SAMPARK TRADING AND FINANCE LIMITED
ANNUAL REPORT 2008-2009
The Shareholders of
M/S SAMPARK TRADING & FINANCE LIMITED
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
PLACE: NEW DELHI
DATED: 26 AUG. 2009 (RAKESH GULATI)
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
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
4. In respect of transactions covered under Section 301 of the Companies
(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
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
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
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