a true and fair view in conformity with the accounting principles generally accepted in India; a) in the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2012 (b) in the case of Profit and Loss Account, of the Loss for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For JAWAHAR AND ASSOCIATES Chartered Accountants Sd/- Place: Hyderabad V. UMAPATHI Date : 23-05-2012 PARTNER Annexure to the Auditor's Report (Referred to in paragraph (3) of our report of even date) I.(a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) The fixed assets have been physically verified by the management and no material discrepancies were noticed all such verifications. (c) The company has not disposed of the substantial part of the fixed assets which will affect the going concern. II.(a) The physical verification of the inventory has been conducted at reasonable intervals by the management. (b) In our opinion the physical verification of inventory followed by the management is reasonable and adequate in relation to the size of company and the nature of business. (c) In our opinion the company is maintained proper inventory records and no material discrepancies were noticed on physical verification of inventories. III.(a) The company has neither granted any loans nor advanced any amounts to companies/ firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Since the company has granted any loans to companies / firms or other parties covered under section 301 of the Companies Act, company. (b) The company has not obtained Inter corporate deposits / unsecured loans from the parties covered under section 301 of the companies Act, 1956, the provisions of sub clauses (f) and (g) are not applicable to the company. (c) In our opinion, the terms and conditions on which loan has been taken from company liste in register maintained under section 301 of the Companies Act, 1956 are not,prima facie,prejudicial to the interest of the Company. (d) The company is regular in repaying the principal amounts as stipulated and has been regular in the payments. IV. In our opinion there is an adequate internal control procedure commensurate with the size of the company and nature of the business for purchase of inventories and fixed assets and for sale of goods. V.(a) According to information and explanation given to us, all the transactions required to be entered in the register pursuance to the provisions of section 301 of the Companies Act, 1956 have been so entered. (b) According to information and explanation given to us, the transactions exceeding Rs. 5 lacs covered under the register maintained under section 301 of the Companies Act, are reasonable having regard to the prevailing market prices at the time of entering the transaction. VI. According to information and explanation given to us, the company has not accepted deposit from the public as per the provisions of Section 58A and Section 58 AA of the Companies Act,1956. VII. The company has an internal audit system commensurate with the size and nature of business. VIII. According to information and explanation given to us,the Central Government has prescribed for the maintenance of cost records under section 209 (1) (d) of the Companies Act,1956 for the products manufactured by the Company and the company has appointed a cost consultant to design the cost records and the same is under progress. IX.(a) As per the record of the company, it has been depositing undisputed statutory dues Sales Tax, Provident Fund/ ESI and Income Tax, even though there were certain delays. The Statutory dues pending more than six months which were undisputed as on 31.03.2012 in respect of - Income tax payable for the AY 2008-09 Rs.29.05 lacs and - Provident Fund of Rs.19.70 Lacs - ESI Payable of Rs.3.15 Lacs - Sales Tax of Rs. 10.39 Lacs (b) On the basis of examination of the documents and records there are no disputed statutory liabilities. X. During the Financial Year under consideration, the company has not incurred any cash loss (Previous Year Rs.822.86 lacs) and the accumulated Losses are Rs.19.03 Crores and not exceeding 50% of Share Capital and free Reserves of Rs.42.20 Crores. XI. On the basis of information available and explanation given to us,the company has obtained restructed package for defaulted payments / over due payments from the banks in view of the economic slow down. XII. According to information and explanation given to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or securities. XIII In our opinion,the company is not a chit Fund or a Nidhi / Mutual Benefit Fund / Society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order,2003 are not applicable to the company. XIV. In our opinion, the company is not dealing in or trading to shares, securities, debentures and other investments. Accordingly,the provisions of clause 4 (xiv) of the Companies (Auditor's Report) Order,2003 are not applicable to the Company. XV. According to the information and explanation given to us the company has not given any guarantee for the loans taken by others from Bank or Financial Institution. XVI. According to the information and explanation given to us, the Company applied the Terms Loans for the purpose for which the loans were obtained. XVII. According to the information and explanation given to us and on overall examination of the Balance Sheet of the Company,we report that no funds raised on short term basis have been utilized for long term investment except for working capital. XVIII. According to information and explanation given to us,the company has made preferential allotment by conversion of Share Warrants to parties covered under section 301 of the Companies Act 1956.In our opinion the price is as per the SEBI Preferential Allotment Rural and not prejudicial to the interest of the company. XIX. According to information and explanation given to us,the company has not raised any debentures during the year under audit. XX According to information and explanation given to us, the company has not raised any monies from the public by way of issue of shares to the public. XXI. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For JAWAHAR AND ASSOCIATES Chartered Accountants Sd/- Place: Hyderabad V. UMAPATHI Date : 23-05-2012 PARTNER