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Auditor Report of Rajasthan Gases Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Rajasthan Gases Limited, ('the Company') which comprise the Balance Sheet as at 31st March, 2015 and the Statement of Profit and Loss for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 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 the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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.

Auditors' 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 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 true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. 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 the section 143 of the Act (hereinafter referred to as "the Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraph 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, 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 Balance Sheet, Statement of Profit and Loss and Cash Flow Statement 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 knowledge and belief and according to the information and explanations given to us

i. The Company has disclosed the Nil impact of pending litigations as at March 31, 2015 on its financial position in its financial statements

ii. The Company has made provision as at March 31,2015 as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts. The Company has not entered in to any Derivative Contracts during the financial year.

iii. There has been no transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31, 2015.

Annexure referred to in paragraph 7 Our Report of even date to the members of Rajasthan Gases Limited on the accounts of the company for the year ended 31st March, 2015

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of our audit, we report that:

1. In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) And also in the current financial year the company has disposed of its substantial fixed asset, but as per the explanation given by the management we come to know that this will not affect the going concern of the entity.

2. In respect of its inventories: Not Applicable

3. The Company has not granted any loans, secured or unsecured, to / from companies, firms or other parties covered in the register maintained under section 189 of the Act during the year. Consequently, clauses (iii) (a) and (iii) (b) of paragraph 3 of the Order are not applicable to the Company.

4. In our opinion, and according to the information and explanations given to us, there is an internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory and fixed assets and sale of goods and services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal control system

5. The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013.

6. The Company is not required to maintain cost records pursuant to the Rules made by the Central Government for maintenance of cost records under sub-section (1) of section 148 of the Act.

7. (a) According to the information and explanations given to us and based on the records of the company examined

by us, the company is regular in depositing the undisputed statutory dues, including Provident Fund, , Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material statutory dues, as applicable, with the appropriate authorities in India ;

(b) According to the information and explanations given to us and based on the records of the company examined by us, there are no dues of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise Duty which have not been deposited on account of any disputes.

(c) There has not been an occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise.

8. The accumulated losses of the Company are not more than fifty percent of its net worth at the end of financial year. The Company has not incurred cash losses during the current year and also during immediately preceding financial year.

9. According to the records of the company examined by us and as per the information and explanations given to us, the company has not availed any loans from any financial institution or banks and has not issued debentures.

10. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from a bank or financial institution during the year.

11. In our opinion and according to the information and explanations given to us, the company has not raised any term loans during the year.

12. During the course of our examination of the books and records of the company, carried in accordance with the auditing standards generally accepted in India, we have neither come across any instance of fraud on or by the Company noticed or reported during the course of our audit nor we have been informed of any such instance by the Management.

Rakesh Jhalani

Partner

Membership No. 074142

For and Behalf of

R.K. Malpani & Associates

Place: Jaipur Chartered Accountants

Dated: 30th May, 2015. FRN. 002759C


Mar 31, 2014

1. We have audited the accompanying financial statements of Rajasthan Gases Limited, (''the Company'') which comprise the Balance Sheet as at 31st March, 2014 and the Statement of Profit and Loss for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th 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.

Auditors'' Responsibility

3. 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. 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 the internal 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 Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

(b) in the case of the Statement of Profit and Loss, of the Profit of the Company for the year ended on that date, and

(c) In the case of the Cash Flow Statements, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. As per the provisions of 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 Companies Act, 1956 we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

8. As required by Section 227(3) of the Act, we report that:

(a) 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.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet and Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet and Statement of Profit and Loss, comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

(e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE TO THE AUDITOR''S REPORT

(This is the Annexure referred to in our Report of even date)

Referred to in paragraph 3 of the Auditors Report of M/s RAJASTHAN GASES LIMITED, Jaipur, on the accounts for the year ended 31st March, 2014.

The nature of the Company''s activities during the year have been such that clauses (x) and (xiii) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company for the year.

1. In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The company has not disposed off a substantial part of its fixed assets during the year and the going concern assumption of the Company is not affected.

2. In respect of its inventories:

Not Applicable

3. a. As informed to us, the Company has not granted any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently sub clause (b), (c) and (d) of Clause (iii) are not applicable.

b. As informed to us, the Company has not taken any loan, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion, and according to the information and explanations given to us, there is an internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory and sale. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal control system.

5. a. According to the information and explanations given to us and records of the company examined by us, the particulars of contracts/ arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

b. In our opinion and according to the informations and explanations given to us transactions made in pursuance of contracts and arrangements have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

6. The Company has not accepted any deposits from the public. The directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under are not applicable to company. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal during the year.

7. In our opinion, and according to the information and explanations given to us, there is an Internal audit system commensurate with the size of the Company and nature of its business.

8. Central Government has not prescribed to maintain Cost records under clause (d) of sub-section 209 (1) of the company''s act. Therefore; the provisions of clause (viii) of paragraph 4 of the aforesaid order are not applicable to the company.

9. The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales- tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and any other statutory dues, if any, as applicable on the company with the appropriate authorities. As on 31st March, 2014, there were no arrears of undisputed outstanding statutory dues for a period of more than six months from the date they became payable and accordingly the sub- clauses (b) of clause (ix) is not applicable to the Company.

10. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

11. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In relation to dealing in or trading in Shares, Securities, Debentures and other investments, proper records have been maintained of the transactions and contracts and timely entries made therein. All the shares, securities and other investments are held in the name of Company itself or lying with NSE as margin or otherwise.

13. According to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

14. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they were obtained.

15. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

16. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

17. According to the information and explanations given to us and the records examined by us, no debentures were issued by the Company during the year, creating a charge/security on the fixed assets of the Company.

18. The Company has not raised any money by way of public issues during the year.

19. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For R.K. Malpani & Associates Chartered Accountants (FRN. 002759C)

Place: Jaipur (Rakesh Jhalani) Dated: 29th May, .2014 Partner Membership No. 074142


Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of Rajasthan Gases Limited, (''the Company'') which comprise the Balance Sheet as at 31st March, 2013 and the Statement of Profit and Loss for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). 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.

Auditors'' Responsibility

3. 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. 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 the internal 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.. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. 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:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

(b) in the case of the Statement of Profit and Loss, of the Profit of the Company for the year ended on that date, and

Report on Other Legal and Regulatory Requirements

7. As per the provisions of the Companies (Auditor''s Report) order, 2004 issued by the Central Government of India in 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 paragraph 4 & 5 of the said order.

8. As required by Section 227(3) of the Act, we report that:

(a) 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.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet and Statement of Profit and Loss, dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the Balance Sheet and Statement of Profit and Loss, comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Act.

(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.

Referred to in paragraph 3 of the Auditors Report of M/s RAJASTHAN GASES LIMITED, Jaipur, on the accounts for the year ended 31st March, 2013.

The nature of the Company''s activities during the year have been such that clauses (x) and (xiii) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company for the year.

1. In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The company has not disposed off a substantial part of its fixed assets during the year and the going concern assumption of the Company is not affected.

2. In respect of its inventories: Not Applicable

3. a. As informed to us, the Company has not granted any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently sub clause (b), (c) and (d) of Clause (iii) are not applicable.

b. As informed to us, the Company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion, and according to the information and explanations given to us, there is an internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory and sale. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal control system,

5. (a) According to the information and explanations given to us and records of the company examined by us, the particulars of contracts/arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the informations and explanations given to us transactions made in pursuance of contracts and arrangements have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

6. The Company has not accepted any deposits from the public. The directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under are not applicable to company. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal during the year.

7. In our opinion, and according to the information and explanations given to us, there is an internal audit system commensurate with the size of the Company and nature of its business.

8. Central Government has not prescribed to maintajggCost records under clause (d) of sub-section 209 (1) of the company''s act. Therefore the (viii) of paragraph 4 of the aforesaid order

9. The company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and any other statutory dues, if any, as applicable on the company with the appropriate authorities. As on 31st March, 2013, there were no arrears of undisputed outstanding statutory dues for a period of more than six months from the date they became payable and accordingly the sub-clauses (b) of clause (ix) is not applicable to the Company.

10. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders as at the balance sheet date.

11. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In relation to dealing in or trading in Shares, Securities, Debentures and other investments, proper records have been maintained of the transactions and contracts and timely entries made therein. All the shares, securities and other investments are held in the name of Company itself or lying with NSE as margin or otherwise.

13. According to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

14. In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purpose for which they were obtained.

15. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, funds raised on short term basis have, prima facie, not been used during the year for long term investment.

16. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

17. According to the information and explanations given to us and .the records examined by us, no debentures were issued by the Company during the year, creating a charge/security on the fixed assets of the Company.

18. The Company has not raised any money by way of public issues during the year.

19. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For R.K. Malpani & Associates

Chartered Accountants

(FRN. 002759C)

Place : Jaipur (Rakesh Jhalani)

Dated: 30.05.2013 Partner

Membership No. 074142.


Mar 31, 2012

1. We have audited the attached Balance Sheet of RAJASTHAN GASES LIMITED as at 31st March 2012 and also the Statement of Profit & Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the management Our responsibility is to express an opinion on these financial statements based on our audit.

2. 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.

3. 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 Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further we report that:

(a) 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:

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet and Statement of Profit & Loss Account dealt with by this report are in agreement with the books of account:

(d) In our opinion, (he Balance Sheet and Statement of Profit & Loss Account dealt with by this report comply with the accounting standards referred to in Section 211 (3c) of the Companies act, 1956:

(e) On the basis of written representations received from the detectors, 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 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (I) of Section 2/4of the Companies Act, 1956;

(f) In our Opinion and to the best of our information and according to the explanations given to us, the said account give the information required by the Companies Act, 1956, in the manner so required and give a true and fail view in conformity with accounting principals generally accepted in India:

(i) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March 2012.

(ii) In the case of the Statement of Profit & Loss Account, of the Pro fit for the period ended on that date.

(iii) In the case of Cash flow statement, of the cash flows for the year ended on that date.

Referred to in paragraph 3 of the Auditors Report of M/s RAJASTHAN GASES LIMITED, Jaipur, on the accounts for the year ended 31st March, 2012. .

The nature of the Company''s activities during the year have been such that clauses (x) and (xiii) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company for the year.

1. In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The company has not disposed off a substantial part of its fixed assets during the year and the going concern assumption of the Company is not affected.

2. In respect of its inventories:

Not Applicable

3. a. As informed to us, the Company has not granted any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Consequently sub clause (b), (c) and (d) of Clause (iii) are not applicable.

b. As informed to us, the Company has not taken any loan, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion, and according to the information and explanations given to us, there is an internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory and sale. During the course of our audit we have not observed any continuing failure to correct major weaknesses in internal control system. .

5. (a) According to the information and explanations given to us and records of the company examined by us, the particulars of contracts/ arrangements referred to in Section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information''s and explanations given to us transactions made in pursuance of contracts and arrangements have been made at prices which are reasonable having regard to the prevailing market price at the relevant time.

6. The Company has not accepted any deposits from the public. The directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the rules framed there under are not applicable to company. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal during the year.

7. In our opinion, and according to the information and explanations given to us, there is an internal audit system commensurate with the size of the Company and nature of its business.

8. Central Government has not prescribed to maintain Cost records under clause (d) of sub-section 209 (1) of the company''s act. Therefore: the provisions of clause (viii) of paragraph 4 of than foresaid order are not applicable to the company.

9. The company is regular in depositing undisputed statutory dues including Provident Fund, Invest Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax Service Tax, Custom Duty, Excise Duty, cess and any other statutory dues, if any, as applicable 01 the company with the appropriate authorities. As on 31st March, 2012, there were no arrears c undisputed outstanding statutory dues for a period of more than six months from the date the'' became payable and accordingly the sub-clauses (b) of clause (ix) is not applicable to the Company.

10. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or ban or debenture holders as at the balance sheet date.

11. According to the information and explanations given to us, the company has not granted any loan and advances on the basis of security by way of pledge of shares, debentures and other securities.

12. In relation to dealing in or trading in Shares, Securities, Debentures and other investments, proper records have been maintained of the transactions and contracts and timely entries made therein All the shares, securities and other investments are held in the name of Company itself or lying with NSE as margin or otherwise.

13. According to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions.

14. The Company has raised new term loans during the year. The term loans outstanding at the beginning of the year and those raised during the year have been applied for the purposes of which they were raised.

15. According to the information and explanations given to us, and on an overall examination of the balance sheet of the company, funds raised on short term basis have, prima facie, not been use< during the year for long term investment.

16. The company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956.

17. According to the information and explanations given to us and the records examined by us, n debentures were issued by the Company during the year, creating a charge/security on the fixe* assets of the Company.

18. The Company has not raised any money by way of public issues during the year.

19. To the best of our knowledge and belief and according to the information and explanations give to us, no fraud on or by the company was noticed or reported during the year.

For R.K. Malpani & Associates

Chartered Accountants

(FRN. 002759C)

Place : Jaipur (Rakesh Jhalani)

Dated : 01.09.2012 Partner

Membership No. 074142

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