AUDIT COMMITTEE

The Audit Committee was constituted by our Directors, complying with Section 177 of the Companies Act, 2013 and Clause 49 of the Listing Agreement. The Audit committee consists of following members:

SL NO.
NAME OF DIRECTOR
DESIGNATION
EXECUTIVE/ INDEPENDENT
1.
Mr. Prakash C. Shah
Chairman
Independent Director
2.
Mr. Kamlesh R. Dhanopia
Member
Independent Director
3.
Mr. Vinod S. Shah
Member
Independent Director

The terms of reference of the Remuneration Committee are as follows:

1. Overseeing our Company’s financial reporting process and disclosure of its financial information;

2. Recommending to the Board the appointment, re-appointment and replacement of the statutory auditor and the fixation of audit fee;

3. Approval of payments to the statutory auditors for any other services rendered by them;

4. Reviewing, with the management, the annual financial statements before submission to the Board for approval, with particular reference to:

i. Matters required to be included in the Director’s Responsibility Statement to be included in the Board’s report in terms of clause (2AA) of section 217 of the Companies Act, 1956;

ii. Changes, if any, in accounting policies and practices and reasons for the same;

iii. Major accounting entries involving estimates based on the exercise of judgment by management;

iv. Significant adjustments made in the financial statements arising out of audit findings;

v. Compliance with listing and other legal requirements relating to financial statements;

vi. Disclosure of any related party transactions; and

vii. Qualifications in the draft audit report;

5. Reviewing, with the management, the quarterly, half-yearly and annual financial statements before submission to the Board for approval;

6. Reviewing, with the management, the utilisation of proceeds of a public or rights issue and making appropriate recommendations to the Board to take up steps in this matter;

7. Reviewing, with the management, the performance of statutory and internal auditors and adequacy of the internal control systems;

8. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;

9. Discussion with internal auditors any significant findings and follow up there on;

10. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;

11. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

12. Reviewing the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;

13. Reviewing the functioning of the whistle blower mechanism, in case the same exists; and

14. Review of management discussion and analysis of financial condition and results of operations, statements of significant related party transactions submitted by management, management letters/letters of internal control weaknesses issued by the statutory auditors, internal audit reports relating to internal control weaknesses and the appointment, removal and terms of remuneration of the chief internal auditor.

Address :

Regd. Off. :
“MOORTI BUNGLOW”
No. 5, Ashok Nagar Co. Op. Soc. Ltd.
B/h Sundarvan - ISRO, Satelite, 
Ahmedabad - 380 015.

Phone No. :

+91 79 - 65214174
+91 79 -64502351 
+91 79 -26921542

Fax No. :

+91 79 -26921542

Email ID :

info@ihfcl.com

ihfcl@hotmail.com