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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 14
Auditor's Report (Vyapar Industries) Year End : Mar '15
We have audited the accompanying financial statements of Vyapar
 Industries Limited (the Company), which comprise the Balance Sheet as
 at March 31, 2015, 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
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (''the Act'') with respect
 to the preparation and presentation 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 the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
 also includes maintenance of adequate accounting records in accordance
 withe the provisions of the Act for safeguarding the assets of the
 Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 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 taken into account the provisions of
 the Act, the accounting and auditing standards and matters which are
 required to be included in the audit report under the provisions of the
 Act and the Rules made thereunder.
 
 We conducted our Audit accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. 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 misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the 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 financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, 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 on the financial
 statements.
 
 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, of the state of affairs of the Company as
 at March 31, 2015 and its profits and its cash flows for the year ended
 on that date.
 
 1. As required by the Companies (Auditor''s Report) Order, 2003 (''the
 Order'') issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in the paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 2. As required by Section 143(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 it appears from our examination of
 those books;
 
 c. The Balance Sheet, Profit and Loss Statement and Cash Flow Statement
 dealt with by this report are in agreement with the books of accounts;
 
 d. In our opinion the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014;
 
 e. On the basis of the written representations received from the
 director, as on March 31st, 2015, taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2015
 from being appointed as a director in terms of Section 164(2) of the
 Act.
 
 f. With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us;
 
 i. The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements and referred to in Note
 26 to the Financial Statement.
 
 ii. The Company has made provision, as required under the applicable
 law or accounting standards, for material foresable losses, if any, and
 as required on long-term contracts including derivative contracts.
 
 iii. The Company does not have any amounts to be transferred to the
 Investors Education and Protection Fund in terms of the relevant
 provisions of the Companies Act, 2013 and rules thereunder.
 
 The Annexure referred to in our Independent Auditors Report to the
 Members of the Company on the financial statements for the year ended
 31st March, 2015, we report that :
 
 i. a) The Company has maintained 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 substantial part of
 its fixed assets during the year and the going concern status of the
 company is not affected.
 
 ii a) On the basis of explanation and submission given to us, physical
 verification of inventory has been conducted at reasonable intervals by
 the management.
 
 b) In our opinion and on the basis of examination done by us, the
 procedures of physical verification of inventory 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 is maintaining proper records of Inventory and
 discrepancies noticed on physical verification if any, have been
 properly dealt with in the books of accounts.
 
 iii The Company has not granted any loans secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 189 of The Companies Act, 2013 and accordingly the
 reporting requirements under paragraph 3 (iii) of the order is 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 the nature of its business with regard
 to purchase of inventory and fixed assets and sale of goods. We have
 not observed any major weaknesses in the internal control system during
 the course of the audit.
 
 v The Company has not accepted any deposits from the public.
 
 vi The Central Government has not prescribed the maintenance of cost
 records under section 148(1) of the Act, for any of the goods dealt by
 the company.
 
 vii a) According to the information and explanation given to us and on
 the basis of our examination of the records of the company, amount
 deducted / accrued in the books of account in respect of applicable
 undisputed statutory dues including income tax, sales tax, service tax,
 duty of customs, value added tax and other materials statutory dues
 have been regularly deposited during the year by the company with the
 appropriate authorities. As explained to us, the company did not have
 any dues on account of provident fund, employees state insurance and
 duty of excise. According to the information and explanations given to
 us, no undisputed amounts payable in respect of provident fund, income
 tax, sales tax, service tax, duty of customs, value added tax and other
 material statutory dues were in arrears at 31st March, 2015 for a
 period of more than six months from the date they became payable.
 
 b) According to information and explanations given to us, there are no
 material dues of duty of customs and cess which have not been deposited
 with the appropriate authorities on account of any dispute.  However,
 according to information and explanation given to us, the following
 dues of Service Tax and Income Tax have not been deposited by the
 Company on account of disputes.
 
 Sr. Name of the              Nature of            Amount
 No. Statute                  the Dues
 
 1   Chapter V of             Service             32,60,228
     Finance Act, 1994        Tax
 
 2   Income Tax Act,          Income Tax             29,645
     1961
 
 3   Income Tax Act,          Income Tax          38,41,020
 
 4   Income Tax Act,          Income Tax           2,41,560
 
 5   Income Tax Act,          Income Tax           5,38,420
 
 Name of the Statute          Period to       Forum
                              which the       where dispute
                              amount relates  is pending
 
 Chapter V of Finance Act     2007- 08        Commissioner of
 1994                                         Service Tax, Mumbai
 
 Income Tax Act 1961          2008- 09        Income Tax Officer
 
 Income TAx Act               2009- 10        Income Tax Officer
 
 Income Tax Act               2010- 11        Appellate Tribunal
 
 Income Tax Act                2012-13        Income Tax Officer
 
 c According to the information and explanation given to us, the company
 does not have any amount to be transferred to the Investors Education
 and Protection Fund in terms of the relevant provisions of the
 Companies Act, 2013 and rules thereunder.
 
 viii The Company has accumulated losses at the end of the financial
 year and its accumulated losses are less than 50% of its net worth. The
 Company has incurred cash loss in the financial year of Rs.
 11,673,166/-.
 
 ix The Company did not have any outstanding dues to financial
 institutions, banks or debenture holders during the year.
 
 x In our opinion and according to the information and explanation given
 to us, the company has not given any guarantee for loans taken by
 others from banks or financial institutions.
 
 xi The Company did not have any term loans outstanding during the year.
 
 xii According to the information and explanation given to us, no
 material fraud on / or by the Company has been noticed or reported
 during the course of our audit.
 
 
                         For Salim A. Kantawala
                         Chartered Accountant 
                    Registration No.: 0104006510 (S1/5)
 
                          Salim A. Kantawala
                             (Proprietor) 
                        (Membership No. 038859)
 
 Place: Mumbai 
 Date: 25th May, 2015
 
 
Source : Dion Global Solutions Limited
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