To
The Members of
Vishvjoyti Trading Limited
Report on the Financial Statements
1. We have audited the accompanying Ind AS financial statements of Vishvjoyti
Trading Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2020, and the Statement of Profit and Loss for the year then ended, Cash Flow as
March 31, 2020 and a summary of significant accounting policies and other explanatory
information.
Managements Responsibility of the Financial Statements
2. The Management and Board of Directors of the Company are responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 (‘the Act) with respect to the
preparation of these financial statements that give a true and fair view of the financial
position and financial performance of the company in accordance with the accounting
principles generally accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014 and Companies
(Accounting Standards) Amendment Rules, 2016. This responsibility includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and other
irregularities, selection and application of appropriate accounting policies, making
judgments and estimates that are reasonable and prudent, and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
3. Our responsibility is to express an opinion on these financial statements based on
our audit. We have taken into account the provisions of the Act, the accounting and
auditing standards and matters which are required to be included in the audit report under
the provisions of the Act and the Rules made there under. We conducted our audit in
accordance with the Standards on Auditing specified under Section 143(10) of the Act.
Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditors judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal financial control relevant to the Companys preparation of the
financial statements, that give a true and fair view, in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on whether the Company has in place an adequate internal financial controls system
over financial reporting and the operating effectiveness of such controls. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by the Companys management and Board of Directors, as
well as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the Act
in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India of the state of affairs of the Company, Cash Flow
Statement as at 31st March, 2020, and its Profit for the year ended on that
date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditors Report) Order, 2017 (‘the Order)
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Act, we give in the "Annexure - A" a statement on the matters specified in
paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we further report that:
a. We have sought and 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 those books.
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of account. d. In
our opinion, the aforesaid financial statements comply with the applicable Accounting
Standards specified under section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules 2014 and Companies (Accounting Standards) Amendment Rules, 2016.
e. On the basis of written representations received from the directors as on
March 31, 2020, and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2020, from being appointed as a director in terms of section
164(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B" to this report.
g. In our opinion and to the best of our information and according to the explanations
given to us, we report as under with respect to other matters to be included in the
Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,
2014:
i) The Company does not have any pending litigations which would impact its financial
position.
ii) The Company did not have any long-term contracts including derivative contracts, as
such the question of commenting on any material foreseeable losses thereon does not arise.
iii) There has not been an occasion in case of the Company during the year under report
to transfer any sums to the Investor Education and Protection Fund. The question of delay
in transferring such sums does not arise.
|
For Rishi Sekhri & Associates. |
|
Chartered Accountants |
|
Firm Regn. No. 128216W |
|
Sd/- |
|
Rishi Sekhri |
| Place : Mumbai |
Proprietor |
| Date :2nd day of December, 2020. |
Membership No. 126656 |
| UDIN NO. 20126656AAABVI6649 |
|
Annexure A to Independent Auditors Report
Referred to in paragraph 11(f) of the Independent Auditors Report of even date to the
members of Vishvjoyti Trading Limited. The Ind AS financial statements for the year ended
March 31, 2020
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Act
1. We have audited the internal financial controls over financial reporting of
Vishvjoyti Trading Limited. ("the Company") as of March 31, 2020 in conjunction
with our audit of the Ind AS financial statements of the Company for the year ended on
that date.
Managements Responsibility for Internal Financial Controls
2. The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities
include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Act.
Auditors Responsibility
3. Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing deemed to be prescribed
under section 143(10) of the Act to the extent applicable to an audit of internal
financial controls, both applicable to an audit of internal financial controls and both
issued by the ICAI. Those Standards and the Guidance Note require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error
5. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
6. A companys internal financial control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of standalone Ind AS financial statements for external purposes in
accordance with generally accepted accounting principles. A companys internal financial
control over financial reporting includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of standalone
Ind AS financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the companys assets that could have a material effect on the financial
statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2020, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India..
For Rishi Sekhri & Associates.
Chartered Accountants
Firm Regn. No. 128216W
|
Sd/- |
|
Rishi Sekhri |
| Place : Mumbai |
Proprietor |
| Date :2nd day of December, 2020. |
Membership No. 126656 |
| UDIN NO. 20126656AAABVI6649 |
|
Annexure – ‘B referred to under the heading "Report on Other Legal and
Regulatory Requirements" of our Report of even date:
(i) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b) All fixed assets have been physically verified by the management during the year
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 such verification.
(c) Based on our audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and according to information and explanations given
by the management, the title deeds of immovable properties are held in the name of the
Company.
(ii) In our opinion, the inventories have been physically verified during the year by
the management at reasonable intervals and as explained to us no material discrepancies
were noticed on physical verification.
(iii) According to the information and explanations given to us, the Company has not
granted any loans, secured or unsecured to companies, firms, Limited Liability
Partnerships or other parties covered in the register maintained under Section 189 of the
Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a), (b) and (c) of the
Order are not applicable to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations given to us,
there are no loans, guarantees, and securities granted in respect of which provisions of
Section 185 and 186 of the Companies Act 2013 are applicable and hence not commented upon.
Based on our audit procedures performed for the purpose of reporting the true and fair
view of the financial statements and according to information and explanations given by
the management, the Company has complied with provisions of Section 186 of the Companies
Act 2013 in respected of investments made during the year.
(v) The Company has not accepted any deposits from the public.
(vi) As informed to us, the Central Government has not prescribed maintenance of cost
records under sub-section (1) of Section 148 of the Act, in respect of the activities
carried on by the Company.
(vii) (a) The Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees state insurance,
income-tax, sales-tax, wealth-tax, customs duty, excise duty, value added tax, cess 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 provident fund, employees state insurance, income-tax, sales-tax,
wealth-tax, service tax, customs duty, excise duty, value added tax, cess and other
material statutory dues were outstanding at the year end, for a period of more than six
months from the date they became payable.
(c) According to the records of the Company, the dues outstanding of income-tax,
sales-tax, wealth-tax, customs duty, excise duty, value added tax and cess on account of
any dispute, not arise.
(viii) Based on our audit procedures performed for the purpose of reporting the true
and fair vies of the financial statements and according to information and explanations
given by the management, we are of the opinion that the Company has not defaulted in
repayment of dues to any bank. Further, the Company does not have any debentures and loan
from financial institution or government.
(ix) Based on our audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and according to the information and explanations
given by the management, the Company has not raised any money way of initial public
offer/further public offer/debt instruments and term loans and hence, reporting under
clause (ix) is not applicable to the Company and hence not commented upon.
(x) Based upon the audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and according to the information and explanations
given by the management, we report that no fraud on or by the officers and employees of
the Company has been noticed or reported during the year.
(xi) Based on our audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and according to the information and explanations
given by the management, managerial remuneration in accordance with the requisite
approvals mandated by the provision of section 197 read with Schedule V to the companies
Act, 2013.
(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of
clause 3 (xii) of the Order are not applicable to the Company and hence not commented
upon.
(xiii) Based on our audit procedures performed for the purpose of reporting the true
and fair view of the financial statements and according to the information and
explanations given by the management, transactions with the related parties are in
compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the
details have been disclosed in the notes to the financial statements, as required by the
applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overall
examination of the balance sheet, the Company has not made any preferential allotment or
private placement of shares or fully or partly convertible debentures during the year
under review and hence not commented upon.
(xv) Based on our audit procedures performed for the purpose of reporting the true and
fair view of the financial statements and according to the information and explanations
given by the management, the company has not entered into any non-cash transactions with
directors or persons connected with him.
(xvi) According to the information and explanations given to us, the provisions of
Section 45-1A of the Reserve Bank of India Act, 1934 are not applicable to the Company.
|
For Rishi Sekhri & Associates. |
|
Chartered Accountants |
|
Firm Regn. No. 128216W |
|
Sd/- |
|
Rishi Sekhri |
| Place : Mumbai |
Proprietor |
| Date :2nd day of December, 2020. |
Membership No. 126656 |
| UDIN NO. 20126656AAABVI6649 |
|
+91-9892691696
