iel ltd share price Auditors report

Auditor

To

The Members of Tolani Bulk Carriers Limited

We have audited the attached Balance Sheet of Tolani Bulk Carriers Limited as at 31st March, 2012 and the Statement of Profit and Loss and the Statement of Cash Flow of the Company 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.

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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 ("the Order"), issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

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 appears from our examination of those books.

iii The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt with by this report are in agreement with the books of account.

iv. In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt within this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

v. On the basis of written representations received from the Directors and taken on record by the Board of Directors, we report that none of the Directors are disqualified as on 31st March, 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274. of the Companies Act, 1956.

vi In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a. In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2012;

b. In the case of the statement of the profit and loss, of the profit for the year ended on that date; and

c. In the case of statement of cash flow, of the cash flows for the year ended on that date.

	For and on behalf of
	CHANDABHOY & JASSOOBHOY
	Chartered Accountants
	Firms Registration No. 101647W
	Bhupendra T. Nagda
	Partner
Mumbai, Dated : 14th June, 2012.	Membership No. F102580

Annexure to Auditors Report for the year ended 31st March, 2012

1. The Company does not have any fixed assets during the year. Clause 4 (i) of the Order is therefore not applicable to the Company for the year.

2. Clause 4 (ii) of the Order is not applicable to the Company for the year in the absence of any item requiring maintenance of inventory.

3. The Company has not granted or taken any loans, secured or unsecured, to/from Companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Hence, Clause 4 (iii) (b), (c), (d), (f) and (g) of the Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of fixed assets and for sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control systems.

5. According to the information and explanations given to us, there are no contracts or arrangements referred to in Section 301 of the Companies Act, 1956 exceeding Rs.500,000 that need to be entered in the register required to be maintained under that section. Accordingly, Clause 4(v) of the Order is not applicable to the Company.

6. The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Sections 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and rules framed thereunder.

7. The Company did not have an internal audit system during the year ended 31st March, 2012. However, in our opinion, the system of internal control is commensurate with the size of the Company and the nature of its business.

8. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under Section 209 (1)(d) of the Companies Act, 1956.

9. a. According to the information and explanations given to us and the records of the Company examined by us, the statutory dues applicable to the Company for the year under report are profession tax and income tax. The Company is regular in depositing the statutory dues with the appropriate authorities.

b. According to the information and explanations given to us, no undisputed dues payable in respect of income tax, sales tax, wealth tax, customs duty and cess were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

c. According to the information and explanations given to us, there are no statutory dues outstanding on account of any dispute as at 31st March, 2012.

10. The financial statements of the Company as on 31st March, 2012 do not show accumulated losses. The Company has not incurred cash losses during the current financial year and in the immediately preceding financial year.

11. According to the information and explanations given to us, and based on the records of the Company examined by us, the Company has not taken any loans from any financial institutions or banks and has not issued any debentures.

12. According to the information and explanations given to us and the records of the Company examined by us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Hence, Clause 4(xiii) of the Order is not applicable to the Company.

14. In our opinion, the Company is not an investment company dealing or trading in shares, securities, debentures and other investments. Clause 4(xiv) of the Order is, in our opinion, not applicable to the Company for the year under report. The investments made by the Company are held in its own name except to the extent of the exemption under Section 49 of the Companies Act, 1956.

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

16. The Company has not availed any term loan during the year under audit.

17. The Company has not obtained/utilized any short term fund for long term investments.

18. The Company has not made any preferential allotment of shares during the year.

19. The Company has not raised any funds through issue of debentures during the year.

20. The Company has not raised any money by way of public issue during the year.

21. Based on the audit procedures performed and the information and explanation given by the management, we report that no fraud on or by the Company has been noticed or reported during the year.

	For and on behalf of
	CHANDABHOY &JASSOOBHOY
	Chartered Accountants
	Firms Registration No. 101647W
	Bhupendra T. Nagda
	Partner
Mumbai, Dated : 14th June, 2012.	Membership No. F102580