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Incap Financial Services Ltd.

BSE: 530887 Sector: Financials
NSE: N.A. ISIN Code: INE800D01019
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Incap Financial Services Ltd. (INCAPFINSERV) - Auditors Report

Company auditors report

INCAP FINANCIAL SERVICES LIMITEDANNUAL REPORT 2011-2012AUDITORS' REPORTTO,THE MEMBERS,INCAP FINANCIAL SERVICES LIMITED.We have audited the attached Balance Sheet of M/S INCAP FINANCIAL SERVICES LTD, as at 31st March, 2012, Profit & Loss A/c 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.We conducted our audit in accordance with the Auditing Standards generally accepted in India. These standards require that, we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement. An audit also 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure statement on the matters specified therein. We further report that:1. 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.2. In our opinion, the company has maintained proper record as required by law so far as it appears from our examination of the books of accounts.3. The Balance Sheet, the Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts of the Company;4. In our opinion the Balance Sheet and the Profit & Loss Account and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section [3C] of Section 211 of the Companies Act. 1956.5. On the basis of written representation received from Director and taken on record by the Board of Directors, we report that none of the Directors are disqualified from being appointed as a Director in terms of Clause (g) of sub section (1) of section 274 of the Companies Act, 1956.6. In our opinion and according to the information and explanations given to us, the said accounts read together with the notes thereon, gives the information required by the Companies Act, 1956 and in the manner as required and give a true and fair view:a. In the case of the Balance Sheet of the state of affairs of the Company as on 31st March, 2012.b. In the case of Profit & Loss Account of the Profit of the Company for the year ended on that date; and.c. In the case of Cash Flow statement, of the cash flow for the year ended on that date. For M/S. Sudhir M Desai & Co. Chartered Accountants Sd/-Place: Mumbai Sudhir M DesaiDate: 30.08.2012 Proprietor M.No. 41999ANNEXURE TO THE AUDITORS REPORT:(Statement referred to in our Report of even date on the Accounts of M/S INCAP FINANCIAL SERVICES for the year ended on 31st March, 2012).1) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed Assets.As explained to us, the fixed assets of the Company are physically verified by the management at reasonable intervals, during the year in accordance with the regular program which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.The Company has not disposed off any substantial part of its Fixed Assets during the year, so as to affect its going concern;2) As explained to us, inventories have been physically verified during the year by the Management. The intervals at which the inventories have been verified are, in our opinion reasonable in relation to the size of the Company and the nature of its business.The procedures explained to us, which are followed by the Management for physical verification of inventories, are, in our opinion reasonable and adequate in relation to the size of the Company and the nature of its business.On the basis of our examination, we are of opinion that, the company is maintaining proper records of its inventory. Discrepancies which were noticed on physical verification of inventory as compared to book records have been properly dealt with in the books of account.3) According to the information and explanations given to us, the Company has not granted any loan, Secured or Unsecured to Companies, Firms or other parties listed in the register maintained under section 301 and/or from the Companies under the same Management as defined under section 370(1B) of the Companies Act, 1956.According to the information and explanations given to us, the Company has not taken any loan, Secured or Unsecured to Companies, Firms or other parties listed in the register maintained under section 301 and/or from the Companies under the same Management as defined under section 370 (1B) of the Companies Act, 1956.4) In our opinion and according to the information and explanation 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 inventory, fixed assets and with regard to purchase of inventory, fixed assets and with regard to sale of goods and services. During the course of our audit, no major weakness in internal control has come to our notice.5) On the basis of the audit procedures performed by us, and according to the information, explanations and representations given to us, we are of the opinion that, the transactions in which directors were interested, and which were required to be entered in the register maintained under Section 301 of the Companies Act, 1956, have been so entered.In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 exceeding the value of Rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regard to market prices prevailing at that time.6) In our opinion and according to the information and explanations given to us the Company has not accepted any deposit from the public during the year as stated in the provisions of Section 58 A of the Companies Act, 1956.7) In our opinion, the Company has an internal audit system commensurate with its size and nature of its business.8) The provisions of Section 209(1)(d) of the Companies Act, 1956 are not applicable to the Company.9) According to the records of the Company, there were no undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other Statutory dues applicable to it as at 31st March, 2011 for a period of more than six months from the date they became payable.10) The Company, neither has a sum of Rs.742,837/- as accumulated losses at the end of the year, however the Company has not incurred any cash loses in the financial year under report and in the immediately preceding financial year.11) On the basis of the record examine by us and the information and explanation given to us, the company has taken loans from the scheduled bank against proper hypothecation of the property.12) As explained to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares or other securities.13) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/mutual benefit fund, Societies.14) In our opinion, and according to the information and explanations given to us, The Company has maintained proper record of the transaction and contracts of the trading and shares, securities, debentures and other investments. All the entries with respect to investments were timely entered in the books of accounts. All investments at the close of the year are generally held in the name of the Company except in a few cases where the titles to the investments are in dispute or are in the process of transfer.15) According to the information and explanations given to us, and the representations made by the management, the Company has not given any guarantee for loan taken by others from bank or financial institutions.16) According to the information and explanations given to us, the Company has not raised any new term loans during the Year from Bank.17) The Company has not made any preferential allotment of shares to the parties or Companies covered in the register maintained under section 301 of the Companies Act, 1956 during the financial year.18) The Company has not issued any debentures during the year.19) Based upon the audit procedures performed by us for expressing our opinion on these financial statements and information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the year. For M/S. Sudhir M Desai & Co. Chartered Accountants Sd/-Place: Mumbai Sudhir M DesaiDate: 30.08.2012 Proprietor M.No. 41999