Mar 31, 2015
1. Report on the Financial Statements
We have audited the accompanying financial statements of ALLIED HERBALS
LIMITED (formerly known as Rajdhani Leasing & Industries Limited),
which comprise the Balance Sheet as at 31st March 2015, and the
Statement of Profit and Loss and Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
2. Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013(" the Act"), with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the company in accordance with the Accounting principles
generally accepted in India, including Accounting Standards specified
under Section 133 of the Companies Act, 2013 read with rule 7 of
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error
3. Auditor's Responsibility Our responsibility is to express an
opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act.
Those Standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
4. Emphasis of Matter
We draw attention to the following matters in the Notes to the
financial statements:
i. The company has not complied with the listing requirements of
clause 47(a) in respect of the appointment of Company Secretary to act
as Compliance Officer of the company as defined in the listing
agreement with Bombay Stock Exchange.
ii. The company has not complied with provisions of section 149(1) of
the Companies Act 2013 and the Rule 3 of Companies (Appointment and
Qualification of Directors) Rules, 2014 in respect of appointment of
women director in the company.
iii. The company has not complied with the provisions of Section 203
of the Companies Act 2013 and Rule 8 Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 in respect
appointment of key managerial personnel (CEO/MD/Manager, CS, WTD, CFO)
in the company.
iv. The company has not complied with provisions of section 177 of the
Companies Act 2013 read with Rule 6 of Companies (Meetings of Board and
its Powers) Rules, 2014 in respect of constitution of Audit committee.
v. The company has not complied with the provisions of section 149 of
the Companies Act, 2013 and Rule 4 of Companies (Appointment and
Qualification of Directors) Rules, 2014 in respect of appointment of
independent director.
vi. The company has not complied with the provisions of section 138 of
the Companies Act 2013 and the Companies (Accounts) Rules, 2014 in
respect of appointment of internal auditor. Our opinion is not
modified in respect of these matters.
5. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India, of the state of affairs of the company as at 31st March 2015 and
its "Loss" and its cash flows for the year ended on that date.
6. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent
applicable.
2. As required by section 143(3) of the Companies Act 2013, we report
that:
a) We have sought and obtained all the information 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 those
books ;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164 (2) of the Act;
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements Refer Note 2(j) to the
financial statements; and
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; and
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
1) In respect of its Fixed Assets:
(a) As per the explanation & information given to us, there are no
fixed assets in the company; hence provisions of the Clause (i) of
paragraph 3 of the order are not applicable to the company.
2) In respect of its inventories:
(a) As per the explanation & information given to us, there have been
no any stock held by the company; hence provisions of the Clause (ii)
of paragraph 3 of the order are not applicable to the company.
3) In respect of the loans, secured or unsecured, granted by the
Company to companies, firm or other parties covered in the register
maintained under section 189 of the Companies Act, 2013:
(a) As per the information and explanations provided to us, the company
has not granted any unsecured loan to any party during the year which
is covered in the register maintained under section 189 of the
companies Act, 2013. Therefore, the provisions of the Clause (iii)(a),
(iii)(b) of paragraph 3 of the order are not applicable to the company.
4) In our opinion and according to information and explanations
provided to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to expenses incurred and income earned. The
activities of the Company do not involve the purchase and sale of goods
and services. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in the internal control
system, except for the matter specified in the Para 4 "Emphasis on
Matter" of our Main Audit Report.
5) According to information and explanations provided to us, the
Company has not accepted any deposits from the public under Section 73
to 76 or any other relevant provision of the Companies Act, 2013 and
the rules made there under during the year.
6) As per information and explanations given to us, Company is not in
the business of manufacturing of any products and for the same the
Central Government has not prescribed the maintenance of cost records
under section 148 of the Companies Act, 2013. Therefore, the provisions
of the Clause (vi) of paragraph 3 of the order are not applicable to
the company.
7) In respect of statutory dues:
(a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues including
Provident Fund, Employee's State Insurance, Income Tax, Wealth Tax,
Sales tax, Customs duty, Excise duty, service tax, Cess and any other
statutory dues with the appropriate authorities. However, there has
been an amount of Rs.10,000/- in respect of Tax Deduction at source at
the end of the year which were outstanding for a period of more than
six months from the date, these became payable by the company.
(b) In respect of disputed dues:
According to information and explanations provided to us, details of
disputed Income Tax Dues of the Company are as follows: which were
outstanding for a period of more than six months from the date, these
became payable by the company.
A.Y. Nature of Dues Order Passed By Amount
(Rs.) Disputed
Authority
2007-08 Income Tax DCIT, Central
Circle-9, 85,349/- No Details
available *
Penalty u/s New Delhi
271(1)(c)
2009-10 Income Tax DCIT, Central
Circle-9, 1,24,01,610/- Hon'ble ITAT,
Delhi
Demand New Delhi dismissed the
appeal vide
order dated
27.04.2015
and as per
management
they are in
process of
filing further
appeal.
* Due to change of management during the previous financial years; the
current status of the demand of Rs.85,349/- raised by way of penalty
order u/s 271(1)(c) of the Income Tax Act,1961 is not available with
the company.
(c) According to information and explanation given to us, there were no
amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
8) As per the information and the explanations given to us, the company
does not have accumulated losses at the end of the financial year for
more than 50% of the net worth of the Company. The company has incurred
cash losses during the financial year covered by the audit for
Rs.3,57,215/- and in the immediately preceding financial year to the
tune of Rs. 1,94,652/-.
9) Based on our audit procedures and according to information and
explanations given to us, we are of the opinion that the Company has
not taken any loans from any financial institutions, banks. Therefore,
the provisions of the Clause (ix) of paragraph 3 of the order are not
applicable to the company.
10) According to information and explanations provided to us, the
company has not given any corporate guarantee for loan taken by others.
Therefore, the provisions of the Clause (x) of paragraph 3 of the order
are not applicable to the company.
11) According to the information and explanations given to us, the
company has not raised any term loans from Banks and Financial
institutions. Therefore, the provisions of the Clause (xi) of paragraph
3 of the order are not applicable to the company.
12) In our opinion and according to information and explanations given
to us, no material fraud on or by the company has been noticed or
reported during the year
For AGARWAL KAMAL KUMAR & ASSOCIATES
Chartered Accountants
Sd/-
ARUN GUPTA
(Partner)
Place : New Delhi Membership No. 511816
Date : 28.05.2015 Firm Regn No. 005931N
Mar 31, 2014
We have audited the accompanying financial statements of ALLIED HERBALS
LIMITED (formerly known as Rajdhani Leasing & Industries Limited),
which comprise the Balance Sheet as at 31'' March 2014, and the
Statement of Profit and Loss and Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
2. Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 read with the General Circular 15/2013 dated
13 September 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013. This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
3. Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers interna!
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity''s Internal control. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
4. Em phasis of Matter
i. The Company has given loans/ advances to its directors during the
year, however these balances have been squared off during the year. In
respect of these loans/ advances, the company had not taken the prior
approval of central government as is required under the provisions of
section 295 of the companies Act, 1956 and further the provisions of
section 185 of the companies Act, 2013 as notified vide commencement
notification No. 1/15/2013-CL.V dated 12/09/2013 are not complied
with.
ii. The company has not complied with the listing requirements of
clause 47(a) in respect of the appointment of Company Secretary to act
as Compliance Officer of the company as defined in the listing
agreement with Bombay Stock Exchange.
5. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i)
In the case of the Balance Sheet, of the ''stateofaflairs'' of the
Company as at March 31,2014;
(ii) In the case of the Statement of Profit and Loss Account, of the''
Loss'' for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the ''Cash Flows'' for
the year ended on that date.
6. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs
4 and 5 of the Order.
2. As required by section 227(3)oftheCompaniesActl956, wereportthat:
a) 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;
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 those
books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
e) On the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company;
ANNEXURE TO THE AUDITORS'' REPORT
Reg: ALLIED HERBALS LIMITED (formerly known as Rajdhani Leasing &
Industries Limited)
(Referred to in Paragraph 5(1) of our report of even date)
1) In respect of its Fixed Assets:
(a) As per the explanation & information given to us, there are no
fixed assets in the company; hence provisions of the Clause (i) of
paragraph 4 of the order are not applicable to the company.
2) In respect of its inventories;
(a) As per the explanation & information given to us, there have been
no any stock held by the company; hence provisions ofthe Clause (ii) of
paragraph 4 of the order are not applicable to the company.
3) In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, firm or other parties covered in the
register maintained under section 301 ofthe Companies Act, 1956;
(a) As per the information and explanations provided to us, during the
year the company has granted unsecured loan to two parties amounting to
Rs.5,37,75,000/- which are covered in the register maintained under
section 301 of the companies Act, 1956.The outstanding balance of these
parties at the end of year is NIL.
(b) In our opinion and according to the information explanation
provided to us, the aforesaid loan is interest free and terms &
conditions w.r.t these loans & advances are not prejudicial to the
interest ofthe company, except for the interest not charged thereon.
(c) In our opinion and according to the information explanation
provided to us, there is no repayment schedule as stipulated, as such
this clause cannot be commented upon.
(d) In respect of loan given by the company, the amount has been
received back by the company till the end ofthe year and therefore the
question of loan being overdue does not arise.
(e) According to information and explanation provided to us, the
Company has taken unsecured loan of Rs. 12,16,83,425/- (including
opening Balance of Rs. 20,23,425/- of three parties) from three parties
covered in the register maintained under section 301 of the Companies
Act, 1956. However, the outstanding balance at the end of the year of
two parties is Rs. 17,23,425/-
(f) In our opinion and as per information given and explanations
provided to us, the company has not paid any interest on the unsecured
joaii taken; as such it does not prima facie seem to be prejudicial to
the interest ofthe Company.
(g) According to information and explanations provided to us, the
terms of repayment have not been stipulated between the parties; as
such the same is not due for repayment.
4) In our opinion and according to information and explanations
provided to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to expenses incurred and income earned. The
activities of the Company do not involve the purchase and sale of goods
and services. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in the internal control
system.
5) (a) In our opinion and according to information and explanations
provided to us, the transactions made with each party in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 in respect of
each party made during the year, have been duly entered insuch
registers.
(b) According to the information and explanations given to us, we are
of the opinion that these transactions have been made at prices that
are reasonable having regard to the prevailing market prices at the
relevant times and the specific nature of the products of the
transactions.
6) According to information and explanations provided to us, the
Company has not accepted any deposits from the public under Section
58-A and 58AA or any other relevant provision of the Companies Act,
1956 and the rules made there under during the year.
7) In our opinion and according to information and explanations
provided to us, the company is in the process of evolving a suitable
internal audit system, commensurate with the size and the nature of its
business and it is hoped that the same will be operative and
implemented in the years to come.
8) As per information and explanations given to us, Company is not in
the business of manufacturing of any products and for the same the
Central Government has not prescribed the maintenance of cost records
under section 209(l)(d) of the Companies Act, 1956.
Therefore, the provisions of the Clause (viii) of paragraph 4 of the
order are not applicable to the company.
9) In respect of statutory dues:
(a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues i.e.,
Provident Fund, Employee''s State Insurance, Income Tax, Sales tax, Tax
deducted at source, Customs duty, Excise duty, service tax, Cess with
appropriate authorities. The companyjs generally regular in payments of
Income tax dues under various provisions of the Income Tax Act, 1961.
There is no such undisputed liability at the end of the year which were
outstanding for a period of more than six months from the date, these
became payable by the company.
(b) In respect of disputed dues:
According to information and explanations provided to us, details of
disputed Income Tax Dues of the Company are as follows:
A.Y. Nature of Dues Order Passed By Amount (Rs.) Disputed Authority
2007-08 Income Tax DCII Central 85,349/- No Details available
Penalty u/s Circle-9
271(1)(c) New Delhi
2009-10 Income Tax DCII Central 1,24,01,610/- Before Hon ble
Demand Circle-9 ITAT Delhi
New Delhi
Due to change of management during the previous financial years; the
current status of the demand of Rs.85,349/- raised by way of penalty
order u/s 271 (1 Xc) ofthe Income Tax Act, 1961 is not available with
the company.
10) As per the information and the explanations given to us, the
company does not have accumulated losses at the end of the financial
year for more than 50% of the net worth of the Company. The company has
incurred cash losses during the financial year covered by the audit for
Rs. 1,94,652/- and in the immediately preceding financial year to the
tune of Rs. 4,97,480/-.
11) Based on our audit procedures and accor ding to information and
explanations given to us, we are of the opinion that the Company has
not taken any loans from any financial institutions, banks. Therefore,
the provisions of the Clause (xi) of paragraph 4 of the order are not applicable to the company.
12) In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the company on the basis of security by way of pledge of
shares, debentures and other securities.
13) In our opinion and explanation given to us, the company is not a
chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the
provisions of the Clause (xiii) of paragraph 4 of the order are not
applicable to the company.
14) In our opinion and as per explanations given to us, the company has
not been in the business of trading of securities or debentures.
Therefore, the provisions ofthe Clause (xiv) ofparagraph 4 ofthe order
are not applicable to the company.
15) According to information and explanations provided to us, the
company has not given any corporate guarantee for loan taken by others.
Therefore, the provisions ofthe Clause (xv) of paragraph 4 ofthe order
are not applicable to the company.
16) According to the information and explanations given to us, the
company has not raised any term loans from Banks and Financial
institutions. Therefore, the provisions of the Clause (xvi) of
paragraph 4 of the order are not applicable to the company.
17) According to the information and explanations given to us and on an
overall examination we are of the opinion that no funds raised on
short-term basis that have been used for long-term investment.
18) In our opinion and according to the information provided to us, the
Company has not made any preferential allotment during the year to the
parties covered in the register maintained u/s 301 of the Companies
Act, 1956. However, the Board of Directors of the Company agreed to
issue, offer and allot, on a preferential allotment basis up to
20,00,000 (Twenty Lacs) Equity Shares of face value ofRs.10/- each for
cash at a price of Rs.85/- (including a Securities Premium of Rs.75/-
per equity shares) or any higher price as may be decided by the Board
of Directors to the person belonging to Promoter Group of the Company
by way of postal ballot held on 23"1 July, 2012. The postal ballot was
conducted on 23"'' July, 2012 and the preferential allotment was passed
by the Shareholders. Later on, it was informed by the Manager to Offer
i.e. Corporate Professionals Capital Private Ltd to Bombay Stock
Exchange that due to certain litigations of promoters, they are not in
a position togo for open offer process and the same was put on hold
till the litigation was not over.
19) According to information provided to us, the company has not
created any security in respect of any debentures as no debentures were
issued by the company. Therefore, the provisions of the Clause (xix) of
paragraph 4 of the order are not applicable to the company.
20) According to information provided to us the company has not raised
any money by public issue during the year.
21) In our opinion and according to information and explanations given
to us, no material fraud on or by the company has been
noticedorreportedduringtheyear
For AGARWAL KAMAL KUMAR & ASSOCIATES
Chartered Accountants
Sd/-
ARUN GUPTA
(Partner)
Place: New Delhi MembershipNo.511816
Date : 29.05.2014 Firm RegnNo.00593IN
Mar 31, 2012
We have audited the attached Balance Sheet of RAJDHANI LEASING AND
INDUSTRIES LIMITED as at 31st March 2012, the Profit and Loss
Statement and the Cash Flow Statement of the Company for the year ended
on that date, annexed thereto. The Financial records are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial records 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 significant 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 Companies (Auditors' Report) Order, 2003 and the
Companies (Auditors' Report)(Amendment) Order.
2004 issued by the Central Government of India in the terms of
sub-section (4A) of section 227 of the Companies Act. 1956. we enclose
in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
I. Further to our comments in the Annexure 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;
(i i) In our opinion, proper books of account as required by law have
been kept by the company so far as appears
Im our examination of those books (iii) The Balance Sheet, Profit & Loss
Statement and Cash Flow Statement dealt with by this report arc in
agreement with the books of account (i v) The Balance Sheet, Profit &
Loss Statement and Cash Flow Statement dealt with by this report comply
with the accounting standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on 3
T March, 2012 from being appointed as a director in terms of clause (g)
of sub-section (1) of section 274 of the Companies Act, 1956.
(vi) As the Central Government has not formed the necessary rules for
Levy of the Cess under Section 441 A, the - company has not made any
provision for the Levy of the Cess.
(vii) In our opinion and to the best of our information and according
to the explanations given to us. the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India: -
a) in the case of the Balance Sheet, of the 'State of Adairs' of the
Company as at 31st March, 2012 and
b) in the case of the Profit & Loss Statement, of the 'Loss' for the
year ended on that dale.
c) in the case of the Cash Flow Statement, of the 'Cash flows' for the
year ended on that date.
- ANNEXURE TO THE AUDITOR'S REPORT
Reg: RAJDHANI LEASING AND INDUSTRIES LIMITED (Referred to in Paragraph
(1) of our report of even date)
1) In respect of its Fixed Assets:
(a) As per the explanation & information given to us, there are no
Fixed Assets in the company, hence provisions of the Clause (i) of
paragraph 4 of the order are not applicable to the company.
2) In respect of its inventories: ' (a) As per the explanation &
information given to us, there have been no any stock held by the
company, hence provisions of the Clause (ii) of paragraph 4 of the
order are not applicable to the company.
3) . In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
(a) As per the information and explanations provided to us, during the
year, the company has not granted any unsecured loan to any party
covered in the register maintained under section 301 of the companies
Act 1956. Consequently, the requirements of clauses (iii) (a), (iii)
(b),(iii) (c) and (iii) (d) of paragraph 4 of the order are not
applicable.
(e) According to information and explanation provided to us, the
Company has taken unsecured loan of Rs. 7,53,425/- (including opening
Balance of Rs. 5,03,425/- of three parties) from three parties covered
in the register maintained under section 301 of the Companies Act,
1956. Balance outstanding of these three parties at the end of the year
is Rs. 7,53,425/-.
(0 In our opinion and as per information given and explanations
provided to us, the company has not paid any interest on the unsecured
loan taken; as such it does not prima facie seem to be prejudicial to
the interest of the Company.
(g) According to information and explanations provided to us, the terms
of repayment have not been stipulated between the parties; as such the
same is not due for repayment.
4) In our opinion and according to information and explanations
provided to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to expenses incurred and income earned. The
activities of the Company do not involve the purchase and sale of goods
and services. During the course of our audit we have not observed any
continuing failure to correct major weaknesses in the internal control
system.
5) (a) In our opinion and according to information and explanations
provided to us, the transactions made with each party i n pursuance of
contracts or arrangements entered in die register maintained under
section 301 of the Companies Act, 1956 in respect of each party made
during the year, have been duly entered in such registers.
(b) According to the information and explanations given to us, we are
of the opinion that these transactions have been made at prices that
are reasonable having regard to the prevailing market prices at the
relevant times and the specific nature of the products of the
transactions.
6) According to information and explanations provided to us, the
Company has not accepted any deposits from the public under Section
58-A and 58AA or any other relevant provision of the Companies Act,
1956 and the rules made there under during the year. Therefore, the
provisions of the Clause (vi) of paragraph 4 of the order are not
applicable to the company.
7) In our opinion and according to information and explanations
provided to us, the company is in the process of evolving a suitable
internal audit system, commensurate with the size and the nature of its
business and it is hoped by the management that the same will be
operative and implemented in the years to come.
X) As per information and explanations given to us, the Central
Government has not prescribed the maintenance of cost records under
section 209( 1) (d) of the Companies Act, 1956 for the
products/services manufactured/rendered by it. Therefore, the
provisions of the Clause (viii) of paragraph 4 of the order are not
applicable to the company.
9) In respect of statutory dues:
(a) According to the information and explanations given to us, the
company is regular in depositing undisputed statutory dues i.e.,
Provident Fund, Employee's State Insurance, Income Tax, Sales tax.
Tax deducted at source, Customs duty. Excise duty, service tax, Cess
with appropriate authorities. The company is generally regular in
payments of Income tax and Fringe Benefit tax dues under various
provisions of the Income Tax Act, 1961. There is no such undisputed
liability at the end of the year which were outstanding for a period of
more than six months from the date, these became payable by the
company.
(b) In respect of disputed dues:
According to information and explanations provided to us, there are no
disputed dues of Sale tax/income tax/custom tax/wealth tax /excise
duty/cess. Therefore, the provisions of the Clause (ix) of paragraph 4
of the order are not applicable to the company.
10) As per the information and the explanations given to us, the
company does not have accumulated losses at the end of the financial
year. The company has incurred cash losses during the financial year
covered by the audit for Rs. 9,64,789/- and in the immediately
preceding financial year to the tune of Rs. 1,30,080/-.
11) Based on our audit procedures and according to information and
explanations given to us, we are of the opinion that the Company has
not taken any loans from any financial institutions, banks. Therefore,
the provisions of the Clause (xi) of paragraph 4 of the, order are not
applicable to the company.
12) In our opinion and according to the explanations given to us and
based on the information available, no loans and . advances have been
granted by the company on the basis of security by way of pledge of
shares, debentures and other securities.
13) In our opinion and explanation given to us, the company is not a
chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the
provisions of the Clause (xiii) of paragraph 4 of the order are not
applicable to the company.
14) In our opinion and as per explanations given to us, the company has
hot been in the business of trading of securities or debentures.
Therefore, the provisions of the Clause (xiv) of paragraph 4 of the
order are not applicable to the company.
15) According to information and explanations provided to us, the
company has not given any corporate guarantee for loan taken by others.
Therefore, the provisions of the Clause (xv) of paragraph 4 of the
order are not applicable to the company.
16) According to the information and explanations given to us, the
company has not raised any term loans from Banks and Financial
institutions. Therefore, the provisions of the Clause (xvi) of
paragraph 4 of the order are not applicable to the company.
17) According to the information and explanations given to us and on an
overall examination we are of the opinion that no funds raised on
short-term basis that have been used for long-term investment.
18) In our opinion and according to the information provided to us, the
Company has not made any preferential allotment during the year to the
parties covered in the register maintained u/s 301 of the Companies
Act, 1956.
19) According to information provided to us, the company has not
created any security in respect of any debentures as no debentures were
issued by the company. Therefore, the provisions of the Clause (xix) of
paragraph 4 of the order are not applicable to the company.
20) According to information provided to us the company has not raised
any money by public issue.
21) In our opinion and according to information and explanations given
to us, no material fraud on or by the company has been noticed or
reported during the year
For AGARWAL KAMAL KUMAR & ASSOCIATES
Chartered Accountants
Sd/-
ARUN GUPTA
(Partner)
Place: New Delhi Membership No. 511816
Date : 03.09.2012 Firm Regn No. 005931N
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article