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Vyapar Industries Ltd.

BSE Live

Jan 23, 16:00
35.70 -1.80 (-4.80%)
Volume
AVERAGE VOLUME
5-Day
423
10-Day
629
30-Day
1,044
25
  • Prev. Close

    37.50

  • Open Price

    35.70

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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Vyapar Industries is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

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