Mar 31, 2015
We have audited the accompanying financial statements of Rajlaxmi
Industires Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2015, the Statement of Profit and Loss and the Cash Flow
Statement of the Company 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 ("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 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 arc 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 and 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 arc required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. 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 arc 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 arc 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.
Opinion
In our opinion and to the best of our information and aeeording to the
explanations given to us, the finaneial statements give the information
required by the Aet 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 March 31, 2015, its
profit for the year ended on that date and the Cash Flow statement for
the year.
Report on Other Legal and Regulatory Requirements
1. As required by the companies (auditor's report) order, 2015, issued
by the department of company affairs, in terms of sub section 11 of
section 143 of the companies act, 2013, we give in the annexure a
statement on the matters specified in paragraphs 4 and 5 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 it appears from our examination of those
books.
(e) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement, dealt with by this Report arc in agreement with the books of
account
(d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
(c) 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 docs not have any pending litigations which would impact
its financial position;
ii. The Company did 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 INDEPENDENT AUDITORS REPORT
[Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' of our Report of even date to the members of "M/S.
RAJLAXMI INDUSTRIES 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:
(i) In respect of its fixed assets:
(a) The company docs not have any fixed assets.
(ii) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of stocks as compared to book records.
(iii) In respect of loans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies Act
2013:
(a) According to the information and explanations given to us, Company
has not granted any loans to parties covered under Section 301 of the
Act.
(b) The principal amounts and interest arc being received regularly as
per stipulations.
(e) As the ordinary course of business of the company is that of
financing loans and advances, so there is no scenario of any overdue
amount.
(iv) In our opinion and according to the information and explanations
given to us, there arc adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets, financing
loans & advances and Interest there upon and for the sale of goods (and
/Services). During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
(v) The Company has not accepted any deposits from the public during
the year.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act, in respect of the activities carried on by the Company.
(vii) In respect of statutory dues:
a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
employees state insurance (ESI), Investor Education and Protection
Fund, Income-tax, Tax collected at source, Professional Tax, Sales Tax,
value added tax (VAT), Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and other material statutory dues applicable to it, with the
appropriate authorities.
b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Income-tax, Wealth
Tax, Custom Duty, Excise Duty, sales tax, VAT, Cess and other material
statutory dues in arrears /were outstanding as
at 31 March, 2015 for a period of more than six months from the date
they became payable.
c) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
(viii) The Company has accumulated losses at end of the financial year
are less than 50% of its net worth. The company has not incurred any
Cash losses during the financial year covered by our Audit and the
immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(x) In our opinion, and according to the information and the
explanation given to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
(xi) The company has not obtained any term loan during the year, so
this Para of order is not applicable.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For AGARWAL DESAI AND SHAH
CHARTERED ACCOUNTANTS
FRN: 124850W
Date: 30-05-2015
Place: Mumbai Sd/-
RISHI SEKHRI
PARTER
MEMRERSHIP NO. 126656
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Rajlaxmi
Industries Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true & 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 (" 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 & fair view and are free from material misstatement,
whether due to fraud or error.
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 of
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 risk of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers 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 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.
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 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 & Loss, of the loss for the
year ended on that date; and
(c) in 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,2003 (''the
Order'') 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 the paragraphs 4 and 5 of the
said Order.
2) 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 purpose of our
audit;
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit & 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, the Statement of Profit & Loss
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956;
(e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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'' REPORT
REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE:
1) Since the Company does not have any fixed assets, this clause is not
applicable to the Company.
2) Since the Company does not have inventory, this clause is not
applicable.
3) a. According to the information and explanations given to us, the
Company has taken interest free unsecured loans from six parties
including two Companies covered in the register maintained under
section 301 of the Companies Act, 1956. The maximum amount involved
during the year under review, was Rs 3,61,39,558 /- and year end
balance of loan taken from such parties was Rs 76,50,000 /- . The
Company has not granted any loans to parties covered under Section 301
of the Companies Act, 1956.
b. According to the information and explanations given to us; there is
no overdue amount of loans taken from parties listed in the register
maintained under section 301 of the Companies Act, 1956.
4) Since the Company has no manufacturing activity and no inventory
during the year, the provisions of this clause is not applicable.
5) In our opinion and according the information and explanations given
to us, the Company has no contracts or arrangements that need to be
entered into the register maintained under section 301 of the Act.
6) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
7) The Company has a system of internal audit, which in our opinion is
commensurate with its size of the Company and nature of its business.
8) Since the Company has not carried on any manufacturing activity
during the year, this clause is not applicable.
9) According to the records of the Company, the Company is generally
regular in depositing with the appropriate authorities undisputed
statutory dues including Income tax, VAT, Excise duty, Cess and other
statutory dues with the appropriate authority during the year.
According to the information and explanation given to us, there are no
dues of Income tax, VAT, Excise duty and Cess which have not been
deposited on account of any dispute.
10) The accumulated losses of the Company does not exceed fifty percent
of its networth at the end of the financial period. The Company has
incurred cash loss in the current year and preceding financial year.
11) Based on our audit procedures and on the basis of information and
explanations given to us, we are of the opinion that the Company has
not defaulted in the repayment of dues to banks.
12) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13) The provisions of any special statute applicable to chit fund,
Nidhi or Mutual Benefit Fund/Societies are not applicable to the
company.
14) In our opinion, the Company is not dealing in shares, securities,
debentures and other investments.
15) According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions, the terms
and conditions whereof are prima facie prejudicial to the interest of
the Company.
16) Since the Company has not taken any term loan, this clause is not
applicable.
17) According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds raised on short term basis have been used for long term
investment by the Company.
18) According to the information and explanations given to us, the
Company has made preferential allotment of shares to parties and
Companies covered in the register maintained under the section 301 of
the Companies Act. In our opinion, the price at which shares have been
issued is not prejudicial to the interest of the Company.
19) According to the information and explanations given to us, during
the period covered by our audit, the Company has not issued any
debentures.
20) During the year, the Company has not raised any money by public
issue.
21) 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 JAYESHA S.SHAH & CO.
CHARTERED ACCOUNTANTS
Place: Mumbai Registration No. : 112476W
Date: 30-05-2013
JAYESHA S. SHAH
(PROPRIETOR)
Membership No: 45801
Mar 31, 2012
We have audited the attached balance sheet of "RAJLAXMI INDUSTRIES
LIMITED" as at 31st March, 2012, the Statement of Profit and Loss
Account for the year ended on that date, and the Cash Flow Statement
for the year ended on that date annexed thereto. These financial
statements are the responsibility of the Company's 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 also 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.
We report as follows :
1 As required by the Companies (Auditor's Report) Order, 2003, issued
by the Central Government of India, in terms of Section 227 (4A) 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.
2 Further to our comments in the Annexure referred to in paragraph 1
above :
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 accounts 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 dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
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 Director is disqualified as on 31st March, 2012
from being appointed as Director in terms of clause (g) of sub-section
(1) of Section 274 of the Companies Act, 1956;
f In our opinion, and to the best of our information and according to
explanations given to us, the said accounts read together with the
Company's Accounting Policies and the Notes thereto 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;
i. In the case of Balance sheet, of the state of affairs of the Company
as on March 31, 2012;
ii. In the case of Statement of Profit and Loss, of the loss of the
Company for the year ended on that date ;
And
iii. In the case of the Cash flow statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
REFERRED TO IN PARAGRAPH I OF OUR REPORT OF EVEN DATE:
1 Since the Company does not have any fixed assets, this clause is not
applicable to the Company.
2 Since the Company does not have inventory, this clause is not
applicable.
3 a. According to the information and explanations given to us, the
Company has taken interest free unsecured loans from five parties
including two Companies covered in the register maintained under
section 301 of the Companies Act, 1956. The maximum amount involved
during the year under review, was Rs 3,57,91,371/- and year end balance
of loan taken from such parties was Rs 3,57,91,371/-. The Company has
not granted any loans to parties covered under Section 301 of the
Companies Act, 1956.
b. According to the information and explanations given to us; there is
no overdue amount of loans taken from parties listed 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 are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory and with regard to the sale of
goods. During the course of our audit, no major weakness has been
noticed in the internal controls.
5 In our opinion and according the information and explanations given
to us, the Company has no contracts or arrangements that need to be
entered into the register maintained under section 301 of the Act.
6 In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
7 The Company has a system of internal audit, which in our opinion is
commensurate with its size of the Company and nature of its business.
8 Since the Company has not carried on any manufacturing activity
during the year, this clause is not applicable.
9 According to the records of the Company, the Company is generally
regular in depositing with the appropriate authorities undisputed
statutory dues including Income tax, VAT, excise duty, cess and other
statutory dues with the appropriate authority during the year.
According to the information and explanation given to us, there are no
dues of, income tax, VAT, Excise duty, and cess which have not been
deposited on account of any dispute.
10 The accumulated losses of the Company exceed fifty percent of its
networth at the end of the financial period. The Company has incurred
cash loss in the current year and preceding financial year.
11 Based on our audit procedures and on the basis of information and
explanations given to us, we are of the opinion that the Company has
not defaulted in the repayment of dues to banks.
12 The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 The provisions of any special statute applicable to chit fund, Nidhi
or Mutual Benefit Fund/Societies are not applicable to the company.
14 In our opinion, the Company is not dealing in shares, securities,
debentures and other investments.
15 According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions, the terms
and conditions whereof are prima facie prejudicial to the interest of
the Company.
16 According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds raised on short term basis have been used for long term
investment by the Company.
17 According to the information and explanations given to us, during
the year, the Company has not made preferential allotment of shares to
parties and Companies covered in the register maintained under the
section 301 of the Companies Act.
18 According to the infomrmation and explanations given to us, during
the period covered by our audit, the Company has not issued any
debentures.
19 During the year, the Company has not raised any money by public
issue.
20 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 JAYESHA S. SHAH & CO.
CHARTERED ACCOUNTANTS
(Registration No. 112476W)
(JAYESHA S. SHAH)
MEMBERSHIP NO. 45801
Place : Mumbai
Date: 15/06/2012
Mar 31, 2010
We have audited the attached Balance Sheet of "RAJLAXMI INDUSTRIES
LIMITED" as at 31st March 2010 , the Profit & Loss Account for the year
ended on that date, and the Cash Flow Statement for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the Company?s 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 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.
We report as follows:
1. As required by the Companies (Auditor?s Report) Order.2003, issued
by the Central Government of India, in terms of Section 227 (4A) 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.
2. Further to our comments in the Annexure referred to in paragraph 1
above:
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 accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet , Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet , Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred to in sub- section (3C) of Section 211 of
the Companies Act, 1956 ;
e) On the basis of written representations received from the Directors
as on 31st March Ã2010 and taken on record by the Board of Directors,
we report that none of the Director is disqualified as on 31st March
2010 from being appointed as Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act,1956;
f) In our opinion, and to the best of our information and according to
explanations given to us, the said accounts read together with the
Company?s Accounting Policies and the Notes thereto give the
information required by the Companies Act?1956,in the manner so
required and give a true and fair view in confirmity with the
accounting principles generally accepted in India:
i) in case of Balance Sheet, of the state of affairs of the Company as
on March 31, 2010;
ii) in the case of Profit & Loss account, of the Profit of the Company
for the year ended on that date.
And
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE :
1 Since the Company does not have any Fixed Assets, this clause is not
applicable to the Company.
2 (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion, and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c ) In our opinion, and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
3 (a) According to the information and explanations given to us, the
Company has taken interest free unsecured loans from four parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year under review, was Rs.
3,47,23,296/-ar-end balance of loan taken from such parties was Rs.
3,06,88,452/- The Company has not granted any loans to parties covered
under Section 301 of the Companies Act, 1956.
(b) According to the information and explanations given to us; there is
no overdue amount of loans taken from parties listed 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 are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and with regard to the
sale of goods. During the course of our audit, no major weakness has
been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, the Company has no contracts or arrangements that need to
be entered into the register maintained under Section 301 of the Act
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the meaning of Section 58A and 58AA of the Companies Act, 1956
and the rules framed there under.
7. The Company has a system of internal audit, which in our opinion is
commensurate with its size of the Company and nature of its business.
8. Since the Company has not carried on any manufacturing activity
during the year, this clause is not applicable.
9. (a) According to the records of the Company, the Company is
generally regular in depositing with the appropriate authorities
undisputed statutory dues including Income Tax, Excise Duty, cess and
other statutory dues with the appropriate authority during the year.
(b) According to the records of the Company and information and
explanations given to us, the details of excise duty which have not
been deposited on account of dispute are given hereunder;
Sl. Name of Statute Nature of Dues Amount Period Forum
No. Rs. which
Dispute is
pending
1. The Central Excise duty 1818606/- 1998-99 CESTAT
Excise Act, 1944 (Custom Excise
& Service Tax Appellate Tribunal)
10. The accumulated losses of the Company exceeds fifty percent of its
net worth at the end of the financial period. The Company has not
incurred cash loss either during the current year or the preceding
financial year.
11. Based on our audit procedures and on the basis of information and
explanations given to us, we are of the opinion that the Company has
not defaulted in the repayment of dues to banks.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and any other
securities.
13. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund /Societies are not applicable to the
Company.
14. In our opinion, the Company is not dealing in shares, securities,
debentures and other investments.
15. According to the information and explanations given to us and the
records examined by us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions, the terms
and conditions whereof are prima facie prejudicial to the interest of
the Company..
16. According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we report that
no funds raised on short term basis have been used for long term
investment by the Company..
17. According to the information and explanations given to us, during
the year, the Company has not made preferential allotment of shares to
parties and companies covered in the register maintained under the
Section 301 of the Companies Act, 1956.
18. According to the information and explanations given to us, during
the period covered by our audit, the Company has not issued any
debentures.
19 During the year, the Company has not raised any money by public
issue.
20 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 K.G.SHAH & CO.
CHARTERED ACCOUNTANTS.
(Registration No. 109630W)
Sd/-
(K.G.SHAH)
Place: Mumbai PROPRIETOR
(Membership No 5327)
Dated : 2nd August 2010
Mar 31, 2009
We have audited the attached Balance Sheet of "RAJLAXMI INDUSTRIES
LIMITED" as at 31st March 2009 , the Profit & Loss Account for the year
ended on that date, and 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 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.
We report as follows:
1. As required by the Companies (Auditors Report) Order.2003, issued
by the Central Government of India, in terms of Section 227 (4A) 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.
2. Further to our comments in the Annexure referred to in paragraph 1
above:
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 accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
c) The Balance Sheet , Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
e) 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 Director is disqualified as on 31st March
2009 from being appointed as Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion, and to the best of our information and according to
explanations given to us, the said accounts read together with the
Companys Accounting Policies and the Notes thereto give the
information required by the Companies Act1956,in the manner so
required and give a true and fair view in confirmity with the
accounting principles generally accepted in India:
i) in case of Balance Sheet, of the state of affairs of the Company as
on March 31, 2009;
ii) in the case of Profit & Loss account, of the Loss of the Company
for the year ended on that date.
And
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE :
1 Since the Company does not have any Fixed Assets, this clause is not
applicable to the Company.
2 (a) As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion, and according to the information and explanations
given to us. the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion, and according to the information and explanations
given to us and on the basis of our examination of the records of
inventor), the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to the book records were not material and have been properly dealt with
in the books of account.
3 (a) According to the information and explanations given to us, the
Company has taken interest free unsecured loans from four parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. The maximum amount involved during the year under review,
was Rs. 3.48,22,622/-ar-end balance of loan taken from such parties
was Rs. 3,48,22,622/- The Company has not granted any loans to parties
covered under Section 301 of the Companies Act, 1956.
(b) According to the information and explanations given to us; there is
no overdue amount of loans taken from parties listed 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 are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, the Company has no contracts or arrangements that need to
be entered into the register maintained under Section 301 of the Act
6. In our opinion and according to the information and explanations
given to us: the Company has not accepted any deposits from the public
within the meaning of Section 58 A and 58 AA of the Companies Act, 1956
and the rules framed there under.
7. The Company has a system of internal audit, which in our opinion is
commensurate with its size of the Company and nature of its business.
8. Since the Company has not carried on any manufacturing activity
during the year, this clause is not applicable.
9. (a) According to the records of the Company, the Company is
generally regular in depositing with the appropriate authorities
undisputed statutory dues including Investor Education and Protection
Fund, Income Tax, Sales Tax, Excise Duty, cess and other statutory dues
with the appropriate authority during the year.
(b) According to the records of the Company and information and
explanations given to us, the details of excise duty which have not
been deposited on account of dispute are given hereunder;
SI. Name of Statute Nature of Dues Amount Period Forum
No. Rs. which
Dispute is
pending
1. The Central Excise duty 1818606/- 1998-99 CESTAT
Excise Act,
1944 (Custom Excise & Service Tax Appellate Tribunal)
10. The accumulated losses of the Company exceeds fifty percent of its
net worth at the end of the financial period. The Company has not
incurred cash loss during the current year however; the Company had
incurred cash loss in the preceding financial year
11. Based on our audit procedures and on the basis of information and
explanations given to us, we are of the opinion that the Company has
not defaulted in the repayment of dues to banks.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and any other
securities.
13. The provisions of any special statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund /Societies are not applicable to the
Company.
14. In our opinion, the Company is not dealing in shares, securities,
debentures and other investments.
FOR K.G.SHAH & CO.
CHARTERED ACCOUNTANTS
sd/-
(KG.SHAH)
PROPRIETOR
MEMBERSHIP NO 5327
PLACE: MUMBAI
DATE : 1st August 2009
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