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Sampark Trading & Finance Ltd.

BSE: 512419 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Sampark Trading & Finance Ltd. (SAMPARKTRDG) - Auditors Report

Company auditors report

SAMPARK TRADING AND FINANCE LIMITED ANNUAL REPORT 2008-2009 AUDITORS' REPORT To The Shareholders of M/S SAMPARK TRADING & FINANCE LIMITED MUMBAI. We have audited the attached Balance Sheet of M/S SAMPARK TRADING & FINANCE LIMITED, as at March 31, 2009 and also the Profit & Loss Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility it to express an opinion on these financial statements based on our audit. (1) 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 mis-statement. 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. (2) As required by the Companies (Auditor's Report) Order 2003 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 hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. (3) Further to our comments in the Annexure referred to in paragraph 2 above, we report that: a) We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for 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 these books; c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with the this report are in agreement with the books of account; d) In our opinion, the Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; e) in our opinion, and based on information and explanations given to us, both the directors are disqualified as on March 31,2009 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 to the best of our information and according to the explanations given to us, the said account read together with significant accounting policies and Notes on accounts 'G' and those appearing elsewhere in the accounts give, the informations 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 so far as it relates to Balance Sheet, of the state of affairs of the Company as at March, 31, 2009; (ii) In so far it relates to the Profit and Loss Account, of the Profit of the Company for the year ended on that date; and (iii) In so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. For R.K. GULATI & ASSOCIATES CHARTERED ACCOUNTANTS PLACE: NEW DELHI DATED: 26 AUG. 2009 (RAKESH GULATI) PARTNER Annexure to Auditor's Report Referred to in Paragraph 2 of our report of even date 1. The Company has no Fixed Assets. 2. The Company has neither granted nor taken any loans, Secured or Unsecured to and from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the clauses 4 (iii) (b) to (d) of the Order are not applicable. 3. 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 for the purchase of inventory, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls. 4. In respect of transactions covered under Section 301 of the Companies Act, 1956: (a) In our opinion and according to the information and explanations given to us, there are no transactions were made in pursuance of contracts or arrangements that needed to be entered into in 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, there are no transactions 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. 5,00,000/- (Rupees Five Lacs only) or more in respect of any party. 5. The Company has not accepted any deposits from the public. 6. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business. 7. We have been informed that the Central Government had not prescribed any maintenance of cost records under section 209 (1) (d) of the Companies Act 1956 in respect any product any products of the Company. 8. In respect of statutory dues: According to the records of the Company, there is a regular in depositing the undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income -Tax, Sales-Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues. The following statutory dues were outstanding as on 31st March 2009, for a period more than 6 months from the date they become payable. Nature of Dues Amount outstanding more than 6 months from the date they become payable Income Tax Rs.19,607 9. The Company has no accumulated losses at the end of financial year and has not incurred cash losses during the financial year covered by our audit and the immediately proceeding financial year. 10. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. 11. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures, and other securities. 12. In pur opinion, the Company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, clause 4 (xiii) of the Companies (Auditor's Report) Order 2003 is not applicable to the Company. 13. The Company is not dealing in or trading in shares, securities debentures and other investments. 14. The Company has not given guarantees for loans taken by others from banks or financial institutions, According to the information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima-facie pre-judicial to the interest of the Company. 15. The Company has not raised new term loans during the year and hence the outstanding at the beginning of the year were applied for the purposes for which they were raised question of commenting on the applicable there of does not arise. 16. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has not utilised from short term sources towards repayment of long-term borrowings. 17. During the year, 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. 18. The Company has not issued any debentures during the year, 19. The Company has not raised any money by way of public issue during the year. 20. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year, that causes the financial statements to be materially misstated. 21. The other provisions of the aforesaid order are not applicable in case of the company. PLACE: NEW DELHI For R.K. GULATI & ASSOCIATES DATED: 26 AUG. 2009 CHARTERED ACCOUNTANTS (RAKESH GULATI) PARTNER