Coimbatore Lakshmi Investment & Finance Co. Ltd.की ऑडीटर रिपोर्ट

Mar 31, 2013

Report on the Financial Statements:

We have audited the accompanying financial statements of Coimbatore Lakshmi Investment and Finance Company Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements:

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to.in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility:

Our responsibility is to express an opinion on these financial statements based on our audit We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence dbout the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controlrelevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Basis of Qualified Opinion:

a) Going Concern of the company being affected, the exact Impact of which is not ascertainable.

b) Non-reconciliation of Bank accounts for the aggregate amount of difference as of 31" March 2013 being Rs.1,14,561/-, the exact Impact of which on the working results of the company is not ascertainable as the company is yet to complete the reconciliation.

c) Non-reconciliation of certain subsidiary records, the exact impact of which on the working results of the company is not ascertainable as the company is yet to complete the reconciliation.

d) Won receipt of confirmation of balances from parties, the exact impact of which on the working results of the company is not ascertainable due to non availability of information with the company.

m) Nan compliance of the Reserve Bank of India Guidelines In respect of Statutory liquidity Ratio and Capital Adequacy Ratio.

Q Non-recognition of disposal of Bangalore Branch assets, the quantum of which have not been Identified and determined by the Company.

Qualified Opinion:

In ouropinfon and to the best of our Information and according to the explanations given to us, except for the effects of the matter described in the Basis of Qualified Opinion paragraph, the financial statements give the information required by the Act In Ihe manner so required and give a true and fair view In conformity with 1he accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

b) In the case of Statement of Profit and Loss, of the loss for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on the other legal and regulatory requirements:

1, As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section .22 7 of the Act, we give in the annexure . a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) 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 those books;

c) the Balance Sheet, Statement of Profit and Lossand Cash Flow Statement dealt with by this Report are In agreement with the books Of account;

d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with Ihe Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1966;

e) on Ihe basis of written representations received from the directors as on March 31,2013, and taken on record by the Board of Directors, none Of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. ,

Annexure to Auditor''s Report to the Members of Coimbatore Lakshmi Investment and Finance Company Limited, Coimbatore.

1 The company has neither taken nor granted any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956. -

2 There are adequate internal system procedures commensurate with the size of the company - and the nature of its business, for the purchase of fixed assets and for the Services rendered. During the course of our audit, we have not observed any mdjor weaknesses in internal control.

3 We are of the opinion that the transactions that need to be entered in the register maintained u/ s 301 of the Companies Act, 1956, have been so entered.

4 The company has not accepted any deposits from public during the year. The Company law Board had passed an order dated 31.3,1999, regarding repayment of deposit and interest.

5 The company has an Internal audit system commensurate with its size and the nature of its business.

6 The company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund,'' Employees'' State Insurance, and Sales-tax. According to the information and expldnation given to us, no undisputed arrears of statutory dues were outstanding as at 31 * March, 2013 for a period of more than six months from the date they became payable.

7 The accumulated losses of the Company as at 31" March 2013 are more than fifty per cent of its net worth and the company has incurred cash losses during the financial year covered by our audit and also In the immediately preceding financial year.

8 a. The company is dealing in shares, securities and other Investments and the company has maintained proper records of transactions and contracts thereon.

b. The Company has made timely entries of the above transactions.

c. The shares, securities and other securities have been held by the company in Its own name.

9 The Company has not given any guarantee for loans taken by others from bank or financial institutions. .

10 According to the information and the explanation 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.

11 According to the information and the explanation given to us and the books and records examined by us, no fraud on or by the company has been noticed or reported during the year.

12 The other clauses of the order are not applicable to the company.

For Suri & Co.

Chartered Accountants

Firm Registration No 004283S

(Sd/-)

M. SIVARAM

Place : Coimbatore Partner

Date ; 02.12.2013 M.No. 211916

---

Mar 31, 2012

We have audited the attached Balance Sheet of Coimbatore Lakshmi Investment and Finance Company Limited, Coimbatore, as at 31st March, 2012 and also the statement of Profit and Loss for the year ended on that date annexed thereto and the 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. These 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 the management as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of subsection (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 in the Annexure referred to above, we report that:

1) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purposes of our audit.

2) 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 those books.

3) The Balance Sheet and the statement of Profit and Loss dealt with by this report are in agreement with the books of account.

4) In our opinion the Balance Sheet and statement of Profit and Loss dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

5) On the basis of the written representation received from the Directors, as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2012 from being appointed as a Director in terms of Clause (g) of Subsection (l) of Section 274 of the Companies Act, 1956.

6) In our opinion and to the best of our information, and According to the explanation given to us, the said financial statements, give the information required by the Companies Act, 1956, in the manner so required and subject to:

a) Note Number 19 regarding Non-reconciliation of Bank accounts the aggregate amount of difference as of 31st March 2012 is Rs. 1,15,750/-, the exact impact of which on the working results of the company is not ascertainable as the company is yet to complete the reconciliation.

b) Note Number 20 regarding non-reconciliation of certain subsidiary records, the exact impact of which on the working results of the company is not ascertainable as the company is yet to complete the reconciliation.

c) Note Number 25 regarding non receipt of confirmation of Balances from Parties.

d) Non compliance of the Reserve Bank of India Guidelines in respect of Statutory Liquidity Ratio and Capital Adequacy Ratio.

e) Note Number 15 regarding the non-recognition of disposal of Bangalore Branch assets, the quantum of which have not been identified and determined by the Company.

give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012

ii. In the case of the statement of Profit and Loss, of the Loss for the year ended on that date, and

iii. in the case of cash flow statement, of the cash flows for the year ended on that date.

Annexure to Auditor' Report to the Member of Coimbatore Lakshmi Investment and Finance Company Limited, Coimbatore

1. The fixed assets of the company have been written off, consequent to being obsolete.

2. The company has neither taken nor granted any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

3. There are adequate internal system procedures commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for the services rendered. During the course of our audit, we have not observed any major weaknesses in internal control

4. We are of the opinion that the transactions that need to be entered in the register maintained u/s 301 of the Companies Act, 1956, have been so entered.

5. The company has not accepted any deposits from public during the year. The Company law Board had passed an order dated 31.3.1999, regarding repayment of deposit and interest.

6. The company has an internal audit system commensurate with its size and the nature of its business.

7. The company is generally regular in depositing with the appropriate authorities undisputed statutory dues including -Provident Fund, Employees' State Insurance, and Sales-tax. According to the information and explanation given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2012 for a period of more than six months from the date they became payable.

8. The accumulated losses of the Company as at 31st March 2012 are more than fifty per cent of its net worth and the company has incurred cash losses during the financial year covered by our audit and also in the immediately preceding financial year.

9 a. The company is dealing in shares, securities and other investments and the company has maintained proper records of transactions and contracts thereon.

b. The Company has made timely entries of the above transactions.

c. The shares, securities and other securities have been held by the company in its own name.

10. The Company has not given any guarantee for loans taken by others from bank or financial institutions.

11. According to the information and the explanation 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.

12. According to the information and the explanation given to us and the books and records examined by us, no fraud on or by the company has been noticed or reported during the year.

13. The other clauses of the order are not applicable to the company.

For Suri & Co., Chartered Accountants Firm Registration No 4283S

(Sd)

M. SIVARAM Partner M. No. 211916

Place : Coimbatore Date : 30.05.2012

---

Mar 31, 2011

We have audited the attached Balance Sheet of Coimbatore Lakshmi Investment and Finance Company Limited, Coimbatore, as at 31st March, 2011 and also the Profit and Loss Account for the year ended on that date annexed thereto and the 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, These 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 the management, as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of subsection (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 in the Annexure referred to above, we report that:

1) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purposes of our audit.

2) 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 those books.

3) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account.

4) In our opinion the Balance Sheet And Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

5) On the basis of the written representation received from the Directors, as on 31 st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 st March, 2011 from being appointed as a Director in terms of Clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

6) In' our opinion and to the best of our information, and According to the explanation given to us, the said financial statements, give the information required by the Companies Act, 1956, in the manner so required and subject to :

a) Note Number 3(a) regarding Non-reconciliation of certain Bank accounts the aggregate amount of difference as of 31" March 2011 is Rs. 1,14,471/-, the exact impact of which on the working results of the company Is not ascertainable as the company is yet to complete the reconciliation.

b) Note Number 3(b) regarding non-reconciliation of certain subsidiary records, the exact impact of which on the working results of the company is not ascertainable as the company is yet to complete the reconciliation.

c) Note Number 8 regarding non receipt of confirmation of Balances from Parties.

d) Non compliance of the Reserve Bank of India Guidelines in respect of Statutory Liquidity Ratio and Capital Adequacy Ratio. give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2011

ii. In the case of the Profit and Loss Account, of the Loss for the year ended on that date, and

iii. In the case of cash flow statement, of the cash flows for the year ended on that date.

Annexure to Auditors' Report to the Members of Coimbatore Lakshmi Investment and Finance Company Limited, Coimbatore

1 The fixed assets of the company have been written off, consequent to being obsolete.

2 The company has neither taken nor granted any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956.

3 There are adequate internal system procedures commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for the services rendered. During the course of our audit, we have not observed any major weaknesses in internal control

4 We are of the opinion that the transactions that need to be entered in the register maintained u/s 301 of the Companies Act, 1956, have been so entered.

5 The company has not accepted any deposits from public during the year, The Company law Board had passed an order dated 31.3.1999, regarding repayment of deposit and interest.

6 The company has an internal audit system commensurate with its size and the nature of its business.

7 The company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Employees' State Insurance, and Sales-tax, According to the information and explanation given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable,

8 The accumulated losses of the Company as at 31st March 2011 are more than fifty per cent of its net worth and the company has incurred cash losses during the financial year covered by our audit and had not incurred cash loss in the immediately preceding financial year.

9 a. The company is dealing in shares, securities and other investments and the company has maintained proper records of transactions and contracts thereon.

b. The Company has made timely entries of the above transactions.

c. The shares, securities and other securities have been held by the company in its own name.

10 The Company has not given any guarantee for loans taken by others from bank or financial institutions.

11 According to the information and the explanation 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.

12 According to the information and the explanation given to us and the books and records examined by us, no fraud on or by the company has been noticed or reported during the year.

13. The other clauses of the order are not applicable to the company

For Suri &Co.,

Chartered Accountants Firm Registration No 4283S

(Sd) M. SIVARAM

Partner M.No. 211916

Place : Coimbatore Date : 28,05.2011 '

---

Mar 31, 2010

We have audited the attached Balance Sheet of Coimbatore Lakshmi Investment and Finance Company Limited, Coimbatore, as at 31 * March, 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto and the cash flow statement for the period 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.

We conducted our audit in accordance with auditing standards generally accepted in India. These 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 the management, as well as evaluating the over all financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of subsection (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 in the Annexure referred to above, we report that:

1) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purposes of our audit.

2) 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 those books.

3) The Balance Sheet and the Profit and Loss Account dealt with by this report are in agreement with the books of account.

4) In our opinion the Balance Sheet And Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956.

5) On the basis of the written representation received from the Directors, as on 31 * March, 2010 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 * March, 2010 from being appointed as a Director in terms of Clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956.

6) In our opinion and to the best of our information, and According to the explanation given to us, the said financial statements, give the information required by the Companies Act, 1956, in the manner so required and subject to :

a> Note Number 3(a) regarding Non-reconciliation of certain Bank accounts the aggregate amount of difference as of 31" March 2010 is Rs. 1,14,471/-, the exact impact of which on the working results of the company is not ascertainable as the company is yet to complete the reconciliation.

b) Note Number 3(b) regarding non-reconcillatlon of certain subsidiary records, the exact impact of which on the working results of the company Is not ascertainable as the company is yet to complete the reconciliation.

c) Note Number 8 regarding non receipt of confirmation of Balances from Parties.

d) Non compliance of the Reserve Bank of India Guidelines in respect of Statutory Liquidity Ratio and Capital Adequacy Ratio.

e) Note Number 2 regarding the non-recognition of disposal of Bangalore Branch assets, the quantum of which have not been Identified and determined by the Company. give a true and fair view in conformity with the accounting principles generally accepted in India:

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010

ii. In the case of the Profit and Loss Account, of the Loss for the year ended on that date, and

iii. In the case of cash flow statement, of the cash flows for the year ended on that date.

Annexure to Auditors Report to the Members of Coimbatore Lakshmi Investment and Finance Company Limited, Coimbatore.

1 The fixed assets of the company have been written off, consequent to being obsolete.

2 The company has neither taken nor granted any loans, secured or unsecured to or from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956.

3 There are adequate internal system procedures commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and for the services rendered. During the course of our audit, we have not observed any major weaknesses in internal control

4 We are of the opinion that the transactions that need to be entered in the register maintained u/s 301 of the Companies Act, 1956, have been so entered.

5 The company has not accepted any deposits from public during the year. The Company law Board had passed an order dated 31.3.1999, regarding repayment of deposit and interest.

6 The company has an internal audit system commensurate with its size and the nature of its business.

7 The company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, and Sales-tax. According to the information and explanation given to us, no undisputed arrears of statutory dues were outstanding as at 31 * March,2010 for a period of more than six months from the date they became payable.

8 The accumulated losses of the Company as at 31 * March 2010 are more than fifty per cent of its net worth and the company has incurred cash losses during the financial year covered by our audit and had not incurred cash loss in the immediately preceding financial year.

9 a. The company is dealing in shares, securities and other investments and the company has maintained proper records of transactions and contracts thereon.

b. The Company has made timely entries of the above a transactions.

c. The shares, securities and other securities have been held by the company in its own name.

10 The Company has not given any guarantee for loans taken by others from bank or financial institutions.

11 According to the information and the explanation 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.

12 According to the information and the explanation given to us and the books and records examined by us, no fraud on or by the company has been noticed or reported during the year.

13 The Company has not made any Preferential allotment during the year.

14 The other clauses of the order are not applicable to the company

For Suri &Co., Chartered Accountants Firm Registration No 4283S

(Sd) M. SIVARAM

Partner

M.No. 211916

Place : Coimbatore

Date : 20.08.2010