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Vatsa Corporations Ltd.

BSE: 511371 Sector: Financials
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Vatsa Corporations Ltd. (VATSALTD) - Auditors Report

Company auditors report

VATSA CORPORATIONS LIMITED ANNUAL REPORT 2002-2003 AUDITORS' REPORT To, The Members of, VATSA CORPORATIONS LIMITED We have audited the attached Balance Sheet of M/ft VATSA CORPORATIONS LIMITED as at 31st October 2003 and also the Profit and Loss Account for the year ended on that date annexed thereto and the cash flow statement for the period ended on that date. These financial statements'"are1 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 where 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. 1. As required by the Manufacturing and other Companies (Auditors Report) order, 1988 issued by the Company Law Board in terms of section 227 (4A) of the companies Act 1956, we annex hereto a statement on the matters specified in paragraph 4 & 5 of the said order, to the extent applicable to the company. 2. Further to our comments in the Annexure, referred to in paragraph 1 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 purpose 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 these 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 Profit & Loss Account and the Balance Sheet comply with Mandatory Accounting Standard referred to in Sub-section 3(C) of Section 211, of the Companies Act, 1956. e) On the basis of written representation received from the Directors as taken on record by Board of Directors, we report that none of the Directors is disqualified as on 31-10-2003 from being appointed as Director in terms of section 274 (1) (g) 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, Subject to note no 4 regarding non-compliance of certain legal & procedural formalities thereon, to read, together with the Significant Accounting Policies and other notes thereon given in Schedule- 'I' give the information required by the companies Act, 1956 in the manner so required and give a true & fair view: (i) in so far as it relates to the Balance Sheet, of the state of affairs of the Company, as at 31st October, 2003 and (ii) in so far as it relates to the Profit and Loss Account of the 'Profits', for the year ended on that date. (iii) in so far as it relates to the Cash Flow Statement of the cash flows for the year ended on that date. A. R. VISHWAKARMA & CO. Chartered Accountants Place : Kalyan A. R. VISHWAKARMA Date : 30th December, 2003 (Proprietor) (ANNEXURE TO THE AUDITORS REPORT) (Referred to in Paragraph 1 of our Report of even date) 1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets as per certificate given, the assets have been phased manner, which in our opinion are reasonable. No material discrepancies have been noticed on such verification. 2. None of the Fixed assets have been revalued, during the year. 3. The stock of shares and securities, have been physically verified by the management at reasonable intervals. 4. The procedures followed by the management for physical verification of stocks are in our opinion, reasonable and adequate in relation to, the size of the company and the nature of its business. 5. No discrepancies were noticed on physical verification of stocks as compared to the books record as intimated by Management. 6. In our opinion, the valuation of stocks is fair and proper in accordance with the normally accepted accounting principles and as certified by the management. The basis of valuation is same as in the preceding period. 7. The company has not taken interest-free unsecured loans from companies/parties listed in the register maintained under section 301 of The Companies Act, 1956 and / or from companies under the same management as defined under sub-section (1B) of section 370 of the Companies Act, 1956. 8. The Company has not given any interest-free unsecured loans and advances in the nature of loans to companies/ parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or to companies under the same management, as defined under sub-section (1B) of Companies Act, 1956. 9. The parties to whom the loans or advances in the nature of loans Have been given by the company are repaying the principles amounts and the interest, wherever applicable as stipulated, in general. 10. In our opinion there are adequate internal control procedures commensurate with the size of the Company and nature of its business, for purchases of goods, services and assets and for the sale of goods and services. 11. As explained to us, no transactions relating to purchases of stocks and sale of stocks and services have been made in pursuance of contracts or arrangement entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating during the Year to Rs. 50000/- or more in respect of each party, 12. The Company has accepted Public Deposits and has fully complied with the provisions of section 58A of the companies Act 1956 and rules framed therein. 13. The internal audit system of the company's own internal audit department is generally commensurate with the size of the company and the nature of its business. 14. The Company has been regular in depositing the amount of the Employees provident Fund and employees provident fund and Employees state insurance dues with the approtiate authorities. 15. There were no undisputed amounts payable in respect of Income-Tax, Wealth-Tax, Sales-Tax, Custom duty and Excise duty were outstanding as at the date of the balance sheet for a period of more than six months from the date they became payable. 16. No personal expenses have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practices. 17. The Company is not a sick company within the meaning of clause (O) of section 3 of the Sick industrial Companies (special provisions) Act, 1965. 18. The service rendered by the Company do not require allocation of manhours. However, there exists reasonable internal control in respects of the same. 19. The company has not granted any loans and advances on the basis of securities by way os pledge of shares, debentures and other securities. 20. The provisions of any special statute applicable to chit fund, nidhi or mutual benefit society do not apply to the company. 21. The company has maintained proper records of transactions and contracts in shares, securities and other investments and timely entries have been made therein, except in a few cases where the share and securities are in the process of being transferred in its own name. A. R. VISHWAKARMA & CO. Chartered Accountants A. R. VISHWAKARMA (Proprietor) Place : Kalyan Date : 30th December, 2003