Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of GOLDEN LEGAND
LEASING & FINANCE LTD (the Company), which comprise the Balance Sheet
as at March 31, 2014 the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date;
iii) In the case of cash flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. 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;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account .
d. in our opinion, the Balance Sheet & Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of GOLDEN LEGAND LEASING AND FINANCE LIMITED on the
accounts of the company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company does not have any Fixed Assets. Hence, clause (i)
(a), (b) & (c) are not applicable to the company.
2. Company does not have inventories during the year hence other sub
clause not applicable
3. (a)According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 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 is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
88338/- during the financial year under report and it has also incurred
cash losses in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a Nidhi /Mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
PLACE: LUDHIANA
DATE: 23.05.2014
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of GOLDEN LEGAND
LEASING AND FINANCE LIMITED which comprise the Balance Sheet as at 31
March 2013, & the Statement of Profit and Loss and for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position &
financial performance of the Company in accordance with the Accounting
Standards referred to in sub?section (3C) of section 211 of the
Companies Act, 1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i) in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2013;
ii) in the case of the statement of profit and loss, of the profit for
the year ended on that date;
iii) In the case of cash flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended, issued by the Central Government of India in terms of
sub?section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. 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;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account .
d. in our opinion, the Balance Sheet & Statement of Profit and Loss
comply with the Accounting Standards referred to in sub?section (3C) of
Section 211 of the Companies Act, 1956; and
e. on the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub?section (1) of
Section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company does not have any Fixed Assets. Hence, clause (i)
(a), (b) & (c) are not applicable to the company.
2. (a) company does not have inventories during the year hence other
sub clause not applicable
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income?tax, Sales?tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 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 is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The accumulated losses at the end of the financial year are not
more than 50% of its net worth and it has incurred cash losses of Rs
2,87,859/? during the financial year under report and it has also
incurred cash losses in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short?term basis have
been used for long?term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 30.08.2013 Sd/-
CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2012
We have audited the attached Balance Sheet of M/s GOLDEN LEGAND LEASING
AND FINANCE LIMITED as at 31st March 2012 and also the Profit & Loss
Account and Cash Flow Statement of the company 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 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 of India in terms of section 227(4A) of the
Companies Act 1956,we enclose in Annexure a statement on the matters
specified in the paragraph 4 and 5 of the said order.
2. Further to our comments in the Annexure refer to in paragraph 2
above, we report that:
a. 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.
b. In our opinion proper books of accounts as required by law has been
kept by the company so far as it appears from our examination of the
books of accounts.
c. The balance sheet and Profit & Loss account and Cash Flow Statement
dealt by 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 comply with the mandatory
Accounting Standards referred in Sub-section 3(C) of Section 211 of the
Companies Act 1956.
e. In our opinion and on the basis of the information and explanations
given to us and on the basis of the written representations received
from the Directors and taken on record none of the directors of the
company is disqualified as on 31st March 2012 from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 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 accounts read together with the
Significant Accounting Policies and notes on the accounts thereon give
the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India.
i. in the case of balance Sheet of the state of affairs of the company
as at 31st March 2012
ii. in the case of the Profit & Loss Account of the Loss for the year
ended on that date and
iii. in the case of the cash flow statement, of the cash flow for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE
1. The company does not have any Fixed Assets. Hence, clause (i) (a),
(b) & (c) are not applicable to the company.
2. As there is no inventory this clause is not applicable to the
company.
3. (a) We are informed that the Company has not granted any loans,
secured or unsecured, to companies, firms or other parties covered in
the register maintained under Section 301 of the companies Act, 1956.
(b) As per information and explanation given to us, the company has not
taken loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956. Hence, clause (iii) (e), (Hi)
(f) and (iii) (g) are not applicable to the company.
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 for the
purchase of inventory and fixed assets and also for the sale of goods
and services. During the course of our audit we have not observed any
continuing failure to correct major weakness in internal controls.
5. As per information & according to explanation given to us, the
company has not entered into any transaction that need to be entered
into the register maintained under section 301 of the Act.
6. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of clause (iv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company.
7. In our opinion the company has an adequate internal audit system
commensurate with the size and nature of its business.
S. As informed to us the company is not required to maintain cost
accounts and records as prescribed by Central Government under section
290 (l)(d) of the Companies Act 1956.
9. (a) According to the information and explanations given to us,
there are no undisputed statutory dues payable in respect of provident
fund, investor education and protection fund, employees state
insurance, income tax, sales tax, wealth-tax, custom duty, excise-duty,
cess which are outstanding as at 31st March, 2011, for a period of more
than six months from the date they became payable.
(b) According to the information and explanations given to us and the
records examined by us, there is no disputed amounts of sales tax,
income tax, custom tax, wealth tax, excise duty, cess and other
statutory dues which is not deposited.
10. The Company does not have accumulated losses but company has
incurred cash loss of Rs 158009/- during the financial year covered by
our audit and also incurred the immediately preceding financial year.
11. The company has not taken any loan from Banks, financial
institutions or debenture holders hence this clause of Companies
Auditor''s Report Order is not applicable.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/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 clauses (xiii) of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
14. Based on our examination of the records and the information and
explanations given to us, the Company has not dealing or trading in
shares, securities, debentures, and other investments. However, the
Company has maintained records in respect of its investments.
15. 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.
16. The company has not taken any term loans and hence requirement of
reporting regarding application of term loans dose not arise.
17. Based on our examination of the record and the information and
explanations given to us, the Company has not used the funds raised on
short-term basis for long-term investment and vise versa.
18. We are informed that the company has not made any preferential
allotment of shares to companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956.
19. The company has not issued debentures and hence requirement of
reporting regarding creation of securities in respect of debentures
issued dose not arise.
20. The company has not raised any money by public issue during the
year.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For, Y. D. & Co
CHARTERED ACCOUNTANTS
FRN: 018846N
PLACE: LUDHIANA
DATE: 03.08.2012 CA RAKESH PURI
PARTNER
M. No.: 092728
Mar 31, 2010
We have audited the attached Balance Sheet of GOLDEN LEAGEND LEASING &
FINANCE LTD. as at 31st March, 2010 and also the Profit and Loss
Account of the Company 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 are free of any 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 principals 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 (4A)
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.
2. Further to our comments in the Annexure referred to above, we
report that :
(a) We have obtained all the information and explanations, which to the
best of our acknowledge and 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
those books of account;
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of accounts;
(d) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956;
(e) On the basis of the written representations received from the
directors, 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
31 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;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
significant accounting policies and notes to accounts attached thereto
give the information required by the Companies Act, 1956 in the manner
so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) In the case of the Balance Sheet, the state of affairs of the
Company as at 31st March, 2010; and
(ii) In case of the Profit & Loss Account, the Profit of the company
for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph 1 of our
Report of even date to the Members of GOLDEN LEGEND LEASING & FINANCE
LTD. As at and for the year ended 31st March, 2010)
1. (a) The company does not have any Fixed Assets. Hence, clause (i)
(a), (b) & (c) are not applicable to the company.
2 As there is no inventory this clause is not applicable to the
company.
3 (a) We are informed that the Company has not granted any loans,
secured or unsecured, to companies, firms or other parties covered in
the register maintained under Section 301 of the companies Act, 1956.
(b) As per information and explanation given to us, the company has not
granted loans from parties covered in the register maintained under
section 301 of the Companies Act, 1956. hence, clause (iii) (e) , (iii)
(f) and (iii) (g) are not applicable to the company.
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 for the purchase of inventory, fixed assets and for the sale
of goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5. As per information & according to the explanations given to us, the
company has not entered into any transaction that needs to be entered
into the register maintained under section 301 of the Act.
6. The Company has not accepted any deposits during the year from the
public within the meaning of the provisions of Section 58A and 58AA of
the Companies Act, 1956 and rules made there under. Hence the Clause
(vi) of the order is not applicable.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956.
9. (a) According to the information and explanations given to us,
there are no undisputed statutory dues payable in respect of provident
fund, investor education and protection fund, employees state
insurance, income tax, sales tax, wealth-tax, custom duty, excise-duty,
cess which are outstanding as at 31st March, 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 and the
records examined by us, there is no disputed amounts of sales tax,
income tax, custom tax, wealth tax, excise duty, cess and other
statutory dues which is not deposited.
10. The Company does not have accumulated losses but company has
incurred cash loss of Rs 64757/- during the financial year covered by
our audit but not in the immediately preceding financial year.
11. The company has not taken any loan from Banks, financial
institutions or debenture holders hence this clause of Companies
Auditors Report Order is not applicable.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/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 Clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the Company.
14. Based on our examination of the records and the information and
explanations given to us, the Company has not dealing or trading in
shares, securities, debentures, and other investments. However, the
Company has maintained records in respect of its investments.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has not taken any term loans and hence requirement of
reporting regarding application of term loans dose not arise.
17. Based on our examination of the record and the information and
explanations given to us, the Company has not used the funds raised on
short-term basis for long-term investment and vise versa.
18. We are informed that the company has not made any preferential
allotment of shares to companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956.
19. The company has not issued debentures and hence requirement of
reporting regarding creation of securities in respect of debentures
issued dose not arise.
20. The company has not raised any money by public issue during the
year.
21. As per the information and explanations given to us, no fraud on
or by the Company has been noticed or reported during the year.
For J & K AGRAWAL & CO.
CHARTERED ACCOUNTS
Sd/-
Jugal B. Agrawal
Place : Mumbai Partner
Dated : 04th September, 2010 M.No. 035554
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