Mar 31, 2015
We have audited the accompanying financial statements of Rathi Bars
limited (the Company), which comprise the Balance sheet as at March
31,2015, the Statement of Profit and Loss, the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with the accounting 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 maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgement and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for the
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rule made thereunder.
We conducted our audit in accordance with the standards on Auditing
specified under Section 143(10) the Act. Those Standards require that
we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free from material misstatement. An audit involves performing
procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the
auditor's judgment, including the assessment of the risks of material
misstatement of financial statements, whether due to fraud or error. In
making those risk assessments, the auditor considers internal financial
controls 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India :
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2015
b) in the case of Statement of Profit and loss, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in term of sub-section (11) of
section 143 of the Act (hereinafter referred to the "order") and on the
basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that :
a. We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit.
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears 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
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.
e. On the basis of written representations received from the Directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f. with respect to the other matters to the included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors), 2014, in our opinion and to the best of our information and
according to the explanations given to us :
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements,
ii. In our opinion and as per the information and explanations
provides to us, the Company has not entered into any long-term
contracts including derivative contracts, requiring provision under
applicable laws or accounting standards, for material foreseeable
losses, and
iii. There has been no delay in transferring the amounts, required to
be transferred to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT :
Referred to in Paragraph 1 under section (Report on Other Legal and
Regulatory Requirements, of our report of even date)
1.1 The company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
1.2 All the fixed assets have been physically verified by the
management at reasonable intervals and no material discrepancies were
noticed on such verification.
2.1 The inventories have been physically verified at reasonable
intervals by the management.
2.2 In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
2.3 In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of its
inventories and no material discrepancies were noticed on such physical
verification.
3. As informed to us, the company has not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act. Accordingly
the sub-clauses (a) and (b) are not applicable to the company.
4. 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, fixed assets 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 control
system.
5. According to the information and explanations given to us, the
Company has not accepted any deposits in terms of directives issued by
Reserve Bank of India and the provisions of Sections 73 to 76 or any
other relevant provisions of the Companies Act and rule framed there
under :
6. We have broadly reviewed the books of account maintained by the
Company pursuant sub-section (1) of Section 148 of the Companies Act,
and are of the opinion that prima facie, the prescribed accounts and
records have been made and maintained.
7. The company is generally regular in depositing undisputed statutory
dues including provident fund, employees state insurance income tax,
sales tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities and we have been informed that there are no arrears of
outstanding statutory dues as at the last day of the financial year
under audit for a period of more than six months from the date they
became payable.
7.2. According to the information and explanations given to us, no
undisputed amount is payable in respect 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 as at March 31,2015.
7.3 In our opinion and according to the information and explanations
given to us, amounts required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and Rules made thereunder have been
transferred to such fund within time.
8. The Company has no accumulated losses at the end of the financial
year under audit. The company has not incurred cash losses during the
financial year covered by audit and in the immediately preceding
financial year.
9. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or bank.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, the terms and conditions whereof are
prejudicial to the interest of the Company.
11. In our opinion and according to the information and explanations
given to us, the term loans were utilised for the purposes for which
they were obtained.
12. Based upon the audit procedures performed 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 of our audit.
For A. K. Vaish & Co.
Chartered Accountants
Firm Registration No 506691C
Sd/-
Place: New Delhi A. K. Bansal
Date: 01.09. 2015 Proprietor
Membership No: 071088
Mar 31, 2014
Report on the Financial Statements
1. We have audited the accompanying financial statements of Rathi Bars
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting and other explanatory information.
Management''s Responsibility for the Financial Statements
2. The Company''s Management is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956 ("the Act") and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In 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 the accounting
policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of
the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year on that date; and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order'') issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure statement on the matters specified in
paragraphs 4 and 5 of the Order.
8. As required by Section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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.
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, the Statement of Profit and Loss
and Cash flow Statement comply with the Accounting Standards referred
to in Section 211(3C) of the Act.
e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 7 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date)
1. In respect of its fixed assets :
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, all the fixed assets have been physically
verified by the management during the year in a phased periodical
manner, which in our opinion is reasonable, having regard to the size
of the Company and nature of its assets. No material discrepancies
were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and going concern status of the Company is
not affected.
2. In respect of its inventories :
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. 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 any loans/advances to any parties and
taken loans/advances from 1 (One) party/ies aggregating to Rs.
1,62,000/- (Rupees One Lacs Sixty Two Thousand only).
b. In our opinion and according to the information and explanations
given to us, the rate of interest, wherever, applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
company.
c. In respect of loans taken by the Company, the interest payments are
regular and the principal amount is repayable on demand.
d. There is no overdue amount in respect of loans taken by the
Company.
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 for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Act:
a. To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements referred to in section 301 of the Act have been entered in
the register required to be maintained under that section.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements during the year, have been made at prices which are
reasonable having regard to the prevailing market price at relevant
time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the records with a view to determining
whether they are accurate or complete.
9. In respect of statutory dues :
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales tax, Wealth tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2014 for a period of more than six months from the date of becoming
payable.
b. According to the records of the company, there are no dues of sale
tax, income tax, custom duty, wealth tax, excise duty or cess have not
been deposited on account of any dispute.
10. The company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the Company in its
own name.
15. As per information and explanations given to us, the company has
not given guarantee for loans taken by others from banks or financial
institutions.
16. In our opinion and according to the information and explanation
given to us, the term loans were utilised for the purposes for which
they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short term basis have been used for long term investment.
Similarly, no funds raised on long term basis have been used for short
term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year. Hence
the requirement of Clause (xix) of paragraph 4 of the order is not
applicable to the Company.
20. In our opinion 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 that causes the financial statements to be materially
misstated.
For A. K. Vaish & Co.
Chartered Accountants
Firm Registration No 506691C
Sd/-
Place:New Delhi A.K. Bansal
Date: 06th September, 2014 Proprietor
Membership No: 071088
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statements of Rathi Bars
Limited ("the Company"), which comprise the Balance Sheet as at 31a
March, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting and other explanatory information.
Management''s Responsibility for the Financial Statements
2. The Company''s Management is responsible for the preparation of
these financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the Company
in accordance with Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956 ("the Act") and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.,
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In 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 the accounting
policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of
the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Opinion
6. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year on that date; and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year on that date.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order'') issued by '' the Central Government in terms of Section 227(4A)
of the Act, we give in the Annexure statement on the matters specified
in paragraphs 4 and 5 of the Order, i 8. As required by Section 227(3)
of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the 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.
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, the Statement of Profit and Loss
and Cash flow Statement comply with the Accounting Standards referred
to in Section 211(3C) of the Act.
e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31s'' March, 2013
from being appointed as a director in terms of Section 274(1 )(g) of
the Act.
(Referred to in paragraph 7 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date)
1. In respect of its fixed assets :
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, all the fixed assets have been physically
verified by the management during the year in a phased periodical
manner, which in our opinion is reasonable, having regard to the size
of the Company and nature of its assets. No material discrepancies
were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and going concern status of the Company is
not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year. ''
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. 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 any loans/advances to any parties and
taken loans/advances from 6 (Six) party/ies aggregating to Rs.
1,66,08,000/- (Rupees One Crore Sixty Six Lacs Eight Thousand only).
b. In our opinion and according to the information and explanations
given to us, the rate of interest, wherever, applicable and other terms
and conditions are not prima facie prejudicial to the interest of the
company.
c. In respect of loans taken by the Company, the interest payments are
regular and the principal amount is repayable on demand.
d. There is no overdue amount in respect of loans taken by the
Company.
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 for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Act:
a. To the best of our knowledge and belief and according to the
information and explanations given to us, particulars of contracts or
arrangements referred to in section 301 of the Act have been entered in
the register required to be maintained under that section.
b. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements during the year, have been made at prices which are
reasonable having regard to the prevailing market price at relevant
time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1 )(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the records with a view to determining
whether they are accurate or complete.
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales tax, Wealth tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2013 for a period of more than six months from the date of becoming
payable.
b. According to the records of the company, there are no dues of sale
tax, income tax, custom duty, wealth tax, excise duty or cess have not
been deposited on account of any dispute.
10. The company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a chit fund or a nidhi I mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the Company in its
own name.
15. As per information and explanations given to us, the company has
not given guarantee for loans taken by others from banks or financial
institutions.
16. In our opinion and according to the information and explanation
given to us, the term loans were utilized for the purposes for which
they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short term basis have been used for long term investment.
Similarly, no funds raised on long term basis have been used for short
term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year. Hence,
the requirement of Clause (xix) of paragraph 4 of the Order is not
applicable to the company.
20. In our opinion 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 that causes the financial statements to be materially
misstated.
For A. K. VAISH & Co.
Chartered Accountants
Sd /-
Place .New Delhi A.K. Bansal
Dated: 04.09.2013 PROPRIETOR
Membership No.71088
Mar 31, 2010
We have audited the attached Balance Sheet of RATHI BARS LIMITED as at
31st March, 2010, Profit & Loss Account and Cash Flow Statement of the
Company for the year ended on that date annexed thereto. These
financial statemen ts are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. 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 misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the 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 Government of India in terms of sub-section (4A) of section 227 of
the Companies Act, 1956, we enclose in the Annexure hereto a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to in paragraph 2
above, we report that :
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b. In our opinion, proper books of accounts, as required by law, have
been kept by the Company, so far as appears from our examination of
such books;
c. The Balance Sheet, Profit & 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 in sub- section (3C) of Section 211 of
the Companies Act, 1956;
e. In our opinion, and based on information and explanations given to
us, none of the Directors are disqualified as on 31st March, 2010 from
being appointed as directors 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
the explanations given to us, the said Balance Sheet and Profit & Loss
Account read together with the Significant Accounting Policies, Cash
Flow Statement and other notes thereon give the information required by
the Companies Act, 1956 in the manner so required and present a true
and fair view in the conformity with the accounting principles
generally accepted in India:
i. In the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March, 2010; 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 the case of the Cash Flow Statement, of the Cash Flow of
the Company for the year ended on that date;
ANNEXURE TO THE AUDITORS REPORT Rei Rathi Bars Limited
(Referred to In paragraph 1 of our report of even date)
1. In respect of its fixed assets :
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b. As explained to us, all the fixed assets have been physically
verified by the management during the year in a phased periodical
manner; which in our opinion is reasonable, having regard to the size
of the Company and nature of its assets. No material discrepancies were
notices on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and going concern status of the Company is
not affected.
2. In respect of its inventories :
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
b. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. 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 any loans/advances to any parties and
taken loans/advances from 6 (Six) party/ies aggregating to Rs.
1,77,80,000/- (Rupees One Crore Seventy Seven Lacs Eighty Thousand
only).
b. In our opinion and according to the information and explanations
given to us, the rate of interest, wherever, applicable an d other
terms and conditions are not prima facie prejudicial to the interest of
the company.
c. In respect of loans taken by the Company, the interest payments are
regular and the principal amount is repayable on demand.
d. There is no overdue amount in respect of loans taken by the
Company.
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 for the purchase of inventory, fixed assets and also for the
sale of goods. During the course of our audit, we have not observed any
major weaknesses in internal controls.
5. As explained to us, the transactions exceeding to Rs. 5,00,000/- or
more during the year have been entered in the register maintained under
section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is
commensurate with its size and nature of its business.
8. The Central Government has not prescribed maintenance of Cost
Records under Section 209(1) (d) of Companies Act, 1956. Therefore,
clause 4 (viii) of the Companies (Auditors) Report Order 2003 is not
applicable to the company.
9. In respect of statutory dues :
a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales tax, Wealth tax, Customs
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2010 for a period of more than six months from the date of becoming
payable.
b. According to the records of the company, there are no dues of sale
tax, income tax, custom duty, wealth tax, excise duty or cess have not
been deposited on account of any dispute.
10. The company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Order 2003 is not applicable to the Company,
14. The Company has maintained proper records of transactions and
contracts in respect of trading in securities, debentures and other
investments and timely entries have been made therein. All shares,
debentures and other investments have been held by the Company in its
own name.
15. As per information and explanations given to us, the company has
not given guarantee for loans taken by others from banks or financial
institutions.
16. In our opinion and according to the information and explanation
given to us, the term loans were applied for the purposes for which
they were obtained.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, no funds
raised on short term basis have been used for long term investment.
Similarly, no funds raised on long term basis have been used for short
term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year. Hence
the requirement of Clause (xix) of paragraph 4 of the order is not
applicable to the company.
20. In our opinion 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 that causes the financial statements to be materially
misstated.
For A. K. VAISH &
Co. Chartered Accountants
Place : New Delhi A. K. VAISH
Dated : 06.09.2010 PROPRIETOR
Membership No.71088