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Himatsingka Motor Works Ltd.

BSE: 509063 Sector: Financials
NSE: N.A. ISIN Code: INE643E01011
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Himatsingka Motor Works Ltd. (HIMATSINGMOTOR) - Auditors Report

Company auditors report

HIMATSINGKA MOTOR WORKS LIMITED ANNUAL REPORT 2004-2005 AUDITORS' REPORT TO THE MEMBERS OF HIMATSINGKA MOTOR WORKS LIMITED 1. We have audited the attached Balance Sheet of HIMATSINGKA MOTOR WORKS LIMITED, as at 31st March, 2005 and also the Profit & Loss Account of the Company for the year ended on that date annexed thereto and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the 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 misstatement. 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. 3. As required by the Companies (Auditors' Report) order, 2003 (the order) issued by the Central Government of India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 4. Further to our comments in the Annexure referred to above, & subject to, the effects of disclosures in, Notes on accounts in item no. 8(a) in respect of compliance of Prudential norms and 8(c) in respect of Provision of Gratuity (Accounting Standard-15) and provision of deferred tax Assets / Liability (Accounting Standard-22) refer note no. 8(j) of Schedule-16 forming part of statement of accounts. a) 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. 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 such books. c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the Books of Account. d) In our opinion, the Balance Sheet and Profit & Loss Account dealt with by this report comply with the Accounting Standards referred to in Sub- section (3C) of Section 211 of the Company' Act, 1956, save and except non provision of Gratuity (Accounting Standard-15) and Non-provision of deferred tax Asset / Liability (Accounting Standard-22) refer to note no.8(o) and 8(j) of Schedule-16 forming part of the Accounts. e) On the basis of written representations received from the Directors as on March 31, 2005 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on March 31, 2005 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 Accounts read together with the Notes thereon, give the information required by Companies Act, 1956, in the manner so required and give a true and a fair view in conformity with the accounting principles generally accepted in India. i) In the case of the Balance Sheet the state of affairs of the Company as at March 31, 2005, and ii) In the case of the Profit & Loss Account, the Profit of the Company for the year ended on that date. iii) In the case of cash flow statement, of the cash flow for the year ended on that date. For N. R. & ASSOCIATES Chartered Accountants Place : Guwahati N. R. CHAKRABARTY Dated the 30th July, 2005. Partner Annexure to the auditors' report [REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE] i) The Company is maintaining proper records showing full particulars including quantitative details and situation of Fixed Assets. The Fixed Assets of the Company have been physically verified by the management periodically at reasonable intervals and no material discrepancy has been noticed on such verification. ii) None of the Fixed Assets of the Company have been revalued during the year. There was no sale of Fixed Assets during the year and therefore do not affect going concern assumption. iii) In our opinion, physical verification in respect of stocks, stores and materials have been done at reasonable intervals by the management and no material discrepancies were noticed on physical verification. iv) Valuation of these stocks is on a consistent basis and represents fair and proper value of stocks held by the Company. Since the Company is in the business of Hire Purchase Financing and in the business of Trading only, hence maintenance of cost records under clause (d) of Sub-section (I) of Section 209 of the Act is not applicable. v) The Company has an adequate internal control and checking commensurate with the size of the Company and the nature of the business for purchase of inventory and Fixed Assets and for the sale of goods and no weaknesses in internal control was noticed. vi) As explained to us, there were no unserviceable and damaged stores and raw materials during the year. vii) The Company has not accepted any deposit from public during the year, falling within, the purview of Sec. 58A of the Companies Act, 1956 and the rules framed there under. viii) No loans in the nature of loans have been taken from Companies, Firms or other parties listed in the Register maintained under Sec. 301 of the Companies Act, 1956, where the rate of interest and other terms and conditions are prima facie prejudicial to the interest of the Company. ix) According to the information and explanations given to us and as shown by the Books of Account, loans in the nature of loans secured or unsecured have not been granted to Companies, Firms or the parties listed in the register maintained under Section 301 and 372A of the Companies Act, 1956 where the rate of interest and other terms and conditions are prima facie prejudicial to the interest of the Company. x) The Parties to whom Loans and Advances in the nature of Loans have been given are generally repaying the Principal amounts as stipulated and are also generally regular in payment of interest, wherever applicable and there are no overdue amounts in respect of such loans and advances. xi) Interest free advances have been given to employees who are paying the principal amount as stipulated and there are no overdue amounts in respect of such advances. xii) According to the information and explanations given to us and as shown by the books of account of the Company, there were no purchases of goods and materials and sales of goods, materials and services made in pursuance of contracts entered in the registers maintained under Sec.301 of the Companies Act, 1956 exceeding to Rs.5,00,000/- in respect of each party during the period. xiii) The Company has an adequate internal audit system commensurate with the size and nature of its business. xiv) In our opinion and as shown by the books of account, the Company has been regular in depositing Provident Fund and ESI dues with the appropriate authorities. xv) As per our information and according to the explanations given to us, there is no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty as at the end of the year for a period of more than six months from the date they became payable. xvi) In respect to Investment made in shares by the Company, proper records have been kept by the Company. All shares have been held by the Company in its own name. xvii) Investments are long-term strategic investments and the inherent value of such investment does not indicate permanent diminutions. xviii) During the course of our examination of the Books of Account examined in accordance with the generally accepted auditing practices we have not come across any personal expenses, which have been charged to Profit & Loss Account. xix) There is no amount due as on 31-03-2005 to be credited to the Investor Education and Protection Fund. xx) There is no accumulated Loss of the Company as at 31st March, 2005. xxi) Based on our audit procedures and on the information and explanations given to us by the management, the company has not defaulted in repayment of dues to any Financial Institution or Bank. xxii) During the year the Company has not issued any preferential shares or raised any money by Public Issue of Equity Shares. xxiii) Based on the Audit procedures performed and information and explanations given to us by the management no case of fraud on or by the Company has been noticed or reported during the year. xxiv) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, Debentures and other securities. As such the question of maintaining necessary records does not arise. xxv) As explained to us the Provisions of any Special Statute applicable to Chit Fund, Nidhi or Mutual Benefit Society are not applicable to the Company. xxvi) The Company is not dealing or trading in shares, securities, Debentures and other investments. As such maintenance of any such records is not applicable to the Company. xxvii) The Company has not given any guarantee for loan taken by others from Bank or Financial Institution in the Current Year. xxviii) According to information and explanations given to us the Company did not avail any Term loan. xxix) In our opinion comments on other matters specified in the order are not necessary. For N. R. & ASSOCIATES Chartered Accountants Place: Guwahati N. R. CHAKRABARTY Dated the 30th July, 2005. Partner TO THE BOARD OF DIRECTORS OF HIMATSINGKA MOTOR WORKS LIMITED FOR THE YEAR ENDED 31-03-2005 As required by the 'NBFC' Auditor's Report (Reserve Bank) Direction, 1998 issued by Reserve Bank of India in terms of Section 45 IA of the Reserve Bank of India Act, 1934 (2 of 1934), and on the basis of such checks as we considered appropriate, we hereby state that The Company had applied for registration as provided in Section 45 IA of the Reserve Bank of India Act, (2 of 1934) and the Company has been granted certificate of registration from Reserve Bank of India vide Registration No. 08-00164 dated 3rd January, 2003. We further state that: a) The Board of Directors has passed a resolution dated 30-04-2004 for non- acceptance of any public deposit. b) The Company has not accepted any Public Deposits during the relevant year. c) As per information and explanations given to us the Company has complied with the prudential norms relating to income recognition, Accounting Standards, Asset Classification and Provisioning for bad and doubtful debts as applicable to Non-Deposit taking companies. Provisions of the amounts as required under the prudential norms as stated in Note No. 8 (a) of Schedule-16 forming part of the statement of accounts. d) There was no leasing business during the relevant year. For N. R. & ASSOCIATES Chartered Accountants Place : Guwahati N. R. CHAKRABARTY Dated the 30th July, 2005. Partner