silveroak commercial Auditors report

VATSA EDUCATION LIMITED ANNUAL REPORT 2003-2004 AUDITORS REPORT To, The Members of, Vatsa Education Limited We have audited the attached Balance Sheet of M/s. Vatsa Education Limited as at 31st July, 2004 and the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. 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 the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2. As required by the Companies (Auditors 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 hereto a statement on the matters specified in paragraphs 4 and 5 of the said order. 3. Further to our comments in the Annexure, referred to in paragraph (2) 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 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 & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standard referred in sub section (3C) of section 211 of the Companies Act, 1956. e) We are unable to comment as we have not received written representation, from the Directors of the company, as on 31 st July, 2004, regarding disqualification as a directors of the company in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and present 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 Affairs" of the Company as at 31st July, 2004 and, (ii) in the case of the Profit & Loss Account of the "Profit" of the Company for the Year ended on that date. (iii) in the case of cash flow statement of the cash flows for the year ended on that date. FOR A.R. VISRWAKARMA CO. Chartered Accountants Place: Kalyan A.R. VISHWAKARMA Date : 24th September, 2004 Proprietor