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Sri Vasavi Industries Ltd.

BSE: 513609 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE634E01010
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Sri Vasavi Industries Ltd. (SRIVASAVIINDS) - Auditors Report

Company auditors report

SRI VASAVI INDUSTRIES LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT To The Members SRI VASAVI INDUSTRIES LIMITED Hyderabad We have audited the attached Balance Sheet of M/s. Sri Vasavi Industries Limited as at 31st March, 2011 and the Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. 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 our opinion. 3. As required by the Companies (Auditors' Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Our comments on the accounts are given below: a) Sundry Creditors, Sundry Debtors, Loans and advances are subject to confirmation and reconciliation. In the absence of such confirmation, we are unable to determine the effect, if any on the accounts of the Company. 5. Further to our comments in the annexure referred to Paragraph 3 and Para 4 above, 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 account as required by law have been kept by the company so far as appears from our examination of such books; c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet and Profit and Loss Account comply with the Accounting Standards referred to in Sub section (3C) of Section 211 of the Companies Act, 1956 except sub-para (a) of Para 4 above.. e) On the basis of written representations received from the directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; f) In our opinion and to the best of our information and according to the explanations given to us, subject to comments given in Para 4 above, the said accounts 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: i). In the case of the Balance Sheet, of the State of Affairs of the Company as at 31st March, 2011; ii). In the case of the Profit and Loss account, of the Profit for the year ended on that date; and iii). In so far it relates to Cash flow Statement, of the cash flows of the Company for the year ended on that date. For NEKKANTI SRINIVASU & Co., Chartered Accountants FRN.008801S Sd/- N.SRINIVASU Partner M.No.209453 Place : Hyderabad Date : 01.09.2011 ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE: i.a The Company is maintaining the Fixed Assets register showing full particulars, including quantitative details and situation, of fixed assets. b. Physical verification of fixed assets is done in a cyclical manner, once in every three years, and the frequency of verification is adequate with respect to the size of the business. ii.a Physical verification of Inventory have been conducted at reasonable intervals during the year by the Management. b. The procedure of physical verification of stocks followed by the management is reasonable and adequate having regard to the size of the company, the nature and volume of its business. c. The Company is maintaining proper records of inventory and the discrepancies noticed on verification between the physical stocks and the book records were not material and the same have been properly dealt with in the books of accounts . iv. In our opinion and according to the information and explanations given to us, internal control system for the purchase of inventory, services and fixed assets and for the sale of goods and services needs improvement considering the size of the company and nature of its business. v. Based on the audit procedures applied by us and according to the information and explanation provided by the management, we are of the opinion that contracts or arrangements have not been entered into with the companies appearing in the register maintained U/s. 301 as required under that section. vi. In our opinion and according to the information and explanation given to us, the company has not accepted any deposits from the public with in the meaning of Section 58A and 58AA of the Act and rules framed there under. vii. The company is having an internal audit system commensurate with its size and nature of its business. viii. The Company has accumulated losses as at 31st March, 2011and it has incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year. ix. Based on our audit procedures and on the information and explanations given by management, we are of the opinion that the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. x.According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. xi. In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, clause 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the company. xii. In our opinion and according to the information given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 is not applicable to the company. xiii. In our opinion and according to the information and explanations given to us, the company has not given any guarantees xiv. In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were obtained. xv. In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long- term investment. xvi. The Company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. xvii. The Company has not issued any Debentures during the year. xviii. The company has not raised any funds on public issue and hence disclosure on the end use of money raised by the public issue is not applicable to the company. xix. Based upon the audit procedures performed 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 course of our audit. For NEKKANTI SRINIVASU & Co., Chartered Accountants FRN.008801S Sd/- N.SRINIVASU Partner M.No.209453 Place : Hyderabad Date : 01.09.2011