We have audited the attached Balance Sheet of VISHVAS PROJECTS LTD as
at 31st March, 2010, and also Profit & Loss Account and the Cash Flow
Statement for the year ended in 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. We 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 management, as well as
evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion: -
1. As required by the Companies (Auditor''s Report) Order 2003 as
amended) issued by the Central Government of India in terms of section
227 (4A) of the Companies Act, 1956 and on the basis of such checks of
the books & records of the company as we considered appropriate and
according to the information and explanations given to us during the
course of audit, we report that in our opinion :-
(i) a) Proper records for fixed assets showing full particulars
including quantitative details and situation have been maintained.
Physical verification of fixed assets has been carried out by the
management during the year which is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies have been noticed on such physical verification.
b) No substantial part of fixed assets has been disposed off during the
year which has. affected the going concern.
(ii) The stock of shares held in dematerialized form is confirmed on
the basis of statement of holding from depository participants. The
shares held in physical form have been verified by the management at
(iii) The Company has not granted or taken any loan, secured or
unsecured to/from Companies, Firms or other parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
(iv) There are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets and with regard to sale of goods
and services. During the course of our audit, no major weakness has
been noticed in the internal control systems.
(v) There were no contracts or arrangement referred to under section
301 of the Act requiring to be entered into the register maintained
under section 301 of the Companies Act, 1956.
(vi) The company has not accepted any deposit during the year covered
by Section 58 A and 58AA or any other relevant provisions of the
Companies Act 1956.
(vii) The company has an adequate internal audit system commensurate
with its size and the nature of its business.
(viii) As per information and explanations given to us on which we have
relied, the company is not required to maintain the cost records under
section 209 (1)(d) of the companies Act, 1956.
(ix) (a) According to the records of the company, the company is
regular in depositing with appropriate authorities undisputed statutory
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income- tax, Sales tax, Wealth Tax, service
tax, Custom Duty, Excise Duty, cess and any other statutory dues as
applicable to it.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, custom duty and excise duty were outstanding as at 31-03-2010 for
a period of more than six months from the date they become payable.
There are no dues of Sales tax, income tax, customs tax, wealth tax,
service tax, excise duty and cess which have not been deposited on
account of any dispute.
(x) The Company has carried forward losses. However the company has not
incurred any cash losses during the financial year covered by our audit
and the immediately proceeding financial year.
(xi) In our opinion the Company has not defaulted in repayment of dues
to a financial institution or bank. The Company has not issued any
(xii) The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provision of clause 4(XIII) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
(xiv) Based on our examinations of records and evaluation related to
internal control, we are of the opinion that proper records have been
maintained of the transactions and contracts of dealing of trading of
shares, securities and other investments and timely entries have been
made in the records.
(xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
(xvi) The company does not have any term loans and accordingly the
clause is not applicable.
(xvii) The Company has not taken any loans during the year.
(xviii) The company has not made any preferential allotment of shares
to parties and companies covered in the register maintained u/s 301 of
(xix) The company has not issued debentures during the financial year
covered by our audit report.
(xx) The company has not raised money by public issues during the
financial year covered by our audit report.
(xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the year.
2. We further report that:
(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. In our opinion, proper books of account have been kept by the
Company as required by law so far as appears from our examination of
those books. The Balance Sheet and Profit and Loss Account dealt with
by this report are in agreement with the books of account;
(ii) In our opinion, the Balance Sheet, Profit & Loss Account and the
Cash flow statement, dealt with by this report comply with the
Accounting Standards referred to in Subsection (3C) of Section 211 of
the Companies Act, 1956;
(iii) On the basis of written representations received from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 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 together with the notes
and the accounting policies thereon give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India
(a) In the case of Balance Sheet of the state of Companies Affairs as
at 31st March, 2010;
(b) In the case of the Profit & Loss Account, of the profit for the
year ended on that date, and
(c) In the case of Cash How Statement, of the cash flows for the year
ended on that date
For Mehra Goel & Co.
R. K. Mehra
M. No. -6102
Place: New Delhi