Mar 31, 2014
NOT AVAILABLE
Mar 31, 2012
We have audited the attached Balance Sheet of GDL Leasing & Finance
Ltd. Ltd. as at 31st March, 2012 and also the Profit & Loss account for
the year ended on that date, annexed there to. 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 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 (Auditor's Report) Order, 2003 issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956, we annexed a statement on the matters specified in paragraph
4 and 5 of the said order.
2. Further to our comments in Annexure referred to in paragraph (1)
above, we report that:
A) We have obtained all the information and explanations which to the
best of our knowledge & belief were necessary for the purpose of our
audit.
B) In our opinion, proper books of Accounts as required by law have
been kept by the Company, so far as appears from our examination of the
books of accounts.
C) The Balance Sheet and Profit & Loss Account referred to in this
report are in agreement with the Books of Accounts.
D) In our opinion, the Balance Sheet and Profit & Loss Account dealt
with by this report are in compliance with Accounting Standards (AS)
referred to in Section 211(3C) of the Companies Act, 1956.
E) In our opinion and as per the information and according to the
explanations given to us, no director is disqualified form being
appointed as director under Section 274(1)(g) of the Companies Act,
1956.
F) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with the Significant Accounting Policies and other notes
thereon give the information required by the Companies act, 1956, in
the manner so required, and present a true and fair view in conformity
with the accounting principles generally accepted in India
i) In so far as it relates to balance Sheet, of the state of affairs of
the Company as at 31st March, 2012.
ii) In so far as it relates to the Profit & Loss Account, of the profit
of the Company for the year ended on that date: and
ANNEXURE A
ANNEXURE TO AUDITOR'S REPORT
Referred to in paragraph 1 of our report of even date.
1. In respect of fixed assets:
a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis available information.
b) As explained to us, the management during the year has physically
verified the fixed assets in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
physical verifications.
c) The Company has not disposed off substantial part of fixed assets
during the year, which affect the going concern concept.
2. In respect of Inventories:
a) As explained to us, the management at regular intervals during the
year has physically verified inventories.
b) In our opinion and according to information and explanations given
to us, the procedures of physical verification, of inventory followed
by the Management are reasonable and adequate in relation to size of
the Company and nature of its business.
c) The Company has maintained proper records of inventory and the
discrepancies noticed on verification between physical stocks and book
records were not material in relation to the operation of the company.
3. 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 act.
4. In our opinion and according to information and explanation given
to us, there are adequate internal control procedures commensurate with
size of the company and nature of business for purpose of inventory and
fixed assets and sale of goods. During the course of our Audit, we have
not observed any major weakness in internal controls.
5. In our opinion and according to the information and explanation
given to us, transactions that need to be entered into register in
pursuance of section 301 of the act have been so entered and according
to the information and explanation given to us, such transactions of
each party have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time
6. The company has not accepted any deposits from the public.
7. In our opinion, the company has adequate internal audit systems
commensurate with the size of the company and nature of its business
8. The company in not required maintaining cost records as required
under section 209 (l)(d) Of the companies act 1956.
9. In respect of fixed assets:
a) According to the records of the company, Provident Fund dues, Income
Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and other
undisputed statutory dues have been regularly deposited with
appropriate authorities and according to the information and
explanations given to us, no undisputable amount payable in respect of
aforesaid dues were outstanding as at 31st March 2011 for a period of
more than 6 months from the date of becoming payable.
10. The Company does not have any accumulated loses at the end of the
financial year.
11. Based on our Audit procedure and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of any dues to any Financial Institution or Bank
or Debenture holders.
12. In our opinion and according to the information and explanation
given to us, the Company has granted Loans and Advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion & explanation provided to us , the Company is not a
Chit Fund or Nidhi/Mutual Benefit Fund/Society, therefore Clause
4(xiii) of the companies (Auditor's Report) Order 2003 is not
applicable to the company.
14. The Company is engaged in the business of trading in Shares,
Securities, Debentures and other Investments.
15. As explained to us, the Company has not given any guarantee for
loans, taken by others, from bank or Financial Institutions.
16. In our opinion and according to the information and explanation
given to us, the Company has not accepted or taken any Term Loans
during the year.
17. According to the Information and explanation given to us, and on
overall examination of the Balance Sheet of the Company, we are of the
opinion that the funds raised on Short-term basis have not been used
for long-term investments and vice-versa.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained Under section 301 of the act.
19. The Company has not issued any debentures during the financial
year.
20. The Company has not raised money by way of public issue during the
year.
21. According to records of the company, in our opinion and according
to information and explanation given to us, there was no fraud on or by
the Company that has been noticed or reported during the year.
For: D. Galhotra & Associates
Chartered Accountants
(DARSHANLAL GALHOTRA)
M. No. 088863
FRN 010126N
Sd/-
Place: New Delhi
Date: 16.08.2012
Mar 31, 2010
Not Available
Mar 31, 2009
We have audited the attached Balance Sheet of GDL Leasing & Finance
Ltd. as at 31st March. 2009 and also the Profit & Loss account for the
year ended on that date, annexed there to and Cash Hon Statement for
the period ended on that date. These financial statements arc 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 in terms of Section 237 (4A) of the
Companies Act. 1956. we annex a statement on the matters specified in
paragraph 4 and 5 of the said order.
2. Further to our comments in Annexure referred to in paragraph (I)
above, we report that:
A) We have obtained all the information and explanations, which to the
best of our knowledge & belief were necessary for the purpose of our
audit:
B) In our opinion, proper books of Accounts as required by law have
been kept by the Company, so far as appears from our examination of the
books of accounts.
C) The Balance Sheet. Profit & Loss Account and Cash Flow Statement
referred to in this report are in agreement with the Books of Accounts.
D) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report are in compliance with
Accounting Standards (AS) referred to in Section 2 11 (3C) of the
Companies Act. 1956.
E) In our opinion and as per the information and according to the
explanations given to us. no director is disqualified form being
appointed as director under Section 274(1) (g) of the Companies Act.
1950.
F) In our opinion and to the best of our information and according to
the explanations given to us. the said financial statements read
together with the Significant Accounting Policies and other notes
thereon give the information required by the Companies act. 1956. in
the manner so required, and present a true and fair view in conformity
with the accounting principles generally accepted in India.
i) In so far as it relates to Balance Sheet of the state of affiars of
the Company as at 31st march 2009.
ii) In so far as it relates to the Profit & Loss Account of the profit of
the Company year ended on that date; and
iii) In so far as it relates to the Cash Flow Statement of the cash flows
of the company for the year ended on the date.
For D Galhotra & Associates
Chartered Accountants
Place: New Delhi
Date: 12.08.2009 Sd/-
(Darashan Lal Galhotra)