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Raasi Leasing Ltd.

BSE: 507823 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Raasi Leasing Ltd. (RAASILEASING) - Auditors Report

Company auditors report

RAASI LEASING LIMITED ANNUAL REPORT 2001-2002 AUDITORS' REPORT The Shareholders of RAASI LEASING LIMITED HYDERABAD We have audited the attached Balance Sheet of M/s. RAASI LEASING LIMITED as at 31st March, 2002 and also the profit and 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 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. As required by the Manufacturing and other Companies (Auditors' 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 paragraph 4 & 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 purpose 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 and 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 Sec. 211(3C) of the Companies Act, 1956. v. On the basis of written representation received from the Directors as on 31st March, 2002, and taken an record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2002 from being appointed 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 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 Balance Sheet, of the state of affairs of the company as at 31st March, 2002; AND b. In case of Profit and Loss Account, of the loss for the year ended an that date. For RAMESH & CO., CHARTERED ACCOUNTANTS Sd/- Place: Hyderabad K. RAMESH BABU Date : 02.12.2002 Partner ANNEXURE (Referred to in paragraph 1 of Report of even date) i) In our opinion, the Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. During the year all these fixed assets have been physically verified by the management at reasonable intervals and there were no material discrepancies between the book records and physical assets. ii) None of the fixed assets have been revalued during the year. iii) In our opinion, the rate of interest and the terms and conditions on which loans have been obtained from companies, firms or other parties listed in the register maintained under Sec. 301 of the companies Act, 1956 and from the companies under the same management as defined under sub- section (1B) of section 370 of the Companies Act, 1956 are not prima-facie prejudicial to the interest of the Company. iv) a) The Company has granted unsecured loans to companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act, 1956. The rate of interest and other terms and conditions of such sums are prima facie not pre-judicial to the interest of the Company. b) The Company has given loans and advances in the nature of loans to others which are repayable on demand and in some of the cases they are not repaying . In cases where they have not so paid on demand, we are of the opinion that reasonable steps have been taken by the Company for the recovery of the same. c) In respect of Lease rentals due on leased assets, and the money due on stock on hire under the hire purchase Business Transactions entered into by the Company in Ordinary Course of Business, where installments are over- due, we are of the opinion that reasonable steps have been taken by the Company for the recovery of the same. v) 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 the purchase of Plant & Machinery, Equipment and other assets and for the sale of goods. vi) The Company has taken unsecured loans from others in violation of the directives issued by fine Reserve Bank of India and provisions of section 58(A) of the Companies Act, 1956 and rules framed there under, where applicable. vii) The Company has an Internal Audit System commensurate with its size and nature of its business. viii) In our opinion and according to the information and explanations given to us there are no undisputed amounts payable in respect of Income- tax, Wealth Tax, Customs Duty and Excise Duty which are outstanding as on 31.03.2002 for a period of more than 6 months from the date become payable. ix) In our opinion and according to the information and explanations given to us, no personal expenses have been charged to the Profit and Loss Account. x) Item No. 4 (A) iii, iv, vi, xi, xii, xvii, xx and 4(D)ii, iii, iv of the said order not applicable to this Company for year under review. For RAMESH & CO., CHARTERED ACCOUNTANTS Sd/- Place: Hyderabad K. RAMESH BABU Date : 02.12.2002 Partner