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Vishvjyoti Trading Ltd.

BSE: 512067 Sector: Others
NSE: N.A. ISIN Code: INE025N01020
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Vishvjyoti Trading Ltd. (VISHVJYOTITRAD) - Auditors Report

Company auditors report

VISHVJYOTI TRADING LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT TO THE MEMBERS OF VISHVJYOTI TRADING LIMITED We have audited the annexed Balance sheet of M/s. VISHVJYOTI TRADING LIMITED as at 31st March, 2012 and also the Statement of Profit & Loss 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 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. 'As required by the Companies (Auditor's Report) order, 2003, as amended by the Companies (Auditor's 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 matter specified in paragraph 4 and 5 of the said order to the extent applicable.' Further to our comments in the annexure referred to above, we report that: 1. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon, 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2012, and b) In the case of the Statement of Profit & Loss of the loss of the Company for the year ended on the date. c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. 2. 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. 3. In our opinion, proper books of accounts as required by law have been kept by the Company so far asappears from our examination of those books. 4. The Balance Sheet and Statement of Profit & Loss and the Cash Flow Statement, dealt with by this report are in agreement with the books of accounts. 5. In our opinion the Balance Sheet and Statement of Profit & Loss and the Cash Flow Statement complies with accounting standard as prescribed under sub section (3-C) of section 211 of theCompanies Act, 1956. 6. On the basis of written representation received from the Directors, as on 31st March, 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. Annexure to the Auditors Report (Referred to in our report of even date) 1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us, the fixed assets have been verified by the management during the year in accordance with a phased programme of verification formulated by the company, 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. c) No fixed assets have been disposed off during the year. 2. As there was no stock of finished goods and stores etc. at the end of the year, the question of physical verification and the valuation of stocks does not arise. 3. a) The company has granted unsecured interest free loan to a company as listed in the register maintained under section 301 of the Companies Act 1956 amounting to Rs. 10635000/- (Maximum amount involved during the year was Rs1063500/-)In our opinion, terms and conditions of such loan are prima facie not prejudicial to the interest of the Company. The receipt of interest free principal amount is also regular. b) In our opinion and according to the information and explanations given to us ,the company has not taken any loans secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act,1956.Accordingly paragraphs 4(iii) (c), (f) and (g) of the order are not applicable. 4. In our opinion, and according to the information and explanation given to us, we are of the opinion that there is adequate internal control commensurate with the size of the company and nature of its business,. We have not noted any continuing failure to correct major weaknesses in the internal control. 5. a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the register on pursuance of section 301 of the Act have been soentered. b) The transactions have been made at prices which are reasonable with 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 any deposits within the meaning of section 58A and 58AA of the Companies Act, 1956, and rules framed there under are not applicable. No order has been passed by the Company Law Board. The provisions of RBI Act, 1934 regarding registration of non- banking financial Company are stated yet to be complied with. 7. In our opinion, the company has an internal audit system commensurate with its size and nature of its business. 8. According to the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act, 1956. 9. a) According to the records of the company examined by us and the information and explanations given to us, no undisputed amounts payable in respect of income tax, and other statutory duesapplicable to it were outstanding, as at 31st March, 2012 for a period of more than six months from the date they became payable. b) According to the records of the company examined by us and the information and explanations given to us, there are no dues of income tax and other statutory liabilities, which have not been deposited on account of any dispute. 10 The Company have accumulated losses at the end of the financial year. The Company has incurred cash losses in the financial year but has not incurred any cash losses in the financial year immediately preceding financial year. 11 In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. 12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 14 As the company is not dealing or trading in shares, securities, debentures and other investments, the provisions of clause 4 (xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 15. In our opinion, the company has not given any guarantee for loans taken by others from banks of financial institutions. 16. The company has not obtained any term loans. 17. According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the Company, in our opinion, generally, there are no funds raised by the Company on short-term basis, which have been used for long-term investment. 18. During the year, the Company has not made any preferential allotment of shares to parties and 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 by way of public issue during the year. 21. During the course of examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For JAIN & CO., CHARTERED ACCOUNTANTS Sd/- (A.K.JAIN) PARTNER (MEMBERSHIP NO. 51771) PLACE: NEW DELHI. DATED: 01-9-2012