You are here » Home » Companies » Company Overview » Gallops Enterprise Ltd

Gallops Enterprise Ltd.

BSE: 531902 Sector: Financials
NSE: N.A. ISIN Code: INE755J01012
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Gallops Enterprise Ltd. (GALLOPSENTERP) - Auditors Report

Company auditors report

FICON LEASE AND FINANCE LIMITED ANNUAL REPORT 2007-2008 AUDITORS' REPORT To The Members of Ficon Lease & Finance Limited 1. We have audited the attached Balance Sheet of Ficon Lease & Finance Limited as at 31st March 2008, Profit and Loss Account and Cash Flow Statement for the year 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. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial presentation. We believe that our audit provides a reasonable basis of our opinion. 3. As required by the Companies (Auditors' Report) Order,2004 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 to the extent applicable. 4. Further to our comments in the Annexure referred to above, 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, Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of accounts. d) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in Section 211(3C) of Companies Act, 1956. e) On the basis of the written representation received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2008 from being appointed as a director in terms of, clause (g) of sub section (1) of section 274 of the Companies Act, 1956. f) In our opinion and as per the best of our information and according to the explanation 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. i) In the case of the Balance Sheet, of the state of affairs of the Company as on 31st March, 2008. ii) In the case of the Profit and Loss Account, of the Loss of the Company for the year ended on that date; and iii) In case of the Cash Flow Statement, of the cash flows for the year ended on that date. For, P. Doshi & Associates Chartered Accountants Place: Ahmedabad (Parthiv C Doshi) Date : 05-06-2008 Proprietor ANNEXURE (Annexure referred to in paragraph 3 of the our report of even date) 1) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. (b) All the assets have been physically verified by the management during the year which, in our opinion, is reasonable having regard to the size of the company and the nature of the assets. No material discrepancies were noticed on such verification. (c) During the year,, though the company has disposed off an asset, it do not constitute substantial part of its fixed assets. 2)(a) The inventory has been physically verified during the year by the management. In our opinion, frequency of verification is reasonable. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of the business. (c) The company is maintaining proper records of inventory: There were no discrepancies noticed on verification between the physical stocks and the book records. 3)(a) The company has not granted any loans secured or unsecured, to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause (iii) (b) to (iii) (d) of paragraph 4 of the Order are also not applicable to the Company for the year. (b) The Company has not taken any loans secured or unsecured, from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, clause (iii) (f) and (iii) (g) of paragraph 4 of the Order are also not applicable to the Company for the current year. 4) During the year under review, in our opinion and according to the information and explanations given to us, there are adequate internal control procedure's commensurate with size of the company and nature of its business with regard to purchase and sale of goods. There are no purchases of fixed assets during the year. Further on the basis of our examination of the books and records of the company and according to the information and explanations given to us, we have not come across any continuing failure to correct major weaknesses in internal control. 5) According to the information and explanations given to us, we are of the opinion that the particulars of all contracts or arrangements, referred to in section 301 of the Companies Act, 1956 particulars of which need to be entered in to the register maintained under section 301 of the Companies Act, 1956 have been so entered. There are no transactions exceeding the value of rupees five lacs in respect of any party during the year. 6) The company has not accepted any deposits from the public within the meaning of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. 7) The Company has no formal internal audit system. 8) The Central Government of India has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 for any of the products of the company. 9) (a) According to the information and explanation given to us and the records of the Company examined by us, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax and other material statutory dues as applicable to it. (b) According try thee information and explanation given to us and the records of the company examined by us no disputed amounts payable in respect of income tax and other material statutory dues as applicable to it were in arrears, as at 31st March 2008 for a period of moree than six moi iths from the date they become payable. 10) The accumulated losses at the end off the financial year are more than fifty per cent of its net worth and it has incurred cash losses during the !year and in the immediately preceding financial year. 11) In our opinion, provisions of clause 4(xi) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. 12) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13) In our opinion, the Company is not a chit fund or a nidhi/ mutual benefit fund / society. Therefore the provision of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company. 14) In our opinion and according to the information and explanation given to us, as regards trading in shares reasonable records regarding transaction and contracts are maintained- and as further explained timely entries have generally been made except to the extent of the exemption, if any, granted under section 49 of the Act in such records and that they have generally been held by the Company in its own name. 15) In our opinion and according to information and explanation given to us, the Company has not given any guarantees for loans taken by others from banks or financial institution during the year. 16) The Company has not taken any short term and/or long term loans except cash credit against its own fixed deposit with a bank for working capital purposes. In our opinion and according to the information and explanation given to us, on an overall basis this short-term loan was applied for the purpose for which it was obtained. 17) According to the information and explanation given to us and 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 and vice versa. 18) The Company has not made any preferential allotment of shares during the year. 19) The Company has not made any issued debentures during the year. 20) The Company has not raised any money by way of public issue during the year. 21) As per the information and explanation given to us, no material fraud on or by the Company has been noticed during the year. For, P. Doshi & Associates Chartered Accountants Place: Ahmedabad (Parthiv C Doshi) Date : 05-06-2008 Proprietor