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Moneycare Finanz Ltd.

BSE: 511511 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Moneycare Finanz Ltd. (MONEYCAREFINANZ) - Auditors Report

Company auditors report

MONEYCARE FINANZ LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT MANIAN SURESH SUNDAR & VITTAL CHARTERED ACCOUNTS REPORT OF THE AUDITORS TO THE MEMBERS: We have audited the attached Balance Sheet of M/s MONEYCARE FINANZ LIMITED as at 31st March 2000, and also the annexed Profit and Loss Account of the Company for the year ended on that date annexed thereto. WE REPORT THAT: 1. As required by tare Manufacturing and Other Companies (Auditor's Report) Order, 1988, and on the basis of such checks of the books and records produced to us as we considered appropriate in the normal course of our audit and according to the information and explanations given to us and to the best of our knowledge and belief, we report that: 2. We have obtained all the information and explanations, which to the test of our knowledge and belief were necessary for the purpose of our audit; 3. In our opinion proper books of Account as required by law have been kept by the Company so far as it appears from our examination of these books; 4. The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account; 5. In our opinion the Profit & Loss Account and Balance Sheet comply with accounting standards referred to in sub section 3(c) of section 211 of the Companies Act 1956, subject to the observations referred to in para (6) below. 6. In our opinion and to the best of our information and according to the explanations given to us, subject to (a) Accounting Policy no. 6 (c) regarding accounting of dividends on receipt basis. (b) Accounting policy no. 8 regarding accounting of Gratuity and Leave Encashment on payment basis. The above accounting treatment is contrary to the mandatory accounting standard issued by the Institute of Chartered Accountants of India. 7. In our opinion and to the best of our knowledge and according to the information and explanations given to us, the said accounts together with the Schedules and notes thereon subject to the observations in para (6) above give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view; i) In the vase of the Balance Sheet of the state of affairs of the Company as at 31st March 2000 and i) In the case of Profit and Loss Account of the LOSS for the year ended on that date. ANNEXURE TO AUDITORS REPORT [ Referred to in paragraph 1 of our report of even date ] Re: MONEY CARE FINANZ LIMITED 1. The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. As explained to us these faced assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. The company has not taken loans, secured or unsecured from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act 1956, and/or under the same management as defined under subsection (1-B) of Section 307 of the Companies Act, 1956, and no interest is payable on such bans and other terms and conditions are not prima facie prejudicial to the interest of the company. 4. The Company has not granted any loans, secured or unsecured to Companies, Firms or other parties listed in the register maintained under Section 301 of the Companies Act,1956, and/or to the Companies under the same management as defined under sub-section (1-B) of Section 370 of the Companies Act, 1956 and the other terms and conditions are not prima facie prejudicial to the interest of the company. 5. There is adequate internal control procedure commensurate with the size of the Company and the nature of its business. 6. In our opinion and according to the information and explanations given to us, the transactions of sale or serve made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of Companies Act, 1956( 1 of 1956 ) as aggregating during the year to Rs. 50,000/- or more in respect of each party have been made at prices which are reasonable having regard to prevailing market pies of such sale or services. 7. The company has not accepted deposits from the public to which the provisions of Section 58A of the Companies Act, 1956 and the rules framed thereunder apply. 8. As there are no stocks held by the company, hence commenting on the procedure of physical verification of stocks followed by the management does not arise. 9. Maintenance of cost records has not been prescribed by the central Government under section 209 (1) (d) of the compares Act, 1956. 10. The company is not liable under the relevant legislature in regard to provident fund and Employees state insurance. 11. As at the last date of the financial period under consideration there are no disputed amounts payable in respect of Income-tax, wealth-tax, sales tax, customs duty, excise duty which are outstanding for a period of more than six months born flue date they became payable. 12. On the examination of the of accounts, it appears that no personal expenses have charged to revenue account. 13. The patties to whom loans, or advances in the nature of loans, have been given by the company are germs repaying the principal amounts as stipulated and also regular in the payment of. 14. Interest, where applicable and where such repayments are not received reasonable steps have bean taken fro recovery thereof. 15. The company has an adequate internal audit system commensurate with its size and nature of its business. 16. Proper records have been maintained of the transactions and contracts relating to Lading in, securities, debentures and other investments. The shares, debentures and other investments have been held by the company in its own name. 17. As explained to us, the provisions of sick industrial dies (Special Provision) Act, 1985 does not apply to the company. 18. Considering the nature of business of the company, other provisions of manufacturing and other compares (Auditor's Report) Act, 1988 are not applicable. for M/S MANIAN SURESH SUNDAR & VITTAL Chartered Accountants Sd/ P. Balasubramanyam Partner Bangalore 2nd September, 2000