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Samarth International Finlease Ltd.

BSE: 530485 Sector: Financials
NSE: N.A. ISIN Code: INE503C01011
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Samarth International Finlease Ltd. (SAMARTHINTL) - Auditors Report

Company auditors report

SAMARTH INTERNATIONAL FINLEASE LIMITED ANNUAL REPORT 1998-1999 AUDITORS' REPORT TO THE SHAREHOLDERS OF SAMARTH INTERNATIONAL FINLEASE LIMITED. We have audited the attached balance sheet of SAMARTH INTERNATIONAL FINLEASE LIMITED as at 31st March 1999 and the Profit & Loss account of the company for the year ended on 31-03-1999. 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, We enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order to the extent applicable to finance company. 2. Further to our comments in the annexure referred to in paragraph 1 above: (A) We have obtained all the information and explanation which to the best of our knowledge & belief were necessary for the purpose of our audit. (B) In our opinion proper books of accounts required by law have been kept by the company, so far as appears from our examination of the books. (C) The Balance sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account. (D) In our opinion the Balance Sheet and Profit & Loss account comply with the mendatory accounting standards referred to in the sub-section (3C) of section 211 of the Companies Act, 1956. (E) In our opinion and to the best of our information and according to the explanations given to us the said Accounts read with notes on accounts given the information required by the companies Act, 1956. in the manner so required and true and fair view. (i) In the case of the Balance Sheet of the state of affairs of the company as 31st March, 1999. and (ii) In the case of the Profit & Loss Account of the profit for the year ended on 31.03.1999. For, MANUBHAI A. PANCHAL & CO. Chartered Accounts. Date : 25/08/99 MANUBHAI A. PANCHAL Place: Ahmedabad Proprietor ANNEXURED TO THE AUDITOR'S REPORT (Referred to in para '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. According to the information and explanations given to us the fixed assets were physically verified by management during the year and no material discrepancies were noticed on such verification as compared to the available records. 2. None of the fixed assets have been revalued during the year. 3. According to the information and explanations given to us, the company has not taken any loans from the parties listed in register maintained U/S 301 or the companies Act, 1956. 4. The company has not granted any loans to parties listed in the register/s maintained U/S 301 and to the companies under the same management as defined under sub-section (1 B) of section 370 of the companies Act, 1956, the rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the company. 5. The parties to whom the loans have been given by the company are repaying the principal amounts as stipulated and are also regular in payment of the interest except 37 parties to whom loans amounting to Rs.1,74,60,944.67 are given. 6. In our opinion and according to the information and explanations given to us there is an adequate internal control procedure commensurate for purchase of equipments and other assets. 7. On the basis of the verification of book records we are of the opinion that the valuation of Stock-in-Trade (Trade Investments) is fair and proper in accordance with the normally accepted accounting principles. 8. The company has not accepted any deposites from the public to which the provisions of the companies Act,1956, and the rules made there under apply. 9. There is no internal Audit System During the year under review. 10. As explained to us Provisions of Provident fund and Employees State Insurance Acts are not applicable to company. 11. The company has no undisputed amount payable in respect of Income Tax, wealth Tax, Sale Tax, Custom Duty and Excise Duty which has remained outstanding as on 31st march 1998 for a period of more then six months from the day they become payable. 12. According to the information and explanations given to us, no personal expenses have been charged to revenue account. 13. The company is not 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. 14. The company has granted loans and advances on the basis of security by way of hypothecation of vehicles and other securities. and has maintained adequate documents and record. 15. We are informed that the provisions of any special statute applicable to chit funds, Nidhi or mutual benefits society do not apply to the company. 16. The company has kept adequate record of its transactions in securities, debentures and other investments and timely entries have been made therein. The securities, debentures and investment are in the name of the company or in the process of transfer in the company's name. 17. Other provisions of the said Order are not applicable to the Company. For, MANUBHAI A. PANCHAL & CO. Chartered Accounts. Date : 25/08/99 MANUBHAI A. PANCHAL Place: Ahmedabad Proprietor