SANSCO SERVICES - Annual Reports Library Services - www.sansco.

net ,/SUflflTEME

*1flEAREND

PRUDENTIAL LEASING LIMITED

V. PAREKH & ASSOCIATES

CHARTERED ACCOUNTANTS
37, HAMAM STREET. FORT, MUMBAI - 40O OOL.__ TEL. 2265 3bbb } 23MJ5 02<>4. *AX. 2265 437O E-iuail : vpa^mtnl.net.in

www.reportjunction.com

SANSCO SERVICES - Annual Reports Library Services - www.sansco.net

V. PAHEKH <& ASSOCIATES

37. HAHAU STREET. Jnd FLOOR, FORT. MUUBA1-400Ml. O>: 2650264* MMSt* 1666219 FAXi

AUDITORS* REPORT THE MEMBERS, PRUDENTIAL LEASING LIMITED, MUMBAI. 1. We have audited the attached Balance Sheet of "PRUDENTIAL LEASING LIMITED", as at 31M March, 2005 and also the Profit & Loss Account 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 this financial statement based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan & 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 amount and disclosures in the financial statement. 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. As required by the Companies (Auditor's Report) Order 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 of the said order. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: (a) r v (b) We have obtained all the information and explanations, which to the best of our "knowledge and belief were necessary for the purpose of our audit In our opinion proper books of accounts as required by law have been kept by the company, so far as appears from our examination of books. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of Accounts. In our opinion, the attached Balance Sheet and Profit & Loss Account of the Company are complying with the Accounting Standards referred in Sub-section 3 ( c ) of Section 211 of the Companies Act, 1956. On the basis of the written representations received from the Directors, and taken on record by the Board, none of the Directors are disqualified as on 31st March, 2005 from being appointed as a Director in term of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

2.

3.

4.

(c)

(d)

(e)

In our opinion and to the best of our information and according to the explanations given to us the said accounts, and Schedules annexed thereto, give the information required by the Companies Act, 1956. in the manner so required and give a true and fair view in conformit> with accounting principles generally accepted in India

www.reportjunction.com

SANSCO SERVICES - Annual Reports Library Services - www.sansco.net PRUDENTIAL LEASING LIMITED <Z004-2005)

(i)
(i i) 5.

In the case of Balance Sheet, of the state of the affaire of the bbmpany as at 31* March, 2005 and.
In the case of the Profit & Loss Account of the Loss for the year ended on that date.

As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956 and on the basis of such checks as we considered appropriate and as per the information and explanation given to us we further slate that: i. In respect of Company's Fixed Assets : a. b. The Company has maintained proper records showing full particulars including quantitative details and situations of the Fixed Assets. The Fixed assets have been physically verified by the management at reasonable interval, no material discrepancies have been noticed on such physical verification as compared to the book records. No substantial part of fixed assets has been dispose off during the previous year, which affected on the going concern status of the Company.

c. ii. iii.

The Company does not have inventories; hence, question of maintenance of proper records, their physical verification and discrepancies does not arise. In respect of loans, secured or unsecured, the Company has not taken or granted any loan during the year to or from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. In our opinion and according to the information and explanations given to us. the Company has an adequate internal control procedure commensurate with the size 01 the Company and nature of its business. On the basis of information and explanations given to us, there are no transactions made which need to be entered into register to be maintained in pursuance of section 301 of the Companies Act, 1956 in accordance with para 4(v)(a) and consequently question of reasonable price in respect of such transaction regards to the prevailing market price does not arise in accordance with para 4{yXa). The Company has not accepted any deposits from public within the meaning of Section 58 A and Section 58 AA of the Companies Act, 1956 and rules framed there under. The Company does not have any formal internal audit system. The Company is not covered under any provisions of special statute applicable to chit fund. T ic Company is not required to maintain cost accounting records under section 20" < 1) (d) of the Companies Act, 1956.

iv.

v.

vi.

vii. \iii ix.

x. According'to the information and explanations given to us in respect of statutory and -^r^z>s.ofhftr dues:
-~-^

www.reportjunction.com

SANSCO SERVICES - Annual Reports Library Services - www.sansco.net

PRUDENTIAL a. The Company is regular in depositing undisputed statutory dues including Income tax, Sales tax, Wealth tax, Cess and any other statutory dues with the appropriate authorities.
In respect of Contingent dues on account of income tax disputed by the Company and not being paid vis a vis forums where such disputes are pending are mentioned below: Nature of Dues Block Assessment Demand Amount Rs. 7,20,58,2057Year 1991-92 Forum where pending Company's application is pending before Settlement Commission.

b.

Name of Statute Income Tax

xi.

The Company has incurred loss during the year and in previous year and accumulated losses do not exceed fifty percent of its net worth. According to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank or its debenture holder. The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and/or other security. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions. To the best of our knowledge and belief and according to the information and explanations given to us, the Company has not availed any term loans during the year. The company has neither raised funds on short-term basis nor on long-term basis. The Company has not made any preferential allotment during the year. The Company has not issued any debentures and hence not required to create any security. The Company has not raised any money by public iss,ue during the year. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.
. >v_US 1
LI'D

x.

xiii.
xv xv

xvi.

xv

xviii xix. xx.

xxi.

Piit..;..

FOR AND ON BEHALF OF V. PAREKH & ASSOCIATES CHARTERED ACCOUNTANTS

MUMBAI. ^ DATED: 6 SEPTEMBER 2005.

RASESH V. PAREKH MEMBERSHIP NO. 38615

PARTNER

www.reportjunction.com

SANSCO SERVICES - Annual Reports Library Services - www.sansco.net

BALANCE SHEET AS AT 31ST MARCH, 2005 SCHEDULE RUPEES SOURCES OF FUNDS : Share Capital CURRENTYEAR RUPEES PREVIOUS YEAR RUPEES

76,030,000.00
76,030,000.00

76,030,000 :)C 76,030.000 OC

APPLICATION OF FUNDS : FIXED ASSETS Gross Block Less: Depreciation INVESTMENTS CURRENT ASSETS, LOANS & ADVANCES Cash and Bank Balances Loans and Advances Less : CURRENT LIABILITIES & PROVISIONS Current Liabilities Provision for tax NET CURRENT ASSETS Debit Balance of Profit and Loss Account 5,510.00 1.054,657.00 1,060,167.00 55,948,419.16 1,115,345.34 76,030,000.00 Notes on Accounts As per our report of even date FOR AND ON BEHALF OF V.PAREKH & ASSOCIATES CHARTERED ACCOUNTANT
/O

0.00 0.00 0.00 18,966,235.50

425.1 62. OC 403,905 OC 21.257 OC 1&..966.235-. 5C

D E

232,505.80 56,776,080.36 57,008,586.16

282.398.8: 58.191.62C.158,474.01? 9-

1,456.75: i.O: 1,05^.65 ' 0 : 2,513.411! G: 55,960.60*; 91,08'. 90\ 5: 76.030.00C.O:

FOR AND ON BEHALF OF BOARD OF DIREC" )RS C z PRUDENTIAL LEASING LIMITE'

v7
DIRECTOR Place : Mumbai Date : 6th September,2005 DIRECTOR

RASESH V.PAREKH PARTNER Place : Mumbai Date : 6th September.2005

www.reportjunction.com