I have audited the attached Balance Sheet of BRIJLAXMl LEASING &
FINANCE LTD. As at 31st March 2009 and Profit & Loss Account of
the company for the year ended on that date. These financial
statements are the responsibility of Companys management. My
responsibility is to express an opinion on these financial
statements based on my audit and reports that:
I have conducted my audit in accordance with auditing standards
generally accepted in India These standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examination on test basis, evidence supporting the amounts and
disclosures in the overall financial statement. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statements presentation. I believe that my audit provides a reasonable
basis for my opinion.
1 As required by the Companies (Auditors Report) Order, 2003 issued by
the Company Law board in terms of section 22 (4A) of the companies Act
1956, The matter specified under paragraph 4 & 5 of Section 227 is not
applicable to the Company in the said Order.
2 Further to my comments in the Annexure referred to the paragraph I
above, I state that:
a. I have obtained all the information and explanations, which to the
best of my knowledge and belief were necessary for the purpose of my
b. In my opinion, proper books of accounts, as required by law, have
been kept by the company so far as appears from my examination of such
c. The Balance Sheet and the Profit and Loss Account referred to in
this report are in agreement with the books of accounts
d. In my opinion the Balance Sheet and Profit and Loss Account
complies with the mandatory Accounting Standards referred in section
211 (3C) of the Companies Act, 1956
e. On the basis of written representation received from the directors,
as on 31st March 2009, and taken on record by the Board of Directors 1
report that none of the directors is disqualified as on 31st March 2009,
from being appointed as a director in terms of clause (g) of sub section
274 of the Companies Act 1956.
f. In my opinion and to the best of my information and according to
explanations given to me, the said Balance Sheet and Profit and Loss
Account read together with thereon give information required by the
Companies Act, 1956. in the manner so required and give a true and fair
i) In so far as it relates to Balance Sheet, of the State of Affairs of
the Company as at 31st March, 2009.
ii) In so fat it relates to Profit & Loss Account, of the Loss of the
Company for the year ended on that date.
1. a) The company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The Fixed Assets have been physically verified by the management at
reasonable intervals and no material discrepancies were noticed on such
verification and if any noticed is dealt with properly in books.
c) No substantial part of fixed assets has been disposed off during the
2. a) The company does not have opening stock as well as closing stock.
So question of Physical verification of stocks does not arise.
3. a) The Company has both granted and taken unsecured loans from
Companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act 1956. The rate terms & condition
on which unsecured loan is granted or taken is not prejudicial to the
interest of the company.
4. In my opinion and according to the information and explanations
given me, there is an adequate internal control in general commensurate
with the size of the Company and the nature of its business for
purchase of inventory, fixed assets and also with regards to sale of
goods through the personal supervision of the management.
5. a) In my opinion and according to the information and explanations
given to me, the transactions that need to be entered in a register
pursuance of section 301 of the Companies Act, 1956 have been entered.
b) According to the information and explanations given to me,
transactions made in pursuance of such contracts or arrangements
entered into the register maintained under Section 301 of the Companies
Act, 1956 and exceeding the value of rupees five lakhs in respect of
any party have been made at prices which are reasonable having regard
to the prevailing market prices at the relevant time.
6. The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under, wherever applicable they have complied with it. No order
has been passed by Company Law Board or National Company Law Tribunal
or Reserve Bank of India or any Court or any Tribunal.
7. The company is not listed on any stock exchange and the company
does not have paid-up capital and reserves more than Rs.50 lakhs at the
commencement of the financial year concerned. In my opinion, the
company has an adequate internal audit system commensurate with the
size and nature of its business.
8. I am informed that the Central Government has not prescribed the
maintenance of the cost records by the company under section 209 (1)
(d) of the Companies Act, 1956 for any of its products. .
9. a) As informed by the Management, the company is currently not
covered under Provident Fund Act, Investor Education and Protection
Fund and Employees State Insurance Act hence filing of dues with the
appropriate authorities does not arise.
b) The company has not discharged its liability towards payment of TDS
as at the last day of the financial year for a period of more than six
months from the date they became payable.
10. The company is registered for a period of more than five years
11. The company has not taken any loan from financial institution or
bank or debenture holder during the year.
12. There are no loans or advances given on the basis of security or
by way of pledge of shares, debentures and other securities. *
13. In my opinion and information and explanations given to me the
company is not attracted by any special status applicable to chit fund.
14. I am informed that the company has not given any guarantee for
loan taken by others from bank or financial institution.
15. The company has taken term loan(s) during the year & repaid in the
16. The company has not made any preferential allotment to parties
covered in the register maintained u/s 301 of the Act.
17. The company has not issued any debenture; hence the question of
creating any securities does not arise.
18. The company has ,not made any public issue during the year; hence
the disclosure of end use does not arise.
19. In my opinion and according to information and explanations given
to me there was no fraud on or by the company noticed or reported
during the year.
For Dinesh C Bangar & Co
Dinesh C Bangar