We have audited the attached Balance Sheet of M/s. MARIGOLD GLASS
INDUSTRIES LTD. as at 31st Match, 2008 and also the Profit & Loss
Account 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
finanical 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 resonable 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 reason- able basis
lor our opinion.
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.
Further to our comments in the Annexure referred to above, we report
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
(ii) 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
(iii) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with the books of account;
(iv)In our opinion, the Balance Sheet and Profit and Loss Account dealt
with, by this report comply with the Accounting standards referred to
in section 211(3C) of the Companies Act,1956;
(v) 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 of the Company is
disqualified as on 31st March, 2008 from being appointed as a director
under section 274(l)(g) of the Companies Act,1956.
(vi) 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, 195(5, in the manner so re quired and
give a true and fair view in conformity with the accounting principles
generally acce pted in India:
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2008; and
ii) in the case of the Profit & Loss Account, of the loss of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
a) The Company has not any fixed assets but there is Capital work in
progress amounting to Rs. 2,632,368/-.
b) The stock of Inventory (stock in trade ) has been physically
verified during the year by the Management at reasonable intervals. In
our opinion the procedure of Physical Verification of Inventory
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business. The Company is
maintaining proper records of inventory. No discrepancy was noticed on
Physical Verification of Stock as compared to Book records.
c) The Company has neither granted nor taken any loan, secured or
unsecured, to/from the Companies, firms or other parties covered in the
Register maintained U/s. 301 of the Companies Act, 1956.
d) In our opinion there is adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of Inventory & Fixed Asset and for the sale
of goods/ services.
e) As per records examined and information, provided to us, there was
no such contract or arrangement as referred to in section 301 of the
Act that need to be entered into the Register maintained under that
f) The Company has not accepted any deposit from the Public.
g) In out opinion the Company has an Internal Audit System commensurate
with its size and the nature of its business.
h) Maintenance of cost records by the class of this Company is not
required U/s. 209(1)(d) of the Act.
i) The Company is tegular in depositing undisputed Statutory dues
including Provident Fund, Investors Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax,Custom Duty, Excise Duty, CESS and any other statutory dues with
the Appropriate Autho- rity, as far as applicable, except an arrear
demand of Rs. 5,181/- from Income Tax Department for the Asst. year
j) The Company has incurred cash losses during the financial year and
in the immediately Preceeding financial year. However, accumulated
losses at the end of the Financial Year are less than 50% of its net
k) The Company had no dues to any Financial Institution or Bank or
l) The Company has not granted any loan or advance on the basis of
security by way of pledge of shares, debentures or other securities.
m) The Company is not a Chit Fund, Nidhi or Mutual Benefit Fund/
n) In respect of shares, securities, debentures and other investments,
the Company has maintained proper records of the transactions and
contracts and timely entries have been made therein. Those shares,
securities, debentures and other investments are held in the name of
the Company as far as applicable.
o) The Company has not given any guarantee for loans taken by others
from Bank or Financial Institutions.
p) The Company has not obtained any term loan during the year.
q) No Fund raised on short term basis was used for long term
r) The Company has not made any Allotment of Shares during the year.
s) The Company has not issued any debenture.
t) No Public issue was made by the Company during the year.
u) During the checks carried out by us no fraud on or by the Company
was noticed or repotted during the year under Report.
Place : Kolkata. For D.K.TEKEIWAL & CO.
Date : 31st August, 2008. (D. K. TEKRIWAL)