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Vijay Solvex Ltd.

BSE Live

Feb 20, 16:00
329.90 15.70 (5.00%)
Volume
AVERAGE VOLUME
5-Day
85
10-Day
53
30-Day
43
11
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    314.20

  • Open Price

    329.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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Vijay Solvex is not listed on NSE

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, 2009, the Profit and Loss Account of the Company for the year ended on that date annexed thereto and the Cash Flow State- ment 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 auoit 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 presen- tation. 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 Compa- nies 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 knowl- edge and belief, were necessary for the purpose of our audit. b) In our opinion, proper books of Accounts as re- quired by law have been kept by the Company so far as appears from our examination of the books. c) The Balance Sheet, Profit & Loss. Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. d) In our opinion, the said Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt by this report comply with the mandatory Accounting Standards referred to in Sub-section (3C) of Section 211 of the Compa- nies 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 2009 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Com- panies Act, 1956; f) In our opinion and to the best of our informa- tion 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, 2009; 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. tn 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 man- ner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepan- cies 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 informa- tion and explanations given to us, the proce- dures 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 Com- panies Act, 1956: a) The Company has not granted unsecured loan to any party, during the current financial year. However the Company in the past has granted unsecured loans to three parties and as on 31st March 2009 the outstanding amount is Rs. 1016.62 lacs. b) In our opinion and according to the informa- tion and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are not prima facie prejudicial to the interest of the Company. c) In respect of loan granted by the Company, the interest is regularly accounted for in their account and the principal and interest amount is repayable on demand. d) There is no overdue amount in respect of loans granted by the Company. e) The Company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act. f) Since no loan has been taken from the companies, firms or other parties covered in the register maintained under section 301 of the Act, therefore no interest has been charged and also terms and conditions are not prejudicial to the interest of the company and also no question arises for the payment of the principle amount and interest thereof. 4. In our opinion and according to information and explanations given to us, there is 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 our opinion and according to the information and explanation given to us there are no contracts and arrangements the particulars of which need to be entered into the register maintained under section 301 of the Companies Act, 1956: 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 Cost Records under Section 209 (1) (d) of the Companies Act, 1956 in respect of certain manufacturing activities of the Company. The prescribed accounts and records have been made and maintained. However we have not made a detailed examination of the same. 9. In respect of statutory dues : a) According to the records of the Company, un- disputed 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 dues were outstanding as at 31st March, 2009 for a period of more than six months from the date of becoming payable. b) The disputed statutory dues aggregating to Rs.462.87 Lacs, that have not been deposited on account of dispute and the matters pending before appropriate authorities are as under: Sr. Name of the Nature or the Forum Amount No. statute Dues where (Rs. In dispute is Lacs) pending 1. Custom Act Custom Duty Commissioner 35.55 of Customs 2. Central & Sales Tax & Commissioner 115.12 Rajasthan Entry Tax of Sales Tax Sales Tax 3. Regional Provident Rajasthan 9.50 Provident Fund High Court Fund 4. Employees ESI Industrial 1.02 State Insurance Tribunal Corporation 5. Income Tax I.Tax CIT(Appeals) 301.35 Act, 1961 6. Service Tax Service Tax Appellate 0.33 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 banks. 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 dealing or trading in shares, securities, debentures and other investments except the investment in the shares of Saurabh Agrotech (Pvt) Ltd, Alwar, all other 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 Company has not given any guarantee for loans taken by other from banks or financial institutions. 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. 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 dur- ing 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. For and on behalf of ForK.L. DATTA&CO. Chartered Accountants V.K. Datta Alwar, 5th September, 2009 Partner