| We have audited the attached Balance Sheet of Netvista Information
Technology Limited as at 30th June 2012 and the Profit and Loss account
and the cash flow statement 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 and opinion on
these financial statements based on our audit.
2. 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 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 in terms of Section 227(4) of the Companies
Act, 1956 we enclose a statement in an annexure on the matters
specified in Para 4 of the said order.
4. Further to our comments in the annexure refer to in Para 1 above
and along with the notes on accounts, we further 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
those books.
c. The Balance Sheet and the Profit and Loss Account and Cash Flow
Statements dealt with by this report are in agreement with the books of
accounts.
d. In our opinion the Balance Sheet and the Profit and Loss account
and Cash Flow Statement comply with the accounting standards referred
to in Sub-Section (3C) of the Section 211 of the Companies Act, 1956.
e. On the basis of the representations made by the directors and taken
on record by the Board of Directors, We report that none of the
director of the Company is disqualified in terms of clause (g) of
subsection (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 Balance Sheet and profit and
loss account and Cash Flow Statement read together with notes thereon
give the information as required by the Companies Act, 1956 in the
manner so required and give a true and fair view:
a. In the case of Balance Sheet of the state of affairs of the company
as at 31 March 2008.
b. In the case of Profit and Loss account of the Profit of the Company
for the year ended on that date:
c. In the case of Cash Flow Statement of the Cash Flows for the year
ended on that date:
ANNEXURE REFERRED TO IN THE AUDITORS REPORT
1. In respect of its fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets held by
the company.
b. The Company has physically verified the assets during the year.
According to the information and explanation given to us no material
discrepancies were noticed on such verifications.
c. In our opinion and according to the information and explanation
given to us, the company has not made any substantial disposal of
during the year.
2. In respect of its inventories
a. As explained to us the stock of the material has been physically
verified during the year by the management.
b. In our opinion and according to the information and explanation
given to us, the frequency and procedure of the verification is
reasonable.
c. In our opinion and according to the information and explanation
given to us, the company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The Company has not taken any loans from companies, firms or other
parties 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 the nature of its
business with regard to the purchases of stores, raw-material including
components, plant & machinery, equipments and other assets, and for the
sale of goods.
5. There are no transactions entered into with the parties in the
register maintained under section 301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits in the
contravention with the provisions of Section 58-A of the Companies Act,
1956 and the Companies (Acceptance of deposits rules 1975)
7. The Company is under the process of preparing internal audit
system. However the company has an internal control system adequate to
the size and nature of the business.
8. The company is not required to maintain Cost Records as required
under the provisions of Section 209(1)(d) of the Companies Act, 1956.
9. According to the information and explanations given to us in
respect of statutory and other dues: a. There is no undisputed amount
payable in respect of the Employees State Insurance and Provident Fund
Act.
b. The Company has regularly paid the dues with the appropriate
authorities during the year.
c. There is no disputed amount payable in respect of Income Tax, Sales
Tax, Wealth Tax, Custom Duty th and Excise Duty which has been remained
outstanding as at 30 June, 2012 for a period exceeding six months from
the date they became payable,expect Rs 10,68,000 demand from Income tax
10. The Company has an accumulated losses as at the end of financial
year due to writing off of investments.
11. Based on our audit and on the information and explanations given to
us we are of the opinion that the company has not defaulted in the
repayments of undisputed dues to the financial institutions, banks and
debenture holders.
12. According to the information & explanations given to us, the
company has not given any loans or advances on the basis of security by
way of pledge of shares, securities and other securities.
13. According to the information and explanations given to us, the
company has not taken any loan on the terms and conditions, which are
prima facie, prejudicial to the interests of the company
14. The company has kept adequate records of its transactions and
contracts in shares, securities, debentures and other investments and
timely entries have been made therein, The Shares, Securities,
Debenture and other Investments are held in the name of the Company.
15. According to the information and explanations given to us, the
company has not availed any term loan from financial institutions;
however short-term loans taken from banks applied for the purpose for
which the loans were obtained.
16. According to the Cash flow and other records examined by us and
the information and explanations given to us, on overall basis funds
raised on short term basis have, prima facie, not been used during the
year for long term investment and vice versa.
17. The Company has not made any preferential allotment during the
year.
18. According to the information and explanations given lo us, there
is no debenture outstanding for which security to be created.
19. The Company has not raised any money by 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.
PLACE : MUMBAI FOR J. H Ghumara
DATED : August 20th 2012 CHARTERED ACCOUNTANTS
Sd/-
(J.H Ghumara)
PROPRIETOR
M. No. 14320 | 