| We have audited the accompanying financial statements of M/s,
Vishvprabha Trading Limited which comprise the Balance Sheet as at 31st
March, 2014 and the Statement of Profit and Loss and the Cash Flow
statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956, read with the General Circular 15/2013
dated 13th September, 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013 and in accordance
with the accounting principles generally accepted in India. This
responsibility includes the design, implementation and maintenance of
internal control 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 conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 disclosures in the financial statements. The procedures
selected depend on the auditor's judgment including the assessment of
the risk of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances; but not for the
purpose of expressing an opinion on the effectiveness of the entity's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the management, 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 audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a free 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, 2014;
(b) In the case of the Statement of Profit and Loss, of the profit 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information 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 account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report: are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Plow Statement comply with the Accounting Standards
referred to in subsection (3C) of section 211 of the Companies Act,
1956; notified under the Act read with the General Circular 15/2013
dated 13th September, 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013.
e. On the basis of written representations received from the directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
f. Since the Centra! Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITOR'S REPORT OF EVEN
DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2014 OF
VISHVPRABHA TRADING LIMITED.
On the basis of such checks as we considered appropriate and in terras
of the information and explanations given to us, we state that;
1. Since there are no fixed assets with the Company, the question of
maintaining records in respect thereof and physical verification of the
same, does not arise.
2. (a) As explained to us, the Company has inventories of only Shares
which have been physically verified by the management at reasonable
intervals during the year. In our opinion, the frequency of such
verification is reasonable having regard to the size of the Company and
the nature of its business.
(b) In our opinion and according to the information and explanation
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 the business.
(c) The company has maintained proper records of inventory. As
explained to us, there were no material discrepancies noticed on
physical verification of stocks, as compared to book records.
3. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register to be
maintained under Section 301 of the Companies Act. 1956 and hence the
disclosure under "b, c &. d" are not applicable.
b) The Company has not taken loans & advances from companies, firms or
other parries covered under the Register maintained under section 301
of the Companies Act. Accordingly sub-clauses 'f' & 'g' of Clause (iii)
are not applicable.
4. In our opinion, and according to the information and exp sanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the sale of goods. In our opinion and according to the
information and explanations given to us, there is no continuing
failure to correct major weaknesses in internal control.
5. As explained to us there has not been any transaction during the
year that need to be entered in the register maintained under section
301 of the Companies Act 1956 and exceeding during the year to Rs.
5,00,000 or more in respect of each such party.
6. The Company has not accepted deposits from the public and hence the
provisions of Section 58A and 58AA of the Companies Act, 1956, and the
Rules framed there under are not applicable.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under Section 209 (1) (d) of the Companies Act 1956.
9. (a) According to the information and explanations given to us, there
are no undisputed statutory dues payable in respect of Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess which are outstanding as at 31st March 2014 for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no disputed statutory dues in respect of sales tax, income tax,
custom duly, wealth tax, service tax, excise duty and cess.
10. The Company does not have accumulated losses at the end of this
financial year and it has not incurred any cash loss during the current
financial year. However there is cash loss in the immediately preceding
financial year.
11. The Company has not obtained any loans from financial institutions
or bank or debenture holders and hence the question of default does not
arise.
12. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities of
a similar nature and hence maintenance of documents and records
relating to such items are not applicable.
13. The company is not a chit fund, nidhi or mutual benefit
fund/Society. Hence the requirements of item (xiii) of paragraph 4 of
the Order is not applicable to the company.
14. The company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein. The shares, securities,
debentures and other investments, are held in the name of the company
or are in process of being transferred in the company's name.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. As per information and explanations given to us, the Company has
not raised any funds on long term basis.
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 investments and no long-term funds have been
used to finance short-term assets.
18. According to the information and explanations given to us no
preferential allotment of shares has been made by the company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures. Hence the requirements
of clause (xix) of paragraph 4 of the Order is not applicable to the
company.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For I. G. NAIK & CO.,
Chartered Accountants
(Firm Registration No. 106810W)
I. G. NAIK
Place: Mumbai PROPRIETOR
Dated: 30th May, 2014 Membership No. 034504 |