We have audited the attached Balance Sheet of INLAC GRANST0N LIMITED as
at 31st March 2012 and also the profit & Loss Account of the company
for the year ended on 31st March 2012 annexed thereto and report that
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 standards
generally accepted India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statement are free of perform the audit ,0 obtain reasonable
audit includes examining on a tact stamens. are free of material
misstatement. An disclosures in teal bass. evidence supporting the
amounts and disclosures 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 includes assessing the accounting the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
1) As required by the companies (Audit's Report) Order 2003, issued by
the central Government of India in terms of Sub-Section (4-A) of
section 227 of the companies Act,1956 we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and of the said order
to the extent applicable.
Further we state that:
2 i) Provision for gratuity amounting to Rs.0.68 lacs has not been made
(Refer note 4 of Schedule 6).
ii) No provision has been made with regard to payment, if any, to
workmen for the year.
iii) Provision for payments to employees amounting to Rs.7.50 lacs has
not been made (Refer note 4 of Schedule 6).
iv) Company is no more a going concern as Bank of Baroda has taken over
all fixed assets and inventories and there are no assets left with the
company.
We further report that had the observations made by us in pares (i) and
(iv) been considered the debit balance in the profit & loss Account and
current liabilities and provisions would have been higher by the
amounts payable.
3) i) We have obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purposes of
our audit.
ii) 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
such books. In our opinion, the Profit & Loss Account and the Balance
Sheet comply with the Accounting Standard issued by the Institute of
Chartered Accountants of India as referred to in Section 211 (3c) of
the Companies Act. 1956 to the extent applicable and mandatory in
nature.
iii) On the basis of written representations received from the
Directors as on 31.3.2012 and taken on record by the Board of
Directors, we report that none of the Directors is prima fade
qualified as on above date from being appointed as Director In
terms of clause (g) of Sub-Section (1) of Section 274 of the Companies
Act, 1956.
iv) the Balance Sheet and Profit & Loss Account referred to in this
report are in agreement with the books of account of the Company.
v) In our opinion and to the best of our information and according to
the explanations given to us, the accounts read together with the notes
thereon, give the information 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 31st March 2012; and
b) In the case of Profit & Loss Account of the loss for the year ended
on that date.
ANNEXURE REFERRED TO IN PARAGRPH 1 OF THE REPORT OF EVEN DATE
1) There are no fixed assets
2) i) There are no inventories.
3) i) The Company has not accepted any loans during the period from the
parties covered in the register maintained under Section 301 of the
Companies Act, 1956.
ii) The Company has not granted any loans during the period to the
parties covered in the register maintained under Section 301 of the
Companies Act, 1956.
4) On account of no business activities requirement of adequate
internal control procedure with regard to purchase of materials/other
assets is not applicable.
5) In our opinion and according the this information and explanations
given to us were are no transactions of purchase of goods and materials
and the sale of goods, maturate and services made in pursuance of
contracts or arrangements entered in the register maintained under
Section 301 of the Companies Act,1956 during the year to Rs 500.000 or
more in respect of each
6) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposit within the
meaning of provisions of section 58 A of the companies Act, 1956 and
the companies (Acceptance of Deposits) Rule 1975.
7) The Company has no internal audit system.
8) The Central Government has not Prescribed maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956, for any
of the products of the company.
9) i) There are no statutory dues / out sending's for more than six
months which are undisputed.
ii) Disputed statutory dues are none.
10) The accumulated losses at the end of the financial year are more
than 50% of its Net worth and company has incurred cash loss in the
immediately preceding financial years.
11) There are no dues, debts and or outstanding to any Bank(s) and or
Financial Institutions).
12) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) As the Company is not a chit fund, nidhi, mutual benefit fund or
society, the provisions of clauses 4(xiii) of the Companies
(Auditor's Report) Order, 2003 is not applicable to the Company.
14) As the Company is not dealing or trading in shares, securities,
debentures and other investment, the provision of clause 4 (xiv) of the
Companies (Auditor's Report) Order, 2003 is not applicable to the
Company.
15) The Company has not given any guarantees on behalf of others.
16) The Company has not taken any fresh term loans during the year.
17) The Company has not used funds raised on short term basis for long
term investments.
18) The Company has not made any preferential allotment of shares
during the year.
19) The Company has not issued any debentures during the year.
20) The Company has not raised any money by way of public issue during
the year.
21) As per the information and explanation given to us, no material
fraud on or by the Company has been noticed during the year.
By order of the Board of Directors
G. L. Srivastava
Director
Place : Mumbai
Date : 01/09/2012
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