We have audited the annual financial statements of VISAMAN GLOBAL SALES
LIMITED (‘the Company’), which comprise the balance sheet as at 31st March, 2025, and
the statement of Profit and Loss and statement of cash flows for the period then ended, and
notes to the financial statements, including a summary of significant accounting policies and
other explanatory information.
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 as at 31st March, 2025, its
profit/loss and its cash flows for the period ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of
the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Information other than the financial statements and auditors’ report thereon
The Company’s board of directors is responsible for the preparation of the other information.
The other information comprises the information included in the Board’s Report including
Annexures to Board’s Report but does not include the financial statements and our auditor’s
report thereon.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained during the course of our
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement
of this other information; we are required to report that fact. We have nothing to report in this
regard.
Responsibilities of Management and Those Charged with Governance for the
Standalone Financial Statements
The Company’s Board of Directors is 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, financial performance and
cash flows of the Company in accordance with the accounting principles generally accepted
in India, including the accounting Standards specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of 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.
In preparing the financial statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to
do so.
Those Board of Directors are also responsible for overseeing the Company’s financial
reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern. Based on the
audit evidence obtained, no material uncertainty exists that may cast significant doubt on the
Company’s ability to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
• Internal Financial Controls Over Financial Reporting
We have audited the internal financial controls over financial reporting of the Company as of
March 31, 2025, in conjunction with our audit of the financial statements for the year ended
on that date. Our report on internal financial controls over financial reporting is presented in
Annexurc B to this report.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued
by the Central Government of India in terms of sub-section (11) of section 143 of the
Companies Act, 2013, we give in the ‘Annexure A’, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143 (3) of the Act, we 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 it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss and the 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 Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st
March, 2025 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2025 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\
g) With respect to the other matters to be included in the Auditor’s report in
accordance with the requirements of Sec 197(16) of the Act as amended, we
report that in our opinion and according to the information and explanations given
to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197.
h) We draw your attention to our remarks, observation and comments as disclosed in
the companies (Auditor’s Report) Order, 2020 attached in “Annexure - A”, to out
report and our comments in “Notes to accounts” forming integral part of financial
statement attached with respect to non-compliance of the statutory provisions
under the companies act, 2013 and other items of financial statements and its
disclosures which arc subject to confirmation.
i) With respect to the other matters to be included in the Auditor’s report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and according to the explanations
given to us:
i. The Company does not have any pending litigations which would have impact
on its financial position.
ii. The Company did not have any long term contracts including derivative
contracts for which there were any material foreseeable losses.
iii. There were no amounts which are required to be transferred to the investor
education and protection Fund by the company.
iv. Clause on Rule 11(e):
(a) The management has represented that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate)
have been advanced, loaned, or invested (either from borrowed funds, share
premium, or any other sources or kind of funds) by the Company to or in any
other person or entity, including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary
shall, directly or indirectly, lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”), or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
(b) The management has represented that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate)
have been received by the Company from any person or entity, including
foreign entities (“Funding Parties”), with the understanding, whether recorded
in writing or otherwise, that the Company shall, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party (“Ultimate Beneficiaries”), or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures that were considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations made under sub-clauses (a) and
(b) above contain any material misstatement.
v. According to the information and explanations given to us and based on our
audit procedures, the Company has not declared or paid any dividend during the
year. Accordingly, the provisions of Section 123 of the Companies Act, 2013 are
not applicable for the year under audit.
vi. In accordance with the requirements of Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014, as amended, we report that:
For the year ended 31st March, 2025, the Company has maintained its books of
account using accounting software which has a feature of recording an audit trail
(edit log) facility as required under the proviso to Section 143(1) of the
Companies Act, 2013. Based on our examination which included test checks, the
audit trail feature in the accounting software has been operated throughout the
year for all relevant transactions recorded in the software, and the audit trail has
not been tampered with during the reporting period. Further, we did not come
across any instance during the course of our audit where the audit trail feature
was disabled or not functioning as intended.
Other Matter
The Company's management is responsible for carrying out the physical
verification/inspection of its fixed assets on a regular basis. We have not independently
carried out inspection of the fixed assets of the company during the financial year covered
under audit. Any adjustment to the carrying value of fixed assets as appearing in the Balance
Sheet of the company may have an effect on the loss and value of net assets of the Company
for the period and year ended on 31st March, 2025.
The Company's management is responsible for carrying out the physical
verification/inspection of its inventories on a regular basis. We have not independently
carried out inspection of the inventories of the company during the financial year covered
under audit. Any adjustment to the carrying value of inventories as appearing in the Balance
Sheet of the company may have an effect on the profit/loss and value of net assets of the
Company for the period and year ended on 31st March, 2025.
Company's management is responsible for carrying out the balance confirmation and
reconciliations with various trade receivables, trade payables, advances and other balances as
appearing in the Balance Sheet as on 31st March, 2025. All these balances have not been
independently verified by us except checking of balances confirmation on test check basis.
Any adjustment to the value of such balances as appearing in the Balance Sheet of the
Company may have an effect on the loss and the value of net assets of the Company for the
period and year ended on 31st March, 2025.
Our opinion is not modified in respect of these matters.
For D. K. KALYANI & ASSOCIATES
Chartered Accountants
FRN: 133089W
Place:- Rajkot CA Dipesh K Kalyani
Date: 29/05/2025 (Partner)
UDIN: 25124173BMHVTY5951 Membership No.: 124173
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