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Auditor's Report under Co.Act in case of Pvt.Ltd.Co.

This query is : Resolved 
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16 July 2011 In case of Pvt Ltd Co. being installation Stage during period under audit up to 31.03.2011,How to be reported in Statutory Auditor's report as per Co.Act particularly to CARO's Point's/clauses the following points as under:-
i) The Co. has taken unsecured Loans from Directors & their Relatives and Secured/Term Loan from Banks so far Section 301 of Co.Act is concerned
ii) As the Co is under insttallation stage whether the clause as to maintenance of Cost Accountinf Records as per section 209 (i) (d) of Co Act.is applicable or not. if yes then how to be reported as the Co is going to set up Foundary Unit.
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CA Navin Jain

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CA Navin Jain (Expert)
16 July 2011 1. company has not taken the loan from directorsand their relatives hence this para and clauses of this para is not applicable to the company.

2. During the year the company does not manufacturing any product since company is under set up, therefore this para is not applicable to the company.
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