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Himgiri Fincap Ltd.

BSE: 531827 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Himgiri Fincap Ltd. (HIMGIRIFINCAP) - Auditors Report

Company auditors report

HIMGIRI FINCAP LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT TO THE SHAREHOLDERS OF HIMGIRI FINCAP LIMITED We have audited the attached Balance sheet of HIMGIRI FINCAP LIMITED as at 31st March, 2002 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 these financial statements based on our audit. We conducted our audit in accordance with 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 mis-statement. 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. As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued by the Central Government of India in terms of sub- section(4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above, we report that: (i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; (ii) 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 those books; (iii) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the accounting standards referred to in sub-section(3C) of section 211 of the Companies Act, 1956; (v) On the basis of written representations received from the directors, as on 31st March, 2002, and taken on record by the Board of Directors, we report that none of the directors, is disqualified as on 31st March, 2002 from being acted as a director in terms of clause (g) of sub-section(1) of Section 274 of the Companies Act, 1956. (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to the following: The Company has not made a provision for debts amounting to Rs.44,51,692.56, the recovery of which is doubtful in nature. This has rested in understatement of loss and also the overstatement of sundry debtors In current assets. give the information required by the Companies Act, 1956, In the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet, o (the state of affairs of the Company as at 31st March, 2002; and (b) in the case of the Profit & Loss Account of the loss for the year ended on that date. for VIPAN KUMAR AGGARWAL & ASSOCIATES Chartered Accountant Place: New Delhi V.K. AGGARWAL Dated: 2nd September, 2002. Proprietor ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph 3 of our report of even date) 1. The company has maintained proper records to show full particulars including quantitative details and situation of the fixed assets. In our opinion, the frequency of verification of fixed assets by the management is reasonable, having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such physical verification. 2. None of the fixed assets have been re-valued during the year. 3. The stocks of finished goods which is in the shape of Equity Shares have been physically verified by the management during the year at reasonable intervals. In our opinion, the frequency of verification is reasonable. 4. In our opinion and according to the Information and explanations given to us, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. 5. No discrepancies were noticed on verification between the physical stocks and book records. 6. In our opinion and on the basis of our examination, the valuation of stocks is fair and proper in accordance with normally accepted accounting principles and is on the same basis as in the previous year. 7. The company has not taken any loans from companies, rums or other parties listed in the register maintained under section 301 of the Companies Act, 1956. In terms of sub-section(6) of Section 370 of the Companies Act, 1956, provision of the Section are not applicable to a company on or after 31st October, 1998. 8. According to the information and explanations given to us the company has granted Loans to Company listed in the register maintained under Section 301 of the companies Act, 1956. The rate of interest and terms & conditions of such loan are prima facie not prejudicial to the interests of the company. In terms of sub-section(6) of Section 370 of the Companies Act, 1956, provision of the Section are not applicable to a company on or after 31st October, 1998. 9. In respect of the parties to whom bans or advances in the nature of loans have been given by the Company, they are repaying the principal amounts and are also regular in payment of interest wherever stipulated. 10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of shares including other assets and with regard to the sale of shares. 11. According to the information and explanations given to us, transactions of purchase and sale of shares aggregating during the year to Rs.50,000/- or more in respect of each party, made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the companies Act, 1956, the prices paid/received for such shares are reasonable as compared to the prices of similar shares for which transactions wherever made with other parties. 12. The nature of the business of the company is such in which the company has no unserviceable or damaged stores and raw materials, so the question of determining the value of the same does not arise. 13. The company has not accepted any deposits from the public within the meaning of Section 58-A of the Companies Act, 1956 and the rules framed thereunder. 14. The nature of the business of the Company is such that does not generate any by products or scrap. Hence the question of maintenance of records for sate and disposal of such by products or scrap does not arise. 15. In our opinion, there is an adequate internal audit system commensurate with the size of the company and the nature of its business. 16. The Provisions of Section 209(1)(d) of the Companies Act, 1956 regarding maintenance of cost records are not applicable to the company. 17. The Provisions of Provident fund Act and Employee State Insurance Act are not applicable to the Company. 18. As per information and explanations given to us, there were no undisputed amounts payable in respect of Income Tax, Wealth Tax and Excise Duty which have remained outstanding as at 31 March, 2002 for a period of more than six months from the date they become payable. Sales Tax and Custom Duty is not applicable to the business of company. 19. According to the information and explanation given to us and the records examined by us, no personal expenses have been charged to Revenue Account. 20. The company is not a Sick Industrial Company within the meaning of clause (o) of section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 as amended upto date. 21. According to the informations and explanations given to us, the company is dealing in shares and securities and other instruments for which the company has maintained proper records of the transactions and contracts and timely entries have been made. 22. Other matters in para 4(D) of the said order are not applicable to the company. for VIPAN KUMAR AGGARWAL & ASSOCIATES Chartered Accountant Place: New Delhi V.K. AGGARWAL Dated: 2nd September, 2002 Proprietor