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Radico Khaitan Finance Ltd.

BSE: 511320 Sector: Financials
NSE: N.A. ISIN Code: INE146D01017
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Radico Khaitan Finance Ltd. (RADICOKHFIN) - Auditors Report

Company auditors report

RADICO KHAITAN FINANCE LIMITED ANNUAL REPORT 1999-2000 AUDITORS' REPORT The Members of RADICO KHAITAN FINANCE LTD. We have audited the attached Balance Sheet of RADICO KHAITAN FINANCE LIMITED as at 31st March, 2000 and also the annexed Profit & Loss Account for the year ended as on date and report that: - 1. 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 and on the basis of such checks as we considered appropriate and according to the information and explanation given to us, we enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order. 2. Further to our comments in annexure referred to in Paragraph 1 above, we state that:- a. 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. b. In our opinion, proper books of accounts as required by the law have been kept by the company, so far as it appears from our examination of the books and records. c. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account of the company. d. In our opinion, the Profit & Loss Account and the Balance Sheet comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956 to the extent applicable. e. In our opinion and to the best of our information and according to the explanations given to us, the said accounts subject to Note No. 5 regarding diminution in the value of investments of Rs. 9452642 resulting in overstating of investment and understating of loss for the year by same amount, read together with other notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: i) In the case of Balance Sheet of state of affairs of the Company as at 31st March, 2000 and; ii) In the case of Profit & Loss Account of the loss for the year ended on that date. For Mahesawari Mukul and Associates Chartered Accountants Place : New Delhi (MUKUL MAHESAWARI) Dated : 1st September, 2000 Partner ANNEXURE TO THE AUDITORS' REPORT (REFERRED IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE) 1. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. As explained, some of the fixed assets have been physically verified by l:he management during the year and no material discrepancies have been noticed on such verification. 2. None of the fixed assets of the company have been revalued during the year. 3. The company has taken Unsecured Loans from parties listed in the register maintained under section 301 of the Companies Act,1956. In our opinion, the terms and conditions are not prima-facie prejudicial to the interest of the company. 4. The Company has given Unsecured Loans to parties listed in the register maintained under section 301 of the Companies Act,1956. However, there is no company under the same management within the meaning under section 370(I-B) of the Companies Act,1956. In our opinion, the terms and conditions are prima-facie prejudicial to the interest of the company to the extent interest not provided. 5. We are informed by the management that the loans given by the company are repayable on demand alongwith interest and the same are realizable as and when demanded by the company. 6. 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. As explained to us, there are no transactions of purchase of raw materials and stores or sale of goods. 7. In our opinion and according to the information and explanations given to us, the company has not entered into any transactions of purchase of goods and materials and sale of goods, materials and services in pursuance of contracts or arrangement which are required to be entered in the register to be maintained under section 301 of the Companies Act,1956 and aggregating during the year to Rs. 50000 or more in respect of each party. 8. The Company has not accepted any deposit within the meaning of deposit as defined in section 58A of the Companies Act,1956 and rules framed thereunder. 9. The company did not have an Internal audit system during the year. 10. The Central Government has not prescribed maintenance of cost records under section 209(1) (d) of the Companies Act,1956. 11. Employees State Insurance Act and Provident Fund Act is not applicable at present to the company and we were informed that no dues were to be paid during the year. 12. There are no undisputed amounts payable in respect of Income Tax, Wealth tax, Sales Tax, Custom Duty & Excise Duty outstanding as at the last day of the year for a period of more than six months from the date when they become payable. 13. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue account, other than those payable under contractual obligations or in accordance with generally accepted business practices. 14. The Company not being a Sick Industrial Company within the meaning of clause (O) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 is not required to make any reference to the Board for Industrial & Financial Reconstruction under section 15 of the Act. 15. In respect of Finance and Investment activities:- a) the company has not granted any loans and advances on the basis of security by way of shares,debentures and other similar securities during the year. b) the investment held by the company is in its own name except those sent for transfer. 16. Other provisions of the aforesaid order do not appear to be applicable for the year under review. For Mahesawari Mukul and Associates Chartered Accountants Place : New Delhi (MUKUL MAHESAWARI) Dated : 1st September, 2000 Partner