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Vyapar Industries | Auditor's Report > Finance - Investments > Auditor's Report from Vyapar Industries - BSE: 506142, NSE: N.A
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Vyapar Industries
BSE: 506142|ISIN: INE070G01012|SECTOR: Finance - Investments
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Vyapar Industries is not listed on NSE
Mar 12
Auditor's Report (Vyapar Industries) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Vyapar
 Industries Limited (the Company), which comprise the Balance Sheet as
 at March 31, 2013, the Statement of Profit and Loss and 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
 statement that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the accounting principles generally accepted in India including
 Accounting Standards referred to in Section 211(3C) of the Companies
 Act, 1956 (the Act). 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.
 
 Auditors'' 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 misstatements.
 
 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 judgement, including the assessment of
 the risks 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. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by 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 aforesaid 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 31, 2013;
 
 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 Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) issued by the Central Government of India in terms of Section
 227(4A) 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 purposes of our
 audit;
 
 b.  In our opinion, proper books of accounts as required by law have
 been kept by the company, so far as appears from our examination of
 those books;
 
 c.  The Balance Sheet, Profit and Loss Account and Cash Flow Statement
 dealt with by this report are in agreement with the books of accounts;
 
 d.  In our opinion, the balance sheet, the statement of profit and loss
 and cash flow statement comply with the Accounting standards referred
 to in Section 211 (3C) of the Act;
 
 e.  On the basis of the written representations received from the
 director, 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 Section 274(1)(g) of the
 Act.
 
 ANNEXURE TO AUDITORS REPORT 31st March, 2013
 
 Referred to in Paragraph 1 under the heading of ''Report on Other Legal
 and Regulatory Requirements'' of our report of even date :
 
 I In respect of Fixed Assets :
 
 a) The Company is maintaining proper records showing full particulars
 including quantitative details and situation of fixed assets on the
 basis of available records.
 
 b) As explained to us, all the fixed assets have been physically
 verified by the Management in a phased periodical manner, which in our
 opinion is reasonable, having regard to the size of the company and
 nature of its assets. No material discrepancies were noticed on such
 physical verification.
 
 c) In our opinion, the company has not disposed off a substantial part
 of its fixed assets during the year and the going concern status of the
 company is not affected.
 
 II In respect of Inventories :
 
 a) The inventories have been physically verified during the year by the
 management. In our opinion, the frequency of verification is
 reasonable.
 
 b) In our opinion and according to the information and the 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 its business.
 
 c) The company has maintain proper records of Inventories. As explained
 to us, there were no material discrepancies noticed on physical
 verification of inventories as compared to the book records.
 
 III According to the information and explanation given to us, the
 company has neither granted nor taken any loans, secured or unsecured,
 to / from companies, firms or other parties covered in the Register
 maintained under Section 301 of the Companies Act 1956. Consequently
 clauses (iii) (a) to (iii) (g) of paragraph 4 of CARO are not
 applicable.
 
 IV In our opinion and according to the information and explanation
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and nature of its business with regard to
 purchase of inventory and fixed assets and for the sale of goods.
 During the course of our audit, we have not observed any continuing
 failure to correct major weaknesses in such internal control system.
 
 V In respect of the contracts or arrangements referred to in section
 301 of the Companies Act, 1956:
 
 a) In our opinion and according to the information and explanation
 given to us, the transactions made in pursuance of contracts or
 arrangements that need to be entered in the register maintained under
 Section 301 of the Companies Act, 1956 have been so entered.
 
 b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts /
 arrangements entered in the register maintained under Section 301 of
 the Companies Act 1956 and exceeding the value of Rs. 5,00,000 in the
 respect of each party during the year have been made at prices which
 appear reasonable as per information available with the company.
 
 VI. According to the information and explanation given to us, the
 Company has not accepted any deposit from the public. Therefore, the
 provisions of Clause (vi) of the paragraph 4 of the Order are not
 applicable to the company.
 
 VII In our opinion, the Company has an internal audit system
 commensurate with size of the company and nature of its business.
 
 VIII In our opinion, and to the best of our knowledge and belief,
 having regard to the nature of the company''s business and operations,
 there is no statutory requirement for maintenance of cost records under
 clause (d) of sub-section (1) of section 209 of the Companies Act,
 1956. Further, to the best of our knowledge and according to the
 information and explanation given to us, the central government has not
 prescribed the maintenance of cost records for any product of the
 company.  Consequently, clause (viii) of the paragraph 4 of CARO is not
 applicable.
 
 IX.  In respect of statutory Dues:
 
 a) According to the records of the company, and based on the
 information and explanation given to us, the company has been generally
 regular in depositing undisputed applicable statutory dues including
 Income Tax, Sales Tax, Service Tax, Custom Duty, and other material
 statutory dues with the appropriate authorities during the year.
 According to the information and explanation given to us no undisputed
 amounts payable in respect of aforesaid dues were outstanding as at
 31st March, 2013 for a period of more than six months from the date of
 becoming payable.
 
 b) According to the information and explanations given to us there were
 no such statutory dues which have not been deposited as on 31st March
 2013 on account of Disputes. Consequently, the requirement of clause
 (ix) (b) of paragraph 4 of the Order is not applicable.
 
 X The Company has accumulated losses of Rs. 10,41,847/- which is less
 than 50% of its net worth at the end of the financial year. The Company
 has not incurred cash losses during the financial year covered by the
 audit and in the preceding financial year.
 
 XI In our opinion and according to the information and explanations
 given to us, the company has not borrowed any money from banks,
 financial institution or issued any debentures. Consequently, the
 requirement of Clause (xi) of paragraph 4 of the Order is no
 applicable.
 
 XII In our opinion and according to the information and explanation
 given to us and based on the information available, no loans and
 advances have been granted by the company on the basis of security by
 the way of pledge of shares, debentures and other securities.
 
 XIII In our opinion and according to the information and explanation
 given to us and based on the information available, the Company is not
 a chit fund / nidhi mutual benefit fund / society. Therefore, the
 provisions of clause (xiii) of paragraph 4 of the order are not
 applicable to the company
 
 XIV The company has not dealt in shares, securities, debentures and
 other investments. Consequently, clause (xiv) of paragraph 4 of the
 order is not applicable.
 
 XV According to the information and explanations given to us and based
 on the information available, the company has not given any guarantee
 for loans taken by others from banks or financial institutions during
 the year. Consequently, the requirement of Clause (xv) of paragraph 4
 of the order is not applicable.
 
 XVI According to the information and explanations given to us, No term
 loans are raised during the year by the Company. Consequently, the
 requirement of Clause (xvi) of paragraph 4 of the order is not
 applicable.
 
 XVII According to the information and explanation given to us and on
 overall examination of the Balance Sheet of the Company, we are of the
 opinion that there are no funds raised on short-term basis have been
 used for long term investment.
 
 XVIIIThe Company has not made any preferential allotment of shares to
 parties and companies covered in register maintained under Section 301
 of the Companies Act, 1956.
 
 XIX The Company did not issue any debentures during the year.
 Consequently, clause (xix) of paragraph 4 of the order is not
 applicable.
 
 XX The Company has not raised any monies by way of public issues during
 the year.
 
 XXI To the best of our knowledge and belief and according to the
 information and explanation given to us, in our opinion, no fraud on or
 by the Company was noticed or reported during the year.
 
                                 For Salim A.  Kantawala
 
                                 Chartered Accountant
 
                                (Registration No.  038859)
 
                                 Salim A.  Kantawala
 
                                (Proprietor)
 
 Place: Mumbai
 
 Date: 29th May, 2013
Source : Dion Global Solutions Limited
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