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KIEV Finance Ltd.

BSE: 511547 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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KIEV Finance Ltd. (KIEVFINANCE) - Auditors Report

Company auditors report

KIEV FINANCE LIMITED ANNUAL REPORT 1998-1999 AUDITORS' REPORT We have audited the attached Balance Sheet of M/s Kiev Finance Limited as at 31st March, 1999 Profit and Loss Account for the Year ended on that date annexed thereto and report that: 1. As required by the Manufacturing and Other Companies (Audited Report) Order, 1988 issued by the Company Law Board in terms of Section 227(4A) of the Companies Act, 1956. We enclose in the annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. Further to our comments in the annexure referred to in paragraphs 1 above: a) (i) We have obtained the information and explanations which is to the best of our knowledge and belief were necessary for the purpose of our audit; It is informed that with regard to the books of accounts of the Head Office, according to the management's information to transaction has been dealt during the same financial year, hence on the basis of the Directors' declearation the same opening balance are incorporated with books of account of Mumbai Branch; b) (ii) In our opinion and subject to note to the accounts para 10, books of accounts have been kept by the Company so far as appears from our examination of the books of accounts except Head Office; b) The Balance Sheet of Profit and Loss Account dealt with by this report are in agreement with the Books of Account, subject to note to the accounts para 10; c) In our opinion and to the best of our information and according to the explanations given to us, the Mumbai Branch accounts, subject to the note to the accounts para 10 and other notes appearing in the schedules and elsewhere in the accounts as also the Significant Accounting Policies in the Schedule 'L' gives the information required by the Companies Act, 1956, in the manner so required and present a true and fair view: 1. In the case of the Balance Sheet of the state of affairs as 31st March, 1999. 2. In the case of Profit and Loss Account of the Loss for the year ended on that date. For SAHALOT & CO. Chartered Accountants Place: Bhayander Rakesh Sahalot Date : 1st September, 1999 Proprietor ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF M/S KIEV FINANCE LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 1999: 1. According to the explanations given by the management the Company's branch has maintained adequate records to show full particulars, including quantitative details and situations of fixed assets, the records of Fixed Assets and situation of Fixed Assets were verified by the management itself in terms of a phased program. Further the Company has leased assets with various parties which is not confirmed by the management with regard to the physical verification of fixed assets. The same is not verified by at the time of audit. 2. None of the fixed assets of the Company have been revalued during the year. 3. Physical verification of stock of securities has been conducted by the management at reasonable intervals and no discrepancies were noticed on such verification. The procedures followed by the management for the physical verification are, in our opinion, reasonable and adequate in relation to size of the Company and the nature of its business. In our opinion, the valuation of such shares and securities is fair and proper, in accordance with the normally accepted accounting principles and is on the same basis as in the proceeding year. All shares in stock are delisted from the market. 4. The Company has not taken any loan, secured or unsecured from/to given any loans to Companies, firms or other parties listed in the Register maintained under section 301 of the companies Act, 1956 or covered by the definition of companies under the same management under section 370(IB) of the Companies Act, 1956, except its subsidiary. 5. The principal amount and interest wherever stipulated thereon in respect of loans and advance in the nature of loans given by the company to parties/employees partly have been recovered and partly are in recoverable the balance confirmation from parties/employees has not been confirmed. 6. In our opinion and in accordance with the information and explanations given to us, there are no adequate internal control. 7. As informed by the management the transaction of purchase and sale made in pursuance of contracts or arrangements, entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating during the to Rs.50000/- or more in respect of each party have been made at price which are reasonable having regard to prevailing market price. 8. In our opinion and according to the information and explanations given to us, the Company's branch has compiled with the directives issued by the Reserve Bank of India and the provisions of Section 58A of the Companies Act, 1956 and rule framed thereunder, in respect from public accepted by the company. 9. According the information and explanations given to us there are no undisputed amounts payable in respect of Income Tax, Custom Duty and Excise Duty outstanding as at 31st March, 1999 for a exceeding six months from the date they became payable. 10. The Company has no policy of authorising expenditure based on reasonable checks and balances. The policy is intended to ensure that expenses are authorised on the basis of contractual obligations are accepted business practices having regard to the Company's business needs and exigencies. In terms of these observations, we have not come across any expenses charged to Revenue Account which is, In our opinion and judgment and to the best of our knowledge and belief, could be regarded as personal expenses, nor have any such expenses been reported to us. 11. The Company is not a Sick Industrial Company within the meaning of the Sick Industrial Companies (Special Provisions) Act, 1985. 12. The Company has in shares & securities during the year. 13. AS informed to us the Company's branch has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other similar securities. 14. We are informed that the provisions of any special statue applicable to Chit funds Nidhi, or Mutual Benefit Society do not apply to the Company. 15. In our opinion and on the basis of information given to us, the services rendered by the company do not required any allocation of man- hours. 16. The bank account of Subsidiary's Company M/s Topaz Securities Limited has been forzen by Bank Authorities. 17. Other items of aforesaid Order are, in our opinion not applicable to the Company. For SAHALOT & CO. Chartered Accountants Place: Bhayander Rakesh Sahalot Date : 1st September, 1999 Proprietor