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Lintas Mercantile Ltd.

BSE: 531510 Sector: Financials
NSE: N.A. ISIN Code: INE702D01017
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Lintas Mercantile Ltd. (LINTASMERCANT) - Auditors Report

Company auditors report

LINTAS MERCANTILE LIMITED ANNUAL REPORT 2009-2010 AUDITORS' REPORT To, The members of, LINTAS MERCANTILE LIMITED 1. We have audited the attached Balance Sheet of LINTAS MECANTILE LTD. for the year ended 31st March, 2010 and the Profit & Loss Account and the Cash Flow statement 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. 2. We conducted our audit in accc--arice with the auditing standards generally accepted in India ~-ose standards require that we plan and perform r audit to obtain reasonable assurance about whether the fira- cial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporang 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. 3. As required by the Companies ( Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) (Amendment) Order , 2004 issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956 we enclose in the Annexure a statement on the matter specified in paragraphs 4 & 5 of the said order. 4. Further, 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 purposes of our audit; (b) In our opinion, proper books of account as required by the law have been kept by the company so far as appears from our examination of the books; (c) The Balance Sheet and Profit & Loss Account dea:: with by this report are in agreement with the Books of Accou'. (d) 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. (e) On the basis of written representations received from the Directors of the company as at March 31, 2010 and taken on record by the board of directors, we report that no director is disqualified from being appointed as director of the company under clause (g) of sub- section (1) of section 274 of the Companies Act, 1956. (f) Subject to the 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 Accounting Policies and other notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true & fair view; (I) in case of the Balance Sheet, of the state of Affairs of the company as at 31st March, 2010 (II) in case of the Profit & Loss Account, of the Profit for the year ended on that date and (III) in the case of Cash Flow Statement, of the cash Flow for the year ended on that date. For DJNV & CO. Chartered Accountants Firm No. 1151454W SD/- DATE : 1st September, 2010 (Jayesh Parikh) Place: Ahmedabad Partner ANNEXURE TO THE AUDITOR'S REPORT (1)(a) In our opinion and according to the information and explanation given to us ,the company has maintained all the relevant records showing full particulars including quantitative details and situation of fixed assets. (b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification. (c) The Company has not disposed of substantial part of fixed Assets during the year. (2)(a) According to the information given to us, physical verification have been conducted at reasonable intervals during the year by the management. (b) In our opinion, the procedure of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of the business. (c) The company has maintained proper records of inventory. No material discrepancies were noticed on physical verification. (3) The company has neither granted nor taken any loans, secured or unsecured to or from parties covered in the register maintained under Section 301 of the companies Act, 1956. Accordingly, clause III (a) to (g) of the order are not applicable. (4) In our opinion and according to the information and explanation 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 the purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weaknesses has been noticed in the internal controls. (5) According to the information and explanation given to us, during the year, there were no transactions that need to be entered into the register maintained under section 301 of the Companies Act,1956. Accordingly, paragraph (v)(a) and (b) of the order, are not applicable. (6) In our opinion and according to the information and explanations given to us, the company not accepted any deposits from the public which falls within the provisions of section 58 A and 58 AA of the Companies Act, 1956, and the rules framed there under. (7) In our opinion, the company has an internal audit system commensurate with the size and nature of its business. (8) To the best of knowledge and according to the information given to us, the Central Government has not prescribed maintenance of cost record under section 209 (1)(d) of the Companies Act, 1956. (9)(a) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the company is regular in depositing undisputed statutory dues including Provident Fund, Investor education protection fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax , Service Tax, Custom duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. (b) According to information and explanation given to us, no undisputed amounts payable in respect of Income Tax, sales Tax , Excise Duty , ESI, Wealth Tax, Service Tax, Investor Education Protection Fund etc. were in arrears as at 31st March, 2009 for a period more than six months from the date they became payable. (10) The company does have accumulated losses at the end of the financial year and the company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (11) In our opinion and according to the information and explanation given to us, the company has not defaulted in repayment of dues to a financial institution / bank. (12) According to the information & explanation 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 a chit fund or a nidhi / mutual benefit fund/society. Therefor, the provision of clause 4(xiii) of the companies (Auditor's Report) order, 2003 are not applicable to the company. (14) In our opinion, proper records have been maintained of the transactions and contracts of trading in shares, securities, debentures and other investments and timely entries have been made therein. All stocks of trading shares have been held by the company except to the extent of exemption if any granted u/s 49 of the companies Act, 1956 (15) According to the information & explanations given to us, the company has not given any guarantees for the loans taken by others from banks or financial institutions (16) This clause is not applicable as the company has not raised any term loan during the year. (17) According to the information 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. (18) According to the information and explanation given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. (19) According to the information and explanations given to us, Company has not issued any debenture during the year. Hence reporting on the question of securatisation do not arise. (20) The company has not raised any fund by way of public issues during the year. (21) Based upon the audit procedures performed and on the basis of information and explanation provided by the management, we report that no fraud on or by the company has been noticed or reported during the year ended 31st March, 2009. For DJNV & CO. Chartered Accountants Firm No. 1151454W SD/- DATE : 1st September, 2010 (Jayesh Parikh) Place: Ahmedabad Partner