We have audited the attached Balance Sheet of M/s. Vishvprabha Trading
Limited as at 31st March, 2012 and also the Profit and Loss Account of
the Company for the year ended on 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
The Companies (Auditor''s Report) Order, 2003 and the Companies
(Auditor''s Report) (Amendment) Order, 2004, issued by the Central
Government of India in terms of sub- section (4 A) of Section 227 of
the Companies Act, 1956, we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
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
ii. 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
iii. The Balance Sheet and Profit and Loss Account dealt with this
report are in agreement with the books of account,
iv. In our opinion, the Balance Sheet, Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956.
On the basis of written representation received from the Directors, as
on 31El March 2012, and taken on record by the Board of Directors, we
report that none of the Directors is disqualified as on 31st March 2012
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts, read together with the
notes 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 the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
b) in the case of the Profit and Loss Account, of the Loss for the year
ended on that date.
c) in the case of the Cash Flow Statement of the Cash flows for the
year ended on that date.
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, 2012 OF
VISHVPRABHA TRADING LIMITED.
On the basis of such checks as we considered appropriate and in terms
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 parties 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 explanation
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 31sl March 2012 for a period of
more than six months from the date they became payable.
c) According to the information and explanations given to us, there are
no disputed statutory dues in respect of sales tax, income tax, custom
duty, wealth tax, service tax, excise duty and cess.
10. The Company does not have accumulated losses at the end of this
financial year. However there is cash loss during the current financial
year. There is no cash loss in the immediately preceding financial
11. The Company has not obtained any loans from financial institutions
or bank or debenture holders and hence the question of default does not
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
20. The Company has not raised any money through a public issue during
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.,
(Finn Registration N0.W68IOW)
Place: Mumbai PROPRIETOR
Dated:21 AUG 2012 H MUMBAI Membership No. 034504