1. We have audited the attached Balance Sheet of M/S MARIGOLD GLASS
INDUSTRIES LIMITED as at 31st March 2009 and the Profit & Loss Account
for the year ended on that date annexedthereto. 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.
2. 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 misstatements. 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
As required by the Compnny (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 paragraph 4 and 5 of the said Order:
Further to our comments on the Annexure referred to in the paragraph 3
above, we report that:
i) We have obtained all the information and explanations, which is to
the best of our knowledge and belief were necessary for the purpose of
ii) 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
iii) The Balance Sheet and the Profit & Loss Account dealt with this
report are in the agreement with the books of account;
iv) In our opinion, the Balance Sheet and Profit & Loss dealt with by
this report comply with the applicable Accounting Standards referred to
in sub-section (3C) of section 211 of the Companies Act, 1956:
v) On the basis of written representation received from the directors
as on 31st March 2009 and taken on record by the Board of Directors, we
report that none of directors of the company is disqualified as on 31st
March 2009 from being appointed as a director in terms of clause, (g)
of sub section (I) of section 274 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, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India;
a) In the case of Balance Sheet, of the state of affairs of the company
as at 31st March 2009;
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.
ANNEXURE TO THE AUDITORS REPORT
In terms of the information and explanations given to us and the Books
and Records examined by us in the normal course of Audit and to the
best of our knowledge and belief, we state as under:
a) The Company does not have any fixed assets, so this clause is not
applicable to this company. However there is Capital Work in Progress
amounting to Rs. 26,32,368/-.
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 taken nor granted any loan, secured or
unsecured, or advance in nature of loan from /to parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Hence, the question of reporting other information does not arise.
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 and Fixed Assets 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 in the register maintained under that section.
f) The Company has not accepted any deposit from Public
g) In our 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 regular 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 Authority, as far as applicable.
j) The Company has not incurred cash loss during the financial year or
in the immediately preceding 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
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 Chit Fund. Nidhi or Mutual Benefit Fund/ Society.
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) According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, we report that
no funds raised on short-term baste have been used for long term
lnvestment by the Company during the year.
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 reported during the year under report.
For Rajesh Kumar Gokal Chandra & Associates
Dated: 28.05.2009 (Rajesh Kumar Agarwal)
Membership No: 058769
PAN : ADAPA3265G