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G D Trading & Agencies Ltd.

BSE: 504346 Sector: Financials
NSE: N.A. ISIN Code: INE713N01013
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G D Trading & Agencies Ltd. (GDTRADAGENCY) - Auditors Report

Company auditors report

G.D. TRADING AND AGENCIES LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT TO, THE MEMBERS OF G.D. TRADING & AGENCIES LTD. We have audited the attached Balance Sheet of G.D. TRADING & AGENCIES LTD, as at 31st March 2011 and also the Profit and Loss Account for the year ended on that date annexed thereto. 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 the 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 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 our opinion. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of . India in terms of sub-section (4-A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order, to the extent applicable to the Company. Further to our comments in the annexure referred to above, we report that: 1. We have obtained all the informations and explanations, 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 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, to the extent applicable, except for non provision of diminution in the values of long term investment amounting to Rs. 7,40,70,921/- which is not in accordance with Accounting Standard 13 on 'Accounting for Investment' (Refer Note No.B-4 of Schedule 17). 5. On the basis of the written representations received from the directors as on March 31,2011 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) we report that of sub- section (1) of section 274 of the Companies Act, 1956; 6. Subject to above in paragraph 4 above, in our opinion and to the best of our information and according to the explanations given to us, the said Accounts, read together with other Notes given in Schedule '17', 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 the Balance Sheet, of the state of affairs of the Company as at 31st March,2010 and b. in the case of the Profit and Loss Account, of the profit for the year ended on that date. For J.K. LAHOTI & CO. Chartered Accountants, FRN. 105508W (J.K. LAHOTI) PROPRITOR Membership No.16655 Place: Mumbai Date : 02/09/2011 ANNEXURE TO THE AUDITORS' REPORT (REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE) On the basis of such checks, as we considered appropriate and in terms of the information and explanations given to us, we state that: - (i)(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets; (b) As explained to us, the fixed assets have not been physically verified by the management during the year but there is a regular program, which in our opinion is reasonable having regards to the size of the company and the nature of its assets. As informed to us, no material discrepancies were noticed on such verification. (c) No substantial part of fixed assets has been disposed off during* the year. (ii)(a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. (b) According to information & explanation given to us, the procedures followed for physical verification of the inventory are, in our opinion, reasonable and adequate in relation to size of the company & nature of its business, (c) According to record produced before us for our verification, there were no material discrepancies noticed on physical verification of stocks referred to in Para 2(a) as compared to book records. (iii)(a) According to the information and explanations given to us, the Company has granted loans, secured or unsecured, to Companies, firms or other party listed in the register maintained under Section 301 of the Companies Act, 1956/The maximum amount out standing during the year out of loan granted in the previous years was Rs.2,98,94,499/- & year end balance of the loan granted is Rs.2,98,94,499/-. (b) In our opinion, the rate of interest and other terms and conditions of such loans are not, prima facie, prejudicial to the interest of the company. (c) In respect of loans and advances in the nature of loans given by the Company, wherever stipulations have been made, the parties are generally repaying the principals amounts and interest amounts where applicable; (d) There is no overdue amount in respect of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956; (e) The company has taken loan from one party covered under register maintained under section 301 of the Companies Act, 1956 .Maximum amount involve during the year was Rs.2,83,30,986/- & yearend balance of loan taken was Rs.2,83,30,986/-; (f) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from the party listed in the register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company; (g) During the year company is regular in repaying principal amount has been stipulated and has not paid any interest; (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of inventory and fixed assets and with regards to sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls; (v) According to the information and explanations given to us and based on our verification, we are of the opinion that there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 ; (vi) According to the information and explanations given to us, the Company has not accepted any deposits from the public as defined in Non-Banking Financial Companies Acceptance of Public Deposit (Reserve Bank) Directions, 1998; (vii) In our opinion, the internal audit system of the company needs to be strengthened so as to be commensurate with the size and nature of its business; (viii) The maintenance of cost records has not been prescribed by the Central Government under clause (d) of subsection (1) of section 209 of the Act; (ix) (a) For the year under review we are informed that the provisions of Employees Provident Fund and the Employees State Insurance Scheme were not applicable. The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable to it. Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same. (b) According to the informations and explanations given to us, there are no undisputed amounts payable in respect of Income Tax, Sales Tax, Custom Duty, Wealth Tax, service tax, Excise Duty and Cess, were in arrears as at 31.03.2011 for a period of more than 6 months; (c) According to the information and explanation given to us, there are no dues of sales tax, income tax, customs duty, wealth tax, excise duty and cess' which have not been deposited on account of any dispute; (x) In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and the immediately preceeding 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, bank or debenture holders; (xii) According to the informations 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; (xiii) In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company; (xiv) The company has maintained proper records with regards to its transactions and contracts in respects of investments in shares and other securities and timely entries have been made therein. All these shares and other securities have been held by the company in its own name, except to the extent of exemption granted under Section 49 of the Companies Act, 1956 and save for certain shares which are lodged for transfer or held with valid transfer forms; (xv) According to the informations and explanations given to us, the Company has not given any guarantee for loan taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company. (xvi) According to the informations and explanations given to us, the Company has not taken any term loans during the year; (xvii) According to the informations and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. (xviii) According to the informations and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956; (xix) According to the information and explanations given to us, the Company has not issued debentures; (xx) According to the information and explanations given to us, the Company has not raised money by public issues during the year; (xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For J.K. LAHOTI & CO. Chartered Accountants, FRN. 105508W (J.K. LAHOTI) PROPRIETOR Membership No.16655 Place: Mumbai Date : 02/09/2011