We have audited the attached Balance Sheet of GDL Leasing & Finance
Ltd. as at 31st March, 2011 and also the Profit & Loss account for the
year ended on that date, annexed there to and Cash Flow Statement for
the period ended on that date. 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
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 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 (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
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 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,
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, 2011.
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
iii) In so far as it relates to the Cash Flow Statement, of the cash
flows of the company for the year ended on that date.
For :D.Galhotra& Associates
Place :New Delhi
Date: 12.08.2011 Sd/-
(Darshan Lai Galhotra)