Mar 31, 2010
We have audited the attached Balance Sheet of LEENA CONSULTANCY LIMITED
as at 31st March, 2010 and also the Profit & Loss Account for the year
ended on that data and the Cash -low Statement 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 arc free of material misstatement. An audit includes
examining, on a lest 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 out audit provides a reasonable basis of
our opinion,
As required by the Companies (Auditors Report) Order, 2003. issued by
the Central Government at India in terms of sub-section (4A) of section
727 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,
Further to our comments in the Annexure referred to above, we report
that:
1) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
2} 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 those
books ;
3) The Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
A) In our opinion, the Balance Sheet and Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to In sub-section (3C) of section 211 of the
Companies Act, 1956.
5) On the basis of written representations received from the directos,
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
6) in our opinion and to the best of our information and according to
the explanations given to lis, the said accounts give the information
required by Companies Act, 1956, in the manner so required and give a
true and fair view in con for mity with accounting principles generally
accepted in India:
a. In the case of the Balance Sheet of the state of affairs of the
company as at 31st March, 2010 and
b. in the case of the Profit & Loss Account of the profit of the
company for the year ended on that date.
c. In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our report of even date)
(i) As explained to us, the Company did not have any fixed assets,
hence the question of reporting under sub-clause (a) regarding
maintaining proper records of fixed assets, sub-clause (b) regarding
physical verfication of fixed assess and sub-clause (c) regarding
disponing of substantial part of fixed assets of clause 4(i) of the
Order does not arise.
(ii) As explained to us, the Company did not have any inventory, hence
the question of reporting under sub-clause (a) regarding physical
verification of inventory, sub- clause (b) regarding procedure of
physical verification of inventory and sub-clause (c) regarding
materia! discrepancies on physical verification of inventory of clause
4(ii) of the Order dees not arise.
(iii) As explained to us, the Company has neither granted nor taken any
loans, secured or unsecured from companies, firms or other parties
covered in the reglstei maintained under section 301 of the Companies
Act. 1956, hence the question of reporting under sub-clause (a)
regarding the number of parties and amount involved Of loans granted,
sub-clause (b) regarding rate of interest and other terms and
conditions of loans givan being prima facie prejudicial to the interest
of the Company, sub-clause (c) regarding regularity in receipt of the
principal amount and interest, sub-clause (d) regarding reasonable
steps taken by the company for recovery of the principal and interest
if overdue amount is more than rupees one lacs, sub clause (e)
regarding the number of parties and amount involved of loans taken,
sub-Jo use in regarding rate of interest and other terms and conditions
of leans taken being prima facie prejudicial to the interest of the
Company and sub- clause (g) regarding regularity of payment of
principal and interest of clause 4(iii} of the Order does not arise,
(iv) As explained to us the Company did not purchase any fixed assets
and inventory and has not sold any goods, hence the question of
reporting under clause (iv) of the Order on internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory, fixed assets and with
regard to sale of goods and services does not a rise.
(v) As axplained to us, the Company has not entered into any contracts
or arrangements that need to be entered into a register maintained
under section 301 of the Companies Act. 1956, hence the question of
reporting under sub-clause (a) regarding particulars of contracts or
arrangements to be entered into a register in pursuance of section 301
of the Act and sub-clause (b) regarding transactions made in pursuance
of such contracts or arrangements at prevailing market price of clause
4 (v) Of the Order does not arise.
(vi) In our opinion and according to the Information and explanation
given to us, the Company has not accepted deposits from the public and
therefore, the provisions contained in sections 58A and 58AA or any
relevant provisions of the Companies Act. 1956 and Rules there under
are not applicable to the Company.
(vii) The Company has no formal internal audit system.
(will) We are informed that the Central Government has not prescribed
the maintenance of cost records under section 209(1 )(d) of the
Companies Act. 1956.
(in) (a) Based on the records produced before us. the Company is
generally regular in depositing with appropriate authorities undisputed
statu Lory dues such as President Fund, invstor Education and
Protection Fund, Employees State Insurance, Income Tax. Sales Tax.
Wealth Tax. Service Tax, Custom Duty, Excise Duty, cess and any other
material statutory dues wherever applicable and there are no amounts in
arrears as at March 31, 2010 for a period of more than six months from
the date they became payable.
(b) According to the Information and explanations given to us. there
are no dues of income tax, sales tax. wealth lax, secvice fax, custom
duty, excise duty and cess which have not been deposited on account of
any dispute.
(k) The Company did not have the accumulated losses at the end of the
financial year and the Company has not incurred any cash loss in such
financial year and in the financial year immediately preceding such
financial year.
(xi) As explained to us, the Company has not taken any loans from
financial institution of bank or from debenture holders, hence the
question of reporting under clause 4(xi) of the Order regarding defait
in repayment of dues does not arise.
(xii) As explained to us, the Company has not granted any loans and
advances on the basis of security by way of pieces of shares,
debentures and other securities, hence the question of reporting under
clause 4(xii) of line Order regarding maintenance of adequate documents
and records and the deficiencies therein does not arise.
(xiii) The Company is not a nidhi / mutual fund / society. Therefore
the provisions of clause 4(xiii) of the Order are not applicable to the
Company.
(xiv) The Company is not dealing or trading in shares, securities,
debentures and other investments. Accordingly the question of reporting
under clause 4(xiv) of the Order regarding maintenance of proper
retards in respect thereof does notarise.
(xv) 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.
(xvi) As explained to us the Company has not taken any term loans and
hence the question of reporting under clause 4(xvi) regarding applying
term loans for the purpose for Which the loans were obtained does not
arise.
(xvii) According to the information end explanations given to us and
overall examination of the Cash Flow Statement and Balance Sheet of the
Company, we report that the Company has not Tatsed any funds on
short-term basis. All the assets have been funded by shareholders
funds.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Seclion 301 of the Companies Act, 1956. during the period, hence the
question of reporting under clause 4(xviiy of the Order regarding
whether price at which shares have been issued is prejudicial to the
interest of the Company does not arise. arise.
(xx) The Company has not raised any money by public issues during the
period covered by our report.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reporied during the
period.
For K. L TH ACKER & ASSOCIATES
Charted Accountants
(FirmRean. No 110859W)
(KIRIT L. THACKERI)
Proprietor
Mem. No. 35086
PLACE : MUMBAI
DATED: , 01 SEP 2010