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VVN Manufacturing & Investa Ltd.

BSE: 505535 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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VVN Manufacturing & Investa Ltd. (VVNMFGINVE) - Auditors Report

Company auditors report

VVN MFG. AND INVESTA LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT To, The Members of VVN MFG. & INVESTA LIMITED 1. We have audited the attached Balance Sheet of VVN MFG. & INVESTA LIMITED as at 31st March, 2005 and the Profit and Loss Account for the year ended on that date annexed thereto and also the Cash Flow Statement for the year ended on that date. 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. 2. We conducted our audit in accordance with the 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in 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 (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 paragraphs 4 and 5 of the said order to the extent applicable. 4. Further to our comments in the Annexure referred to 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 the books. c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956, to the extent applicable. e) On the basis of written representations received from Directors as on 31st March, 2005 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2005 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, the said accounts together with notes there on 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 the affairs of the Company as at 31st March, 2005. ii. in the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date and iii. in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. FOR J.D. ZATAKIA & COMPANY CHARTERED ACCOUNTANTS Place : Mumbai (J.D. ZATAKIA - PROPRIETOR) Date : 1st AUG 2005 MEMBERSHIP NO. 17669 ANNEXURE TO THE AUDITOR'S REPORT (Referred to in Paragraph 3 of our Report even date to the members of VVN MFG. & INVESTA LTD.) (I) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) As explained to us, physical verification of the fixed assets was conducted by the management annually, which, in our opinion, is reasonable, looking to the size of the company and the nature of it's business. According to the information and explanation given to us no discrepancies were notice on such verification. c) In our opinion, and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year. (ii) a) Physical verification of inventory has been conducted at reasonable intervals by the management. b) In our opinion and according to the information and explanations 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) The Company is maintaining proper record 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 account. (iii) a) The Company has not granted any loan, secured, or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. b) The company has taken loans from three parties covered in the register maintained under section 301 of the Companies Act, 1956, the maximum amount involved during the year was Rs. 5.75 Crores and the year end balance was Rs. NIL c) In our opinion, the rate of interest and other terms and conditions of the loan taken by the Company, are not prima facie prejudical to the interest of the Company. d) The company is regular in repayment of the loan and interest. (iv) In our opinion and according to the information and explanations given to us there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets, sale of goods and service activities. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control. (v) a) On the basis of audit procedures performed by us and according to the information, explanations and representation given to us, we are of the opinion that, the transactions in which directors are interested, and which were required to be entered in the register maintained under section 301 of the Companies Act, 1956, have been so entered. b) In our opinion and according to the information and explanations given to us transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of Companies Act, 1956. and exceeding the value of Rupees five Lakhs in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time where the such market prices are available. (vi) The Company has not accepted any deposits from the public. (vii) The Company has an internal audit system, which, in our our opinion, is commensurate with its size and nature of its business. (viii) Maintenance of cost records has not been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956. (ix) a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employee State Insurance, Income tax, Sales Tax, Custom Duty, Excise Duty, Service Tax and other material statutory dues applicable to it. b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, sales tax, customs duty, excise duty and Service Tax were in arrears, as at 31st March, 2005 for a period of more than six months from the date they became payable. except an amount of Rs. 2,10,132/- on account of income Tax for A.Y. 2002-2003 which is disputed in appeal. (x) The Company has no accumulated losses at the end of the financial year and has not incurred any cash losses during the year covered by our audit and the immediately preceding financial year. (xi) The Company has not defaulted in repayment of its dues of Financial Institution and Banks. The Company has not issued any debentures. (xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The Company is not a chit fund, nidhi, mutual benefit or a society. (xiv) As informed to us, the Company has not dealt with or traded in shares, securities, debentures or other investment. The shares held by the company are in it's own name. (xv) On the basis of information and explanation given to us the Company has not given any guarantee for loans taken by others from bank or financial institutions. (xvi) As informed to us, the term loans were applied by the Company for the purpose for which they were obtained. (xvii) The Company has not raised long term or short term funds during the year. (xviii) 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. (xix) The Company has no debentures. (xx) The Company has not raised any money by public issue during the year. (xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. FOR J.D. ZATAKIA & COMPANY CHARTERED ACCOUNTANTS Place : Mumbai (J.D. ZATAKIA-PROPRIETOR) Date : 1st AUG 2005 MEMBERSHIP NO. 17669