RAHIL INVESTMENTS AND FINANCE LIMITED
ANNUAL REPORT 2003-2004
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.,
(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
(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
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
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
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
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
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.,
(M. NO. 105527)
Place : AHMEDABAD
DATE : 01/11/2004