inlac granston ltd Auditors report

INLAC GRANSTON LIMITED ANNUAL REPORT 2008-2009 AUDITORS REPORT To, The Members of INLAC GRANSTON LIMITED We have audited the attached Balance Sheet of INLAC GRANSTON LIMITED as at 31st March 2009 and also the Profit & Loss Account of the company for the year ended on 31st March 2009 annexed. thereto and report that 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. 1) As required by the Companies (Auditors 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 5 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 11). 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 11). 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 paras (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 31.3.2009 and taken on record by the Board of Directors, we report that non of the Directors is prima facie disqualified 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 2009; and b) In the case of Profit & Loss Account of the loss for the year ended on that date. For ONKAR TANDON & Co. Chartered Accountants ONKAR TANDON Partner M.N.17232 Place : Mumbai Date : 1st September 2009. ANNEXURE TO AUDITORS REPORT 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 to the information and explanations given to us there are no transactions of purchase of goods and materials and the sale of goods, materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, aggregating during the year to Rs.500,000 or more in respect of each party. 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 58A 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 standings 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 outstandings to any Bank(s) and or Financial Institution(s). 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 (Auditors 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 (Auditors 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 Peen noticed during the year. For ONKAR TANDON & Co. Chartered Accountants ONKAR TANDON Partner M.N.17232 Place : Mumbai. Date : 1st September 2009.