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Vishva Vishal Engineering Ltd.

BSE: 512321 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Vishva Vishal Engineering Ltd. (VISHVAVISHAL) - Auditors Report

Company auditors report

VISHVA VISHAL ENGINEERING LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT To The Members, Vishva Vishal Engineering Limited. We have audited the attached Balance Sheet of Vishva Vishal Engineering Limited as on 31st March 2004 and also the Profit and Loss Account for the year ended on that date annexed thereto and cash flow statement for the year ended on that date, which we have signed under the reference to this report 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. These standards require that we plan and perform the audit to obtain responsible 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. Further, we report that: 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 audit; 2. In our opinion, proper brooks of accounts as required by law have been kept by the Company so far as appears from our examination of those books; 3. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account; 4. On the basis of written representations received from the Directors, and taken on record by the Board of Directors, We report that none of the Directors is disqualified as on 31st March, 2004 from being appointed as a Director in Terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; 5. In our opinion and to the best of our information and according to the explanations given to us, 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; a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2004. b) In the case of the Profit and Loss Account, of the Profit for the year ended on that date. c) In the case of the Cash Flow Statement, of the cash flow for the year ended on that date. 6. As required by the (Auditor's Report) Order, 2003 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 paragraph 4 and 5 of the said Order. For P.K. AJITSARIA & Co., Chartered Accountants (Pawan Kr. Ajitsaria) Proprietor Place : Bhilai Dated : 26th August, 2004 (Referred to in Paragraph 6 of our Report of even date on the Accounts of Vishva Vishal Engineering Limited as on 31.03.2004) 1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification, which in our opinion, is reasonable having regard to the size of the Company and the nature of its fixed assets. (c) During the year, Company has not disposed of any substantial / major part of fixed assets. 2. (a) As explained to us, the inventory has 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 explanation given to 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) In our opinion and according to the information and explanations given to us, and on the basis of our examination of the records of inventory, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verification of inventory as compared to the book records were not material and ' have been properly dealt with in the books of accounts. 3. (a) According to the information and explanations given to us, the Company has not taken loan from the parties listed in the Register maintained under Section 301 of the Companies Act, 1956 but has granted loans to parties listed in the Register maintained u/s 301 of the companies Act 1956, the maximum amount involved was Rs 1,17,85,387/- and year-end balance of Loans to said parties was Rs 1.11.28.240/- . (b) According to the information and explanations given to us, in our opinion the rate of interest and other terms and conditions of above loan granted by the Company, are not prima facie, prejudicial to the interest of the Company. (c) According to the information and explanations given to us, and in absence of any specific stipulation as to the Repayment of Loan we are unable to comment. (d) There is no loan granted to the Company by the parties listed in the register maintained under Section 301 of the Companies Act, 1956. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls. 5. In respect of transactions entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956. (a) Based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered into the register maintained under section 301 have been so entered. (b) According to the information and explanations given to us and excluding certain transactions of purchase of goods and material of special nature for which alternate quotations are not available, where each of such transactions is in excess of Rs. 5 lakhs in respect of any party, in our opinion, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time. 6. In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public and therefore, the provisions of Section 58A and 58AA of the Companies Act, 1956 and rules there under are not applicable to the Company. 7. In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business. 8. To the best of our knowledge and as explained the Central Government has not prescribed maintenance of cost records under clause (d) of subsection (1) of section 209 of the Companies Act, 1956 for the products of the Company. 9. (a) According to the records of the Company and information and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities during the year. (b) According to the information & explanation given to us, Disputed amount in respect of sales tax/Income tax/Excise duty/Terminal tax /Entry tax is as follows Nature of Demand Amount Year Cases pending with SALES TAX State (C.G.) 172749.00 1993-94 Dy.commissioner of sales Tax State C.G. 236190.00 1995-96 Dy.commissioner of sales Tax Central 316714.00 1995-96 Dy.Commissioner of Sales Tax Entry Tax 16502.00 1995-96 Dy.Commissioner of Sales Tax Central 18239.00 1996.97 Dy.Commissioner of Sales Tax State C.G. 82646.00 1996-97 Dy.Commissioner of Sales Tax Entry Tax 84296.00 1997-98 Dy.Commissioner of Sales Tax Central 235656.00 1997-98 Dy.Commissioner of Sales Tax State (C.G.) 189020.00 1997-98 Dy.Commissioner of Sale$.Tax Entry Tax. 119278.00 1997-98 Dy.Commissioner of Sales Tax Central 100383.00 1998-99 Dy.Commissioner of Sales Tax Entry Tax 10690.00 1998-99 Dy.Commissioner of Sales Tax Central 237810.00 1999-2000 Dy.Commissioner of Sales Tax State (C.G.) 17712.00 1999-2000 Dy.Commissioner of Sales Tax Entry Tax 74416.00 1999-2000 Dy.Commissioner of Sales Tax Central Excise 29473.00 1994-95 Asst.Commissioner Div.II Bhilai 71870.00 1994-95 Asst. Commissioner Div.II Bhilai 334234.00 1995-96 Asst. Commissioner Div.II Bhilai 18020.00 1996-97 Asst. Commissioner Div.II Bhilai 33792.00 2001-02 Asst. Commissioner Div.II Bhilai 21416.00 2001-02 Commissioner Raipur Terminal Tax 251203.00 May 1999 to Hon.High Court of Chhattisgarh March 2004 10. The Company does not have accumulated losses as at the end of the year and the Company has not incurred cash losses during current and the immediately preceding financial year. 11. Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the Company has not defaulted in the repayment of dues to financial institutions, bank and debenture holders. 12. According to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures 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 fund / societies. 14. (a) Based on the records examined by us and according to the information and explanations given to us, we are of the opinion that the Company maintaining proper records of the transactions and contracts of dealing in shares and securities and that timely entries have been made in these records. (b) Based on our audit procedures and to the best of our knowledge and belief and according to the information and explanations given to us, the shares and securities have been held by the Company in its own name. 15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions. 16. To the best of our knowledge and belief and according to the information and explanations given to us, In our opinion ,the Term loan have been applied for the purpose for which they were raised. 17. The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956. 18.The Company did not have any outstanding debentures during the year. 19. The Company has not raised any money through a public issue during the year. 20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For P.K. AJITSARIA & CO Chartered Accountants (Pawan Kr. Ajitsaria) Proprietor Place : Bhilai Dated : 26th August, 2004