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Agio Paper & Industries Ltd.

BSE Live

Jan 28, 16:00
2.50 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
566
10-Day
425
30-Day
205
5
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    2.50

  • Open Price

    2.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

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Agio Paper & Industries is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying financial statements of Agio Paper & industries Limited (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the 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 stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and 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 our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion on the financial statements. Basis for Qualified Opinion The Paper Factory of the Company has been under shut down since 6th October, 2010 to fulfil certain pollution control measures as enumerated in note no. 2.18.F in the financial statements. As further explained in note no 2.18.G, based on the future plans and valuation of fixed assets, the management of the Company is not envisaging any impairment loss in the fixed assets & Capital Work in Progress of the Company as at the balance sheet date as per the requirements of Accounting Standard AS- 28 on Impairment of Assets. However in absence of any certainty towards future plans of the Company or a binding sale agreement at arm''s length basis indicating the amount obtainable from sale of fixed assets & Capital Work in progress, we are unable to comment on the quantum of impairment loss on the fixed assets & Capital Work in progress, if any, at the balance sheet date. The impact of the above on the financial statements therefore could not be determined. Qualified Opinion In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the basis of qualified opinion paragraph, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, and its profit and its cash flows for the year ended on that date. Emphasis of Matter We draw attention to the following matter in the Notes to the financial statements: Note no. 2.18.E & Note No. 2.18.F indicates fact that the net worth of the Company is completely eroded and the production facility at the paper factory is at a halt due to reasons mentioned in the note. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company''s ability to continue as a going concern. However, the financial statements of the Company have been prepared on a going concern basis for the reasons stated in the above notes. The appropriateness of the said basis is interalia dependent on the Company''s ability to infuse requisite funds for meeting its obligations, repayment of term loans and resuming normal operations. Our opinion is not modified in respect of above matter. Report on Other Legal and Regulatory Requirements 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 best of 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 the Company 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 Statement dealt with by this Report are in agreement with the books of account. d. Except for the effects of the matter described in the basis for qualified opinion paragraph, in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e. The matter described in the Basis of Qualified Opinion paragraph and in the Emphasis of Matter paragraph above, in our opinion, may have an adverse effect on the functioning of the Company. f. On the basis of the written representations received from the directors as on 31st March, 2015 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act. g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts . The company neither entered into any derivative contract during the year nor have any outstanding derivative contract at the year-end. iii. The provisions relating to transferring any amounts to the Investor Education and Protection Fund is not applicable to the Company during the year. For and on behalf of Singhi & Co Chartered Accountants Firm Registration No. 302049E Gopal Jain Partner Date : 11th April, 2015 Membership No - 059147