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Vertical Industries
BSE: 515099|ISIN: INE247Q01015|SECTOR: Ceramics/Granite
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« Mar 12
Auditor's Report (Vertical Industries) Year End : Mar '13
Report on the Financial Statements:
 
 1.  We have audited the accompanying financial statements of M/s
 Vertical Industries Limited (Formerly known as La Mansion Granites
 limited), which comprise the Balance Sheet as at March 31,2013, and the
 Statement of Profit and Loss and Cash Flow Statement for the year
 ended, and a summary of significant accounting policies and other
 explanatory information.
 
 Management''s Responsibility for the Financial Statements:
 
 2.  Company''s 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 Standardsreferred to in sub-section (3C)
 of section 211 of the Companies Act, 1956 (theAct). This
 responsibility includes the design, implementation and maintenanceof
 internal control relevant to the preparation and presentation of the
 financialstatements that give a true and fair view and are free from
 materialmisstatement, whether due to fraud or error.
 
 Auditors'' Responsibility:
 
 3.  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 financialstatements are free
 from material misstatement.
 
 4.  An audit involves performing procedures to obtain audit evidence
 about theamounts and disclosures in the financial statements. The
 procedures selecteddepend on the auditor''s judgment, including the
 assessment of the risks ofmaterial misstatement of the financial
 statements, whether due to fraud or error.In making those risk
 assessments, the auditor considers internal control relevantto the
 Company''s preparation and fair presentation of the financial
 statements inorder to design audit procedures that are appropriate in
 the circumstances. Anaudit also includes evaluating the appropriateness
 of accounting policies usedand the reasonableness of the accounting
 estimates made by management, aswell as evaluating the overall
 presentation of the financial statements.
 
 5.  We believe that the audit evidence we have obtained is sufficient
 andappropriate to provide a basis for our audit opinion.
 
 Opinion:
 
 6.  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
 true 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 March 31st, 2013;
 
 b) in the case of the Profit and Loss Account, of the profit/ loss for
 the yearended 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:
 
 7.  As required by the Companies (Auditor''s Report) Order, 2003
 (the Order) as amended by the companies (Auditor''s Report)
 (Amendment) Order 2004'' 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 mattersspecified in paragraphs 4 and 5 of
 the Order.
 
 8.  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
 ofaccount.
 
 d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
 Cash Flow Statement comply with the Accounting Standards referred to in
 subsection(3C) of section 211 of the Companies Act, 1956;
 
 e) On the basis of written representations received from the directors
 as on March 31st, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of theCompanies Act, 1956.
 
 
 The Annexure referred to in paragraph 7 of the Our Report of even date
 to the members of Vertical Industries Limited (Formerly known as La
 Mansion Granites limited) on the accounts of the company for the year
 ended 31st March, 2013.
 
 On the basis of such checks as we considered appropriate and according
 to the information and explanation given to us during the course of our
 audit, we report that:
 
 i.  (a) The company has no fixed asset during the F.Y 2012-2013, hence
 the provisions of the Clause 4(i) of the said order is not applicable
 to the company.
 
 ii.  (a)As explained to us, inventories have been physically verified
 during the year by the management at reasonable intervals.
 
 (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) In our opinion and on the basis of our examination of the records,
 the Company is generally maintaining proper records of its inventories.
 No material discrepancy was noticed on physical verification of stocks
 by the management as compared to book records.
 
 iii. (a) According to the information and explanations given to us and
 on the basis of our examination of the books of account, the company
 has not granted any loans, secured or unsecured, to companies, firms or
 other parties listed in the register maintained under Section 301 of
 the Companies Act, 1956. Consequently, the provisions of Clauses 4 {iii
 (b), iii(c) and iii(d)} of the Order are not applicable to the Company.
 
 (b) According to the information and explanations given to us and on
 the basis of our examination of the books of account, the Company has
 not taken loans from companies, firms or other parties listed in the
 register maintained under Section 301 of the Companies Act, 1956.
 Accordingly, paragraphs4 {iii (e) to (g)} of the Order are not
 applicable to the Company.
 
 iv.  In our opinion and according to the information and explanations
 given to us, there is generally an adequate internal control procedure
 commensurate with the size of the company and the nature of its
 business regarding payment for expenses & for sale of goods. During the
 course of our audit, no major instance of continuing failure to correct
 any weaknesses in the internal controls has been noticed.
 
 v.  a) Based on the audit procedures applied by us and according to the
 information and explanations provided by the management, there is no
 transaction with related parties during the financial year 2012-2013,
 hence the provisions of Clauses 4 {v (a)
 
 & (b)}of the order are not applicable to the Company.
 
 vi.  The Company has not accepted any deposits from the public covered
 under section 58A and 58AA of the Companies Act, 1956.
 
 vii. As per information & explanations given by the management, the
 company has an internal audit system commensurate with its size and the
 nature of its business.
 
 viii.  As per information & explanation given by the management,
 maintenance of cost records has been prescribed by the Central
 Government under clause (d) of sub- section (1) of section 209 of the
 Act and we are of the opinion that prima facie the prescribed accounts
 and records have been made and maintained.
 
 ix.  (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,
 Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable
 and any other statutory dues have generally been regularly deposited
 with the appropriate authorities. According to the information and
 explanations given to us there were no outstanding statutory dues as on
 31st of March, 2013 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 is
 no amounts payable in respect of income tax, wealth tax, service tax,
 sales tax, customs duty and excise duty which have not been deposited
 on account of any disputes.
 
 x.  The Company have accumulated loss during the financial year
 2012-2013 and has incurred cash loss during the financial year covered
 by our audit and in the immediately preceding financial year.
 
 xi.  Based on our audit procedures and on the information and
 explanations given by the management, we are of the opinion that, the
 company has not taken any loans from any financial institution, bank or
 debenture holders; hence this clause is not applicable to the said
 company.
 
 xii. According to the information and explanations given to us, 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 provisions of this clause of the Companies
 (Auditor''s Report) Order, 2003 (as amended)as amended by the
 companies (Auditor''s Report) (Amendment) Order 2004''is not
 applicable to the Company.
 
 xiv. According to information and explanations given to us, the company
 is not trading in Shares, Mutual funds & other Investments; hence this
 clause is not applicable to the said company.
 
 xv.  According to the information and explanations given to us, the
 company has not given any guarantees for loan taken by others from a
 bank or financial institution.
 
 xvi. Based on our audit procedures and on the information given by the
 management, we report that the company has not raised any term loans
 during the year.
 
 xvii.  Based on the information and explanations given to us and on an
 overall examination of the Balance Sheet of the company as at 31st
 March, 2013, we report that no funds raised on short-term basis have
 been used for long-term investment by the Company.
 
 xviii.  Based on the audit procedures performed and the information and
 explanations given to us by the management, we report that the company
 has not made any preferential allotment of shares during the year.
 
 xix. The company has no outstanding debentures during the period under
 audit.
 
 xx.  The company has not raised any money by public issue during the
 year.
 
 xxi. Based on the audit procedures performed and the information and
 explanations given to us, we report that no fraud on or by the company
 has been noticed or reported during the year, nor have we been informed
 of such case by the management.
 
                                                  For P S Nagaraju &Co.,
 
                                                  Chartered Accountants 
 
                                        (Firm Registration No: 011447S)
 
 
 
                                                         Sd/-
 
 Place : Hyderabad                                  CA P S Nagaraju
 
 Date : 29.05.2013                                    Partner
 
 Membership No.210268
Source : Dion Global Solutions Limited
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