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Pan India Resort & Devp Ltd.

BSE: 531520 Sector: Services
NSE: N.A. ISIN Code: INE381D01010
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Pan India Resort & Devp Ltd. (PANINDIARESORT) - Auditors Report

Company auditors report

PAN INDIA RESORTS & LAND DEVELOPMENT LIMITED ANNUAL REPORT 1999-2000 AUDITORS REPORT To the Members We have audited the attached Balance Sheet of PAN INDIA RESORTS AND LAND DEVELOPMENT LIMITED as at 31st March 2000, and report that. A. We have obtained all the information & 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 the books. C. The Balance Sheet dealt with by this report is in agreement with the books of account. In our opinion, the Balance Sheet comply with the accounting standards referred to in Section 211(3C) of the Companies Act,1956 to the extent applicable. E. In our opinion and to the best of our information and according the explanations given to us, the said accounts read together with notes thereon give the information required by the Companies Act 1956, in the manner so required and give a true and fair view: (i) In the case of the Balance Sheet of the State of affairs of the company as at 31st March, 2000. (ii) In the case of the profit & loss account of the the company has not yet started its business activities hence no Profit & Loss Account has been prepared for the year ended on that date. As required by the Manufacturing and other Companies (Auditors Report) order 1988 issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks as we consider appropriate and as per the information and explanations given to us, we further report that: 1. The company has maintained proper records showing full particulars in including quantitative details and location of fixed assets. Fixed assets have been physically verified by the management during the year and no material discrepancies were found on such verification, as compared to available records. 2. None of the Fixed assets has been revalued during the year. 3. The nature of the Company's activities is such that requirements of items (iii), (iv), (v), (vi), (xi), (xii), (xiv) and (xvi) of Clause A of paragraph 4 of the Order are either nil or not applicable to the Company. 4. The Company has taken unsecured loans from Directors and Shareholders listed in the registered maintained under Section 301 of the companies Act, 1956. The terms & conditions of the said loan are not prima facie prejudicial to the interest of the company. 5. In our opinion the rate of interest and other terms and conditions on which capital advances/loans have been granted to companies, firms, or other parties listed in the registered maintained under section 301 and Companies under same management under section 370 (1B) of the Companies Act, 1956 are not prima facie prejudicial the interest of the company. 6. The Company has granted loans and advances in the nature of loans to certain parties, No stipulations have been made as regards the repayment of the loans. However interest accrued up to the date of the balance sheet has been accounted. 7. 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 nature of its business for the purchase of shares. 8. In our opinion and according to the information and explanation given to us as regards the deposit accepted by the company from public, the company has not complied with the provisions of Section 58 A of the companies Act, 1956 and the Companies (Acceptance of the Deposits) Rules, 1975. 9. The Company has not internal audit System commensurate to the size of the company. 10. We are informed that the Employees Provident Fund and Employees State Insurance Scheme are not applicable the company. 11. According to the information and explanation given to us, no amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Custom Duty and Excise Duty as at 31.3.2000 were outstanding for a period of more than six months from the date they become payable. 12. According to the information and explanation given to us, no personal expenses of Employees or Directors have been charged to revenue account, other than those payable under contractual obligation or in accordance with generally accepted business practice. 13. The Provision of the Sick Industrial Companies (Special Provision) Act,1985 are not applicable to the Company. For K. Solanki & Co. Chartered Accountant Kamlesh Solanki Proprietor Place: Ahmedabad Date : 02.08.2000