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Vinayak Vanijya Ltd.

BSE: 512517 Sector: Financials
NSE: N.A. ISIN Code: INE132V01019
BSE 05:30 | 01 Jan Vinayak Vanijya Ltd
NSE 05:30 | 01 Jan Vinayak Vanijya Ltd

Vinayak Vanijya Ltd. (VINAYAKVANIJYA) - Auditors Report

Company auditors report

VINAYAK VANIJYA LIMITED ANNUAL REPORT 2005-2006 AUDITORS' REPORT To The Members of VINAYAK VANIJYA LIMITED We have audited the attached Balance Sheet of VINAYAK VANIJYA LIMITED as at 31st March, 2006 and also the annexed Profit & Loss Account and 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. 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 misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing 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. We report that : 1. 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. 2. Further to our comments in the Annexure referred to above, we report that : 1) We have obtained all the information and explanations, which to the best of my knowledge and belief were necessary for the purpose of our audits. ii) 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 those books. iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account. iv) In our opinion, the Balance Sheet and Profit and Loss Account 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 to the Company. v) On the basis of written representations received from the directors, as on 31st March, 2006, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2006 from being appointed as a director in terms of clause (g) of sub - section (1) of section 274 of the Companies Act, 1956. vi) 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 trice 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, 2006; and b) In the case of the Profit & Loss Account, profit of the company during the period. c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. For S.M. Gulati & Co. Chartered Accountants (S.M. Gulati) Partner Place : New Delhi Date : 19.7.06 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. The assets have been physically verified by the management during the year as per the programme of verification 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 verification of fixed assets during the year. 2. None of the Fixed Assets have been revalued during the year. 3. The Company does not held any finished goods, stores, spare parts and raw materials. The stock in hand represents shares. In our opinion the valuation of the stock is fair and proper in accordance with normally accepted accounting principles. 4. The Company has not taken any Loans Secured or Unsecured from Companies, Firms or parties listed in the register maintained under Section 301 of the Companies Act, 1956 or from companies under the same management as defined under section 372A of the Companies Act, 1956. 5. The Company has granted loans secured or unsecured, to companies, Firms or parties listed in the register maintained under section 301 of the Companies Act, 1956 or to companies under the same management as defined under section 372A of the Companies Act, 1956. The outstanding loan as on 31-03-2006 is Rs. 8905000.00. The maximum amount of loan during the period Is Rs 10475000.00 6. The company has not given any loans or advances In nature of loans to any party. 7. In our opinion and according to information and explanations given to us, there are adequate Internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of shares and securities, plants and machinery, equipments and other assets. 8. According to the information and explanations given to us, there are no transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered In the register maintained under Section 301 of the Companies Act, 1956 and aggregating during the period to Rs. 50000/- or more in respect of each such party. 9. The Company has not accepted any deposit from the Public to which the provisions of Section 58-A of the Companies Act, 1956 and the Rules made there under apply. 10. According to information and explanation given to us, the company has developed its own Internal audit system managed by professionally qualified staff. In our opinion, such Internal audit system is adequate commensurate with the size and nature of its s activities. 11. Maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956. 12. As explained to us, Provident Fund & Miscellaneous Provisions Act and Employees State Insurance Act are not applicable to the company. 13. According to the information and explanations given to us, there were no undisputed amount payable In respect of Income-Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty which have remained outstanding as at 31st March, 2006 for a period exceeding six months from the date they became payable. 14. According to the information and explanation given to us,and the records of the Company examined by us, no personal expenses have been charged to Revenue Account other than those payable under contractual obligation or In accordance with generally accepted business practice. 15. The Company is not a sick industrial Company within the meaning of Clause(o) of Sub-Section (1) of Section-3 of the sick industrial Companies (Special Provisions) Act, 1985. 16. According to 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. 17. In our opinion and information and explanation given to us, the company has maintained proper records in respect of transactions of shares, securities and other investments held by the company In Its own name except to the extent exemption granted U/s 49 of the Companies Act, 1956. 18. In respect of Investment in shares, proper records have been maintained of the transactions and contracts and timely entries have been made therein and the Investment has been held by the Company In Its own name. 19. Considering the nature of business being carried on at present by the company and also the nature of matters referred to in other clauses of companies (Auditors' Report) order, 2003 In our opinion, are not applicable to the company. For S.M. GULATI & CO. Chartered Accountants (S.M. GULATI) Partner Place : New Delhi Dated : 19.7.06
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