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Vijay Solvex Ltd.

BSE Live

Feb 28, 16:00
389.40 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
112
10-Day
99
30-Day
44
441
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    389.40

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Annual Report

For Year :
2018 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the attached Balance Sheet of Vijay Solvex Limited, Alwar as at 31st March, 2008, the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. We have conducted our audit in accordance with 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 the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraph 4 & 5 of the said order. 3. Further to our comments in the annexure referred to in paragraph (2), above we report that: a) We have obtained all the informations and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit. b) In our opinion, proper books of Accounts as required by law have been kept by the Company so far as appears from our examination of the books. c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account. d) In our opinion, the said Balance Sheet and Profit & Loss Account and the Cash Flow State ment dealt by this report comply with the mandatory Accounting Standards of the Institute of Chartered Accountants of India as referred to Sub-section (3C) of Section 211 of the Companies Act, 1956. e) On the basis of the written representations received from the Board of Directors, we report that none of the Directors are disqualified as on 31st March 2008 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; f) In our opinion and to the best of our information and according to the explanations given to us, the accounts read together with the significant accounting policies and subject to notes on accounts in Schedule-18 & 19, gives the information required by the Companies Act, 1956 in the manner so required and gives a true and fair view in conformity with the accounting principles generally accepted in India : i) In the case of Balance Sheet - of the state of affairs of the Company as at 31st March, 2008; ii) In the case of Profit and Loss Account - of the Profit of the Company for the year ended on that date; and iii) In case of Cash Flow Statement of the cash flows for the year ended on that date. Annexure To The Auditors Report (Referred to in paragraph (2) of our report of even date] 1. In respect of its fixed assets : a) The Company is maintaining proper records showing full particulars including quantitative details and situation of the fixed assets. All the fixed assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification. b) As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. c) In our opinion, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected. 2. In respect of its inventories : a) As explained to us, inventories have been physically verified by the management at regular intervals during the year. b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. c) The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956: a) The Company has granted unsecured loan to one party of Rs. 170.00 lacs during the year and outstanding amount alongwith unsecured loan granted to three parties (including the party to whom loan granted during the year) is Rs.934.63 lacs. The Company has not taken any new loan during the year. However, the Company has repaid loan of Rs.433.04 Lacs which is taken in the past from one party and outstanding amount is NIL. b) In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicble and other terms and conditions are not prima facie prejudicial to the interest of the Company. c) In respect of loan taken/granted by the Company, the interest payments are regular and the principal amount is repayable on demand. d) There is no overdue amount in respect of loans taken/granted by the Company. 4. In our opinion and according to information and explanations given tours,there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls 5. In respect of transactions covered under Section 301 of the Companies Act, 1956: a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register in pursuance of Section 301 of Act, have been so entered. b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Act and exceeding the value of rupees five lakhs in respect of any party during the year, which have been made at prices which are not reasonable having regard to the prevailing market prices at the relevant time. 6. The Company has not accepted any deposits from the public. 7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business. 8. The Central Government has prescribed maintenance of Cos Records under Section 209 (1) (d) of the Companies Act, 1956 in respect of certain manufacturing activities of the Company. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same. 9. In respect of statutory dues : a) According to the records of the Company, undisputed statutory dues Including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-tax, Sales tax Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid duet were outstanding as at 31st March, 2008 for a period of more than six months from the date of becoming payable. b) The disputed statutory dues aggregating to Rs. 193.36 Lacs, that have not been deposited on account of matters pending before appropriate authorities are as under: Sr. Name of the Nature of the No. statute Dues 1. Custom Act Custom Duty 2. Central & Sales Tax & Rajasthan Entry Tax Sales Tax 3. Regional Provident Provident Fund Fund 4. Employees ESI State Insurance Corporation Forum Amount where (Rs. In dispute is Lacs) pending Commissioner 38.55 of Customs Commissioner 147.29 of Sales Tax Rajasthan 9.50 High Court Industrial 1.02 Tribunal 10. The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year. 11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. 12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company. 14. The Company has maintained proper records of transactions in respect of trading in securities, debentures and other investments. All shares, debentures and other investments have been held by the Company in its own name. 15. In our opinion, and according to the information and explanations given to us, the terms and conditions of a guarantee of Rs.1000.00 lacs given by the Company in the year 2006-07 for a loan taken by Pyare Lal Niranjan Lal & Co. from HDFC Ltd is prima facie not prejudicial to the interest of the Company. 16. In our opinion and according to the information and explanations given to us, and on an overall basis, the term loans have been applied for the purposes for which they were obtained. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flow statement of the Company, we report that no funds raised on Short Term basis have been used for long term investment and no long term funds have been used to finance short term assets. 18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 if the Companies Act, 1956. 19. The Company has not issued any debentures during the year. 20. The Company has not raised any money by way of public issue during the year. 21. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated. For and on behalf of For K.L. DATTA & CO. Chartered Accountants V.K. Datta Alwar, 4th September, 2008 Partner