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India International Marketing Centre Ltd.

BSE: 531053 Sector: Others
NSE: N.A. ISIN Code: INE506C01014
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India International Marketing Centre Ltd. (INDIAINTLMKTG) - Auditors Report

Company auditors report

INDIA INTERNATIONAL MARKETING CENTRE LIMITED ANNUAL REPORT 2007-2008 AUDITORS' REPORT TO THE MEMBERS OF INDIA INTERNATIONAL MARKETING CENTRE LIMITED FOR THE YEAR ENDED 31st MARCH, 2008 We have audited the attached Balance Sheet of INDIA INTERNATIONAL MARKETING CENTRE LIMITED as at 31st March 2008 and the Profit and Loss Account and the Cash Flow Statement of the company 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 auditing standard 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 the reasonable basis for our opinion. We report that: A) As required by the Companies (Auditors' Report) order, 2003 issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 a statement on the matters specified in paragraph 4 and 5 of the said Order is enclosed in the Annexure. B) Further to our comments in the Annexure referred to in paragraph A Above: 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary, for the purposes of our audit. 2. In our opinion, the company, as required by law, has kept proper books of account, so far, as appears from our examination of the books. 3. The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts, maintained by the company and examined by us. 4. In our opinion, the Profit and Loss Account, Balance Sheet and Cash Flow Statement dealt with by this report comply with the mandatory accounting standard referred in subsection (3c) of section 211 of the Companies Act, 1956 to the extent applicable. 5. According to the information and explanations given to us and on the basis of written representations from the Directors of the company, taken on record by the Board of Directors, 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 274of the Companies Act, 1956. 6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, subject to Notes appended thereto, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view: * In the case of the Balance sheet, of the state of affairs of the company as at 31st March, 2008; * In the case of the Profit and Loss Account, of the Loss of the Company for the year ended on that date; and * In the case of Cash Flow Statement of the cash flows of the Company for the year ended on that date. For AVS & CO. Chartered Accountants Place: Mumbai Sanjay Minda Date : 22 AUG 2008 Partner Annexure to Auditors Reports Referred to in Paragraph 'A' of the Auditors Report to the members of M/s. INDIA INTERNATIONAL MARKETING CENTRE LIMITED on the accounts for the year ended March 31, 2008: 1. a) The Company has maintained proper records showing foil particulars including quantitative details and situation of fixed assets on the basis of available information. b) As explained to us the fixed assets have been physical verified by the management during the period according to a regular programmed, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No Material discrepancies were noticed on such verification. c) In our opinion and according to the information and explanations given to us and the records maintained by the Company, no substantial part of the fixed assets has been disposed off during the year. Hence the question of reporting whether the sale of any substantial part of fixed assets has affected the going concern of the Company does not arise. 2. a) As explained to us, inventories have been physically verified by the management at regular intervals during the year; b) In our opinion, the procedures of physical verification of inventory followed the management are reasonable and adequate in relation to the size of the company and the nature of its business; c) The Company has maintained proper records of inventories. As explained to us, mere were no material discrepancies noticed on physical verification of inventory as compared to the book records. 3. a) In respect of loans, secured or unsecured, granted or taken by the Company to/from firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956; i) The Company has not granted any loans, secured or unsecured, to the companies, firms and other parties listed in the register maintained under Section 301 of the Companies Act, 1956. ii) The Company had taken interest free unsecured loan from the parties listed in the register maintained under section 301 of the companies Act, 1956. The amount involved (i.e. the maximum amount remaining due) during the year was Rs.1404323/- a sum of Rs. 1404323/- was due to these parties as at the close of the year. b) According to the information and explanation given to us, no unsecured loan was taken by the company except as mentioned in 3(ii) and the same is not prima facie prejudicial to the interest of the company. c) In our opinion and according to the information & explanation given to us the principal amount is paid as and when demanded as there is no repayment time stipulation; d) In our opinion and according to the information and explanations given to us, there are no overdue amount in respect of the transactions listed in clause (a) above. 4) In our opinion and according to the information & explanation given to us, there are adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. During the course of audit, we have no* observed any continuing failure to correct major weakness in internal procedure. 5) a) In our opinion and according to the information and explanations given to us, the transactions that needed to be entered into the Register maintained under Section 301 of the Companies Act, 1956 have been so entered; b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 aggregating during the year to Rs. 500000/-(rupees Five Lacs Only) or more in respect of any party have been made at prices which are reasonable having regard to the prevailing market prices. 6) The company has not accepted deposits from the public. 7) In our opinion, the Company had an adequate system of internal check and control commensurate with the size and nature of its business. However, no internal audit system is in operation in the Company. 8) The Central Government Has not prescribed maintenance of cost records under section 209(1)(d) of the Companies Act, 1956. 9. a) According to the records of the company, the company is generally regular in depositing with appropriate authorities undisputed statutory dues including income tax, sales tax, wealth tax, custom duty, excise duty, cess and other material undisputed statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, custom duty, cess etc. were outstanding as at March 2008, for a period of more than six months from the date of becoming payable. The provisions of ESI Act and EPF Act are not applicable to the company. b) There are no disputed statutory dues pending before any appellate authorities. 10) According to the information & explanations given to us, the company has accumulated Losses at the end of the year more than fifty percent of its net worth and it has not incurred cash losses in current financial year immediately preceding current financial year, the company has incurred cash loss. 11) In our opinion and according to the information and explanations given to its, the company has not taken any loan from financial institution or debentures. 12) According to the information's 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. 13) In our opinion the Company is not chit fund or a nidhi/mutual benefit fund/society. Therefore, clause 4(xiii) of the Companies (Auditors Report) order is not applicable to the Company. 14) According to the information and explanations given to us, the Company has not dealt or traded in shares, securities, debentures and investments. Therefore, the provisions of Clause 4(xiv) of the companies (Auditors report) Order, 2003 are not applicable to the Company. 15) According to the information's and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institution during the year. 16) According to the information and explanations given to us, the Company has not raised any term loan during the year. 17) According to the information and explanations given to us and on the basis of an overall examination of the Balance Sheet of the company, in our opinion, generally, there are no funds raised by the Company on short term basis, which have been used for long term investment and no funds raised by the company on long term basis have been used for short term basis. 18) According to the information and explanations given to us, the Company has not made any preferential allotment of shares during the year to parties and companies covered in the Registrar maintained under section 301 of the Act. 19) According to the information and explanations given to us, the Company has not issued any debentures during financial year 2007-2008 and therefore the Provisions of Clause 4(xix) of companies (Audit Report) (Amendment) order 2004 are not applicable to the Company. 20) The Company has not raised any money 'from the public during the year. Therefore the provisions of clause 4(xx) of the companies (Auditor's Report) Order 7003 are not applicable to the Company. 21) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the period covered by our audit. For AVS & CO. Chartered Accountants Place: Mumbai Sanjay Minda Date : 22 AUG 2008 Partner