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Moneycontrol.com ભારત | ઓડિટર રિપોર્ટ > Finance - Leasing & Hire Purchase > ઓડિટર રિપોર્ટ થી મોડલ ફાઈનાન્સીયલ કોર્પોરેશન - બીએસઈ: 530877, ઍનઍસઈ : N.A

મોડલ ફાઈનાન્સીયલ કોર્પોરેશન

બીએસઈ: 530877  |  ઍનઍસઈ : N.A  |  ISIN: INE166B01019  |  Finance - Leasing & Hire Purchase

શોધો મોડલ ફાઈનાન્સીયલ કોર્પોરેશન કનેક્શન
ઓડિટર રિપોર્ટ વર્ષાન્ત : Sep '01
We have audited the attached Balance Sheet of M/s.Model Financial
 Corporation Limited, as at 30th September, 2001 and also the Profit
 and Loss Account for the fifteen months period ended on that date
 annexed thereto. These financial statements are the responsibility of
 the Companys 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. Those Standards require that we plan and perform the
 audit to obtain reasonable assurance about whether the financial
 statements are free of material misstatement. An audit includes
 examining, on a test basis, evidence supporting the amounts and
 disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and singnificant estimates
 made by management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for our opinion.
 
 As required by the Manufacturing and Other Companies (Auditorss
 Report) Order, 1988 issued by the Central Government of India in terms
 of sub-section (4A) of section 227 of the Companies Act, 1956, we
 enclose a statement on the matters specified in paragraphs 4 and 5 of
 the said Order.
 
 Further to our comments in the statement referred to above, we report
 that :
 
 (i) We have obtained all the information and explanations, which to the
 best of our-knowledge and belief were necessary for the purposes of
 our audit;
 
 1. 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.
 
 2. 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 the
 books.
 
 3. The Balance Sheet and Profit and Loss Account dealt with by this
 report are in agreement with the books of account.
 
 4. In our opinion, the Balance Sheet and Profit and Loss Account dealt
 with by this report are in compliance with the Accounting Standards
 referred to in Section 211 (3C) of the Companies Act, 1956.
 
 5. On the basis of written representations from the directors, (except
 two of the Directors who have not furnished written representations)
 and taken on record by the Board of Directors, none of the other
 directors is disqualified as on September 30th, 2001, from being
 appointed as a Director under Section 274 (1) (g) of the Companies Act,
 1956.
 
 6. In our opinion and to the best of our information and according to
 the explanations given to us, and subject to :
 
 (i) Note No.4 of Schedule 19 regarding non-confirmation of balances of
 stock on hire, lease debtors and receivables under current assets.
 
 (ii) Note No.5 of Schedule 19 regarding reconciliation of balances of
 fixed deposits, recurring deposits and cash certificates which is
 reported to be in progress
 
 (iii) Note No. 6 of Schedule 19 regarding the agreement entered into by
 the Company on 15th March 2002 with Model Chit Corp Ltd (a company in
 which the directors are interested as Directors/Shareholders) for
 assignment of receivables viz hire purchase debtors, lease debtors,
 bills receivable and advances receivable effective 29 September, 2001
 in consideration of Model Chit. Corp Limited clearing the dues of the
 bondholders of the Company. The said scheme had been filed before the
 High Court of Andhra Pradesh praying for the issuance of notices to the
 shareholders and bondholders of the Company for convening a meeting for
 the approval of the scheme of arrangement under Section 391 read with
 394 of the Companies Act, 1956. The receivables in the books of the
 Company amounting to Rs. 2260.62 lacs including the erstwhile NPAs have
 been transferred to Model Chit Corp Limited.  Consequently, the
 unrealised income amounting to Rs. 582.30 lacs (including
 unrecognised/unrealised income of Rs. 104.41 lacs of previous years) on
 such erstwhile NPAs is recognised as income for the period. This has
 resulted in understatement of loss by Rs. 860.03 lacs and under
 statement of liabilities by a like amount.
 
 (iv) The Company had treated all the overdue deposits as unclaimed
 deposits and in the absence of information to the contrary we have
 relied on the explanations given by the management
 
 And read together with the schedules and 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 case of Balance Sheet of the state of affairs of the Company as
 at 30th September, 2001, and
 
 (ii) In case of Profit and Loss Account of the Loss of the Company for
 the period ended on that date.
 
 As required by the Manufacturing Other Companies (Auditors Report)
 Order, 1988, issued by the Company Law Board in terms of Section 227
 (4A) of the Companies Act, 1956, we report that :
 
 i) The Company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets. The
 fixed assets have been physically verified by the Management at
 reasonable intervals and no material discrepancies were noticed on such
 verification.
 
 ii) The Company has revalued land and buildings during the year.
 
 iii) Not applicable
 
 iv) Not applicable
 
 v) Not applicable
 
 vi) Not applicable
 
 vii) The Company has not taken any loans or advances from parties
 listed under Section 301 of the Companies Act, 1956.
 
 viii) The Company has not granted any loans secured or unsecured to
 Companies, Firms or Other Parties listed under Section 301 of Companies
 Act, 1956, other than its subsidiary. The Company has not charged any
 interest for the year in respect of loan given to its subsidiaries. In
 terms of subsection (6) to section 370 of the Companies Act, 1956, the
 provisions of section 370 are not applicable.
 
 ix) In respect of loans and advances in the nature of loans given by
 the Company reference is invited to Para No 6 (iii) of this report,
 wherein the advances on which installments/interest is not serviced by
 the borrowers/customers have also been treated as standard assets
 contrary to prudential norms
 
 x) 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 purchase of plant and machinery, equipment and other assets and for
 the sale of assets.
 
 xi) Not applicable
 
 xii) Not applicable
 
 xiii) The company held deposits from the public during the year. The
 same were in excess of the limits specified under the Non-Banking
 Financial Companies (Reserve Bank) Directions, 1998.) The company has
 not filed with the Reserve Bank of India the Annual Return on Deposits
 as on March 31, 2001, and as on 30th September 2001.
 
 xiv) Not applicable
 
 xv) The Company has an internal audit system commensurate with its size
 and nature of business.
 
 xvi) Not applicable
 
 xvii) The Company is generally regular in depositing Provident Fund and
 ESI dues with the appropriate authorities.
 
 xviii) According to the information and explanations given to us, no
 undisputed amounts payable in respect of wealth-tax, sales tax,
 customs-duty and excise-duty were outstanding as at 30.09.2001 for a
 period of more than six months from the date they became payable except
 income-tax liability of Rs.13.06 lacs.
 
 xix) According to the information and explanations given to us, no
 personal expenses of employees or directors have been charged to
 revenue account, other than these payable under contractual obligations
 or in accordance with generally accepted business practices.
 
 xx) The Company is not a sick industrial company within the meaning of
 clause (o) of sub-section (1) of Sec.3 of the Sick Industrial Companies
 (Special Provisions) Act, 1985.
 
 xxi) Special provisions relating to a finance company.
 
 1) The Company has not granted any loans and advances on the basis of
 security by way of pledge of shares.
 
 2) The provisions applicable to Chit Fund, Nidhi or Mutual Benefit
 Society are not applicable in case of this Company.
 
 3) The Company has maintained adequate records to show full particulars
 of the transactions and contracts entered into in respect of dealings
 in shares, securities and other investments. The shares, securities
 and other investments have been held by the Company in its own name.
 
 Place : Secunderabad                         For Satyanarayana & Co.,
 Date : 20.05.2002                               Chartered Accountants
 
                                                     G.Venkata Rathnam
                                                               Partner
સ્તોત્ર: રેલીગેર ટેકનોવા


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