VISA Steel Limited Annual Report 2007-08

Ghotaringa Minerals LimitedAUDITOR’S REPORTto the member of ghotaringa minerals limitedGhotaringa Minerals LimitedANNEXURE TO THE AUDITOR’S REPORT(Referred to in Paragraph 3 of our report of even date)1. We have audited the attached Balance Sheet ofGHOTARINGA MINERALS LIMITED as at 31 March2008, the related Profit and Loss Account and the CashFlow for the year ended on that date (hereinafter referredto as “financial statement”), all of which have beensigned under the reference to this report. These financialstatements are the responsibility of the Company’smanagement. Our responsibility is to express an opinionon these financial statements based on our audit.2. We have conducted our audit in accordance withauditing standards generally accepted in India. TheseStandards require that we plan and perform the audit toobtain reasonable assurance as to whether the financialstatements are free of any material misstatements. Anaudit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financialstatements.An audit also includes assessing the accounting principlesused and significant estimates made by the management,as well as evaluating the overall financial statementpresentation. We believe that our audit provides areasonable basis for our opinion.3. As required by the Companies (Auditor’s Report) Order,2003, as amended by the Companies (Auditor’s Report)Order, 2004, issued by the Central Government of Indiain terms of Section 227(4A) of the Companies Act, 1956of India (the ‘Act’) and on the basis of such checks as weconsidered appropriate and according to the informationand explanations given to us, we set out in ANNEXURE,a statement on matters specified in paragraph 4 and 5 ofthe said order.4. Further to our comments in the Annexure referred to inParagraph 3 above, we report that:4.1 We have obtained all the information andexplanations, which to the best of our knowledgeand belief were necessary for the purpose of ouraudit;4.2 In our opinion, proper books of accounts as requiredby the law have been kept by the Company, so faras appears from our examination of those books;4.3 The financial statements dealt with by this report arein agreement with the books of accounts.4.4 In our opinion, the financial statements dealt withby this report comply with the Accounting Standardsreferred to in Section 211(3C) of the ‘Act’.4.5 On the basis of written representations received fromthe Directors, as on 31st March, 2008 and taken asrecord by the Board of Directors, we report that noneof the Directors are disqualified as on 31st March,2008 from being appointed as a Director in terms ofclause (g) of Section 274(1) of the ‘Act’.4.6 In our opinion and to the best of our information andaccording to the explanations given to us, the saidfinancial statements together with the notes thereonand attached thereto give in the prescribed mannerthe information required by the ‘Act’, and also give,respectively, a true and fair view in conformity withthe accounting principles generally accepted inIndia.(a) In the case of Balance Sheet of the state ofaffairs of the Company as at 31 March 2008;(b) in the case of Profit and Loss Account, of theprofit for the year ended on that date; and(c) In the case of Cash Flow Statement, of theCash Flows for the year ended on that date.Place: KolkataDate : 27 May 2008For L. B. Jha & Co.Chartered Accountants(T. Mandal)PartnerMembership No.500701. (a) The Company has not granted any loans, securedor unsecured to companies, firms or other partiescovered in the Register maintained under Section301 of the ‘Act’.(b) The Company has not taken any loans, securedor unsecured, to companies, firms or other partiescovered in the Register maintained under Section301 of the ‘Act’.2. In our opinion and according to the information andexplanations given to us, there are no such contractsor arrangements, particulars of which are needed to beentered in the register maintained under Section 301 ofthe ‘Act’.3. The Company has not accepted any deposit from publicwithin the meaning of Section 58A of the Act and therules framed there under.4. The company did not have any outstanding dues to anyfinancial institution, bank or debenture holders duringthe year.5. The Company has not granted any loans and advanceson the basis of security by way of pledge of shares,debentures and other securities.6. In our opinion, and according to the information andexplanations given to us, the Company has not givenguarantee for loans taken by others from banks orfinancial institution during the year.7. The Company has not obtained any term loans.8. The Company has not raised any funds on short-termbasis.9. The Company has not made any preferential allotmentof shares to any parties and companies covered in theregister maintained under Section 301 of the ‘Act’.10. The Company is generally regular in depositingundisputed statutory dues relating to Income-tax, WealthTax, Cess and any other statutory dues as applicable tothe Company with the appropriate authorities.11. During the course of our examination of books andrecords of the Company, carried in accordance withthe generally accepted auditing practices in India andaccording to the information and explanations given tous, we have neither come across any instance of fraudon or by the Company, noticed or reported during theyear, nor have we been informed of such case by themanagement.12. The other clauses (i), (ii), (iv), (vii) to (x) , (xiii), (xiv),(xix), (xx) of paragraph 4 of the aforesaid Order are notpresently applicable to the Company for the current year,since in our opinion there are no matter which arises tobe reported in consequence to non-commencement ofthe Company’s operations.Place: KolkataDate : 27 May 2008For L. B. Jha & Co.Chartered Accountants(T. Mandal)PartnerMembership No.50070Annual Report 2007-08113