Annual Rep. 2008-09.pmd - The New India Assurance Co. Ltd.

efo v³et Fefv[³ee SM³eesjvme kebÀ. efue.The New India Assurance Co. Ltd.Estbd. 1919Certificate - Schedule CCERTIFICATE FOR THE YEAR ENDED 31 ST MARCH, 2009 AS REQUIRED BY SCHEDULE ‘C’ OFINSURANCE REGULATORY & DEVELOPMENT AUTHORITY REGULATIONS, 2002 FOR PREPARATIONOF FINANCIAL STATEMENTS AND AUDITOR’S REPORT OF INSURANCE COMPANIES IN CASE OFTHE NEW INDIA ASSURANCE COMPANY LIMITED.We certify that :1 (a) We have verified Cash balances, to the extent considered necessary, and securities related tothe Company’s Loans and Investments, subject to paragraph (b) herein mentioned below, onfollowing basis :Sr. No. Asset Nature of Verification1 Cash Physical verification, Management Certificateand Branch Auditor’s reports.2 Investments Custodians’ Certificate (RBI, HDFC Bank & SHCIL)and Management’s Certificate.3 Securities relating to loan Management’s Certificate.(b) i) No confirmations were available from custodian in respect of following :a) Investments in equity shares having book value of Rs.0.98 lakhs are under objection.b) Equity shares, and Debentures/ Bonds amounting to Rs.1.25 Lakhs, andRs.46.00 lakhs respectively for which no evidence of ownership was available.ii) The number of equity shares, preference shares, other approved securities and Debentures/Bonds actually held by Stock Holding Corporation of India Ltd. (Custodian) on behalf of theCompany are in excess of the number of equity shares, preference and Debentures/Bonds held as per the books of the Company. The book value of such excess is Rs.14.66lakhs, Rs. 3.12 lakhs, and Rs.6.67 lakhs respectively.iii) Investment in Term Loans, Loans to State Government for the purpose of Housing & FireFighting Equipments, Investments in Pass Through Certificates (PTC) and Balances onaccount of restructuring/rescheduling of debts are subject to confirmations/ reconciliations.iv) No confirmations were available in respect of foreign investments amounting to Rs.18.27lakhs.2 To the best of our information and explanations given to us, the Company has not undertaken anytrust as trustee.3 No part of the assets of Policyholders’ funds has been directly or indirectly applied in contravention ofthe provision of the Insurance Act, 1938 relating to the application and Investments of the PolicyHolders’ funds.As per our report of even dateFor SARDA & PAREEK For KARNAVAT & CO. For CHATURVEDI & SHAHChartered Accountants Chartered Accountants Chartered AccountantsNiranjan Joshi Shashikant Gupta H. P. ChaturvediPartner Partner PartnerMembership No.102789 Membership No.45629 Membership No. 33523Mumbai25th June, 200946