1. We have audited the attached Balance Sheet of M/s Golden
Laminates Limited as at 31st March 2007 and the Profit & Loss
Account for the year ended on that date annexed thereto and Cash
Flow Statement for the year ended on that date. 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
misstatement. An audit includes examining, on test basis,
evidence supporting the amounts and disclosure 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.
3. As required by 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 hereto a statement on the matter specified in paragraph
4 & 5 of the said order.
4. Further to our comments in the Annexure referred to in
paragraph (3) above:
i. We have obtained all the information and explanation, which
to the best of our knowledge and belief were necessary for the
purpose of our audit.
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 the books and papers.
iii. The Balance Sheet and the Profit & Loss Account and the
Cash Flow Statement dealt with by the report are in agreement
with the books of accounts.
iv. In our Opinion and to the best of our information and
according to the explanation given to us, Balance Sheet and
Profit & Loss Account comply with the Accounting Standards
referred to in sub-section (3C)of Section 211 of the Companies
Act, 1956
v. On the basis of written representations received from the
directors, as on 31st March 2007 as taken on record by the Board
of Directors, We report that none of the director is
disqualified as on 31st March 2007 from being appointed as a
director in terms of clause (g) of sub section (1) 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
given 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.
In so far as it relates to the of Balance Sheet of the state of
affairs of the company as at 31st March 2007 and In so far as it
relates to Profit and Loss Account, of the Profit of the Company
for the year ended31st March, 2007
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.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of
fixed assets.
(b) A major portion of the assets has been physically verified
by the management during the period. In our opinion, the
frequency of verification is reasonable having regard to the
size of the Company and the nature of its assets. To the best
of our knowledge, no material discrepancies have been noticed on
such verification
(c) There was no disposal of a substantial part of fixed assets
during the year.
(ii) (a) The Company has conducted physical verification of
inventory at reasonable intervals during the year. Inventory in
Transit have been verified by the management with reference to
the confirmations received from them and / or subsequent receipt
of goods.
(b) In our opinion and according to the information and
explanations given to us, the procedures 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.
(c) In our opinion and according to the information and
explanations given to us, the Company is maintaining proper
records of inventory . The discrepancies noticed on verification
between the physical stocks and the books records were not
material.
(iii) (a) The Company has not granted loans to companies, firms
or other parties covered in the register maintained under
Section 301 of the Companies Act, 1956. Therefore, the
provisions of sub-clauses (a),(b), (c) and (d) of clause 4 (iii)
are not applicable to the Company. (b) The Company has taken
Unsecured Loans From companies & Other parties covered in the
register maintained under section 301 of the Companies Act 1956.
There is Only One party covered in the register maintained under
section 301 of the Companies Act 1956 .from whom the Company has
taken deposits. The maximum amount involved during the year was
4.81 Lacs and the year end balance of deposits taken from such
parties was Rs. 4.30 Lacs. The Company has not granted any loan
to any party covered in the register maintained under section
301 of the Companies Act 1956.
(c) In respect of Deposit taken from parties covered in the
register maintained under section 301 of the Companies Act,
1956. In our opinion, the rate of interest and other terms and
conditions on which deposits have been taken from parties listed
in the register maintained under section 301 of the Companies
Act, 1956 are prima facie not prejudicial to the interest of the
Company.
IV) In our opinion and according to the information and
explanations given to us, the Company has not purchased any Item
of special nature whose suitable alternative sources do not
exist for obtaining comparable quotations, there are adequate
internal control procedures commensurate with the size of the
Company and the nature of its business with regard to purchases
of inventories and fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing major weakness in such internal
controls.
(v) (a) To the best of our knowledge and belief and according to
the information and explanations given to us, we are of the
opinion that the Transaction that have been so entered into the
registered maintained under Section 301 of the Companies Act,
1956
b) In our opinion, having regard to our comments in Paragraph
(iv) above and according to the information and explanation
given to us, no transactions have been made pursuance of
contracts or arrangements required to be entered in the register
maintained under Section 301 of the Company Act 1956.
vi) The Company has not accepted any deposits from the public
during the financial year, the provision of section 58 A and 58
AA of the Companies act, 1956 and the rules framed there under
are not applicable.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our knowledge and according to the
information given to us, the Central Government has not
prescribed maintainance of cost records under section 209 (1)
(d) of the Companies Act, 1956 , for any product of the Company.
(ix) (a) According to the information and explanations given to
us and records of the company examined by us, in our opinion the
Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident fund,
Employees state insurance, Income tax, Wealth tax, Sales tax,
Customs duty, Excise duty, Service tax, Cess and other material
statutory dues applicable with the appropriate authorities. No
undisputed amounts payable in respect of aforesaid statutory
dues were in arrears, as at 31st March 2007 for a period of more
than six months from the date they became payable.
(x) The Company does not have accumulated losses. The Company
has not incurred cash losses during the financial year covered
by our audit and in the immediately preceding financial year.
(xi) In our opinion and according to the information and
explanations given to us, the Company has not defaulted in
repayment of dues to a financial institution or bank.
(xii) In our opinion and 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. Therefore , the provisions of
clause 2(xii) of the Companies (Auditors Report) Order, 2003
are not applicable to the Company.
(xiii) In our opinion, the company is not a Chit fund or a Nidhi
Mutual benefit/ society. Therefore, the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xiv) In our opinion and according to the information and
explanations given to us, the Company is not dealing in or
trading in shares, securities, debentures and other investments.
Therefore, the provisions of clause 4 (xiv) of the Companies
(Auditors Report) Order, 2003 are not applicable to the
Company.
(xv) In our opinion and 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.
(xvi) In our opinion and according to the information and
explanations given to us, the term loans have been applied for
the purpose for which they were raised.
(xvii) In our opinion and 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 basis have been used for long-term investment. No
long term funds have been used to finance short-term assets
other than temporary deployment in investments pending
application.
(xviii) According to the information and explanations given to
us, during the period covered by our audit report, the Company
has not made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301
of the Companies Act, 1956.
(xix) The Company has not issued any debenture during the year
nor there is any outstanding as on 31st March 2007 and hence we
have no-comments to offer in respect of Clause 4(xix) of the
Companies (Auditors Report) Order, 2003.
(xviii) During the year covered by our audit report, the Company
has not raised any money by way of public issue.
(xxi) To the best of our knowledge and belief and according to
the information and explanations given to us, no material fraud
on or by the Company has been noticed or reported during the
course of our audit.
For Suimii K. Sood & Co.
Chartered Accountant
Sd/-
Syroia K. Sood
Dated: 26-06-2007 Partner
Place : Panchkula M.No. 81778
