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Auditor Report of Rajkamal Synthetics Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of M/S. RAJKAMAL SYNTHETICS LIMITED, ("the Company"), whichcomprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and also the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management Resposibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act,201 3 (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 the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responcibility also includes maintenance adequate accounting records in accordance with the provision of the Act for safegaurding the assets of the Company and for preventing and detecting 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 accountingrecords, relevant to the preparation presentation of the financial statements that give a true and fair view and are free from material mis-statement, 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 mis-statements.

An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the financial statements. The procedure selected depend on the auditors' judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal 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 Company has in place an adequate internal financial 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 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 that 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, 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.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015, ("the Order"), issued by the Central Government of India in terms of sub-section (11) section 143 of the Companies Act, 2013 and on the basis of such checks of the books and record of the Company as we considered appropriate and according to the information and explanation given to us,we give in the Annexure a statement on the matters specified in paragraphs 3 & 4 of the Order, to the extent applicable.

2. As required by the Section 143(3) of the Act, we report that :

(a) We have sought and obtained all the information and explanation 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 the law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the Books of Account.

(d) In our opinion, the aforesaid financial 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 31st March, 2015 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 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 explanation given to us.

i. The Company does not have any pending litigation which would impact its financial position.

ii. The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.



ANNEXURE TO THE INDEPENDENT AUDITORS'S REPORT (Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

(i) In respect of its Fixed Assets :

The Company is not having any fixed assets. Therefore, provisions of sub-clause (a), (b) and (c) of clause (i) of paragraph 3 of the order are not applicable to the Company.

(ii) In respect of its Inventories :

The Company is not carrying on any manufacturing or trading activity. Therefore, the provisions of sub clause (a), (b) and (c) of clause (ii) of paragraph 3 of the order are not applicable to the Company.

(iii) During the year the Company has not granted loan to any party covered in the register maintained under Section 189 of the Companies Act, 2013. Therefore, provisions of sub clause (a), and (b) of clause (iii) of paragraph 3 of the order are not applicable to the Company.

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

(v) The company has not accepted any deposits from the public of the nature which attract the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules made there under. Therefore, the provisions of clause (v) of paragraph 3 of the Order are not applicable to the Company.

(vi) As per the information and explanations given to us, in respect of the class of industry in which Company falls, the maintenance of cost records has not been prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013. Therefore, the provisions of clause (vi) of paragraph 3 of the Order are not application to the Company.

(vii) In respect of statutory dues :

(a) The company is regular in depositing with appropriate authority undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, wealth-tax, service tax, duty of customs, duty of excise, and value added tax, cess and any other statutory dues applicable to it. with the appropriate authorities except in certain cases where there were delays in payment of TDS According to the information and explanations given to us, no undisputed amounts payable in respect of above dues were in arrears, as at 31st March, 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no dues of income-tax,or sales tax, or wealth tax, or service tax, or duty of customs or duty of excise or value added tax or cess which have not been deposited on account of any dispute.

(c) In our opinion and according to the information and explanations given to us, there are no amounts which are required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 and rules made there under.

(viii) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash losses during the financial year under review but not in the immediately preceding financial year.

(ix) The company has not taken loan from any financial institutions, banks or debenture holder. Therefore, provisions of clause (ix) of paragraph 3 of the order are not applicable to the company.

(x) In our opinion and according to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions. Therefore, the provisions of clause ( x ) of paragraph 3 of the order are not applicable to the company.

(xi) The company has not availed any term loan during the year. Therefore, the provisions of clause (xi) of paragraph 3 of the order are not applicable to the company.

(xii) To the best of our knowledge and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.

FOR N. K. JALAN & CO., CHARTERED ACCOUNTANTS. FIRM NO. 104019W PLACE : MUMBAI. Sd/- Dated : 29th May, 2015 (N.K. JALAN) PROPRIETOR Membership No. 11878


Mar 31, 2014

We have audited the accompanying financial statements of M/S. RAJKAMAL SYNTHETICS LIMITED, ( the ''Company'' ), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and also the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information.

Management Resposibility for the Financial Statement''s

The Company''s Management is responsible for the prepration of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 of India ( "the Act" ) and in accordence with the accounting principles generally accepted in India. These responcibilities includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that gives a true and fair view and are free from material misstatements, whether due to fraud or error.

Auditor''s Responsibility

Our resposibility 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 Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirments and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit avidence, about the amounts and disclosures in the financial statements. The procedure selected depend on the auditors'' judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s prepration and fair representation 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 entitly''s internal control. An audit also includes evluating the appropiateness of accounting policies used and the reasonableness of accounting estimate made by the Management, as well as evaluting the overall presentation of the financial statements.

We believe that, the audit evidence that 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 Balance Sheet, of the state of affairs of the Company as at 31 st March, 2014.

(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 Requirments

1. As required by ''the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) (Amended) Order , 2004, issued by the Central Government of India in terms of sub-section ( 4A ) section 227 of the Companies Act, 1956 ( hereinafter referred as to the "order" ), and on the basis of such checks of the books and record of the Company as we considered appropriate and according to the information and explanation given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the order.

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

(a) We have obtained all the information and explanation which, to the best of our knowledge and belief, were necessary for the purpose of our audit;

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

(c) The Balance Sheet, the Statement of Profit and Loss and the 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 the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act,

(e) On the basis of written representations received from the directors, as on 31st March, 2014 and 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 Companies Act, 1956:

ANNEXURE TO THE INDEPENDENT AUDITORS''S REPORT (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements section of our report of even date)

(i) In respect of it''s Fixed Assets :

The Company is not having any fixed assets. Therefore, provisions of sub-clause (a), (b) and (c) of clause (i) of paragraph 4 of the order are not applicable to the Company.

(ii) In respect of it''s Inventories :

During the year, the company has not carried out any trading or manufacturing activity. Therefore, the provisions of sub clause (a), (b) and (c) of clause (ii) of paragraph 4 of the order are not applicable to the Company.

(iii) In respect of loans, secured or unsecured, granted or taken by the Company to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956.

(a) The company has not granted loan to any party covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of sub clause (a), (b) and (c) of clause (iii) of the order are not applicable to the Company.

(b) The company has taken loan form one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs 3,55,000 / - and the year-end balance of loan taken from such parties was NIL.

(c) In our opinion, the rate of interest and other terms and conditions on which loans have been taken are not, prima facie, prejudicial to the interest of the company. The loan taken is interest free.

(d) The company is regular in repayment of principle amount.

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

(v) In our opinion and according to the information and explanations given to us, no transactions have been made in pursuance of contracts or arrangements to which section 297 or section 299 of the Companies Act, 1956 applies. Therefore, the provisions of sub clause (a), & (b) of clause (v) of paragraph 4 of the Order are not applicable to the Company.

(vi) The company has not accepted any deposits from the public of the nature which attract the provisions of section 58A and 58AA of the Companies Act, 1956 and the rules made there under. Therefore, the provisions of clause (vi) of paragraph 4 of the Order are not applicable to the Company.

(vii) There is no internal audit done by external auditor. However the company is maintaining adequate internal control commensurate with it size & nature of business.

(viii) As per the information and explanations given to us, in respect of the class of industry in which Company falls, the maintenance of cost records has not been prescribed by the Central Government under section 209(1) (d) of the

Companies Act 1956 Therefore the provisions of clause (viii) paragraph 4 of the Order are not application to the

(ix) In respect of statutory dues :

(a) The company is regular in depositing with appropriate authority undisputed statutory dues including provident fund, income-tax, sales-tax, service tax, and other statutory dues applicable to it. Further, since the Central Government has till date not prescribed the amount of cess payable under section 441A of the companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the company in depositing the same.

(b) According to the information and explanations given to us, n
(c) According to the information and explanations given to us, there are no dues of sales tax, custom duty, income tax, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has not incurred cash losses during the financial year under review and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to Banks or Financial Institutions or Debenture holders and therefore the provision of clause (xi) of paragraph 4 of the Order are not applicable.

(xii) The company has not granted any advances in the nature of loans on the basis of security by way of pledge of shares or other securities. Therefore, provision of Clause (xii) paragraph 4 of the Order are not applicable.

(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of sub clause (a), (b), (c) and (d)of clause 4(xiii) of paragraph 4 of the Order are not applicable to this company.

(xiv) According to the information and explanation given to us and evaluation of the related internal controls, the Company has maintained proper records of transaction and contracts in respect of its dealing in shares, securities and other investments and timely entries have been made therein. All the investments are held in the name of the company.

(xv) According to the information and explanation given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions. Hence, the provision of clause (xv) of paragraph 4 of the Order is not applicable to the company.

(xvi) The company has not availed any term loan during the year. Therefore, the provision of Clause (xvi) of paragraph 4 of the Order are not applicable to the Company.

(xvii) According to the informations and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis that have been used for long-term investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the registered maintained under section 301 of the companies Act, 1956. Therefore, the provision of Clause (xvi) of paragraph 4 of the Order is not applicable to the Company.

(xix) The company has not issued any debentures during the year. Therefore, the provision of Clause (xix) of paragraph 4 of the Order are not applicable to the Company.

(xx) The Company has not raised any money through public issue during the year. Therefore, the provision of Clause (xx) of paragraph 4 of the Order are not applicable to the Company.

(xxi) To the best of our knowledge and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

FOR N. K. JALAN & CO., CHARTERED ACCOUNTANTS. FIRM NO. 104019W

PLACE : MUMBAI. Sd/- Dated : 30th May, 2014 (N.K. JALAN) PROPRIETOR Membership No. 011878


Mar 31, 2013

Report on the Financial Statements

1. We have audited the accompanying financial statements of M/S. RAJKAMAL SYNTHETICS LIMITED, ( the *Company* ), which comprise the Balance Sheet as at 31st March, 2013. The Statement of Profit and Loss and also the Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report.

Management Resposibility for the Financial Statement''s

2. The Company''s Management is responsible for the prepration of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 of India (the *Act*).These responcibilities includes the design, implementation of internal control relevant to the preparation and presentation of financial statements that gives a true and fair view and are free from material misstatements, whether due to fraud or error.

Auditor''s Responsibility

3. Our resposibility 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 Institute of Chartered Accountants of India. Those standards require thet we comply with ethical requirments and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

4. An audit involves performing procedures to obtain audit avidence, about the amounts and disclosures in the financial statements. The procedure selected depends on the auditors'' judgment, including the assessment of the risk of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditors'' internal control relevant to the Company''s prepration and fair representation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evluating the appropiateness of accounting policies used and the reasonableness of accounting estimate made by the Management, as well as evaluting the overall presentation of the financial statements.

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

Opinion

6. In our opinion, and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Act in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India.

(a) In the case of 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 for the year ended on that date.

(c) In the case of the Cash Flow Statement, of the cash flow for the year ended on the date.

Report on other Legal and Regulatory Requirment

7. As required by ''the Companies (Auditor''s Report) Order, 2003, as amended by the Companies (Auditor''s Report) (Amended) Order , 2004, issued by the Central Government of India in terms of sub-section ( 4A ) section 227 of the Companies Act, 1956 ( hereinafter referred as to the "order" ), and on the basis of such checks of the books and record of the Company as we considered appropriate and according to the information and explanation given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the order.

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

(a) We have obtained all the information and explanation which, to the best of our knowledge and belief, were necessary for the purpose of our audit;

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

(c) The Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the Books of Accounts;

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act,

(e) On the basis of written representations received from the directors, as on 31st March, 2013 and taken on record by the Board of Directors, we report that 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 Companies Act, 1956:

ANNEXURE TO THE AUDITORS''S REPORT (REFERRED TO IN PARAGRAPH-7 OF OUR REPORT OF EVEN DATE)

(i) There are no fixed Assets with the Company.

(ii) There is no stock with the Company.

(iii) (a) The company has not given advances in the nature of loan.

(b) The company had taken loan form one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs 24,50,000 / - and the year-end balance of loan taken from such parties was Rs. 70,000/-.

(c) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from/granted to companies, firms or other parties listed in register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(d) There is no overdue amount of loans taken from directors or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(iv) According to information given to us we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanation given to us, we are of the opinion that the transactions that needed to be entered have been entered in the register maintained under section 301 of the Companies Act,1956.

(b) In our opinion and according to the information and explanations given to us, no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 exceeding the value of rupees five lakhs in respect of any party during the year have been made.

(vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. The Company has not accepted deposits from the public.

(vii) In our opinion, the company has an internal audit system commensurate with the size and nature of its business.

(viii) The Company is not required to maintain cost records u/s. 209(1) (d) of the Companies Act, 1956. Accordingly the provision of clause 4(viii) of the order 2003 is not applicable to this Company.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, custom duty, excise duty and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty were in arrears, as at 31st March, 2013 for a period of more than six months from the date they became payable

(c) According to the information and explanations given to us, there are no dues of sales tax, custom duty, income tax, wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has earned profits in the current year and in the immediate preceding year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to bank.

(xii) The company has not granted any advances in the nature of loans on the basis of security by way of pledge of shares or other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Orders, 2003 is not applicable to this company.

(xiv) In our opinion, the company is not dealing in or trading in share, securities, debentures and other investments, hence; the clause (xiv) of the order is not applicable.

(xv) According to the information and explanation given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions. Hence, the clause (xv) of the order is not applicable.

(xvi) In our opinion, there is no Term Loan taken by the Company during the year.

(xvii) According to the informations and explanations given to us and on an overall examination of the balance sheet of the company, we report that there are no funds raised on short-term basis that have been used for long-term investment. No long - term funds have been used to finance short-term assets.

(xviii) The Company has not made any preferential allotment of shares during the year.

(xix) During the period covered by our audit, the company has not issued any debentures. Hence, the clause (xix) of the Order is not applicable.

(xx) The Company has not raised any money by public issue during the period covered by our audit. Accordingly, the provision of clause 4(xx) of the order, 2003 is not applicable to this company. (xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed during the course of our audit.

FOR N. K. JALAN & CO.,

CHARTERED ACCOUNTANTS.

FIRM NO. 104019W

PLACE : MUMBAI. Sd/-

Dated : 29th May, 2013 (N.K. JALAN)

PROPRIETOR

Membership No. 11878


Mar 31, 2011

We have audited the attached Balance Sheet of M/S. RAJKAMAL SYNTHETICS LIMITED for the year ended 31st March, 2010, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed there to. 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 amount and disclosures in the financial statements. An audit 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, 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 & 5 of the said order. 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 purpose of our audit;

(ii) In our opinion, proper Books of Account as required by the law have been kept by the Company so far as appears from our examination of those books;

(iii) The Balance Sheet and the Profit & Loss, Account dealt with by this report are in agreement with the Books of Accounts;

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and the 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, 2009 and taken pn record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010, from being appointed as a director in terms of clause (g) of Sub-section (1) of section 274 of the Companies Act, 1956;

(vi) The Company incurred a net profit of Rs 1,95,916/- during the year ended March 31, 2011 and total liabilities exceeded from its total assets by Rs. 54,120,994/- The Company has repaid part of its secured loan. For the revival of the company, Company has started its business activities and management is confident in its revival. (vii) Subject to the above, and notes appearing in schedule H, 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 principle generally accepted in India:

(i) In the case of Balance Sheet of the State of affairs of the Company as at 31st March, 2011

(ii) In the case of the Profit and Loss Account of the Profit of the Company for the year ended on that date;and

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

ANNEXURE TO THE AUDITORS REPORT (REFERRED IN PARAGRAPH -2 OF OUR REPORT OF EVEN DATE)

(i) There are no Fixed Assets with the company.

(ii) There is no stock with the company.

(iii) (a) The company has not given any advances in the nature of loan.

(b) The company had taken loan from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 42,29,500/- and the year- end balance of loan taken from such parties was Rs. 5,00,000/-

(c) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from/ granted to companies, firms or other parties listed in register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(d) There is no overdue amount of loans taken from directors or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(iv) According to information given to us there is no manufacturing activity of the company since last 15 years. However during the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered have been entered in the register maintained under section 301 of the Companies Act, 1956.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 the Company has not accepted deposits from the public.

(vii) In our opinion, the company is not required to have internal audit.

(viii) The Company; is, not required to maintain cost records u/s. 209(1) (d) of the Companies Act, 1956. Accordingly the provision of clause 4 (viii) of the order 2003 is not applicable to this Company.

(ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty and other statutory dues applicable to it.

(b)According to the information and explanations given to us, no undisputed amounts payable in respect of income tax,wealth tax, sales lax, customs duty, excise duty were in arrears, as at 31st March, 2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of sales tax, custom duty, income tax wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash profits in the current year.

(xi) In our opinion and according to the information and explanations given to us, the company has settled with Kotak Mahindra Bank Ltd. (ICICI Bank), who was the major secured creditor. And the settlement with the other secured creditor namely UTI and the Debenture Holders are in process.

(xii)The company has not granted any advances in the nature of loans on the basis of security by way of pledge of shares or other securities.

(xiii) In our opinion, the company is not a chit and fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Orders, 2003 is not applicable to this company. (xiv) In our opinion, the company is not dealing in or trading in share, securities, debentures and other investments, Hence, the clause (xiv) of the order is not applicable.

(xv) In our opinion, the company has not given any guarantees for loans taken by others from banks or financial institutions. Hence, the clause (xv) of the others is not applicable.

(xvi) In our opinion, there is no Term Loan taken by the Company.

(xvii) According to the informations and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. No. long-term funds have been used to finance short-term assets.

(xviii) The Company has not made any preferential allotment of shares during the year.

(xix) During the period covered by our audit, the company has not issued any debentures. Hence, the clause (xix) of the Order is not applicable. (xx) The Company has not raised any money by public issue during the period covered by our audit. Accordingly, the provision of clause 4(xx) of the order, 2003 is not applicable to this company.

(xxi) Accordingly to the information and explanations given to us, no fraud on or by the company has been noticed during the course of our audit.

For N. K. JALAN & CO. CHARTERED ACCOUNTANTS

(N.K.JALAN) (N.K. JALAN) PROPRIETOR

PLACE : MUMBAI DATED : 30th April, 2011


Mar 31, 2010

We have audited the attached Balance Sheet of M/S. RAJKAMAL SYNTHETICS LIMITED, for the year ended 31st March, 2010, the Profit and Loss Account and also the Cash Flow Statement for the year 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 amount and disclosures in the financial statements. An audit 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, 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 & 5 of the said order.

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 purpose of our audit;

(ii) In our opinion, proper Books of Account as required by the law have been kept by the Company so far as appears from our examination of those books;

(iii) The Balance Sheet and the Profit & Loss Account dealt with by this report are in agreement with the Books of Accounts;

(iv) In our opinion, the Balance Sheet, Profit and Loss Account and the 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, 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2010, from being appointed as a director in terms of clause (g) of Sub-section (1) of section 274 of the Companies Act, 1956:

(vi) The Company incurred a net profit of Rs.1,214,052/- during the year ended March 31, 2010 and as of that date the companys current liabilities exceeded its currents assets by Rs.62,07,631/- and total liabilities exceeded from its-total assets by Rs.54,798,438/-. The Company has repaid part of its secured loan. For the revival of the company, Company has started the trading activities and management is confident in its revival.

(vii) Subject to the above, and notes appearing in schedule H, 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 principle generally accepted in India:

(i) In the case of Balance Sheet of the State of affairs of the Company as at 31st March, 2010; and (ii) In the case of the Profit and Loss Account of the Loss of the Company for the year ended on that date; and (iii) In case of Cash Flow Statement, of the cash flow for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT(REFERRED TO IN PARAGRAPH-2 OF OUR REPORT OF EVEN DATE)

i) There are no Fixed Assets with the company.

(ii) There is no stock with the company.

(iii) (a) The company has not given any advances in the nature of loan.

(b) The company had taken loan from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 50,19,500/- and the year- end balance of loan taken from such parties was Rs. 40,19,500/-

(c) In our opinion, the rate of interest and other terms and conditions on which loans have been taken from/ granted to companies, firms or other parties listed in register maintained under section 301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company.

(d) There is no overdue amount of loans taken from directors or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

(iv) According to information given to us there is no manufacturing activity of the company since last 15 years. However during the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) According to the information and explanations given to us, we are of the opinion that the transactions that needed to be entered have been entered in the register maintained under section 301 of the Companies Act, 1956. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. The Company has not accepted deposits from the public.

(vii) In our opinion, the company is not required to have internal audit. (viii) The Company is not required to maintain cost records u/s. 209(1) (d) of the Companies Act, 1956. Accordingly the provision of clause 4

(viii) of the order 2003 is not applicable to this Company. (ix) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty and other statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs duty, excise duty were in arrears, as at 31st March, 2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of sales tax, custom duty, income tax wealth tax, excise duty and cess which have not been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The company has incurred cash profits in the current year.

(xi) In our opinion and according to the information and explanations given to us, the company has settled with Kotak Mahindra Bank Ltd. (ICICI Bank), who was the major secured creditor. And the settlement with the other secured creditor namely UTI and the Debenture Holders are in process.

(xii) The company has not granted any advances in the nature of loans on the basis of security by way of pledge of shares or other securities.

(xiii) In our opinion, the company is not a chit and fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4

(xiii) of the Companies (Auditors Report) Orders, 2003 is not applicable to this company. (xiv) In our opinion, the company is not dealing in or trading in share, securities, debentures and other investments, Hence, the clause

(xiv) of the order is not applicable.

(xv) In our opinion, the company has not given any guarantees for loans taken by others from banks or financial institutions. Hence, the clause

(xv) of the others is not applicable.

(xvi) In our opinion, there is no Term Loan taken by the Company.

(xvii) According to the informations and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment. No. long-term funds have been used to finance short-term assets.

(xviii) The Company has not made any preferential allotment of shares during the year.

(xix) During the period covered by our audit, the company has not issued any debentures. Hence, the clause (xix) of the Order is not applicable.

(xx) The Company has not raised any money by public issue during the period covered by our audit. Accordingly, the provision of clause 4

(xx) of the order, 2003 is not applicable to this company.

(xxi) Accordingly to the information and explanations given to us, no fraud on or by the company has been noticed during the course of our audit.

For N. K. JALAN & CO.,

CHARTERED ACCOUNTANTS

PLACE : MUMBAI (N.K. JALAN)

DATED : 16th August, 2010 (N.K. JALAN) PROPRIETOR

 
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