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Coimbatore Lakshmi Investment & Finance Co Ltd.

BSE: 511435 Sector: Financials
NSE: CLIFCO ISIN Code: N.A.
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NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Coimbatore Lakshmi Investment & Finance Co Ltd. (CLIFCO) - Auditors Report

Company auditors report

COIMBATORE LAKSHMI INVESTMENT AND FINANCE COMPANY LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To The shareholders-of Coimbatore Lakshmi Investment and Finance Company Limited. 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 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 19 regarding Non-reconciliation of Bank accounts the aggregate amount of difference as of 31' March 2012 is M, 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. For Suri & Co, Chartered Accountants Firm Registration No 4283S (Sd) M. SIVARAM Place: Coimbatore Partner Date : 30.05.2012 M. No. 211916 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/s301 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 31 * 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. 9a. 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. 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 Place: Coimbatore Partner Date : 30.05.2012 M. No. 211916

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