We have audited the attached Balance Sheet of M/s. VISAGAR FINANCIAL
SERVICES LIMITED as at 31st March, 2014, the Profit & Loss Account and
the Cash Flow Statement 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 misstatements. 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 statement
presentation. We believe that our audit provides a reasonable basis for
As required by the Companies (Auditors'' Report) Order, 2003 (CARO)
issued by the Central Government in terms of Section 227(4A) of the
Companies Act, 1956. We give in the annexure hereto a statement on the
matters specified in the said order.
1. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
2. In our opinion, the company has maintained proper record as required
by law so far as it appears from our examination of the books of
3. The Balance Sheet and the Profit & Loss Account dealt with by this
report are in agreement with the books of accounts and comply with the
accounting standards referred to in sub-section [3C] of Section 211 of
the Companies Act. 1956.
4. On the basis of written representation received from Director and
taken on record by the Board of Directors, we report that none of the
Directors are disqualified from being appointed as a Director in terms
of Clause (g) of sub section (1) of section 274 of the Companies Act,
5. In our opinion and according to the information and explanations
given to us, the said accounts read together with the notes thereon,
gives the information required by the Companies Act, 1956 and in the
manner as required and give a true and fair view:
a. In the case of the Balance Sheet of the state of affairs of the
Company as on 31st March, 2014.
b. In the case of Profit & Loss Account of the Profit of the Company
for year ended that date.
c. In the case of Cash Flow statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Statement referred to in paragraph 1 of our Report of even date on the
Accounts of M/s. VISAGAR
FINANCIAL SERVICES LIMITED for the period ended 31st March, 2014)
1) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed Assets. The fixed
assets of the Company have been physically verified by the management
during the year in accordance with the regular program which in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
verification. The Company has not disposed off any Fixed Assets during
2) As explained to us, inventories have been physically verified during
the year by the Management. The intervals at which the inventories
have been verified are, in our opinion reasonable in relation to the
size of the Company and the nature of its business. The procedures
explained to us, which are followed by the Management for physical
verification of inventories, are, in our opinion reasonable and
adequate in relation to the size of the Company and the nature of its
On the basis of our examination, we are of opinion that, the company is
maintaining proper records of its inventory. Discrepancies which were
noticed on physical verification of inventory as compared to book
records have been properly dealt with in the books of account.
3) The Company has not taken any loan secured or unsecured from
Companies, Firms and other parties listed in the register maintained
under section 301 and/or from the Companies under the same Management
as defined under section 370 (1B) of the Companies Act, 1956. In view
of this sub clause (b), (c) and (d) of the clause (iii) of the
Companies (Auditors'' Report) Order, 2003 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.
5) In our opinion and according to the information and explanations
given to us the Company has not done any transaction that needs to be
entered in the register maintained under Section 301 of the Act.
6) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposit from the public
during the year as stated in the provisions of Section 58 A of the
Companies Act, 1956.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
9) According to the records of the Company, there were no undisputed
statutory dues including Provident Fund, , Employees'' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, cess and other
Statutory dues applicable to it as at 31st March 2014 for a period of
more than six months from the date they became payable.
10) The Company does not have any accumulated losses at the end of the
11) The company has not taken any loans from bank or financial
12) The Company has, in our opinion, maintained adequate documents and
records in respect of loans and advances granted on the basis of
security by way of pledge of shares and other securities.
13) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual benefit
14) The Company has, in our opinion, maintained proper records and
contracts with respect to its investments where timely entries of
transactions are made in the former. All investments at the close of
the year are generally held in the name of the Company except in a few
cases where the titles to the investments are in dispute or are in the
process of transfer.
15) The Company has not given any guarantee for loan taken by others
from bank or financial institutions.
16) The company has not taken any term loan, during the financial year.
17) The Company has not raised any fund, long term or short term during
18) The Company has not made any preferential allotment of shares to
the parties or Companies covered in the register maintained under
section 301 of the Companies Act, 1956.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any money through a public issue during
21) Based upon the audit procedures performed by us for expressing our
opinion on these financial statements 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.
For Sudhir M Desai & Co.
Sudhir M Desai
M. No. 041999
Place : Mumbai
Date : 29.05.2014