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Sanchna Trading & Finance Ltd.

BSE: 512125 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Sanchna Trading & Finance Ltd. (SANCHNATRADING) - Auditors Report

Company auditors report

SANCHNA TARDING AND FINANCE LIMITED ANNUAL REPORT 2006-2007 AUDITORS' REPORT TO THE MEMBERS OF SANCHNA TRADING & FINANCE LIMITED 1. We have audited the attached Balance Sheet of Sanchna Trading & Financial Limited, as at 31st March, 2007 and also the Profit and Loss Account, and the cash flow statement for the year ended on that date annexed thereto in which are incorporated the accounts of transaction carried out by Portfolio Manager audited by M/s M.P. Chitale & Co., Chartered Accountant, which has been considered by us, 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 the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principle used and significant estimates made by management, as well as evaluation the overall financial statement presentation. We believe that our audit provided a reasonable basis for our opinion. 3. 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 a statement on the matter specified in paragraphs 4 and 5 of the said order. 4. Further to our comments in the Annexure referred to above, we are report that: i) 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. ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears for our examination of those books. iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. iv) 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 sub-section (3C) of section of section 211 of the companies Act, 1956. v) The audited statement of accounts and particulars of the transactions carried out to portfolio manager audited by M/s. M.P. Chitale & Co Chartered Accountants duly appointed under the relevant law have been forwarded and us and the same have relied upon and taken into consideration by us in our report. vi) On the basis of written representations received from the director as on 31st March, 2007, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2007 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. vii) In our opinion and to the best of our information and according to the explanations 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. a. In the case of the Balance sheet, of the state of affairs of the company as at 31st March, 2007. b. In the case of the profit and Loss Account, of the profit for the year ended on that date; and c. In the case of the cash Flow statement, of the case flows for the year ended on the that date. For B.L. SARDA & ASSOCIATES CHARTERED ACCOUNTANTS SD/- (S.C. MANTRI) PARTNER MEMBERSHIP NO.: 41638 PLACE: MUMBAI DATED: 4/09/2007 ANNEXURE TO THE AUDITORS` REPORT REFERRED TO IN PARAGRAPH THREE OF OUR REPORT OF EVEN DATE: (1) In our opinion and according to the information and explanations given to us, the nature of the company`s business/ activities during the year are such that clauses (ii),(iv), (viii), (xiii), (xviii), (xiv), (xix) and (xx) of CARO, 2003 are not applicable to the company. (2) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) According to the information and explanations given to us, fixed assets of the company have been physically verified by the Management at the year end which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No discrepancies were noticed on such verification. (c) During the year, no fixed assets have been disposed off by the company. 3. (a) The company had taken demand loan form a company covered in the register maintained under section 301 of the companies Act, 1956. The maximum amount involved during the year was Rs. 24,50,000 and the year-end balance of loan granted to the party was Rs. Nil. (b) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from/granted to companies listed in the register maintained under section 301 of the companies Act, 1956 are not, prima facie, prejudicial to the interest of the company. (c) The party to whom loan has been granted is regular in repaying the principal and have also been regular in the payment of interest. (d) There is no overdue amount of loans taken form or granted to companies listed in the register maintained under section 301 of the companies Act, 1956. (e) The company had taken unsecured to demand loan from two companies covered the register maintained under Section 301 on the Companies, Act, 1956. The maximum amount involved during the year was Rs. 9,55,48,068 the year end balance of loans taken from such parties was Rs. Nil. f) In our opinion, the ate of interest and other terms and condition to which unsecured loans have been taken from companies Listed in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie prejudicial interest of the company. (g) The Company has fully repaid the principal amount as and when demanded with interest. 4. (a) In our opinion and according to the information and explanations given to us, the transactions that need to the entered into the Register maintained under section 301 of the companies Act, 1956 have been so entered in the register required to be maintained under that section. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts of arrangements entered in the register maintained under section 301 of the companies Act, 1956 pertains to loans taken/granted and hence transactions having made at reasonable price is not applicable. (5) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of section 58A and 58AA of the companies Act, 1956 and the rules framed thereunder. No order has been passed by the company law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal. (6) In our opinion, the company has an internal audit system commensurate with its size and nature of its business. (7) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident Fund, Investor education and protection fund, employees` state insurance, income tax, sales tax, wealth tax, custom duty, cess and other statutory dues applicable to it. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31st March 2007 for a period of more than six months from the date they become payable. There are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute. (8) The company has neither accumulated losses as at 31st March, 2007 nor its has incurred any cash loses during the financial year ended on that date or in the immediately preceding financial year. (9) The company has not obtained any borrowings from any banks or financial institutions or by way of debentures. (10) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (11) The terms and conditions at which guarantee has been given by the Company for loans taken form financial institutions by other, are, in our opinion, not prejudicial to the interest of the Company. (12) To the best of our knowledge and belief and according to the information and explanations given to us, no term loans were obtained by the company during the year. (13) According to the cash Flow statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short-term basis have prima facie, not been used during the year for long-term investment. (14) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year. For B.L. SARDA & ASSOCIATES CHARTERED ACCOUNTANTS SD/- (S.C. MANTRI) PARTNER MEMBERSHIP NO.: 41638 PLACE: MUMBAI DATED: 04/09/2007