Mar 31, 2008
We have audited the attached Balance Sheet of C. G. IMPEX LIMITED,
AHMEDABAD as at 31st March, 2008 and also the profit and Loss Account
for the year ended on that date annexed thereto and the cash flow
statement for the period ended on that date. 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 auditing 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 metenal 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.
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 purposes of our
audit.
2. 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.
3. The Balance Sheet and the Profit and Loss account dealt with by
this report is in agreement with the books of account.
4. In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this eport 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
directors, as on 31st March. 2008, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March. 2008 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 us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view :
a) m the case of the balance sheet, of the state of affairs of the
company as at 31st March. 2008 and
b) in the case of profit and loss account, of the Profit 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.
As required by the Companies (Auditors Report Order -, 2003 issued by
the Central Government of India in terms of section 227(4A) of the
Companies Act. 1956. we further report that :
(1) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) Substantial part of fixed assets have not been disposed off during
the year, which will affect its status as going concern.
(2) (a) The inventory has been physically verified during the year by
the management,In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physcal verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book recods were not material.
(3) (a) The Company has not granted any loan, secured or unsecured, to
companies., firms or other parties covered in the register maintained
under Sectior 301 of the Companies Act. 1956.
(b) The Company has not taken any loans, securec or unsecured, from
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
(4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory fixedassets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(5)(a) According to the information arc explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act. 1956
have been so entered.
(b) In our opinion and according to the information ana explanations
given to us. the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act. 1956 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonaole having regard to prevaning market prices at the relevant
time.
(6) The Company has not accepted any deposit from public within the
meaning of Section 58A and 58AA of the Companies Act. 1956 and rules
famed there under.
(7) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(8) The maintenance of cost records have not been prescribed by the
Central Government u/s 209(l)(d) of the Companies Act. 1956 for any of
its products,
(9) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax. sales tax, wealth tax. service tax. custom duty, excise duty .
cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31.03.08 for a period of more than six months from the
date they became payable.
(c) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
(10) The company has no accumulated losses. The company has not
incurred cash losses in the financial year under report and in the
immediately preceding such financial year.
(11)ln our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(12) On the basis of information and explanations given to us, the
Company has not granted 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, Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(14) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
(15) According to information and explanation given to us.the Company
has not given any guarantee for loans taken by others from banks or
financial institutions.
(16} On the oasis of information and explanations given to us, the
Company has not obtained and/ or apolied any term loan during the year
except loans taken for purchase of Motor Car.
(17) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
(18) The company has not made any preferential allotment of shares
during the year. However the company has received money for making
preferential allotment of shares.
(19) The Company has not issued any debentures during the year.
(20; The Company has not raised any money by public issue during the
year.
(21) According to the information and explanations given to us, no
fraud on or by the company has been noticeo or reported during the
course of our audit.
For, R, R. TIBREWALA & CO.
CHARTERED ACCOUNTANTS
PLACE : AHMEDABAD (R. R. TIBREWALA)
DATE : PARTNER Membership No. 016885
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