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ANNEXURE TO THE AUDITORS' REPORT
-INDIA LIMITED-
GODFREY PHILLIPS (Referred to in paragraph 3 of our report of even date)
Having regard to the nature of the Company's business/ activities/result, clauses 4 (x) and (xili) of the Companies
(Auditor's Report) Order, 2003 (hereinafter referred to as the Order) are not applicable.
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars, including quantitative details
and situation of the fixed assets.
(b )
As explained to us, the Company has a system of physical verification of fixed assets which is designed
to cover all fixed assets once in a period of three years and in accordance therewith, no physical
verification was due during the current year. In our opinion, the frequency of physical verification is
reasonable having regard to the size of the Company and the nature of its fixed assets.
(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the
fixed assets of the Company and such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) In respect of its inventory:
(a) As explained to us, the inventories were physically verified during the year by the Management at
reasonable intervals.
(b) In our opinion and according to the information and explanations given to us, the procedures of
physical verification of inventories followed by the Management were reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c)
In our opinion and according to the information and explanations given to us, the Company has
maintained proper records of its inventories and no material discrepancies were noticed on physical
verification.
(iii) In respect of loans, secured or unsecured, granted by the Company to companies, firms or other parties
covered in the Register maintained under Section 301 of the Companies Act, 1956("the Act"), according to
the information and explanations given to us:
(a) The Company has granted unsecured loan amounting to Rs. 100 lacs to a company during the year.
The maximum amount due during the year in respect of the said loan and the year-end balance is Rs.
200 lacs.
(b )
The rate of interest and other terms and conditions of such loan are, in our opinion, prima-facie, not
prejudicial to the interest of the Company.
(c)
As per the terms and conditions of the loan made no principal amount was due during the year and
receipt of interest has been as per stipulation.
According to the information and explanations given to us, the Company has not taken any loans,
secured or unsecured, from companies, firms or other parties listed in the Register maintained under
Section 301 of the Companies Act, 1956.
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Source: https://www.industrydocuments.ucsf.edu/docs/lybx0223

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