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Rahil Investment & Finance Ltd.

BSE: 531311 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Rahil Investment & Finance Ltd. (RAHILINVESTMENT) - Auditors Report

Company auditors report

RAHIL INVESTMENTS AND FINANCE LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT To the Shareholders of RAHIL INVESTMENTS AND FINANCIAL LIMITED AHMEDABAD on the Accounts for the year ended 30th June 2004. We have audited the attached Balance Sheet of RAHIL INVESTMENTS AND FINANCIAL LIMITED, AHMEDABAD as at 30TH JUNE 2004 and also the Profit and Loss Account 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 auditing standards generally accepted in India. Our audit includes an examination on a cost basis, of evidence supporting the amounts and disclosures in financial statements, assessing the accounting principles used and significant estimates and judgments made by the management in the preparation of financial statements and evaluating the overall financial statement presentation. We planned and performed our audit, so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements and to provide a reasonable basis for our opinion. We further report that: 1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Company Law Board in terms of Section 227 (4A) of the Companies Act, 1956, We enclosed in the Annexure a statement on the matters specified in paragraph 4 of the said order. 2. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of audit. 3. 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. 4. The Balance Sheet, Profit and Loss Account dealt with by this report are in agreement with the Books of Account. 5. In our opinion, the Balance Sheet, Profit and Loss Account dealt with by this report comply with the requirements of the Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. 6. On the basis of the written representations received from the directors and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 30th June 2004 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. 7. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, and read together with the other notes thereon, give the information required by the Companies Act, 1956 in the manner so required and also give a true and fair view, in conformity with the accounting principles generally accepted in India. a) In the case of the Balance Sheet, of the state of affairs of the Company as at 30th June 2004. b) In the case of the Profit and Loss Account, of the Profit for the year ended on that date. For, JIGAR S. SHAH & CO., CHARTERED ACCOUNTANTS. (PROPRIETOR) (M. NO. 105527) Place : AHMEDABAD. DATE : 01/11/2004 ANNEXURE REFERRED TO IN PARAGRAPH (1) OF AUDITORS REPORT TO THE SHAREHOLDERS OF BHOGILAL DEVCHAND METALS PRIVATE LIMITED, AHMEDABAD ON THE ACCOUNTS FOR THE YEAR ENDING ON 30TH JUNE 2004. 01. (a) The Company has maintained proper records showing full particulars of the fixed assets, including quantitative details and situation of fixed assets. (b) The assets of the Company has been physically verified by the management at regular intervals and there is no material discrepancies notice and the same have been properly dealt with in the books of account. (c) The Company had no disposed of any asset during the year. 02. The clauses nos. (ii), to the of said order are not applicable to the company. 03. The company has not granted or taken any loans, secured or unsecured to / from companies, firms or other parties covered in the register maintained under section 301 of the Act. If so, give the number of parties and amount involved in the transactions. 04. In our opinion and according to the information and explanation given to us, there are proper internal control procedure commensurate with the size of the company and the nature of its business for purchase of inventory, fixed assets and sales of goods. 05. During the year ,the company has not entered into transaction with the parties which needed to be entered into a register in pursuance of section 301 of the Act. 06. The company has not accepted deposits from public hence provisions of section 58A and- 58AA are not applicable. 07. The company has no system of internal audit. 08. The maintenance of cost records has is applicable to the company. 09. The followings is the arrears of outstanding statutory as at the last day of the financial year for a period of more than six months from the date they became payable: Income Tax : Rs. 578500/- Service Tax : Rs. 105429/- 10. The accumulated Losses of the company are more than fifty percent of its net worth. The company has incurred cash loss of Rs. 9964/- during the financial year covered by our audit and of Rs. 5000/- in the immediately preceding financial year. 11. According to the information and explanation given to us and on an overall examination of the balance sheet of the Company, we report that the company has defaulted payment of the loan from Indusind Bank. The bank has filed a case against the company for the same in the year 1997 in the Debt Recovery Tribunal. As per the last Balance Sheet the amount of default is Rs. 12,24,378, however no cross confirmation or statement is available for the purpose of audit. 12. The company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The clauses nos. (xiii), to the of said order are not applicable to the company. 14. According to the information and explanation given to us, no dealing or trading in shares , debentures and other investments has been made by the company during the financial year. And also there is no stock of such securities. 15. The maintenance of cost records has is applicable to the company. 16. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. 17. The company has not received any term loan during the year. 18. According to the information and explanation given to us and on an overall examination of the balance sheet of the Company , we report that the company has not raised any funds during the year either on long term or short term basis. 19. The company has trade any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act. 20. No debentures have been issued by the company and hence the question of creating securities in respect thereof does not arise, 21. During the year, the company has not raised money by public issue. 22. According to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the financial year. For, JIGAR S. SHAH & CO., CHARTERED ACCOUNTANTS (PROPRIETOR) (M. NO. 105527) Place : AHMEDABAD DATE : 01/11/2004