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.