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Kuber Auto General Finance & Leasing Ltd.

BSE: 511762 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Kuber Auto General Finance & Leasing Ltd
NSE 05:30 | 01 Jan Kuber Auto General Finance & Leasing Ltd

Kuber Auto General Finance & Leasing Ltd. (KUBERAUTOGEN) - Auditors Report

Company auditors report

ALOK DEEPAK & CO. 288/7, Thaper Nagar CHARTERED ACCOUNTANTS Meerut- 250001 phone: 5222585, 528224 AUDITORS" REPORT To The Members, Kuber Auto General Finance & Leasing Limited, Ladies & Gentlemen, We have audited the annexed. Balance Sheet of Kuber Auto General Finance IL Leasing Limited as at 31st March, 1998 together with the profit and Loss Account of the company for the year ended on that date alongwith the Notes & schedules annexed thereto, and report that:- (a) We have obtained all the informations 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 account as required by law have been kept by the Company so far as appears from our examination of such books; (c) The Balance Sheet and the Profit and Loss Account dealt with in this report are in agreement with the books of accounts: (d) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon, and subject to the remarks as contained in Notes forming part of the accounts appearing thereon, give the information as required by the Companies Act, 1956, in the manner so required and give a true and fair view; (i) In the case of the Balance sheet, of the state of company's affairs as at 31st March,1998; and (ii) In the case of the Profit and Loss Account, of the loss of the company for the year ended 31st March, 1998. (e) As required by the Manufacturing and Other Companies (Auditor's 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 consider appropriate, and according to the informations and explanations given to us during the course of the audit , we further state that :- 1. The company has maintained proper records showing full particulars including quantitative details and situation of Fixed assets. The fixed assets of the Company are reported to have been physically verified by the management at reasonable Internals and no material discrepancies were noticed on such verification. 2. None of the fixed assets have been revalued during the year. 3. The Company does not have any stock of finished goods, spare parts and raw material. But in respect of running stock shown in the Balance Sheet, we have been informed by the management that it has conducted physical verification of such running stock at reasonable intervals. 4. In our opinion, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. 5. As we are informed, no materials discrepancies have been noticed on physical verification of stocks as compared to the book records: 6. In our opinion and on the basis of our examination of stock records, we are of the opinion that the valuation of stock is fair and proper In accordance with normally accepted accounting principles and there is no the basis deviation in the basis of valuation. 7. As per records maintained and information given by the Company, the Company has not taken any bank, secured or unsecured, from companies, firm or other parties listed in the register maintained under Section 301 of the Companies Act, 1958 and/or from the companies under the same management as defined under sub section (1B) of Section 370 of the Companies Act, 1956. 8. As per records maintained and information given by the Company, the company has granted loan, secured as well as unsecured, to Companies listed In the register maintained under Section 301 and/or to the Companies under the same management as defined under sub-Section (1B) of Section 370 of the Companies Act, 1956 and such loans, prima-facie, are, not prejudicial to the Interests of the Company. 9. As explained to us, in respect of loans and advances in the nature of loans given by the Company, the repayment of the principal amounts and interest are as per the stipulation and that the management has taken reasonable steps for the recovery of loans and interest thereon. 10. As explained to us there is an adequate internal control procedure commensurate with its size and nature of its business for the purchase of stores, raw materials including component, plant & machinery, equipment and other assets 11. The transactions of purchase of raw materials and services during the year aggregating to Rs, 50,000/- or more with the firms, companies or other parties In which directors are interested and are to be listed in the register to be maintained under Section 301 of the Companies Act,1956, have been made at prices which appears to be reasonable having regard to prevailing market. prices for such goods, materials and services. 12. As explained to us, the Company, has a regular and adequate procedure for the determination of unservicable or damaged stores, raw materials and finished goods and adequate provisions have been made in the accounts for the loss arising on the items so determined. 13. The Company is working under the guidelines for Hire Purchase & Leasing Companies as issued by Reserve Bank of india, though the Reserve Bank of India continues to classify it as a loan Company. As explained to us, the Company has represented time & again for its reclassification as a Hire Purchase & Leasing Company and has fulfilled the critaria for its classification as Hire Purchase & Leasing Company. The registration U/S 45 1.4 of The Reserve Bank of India Act, 1934 is awaited. 14. We are informed that there is no by-product or scrap. 15. As informed to us the Company has an internal audit system commensurate with the size and nature of its business, but, in our opinion, the extent of checking still requires to be strengthened. 16. The Company is not required to maintain cost records under Section 209 (1)(d) of the Companies Act,1956. 17. According to the informations and explanations given to us, there was no amounts outstanding as on 31st March 1998 in respect of undisputed income tax, wealth tax, customs duty and excise duty which were due for more than six months from the date they became payable. 18. As explained to us the Company is generally regular in depositing Provident Fund and Employees's State Insurance dues with the appropriate authority during the Year. 19. According to the informations and explanations given to us,no personal expenses of the employees or directors have been charged to revenue account other than those payable under contractual obligations or in accordance with the generally accepted business practice. 20. The Company is not a sick industrial company within the meaning of clause (O) of sub-section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. 21. The Company has maintained adequate documents and records in respect of the loans and advances disbursed on the basis of security by way of pledge of shares, debentures or other similar securities. 22. The provisions of special statute to chit fund, nidhi or mutual fund society are not applicable to the Company. 23. Proper records have been maintained by the Company, of the transactions and contracts regarding Investment in shares and timely entries have been made therein. For Alok Deepak & Co Chartered Accountants (Partner) Place: Meerut Dated: 28.07.1998