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Auditor Report of Rishabh Digha Steel & Allied Products Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Rishabh Digha Steel And Allied Products Limited (the Company), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit and Loss and 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

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 are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

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

OPINION

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

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

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

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

EMPHASIS OF MATTERS

There are no matters to be emphasized as there are no litigations and no events after the balance sheet date which will effect the going concern of the company.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies(Auditor's Report)Order,2015("the Order")issued by the Central Government of India in term of sub section (11) of section 143 of the Act, as the same is applicable we give in the annexure a statement on matters specified in Paragraph 3 and 4 of the Order.

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 purposes of our audit.

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

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

d) In our opinion, the aforesaid 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) The financial statements are prepared on the going concern basis and there are no material events that have occurred, in our opinion, which may have an adverse effect on the functioning of the Company.

f) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164(2) of the Act.

g) With respect to the other matters included in the Auditor's Report and to our best of our information and according to the explanations given to us :

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

ii. The Company did not have any long-term contracts including derivatives contracts for which there can be any material foreseeable losses.

iii. Rs 55,547/- which were required to be transferred to the Investor Education and Protection Fund have been transferred the company.

Annexure to the Auditors’ Report

The Annexure referred to in our report to the members of Rishabh Digha Steel And Allied Products Limited for the year Ended on 31st March, 2015. We report that:

Sr. Particulars Auditors Remark No.

(i) (a) whether the company is The company has maintained proper maintainingproper records records showing full particulars showing full particulars, including quantitative details including quantitative and situation of fixed details and situation assets. of fixed assets;

(b) whether these fixed All the assets have not been assets have been physically verified by the physically verified by the management during the year management at reasonable but there is a regular programmed intervals; whether any of verification which, in our material discrepancies were opinion, is reasonable having noticed on such verification regard to the size of the and if so, whether the company and the nature of its same have been properly assets. No material discrepancies dealt with in the were noticed on such verification. books of account;

(ii) (a) whether physical The Company by itself does not verification of inventory hold any inventory as company is has been conducted at basically engaged in Job work reasonable intervals by the activity .The inventory held on management; behalf of the customers has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.



(b) arether procedures of The procedures of physical physical verification of verification of inventories inventory followed by the followed by the management management reasonable and are reasonable and adequate in adequate in relation to the relation to the size of the size of the company and company and the nature of the nature of its business. its business. If not, the inadequacies in such procedures should be reported;

(c) whether the company is The company is maintaining proper maintaining proper records of manual records of inventory. inventory and whether any The discrepancies noticed on material discrepancies were verification between the physical noticed on physical stocks and the books records were verification and if so, not material. whether the same have been properly dealt with in the books of account;

(iii) (iii) whether the company has The company has not granted any granted any loans, secured loans, secured or unsecured to or unsecured to companies, companies, firms or other parties firms or other parties covered in the register covered in the register maintained under section 189 of maintained under section the Companies Act. 189 of the Companies Act. If so,

(a) whether receipt of the N.A. principal amount and interest arc also regular; and

(b) if overdue amount is more N.A. than rupees one lakh, whether reasonable steps have been taken by the company for recovery of the principal and interest;

(iv) is there an adequate internal In our opinion and according to control system commensurate the information and explanations with the size of the given to us, there is no company and the nature of its requirement of internal control business, for the purchase of procedures commensurate with the inventory and fixed assets size of the company and the and for the sale of goods nature of its business is a with and services. Whether there regard to purchases of fixed continuing failure to correct assets and with regard to sales major weaknesses in and purchase of the materials that internal control system. the company deals in.

(v) in case the company has The company has not accepted accepted deposits, whether deposits so the directives issued the directives issued by by the Reserve Bank the Reserve Bank of India of India and the provisions of and the provisions of sections 73 to 76 or any other sections 73 to 76 or any relevant provisions of the other relevant provisions of Companies Act and the rules framed the Companies Act and the there under is not applicable. rules framed there under, No order has been where applicable, have been passed by Company Law Board or complied with? I I not, the National Company Law Tribunal or nature of contraventions Reserve Bank of India or any court should be stated; If an or any other tribunal. order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not?

(vi) where maintenance of cost The maintenance of cost records records has been specified specified by the Central by the Central Government Government under sub-section (1) under sub-section (1) of of section 148 of the Companies section 148 of the Companies Act, Act is not applicable. whether such accounts and records have been made and maintained;

(vii) (a) is the company regular According to the information and in depositing undisputed explanation given to us, company statutory dues including is regular in depositing provident fund, employees' undisputed statutory dues state insurance, income-tax, including provident fund, sales-tax, wealth tax, employees' state insurance, service tax, duty of customs, income-tax, sales-tax, wealth duty of excise, value added tax, service tax, duty of customs, tax, cess and any other duty of excise, value added tax, statutory dues with the cess and any other statutory dues appropriate authorities and with the appropriate authorities if not, the extent of the and there is no arrears of arrears of outstanding outstanding statutory dues as at statutory dues as at the last the last day of the financial year day of the financial year concerned for a period of more concerned for a period of more than six months from the than six months from the date date they became payable. they became payable, shall be indicated by the auditor.

(b) in case dues of income According to the information and tax or sales tax or wealth explanation given to us there are tax or service tax or duty of no dues of income tax or sales tax customs or duty of excise or or wealth tax or service tax or value added tax or cess have duty of customs or duty of not been deposited on excise or value added tax or cess account of any dispute, then which have not been deposited on the amounts involved and the account of any dispute. forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute).

(c) whether the amount Yes Rs 55,547/- which was due for required to be transferred transferring into IEPF have been to investor education and transferred within the stipulated protection fund in accordance time. with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time.

(viii) whether in case of a In our opinion, the company is company which has been registered for a period of more registered for a period than five years and there not less than five years, were no accumulated losses during its accumulated losses at the year. the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year;

(ix) whether the company has According to the information and defaulted in repayment of explanation given to us, company dues to a financial has taken Overdraft Facility from institution or bank or their bankers Bank of Baroda and debenture holders? If yes, has not defaulted in repayment the period and amount of of dues to a financial institution default to or bank. be reported;

(x) whether the company has According to the information and given any guarantee for explanation given to us, company loans taken by others from has not given any guarantee for bank or financial loans taken by others from bank or institutions, the terms financial institutions, the terms and conditions whereof are and conditions whereof are prejudicial to the interest prejudicial to the interest of the of the company; company.

(xi) whether term loans were In our opinion and according to applied for the purpose for the information and explanations which the loans were to us, no term loan has been obtained; obtained during the year.

(xii) whether any fraud on or According to the information and by the company has been explanation given to us no fraud noticed or reported during on or by the company has been the year; If yes, the noticed or reported nature and the amount during the year. involved is to be indicated.

For M/s. Ronak Gada & Associates Chartered Accountants

Ronak Gada Membership No.:146825 FRN : 133987W Place: Mumbai Date: 22/05/2015


Mar 31, 2014

We have audited the accompanying financial statements of RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED, which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

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 the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 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

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by 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 aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

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

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

c) In the case of the Cash Flow Statement, of the cash flows of the Company 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 Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) 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 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 the Cash Flow Statement comply with Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.

e) On the basis of the written representations received from the directors as on

March 31, 2014, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of Section 274(1)(g) of the Act.

ANNEXURE TO THE AUDITOR''S REPORT

Re: RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED (Referred to in paragraph 3 of our report of even date)

(I)

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

b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our pinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c) During the year, the company has not disposed off a major part of the plant and machinery. This is according to the information and explanations given to us.

(II)

a) The Company by itself does not hold any inventory as company is Basically engaged in Job work activity .The inventory held on behalf of the customers has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) 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 is maintaining proper manual records of inventory. The discrepancies noticed on verification between the physical stocks and the books records were not material.

(III) The company has not given as well as not taken any loans to/from members or firms or companies covered in the register maintained under section 301 of the Companies Act, 1956.

IV) 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 purchases of stores, spares and consumables, fixed assets and with regard to the raising of service invoices. 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 need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956.

VI) In our opinion and according to the information and explanations given to us, company has not accepted deposit thus the compliance with the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public is not required. The Company Law Board has passed no order.

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

VIII) Maintenance of Cost Records has not been prescribed. Rules made by the Central Government for the maintenance of cost record under section 209 (1) (d) of the Companies Act, 1956. Accordingly provisions of this clause are not applicable to the company.

IX)

a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax and service tax.

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 and cess were in arrears, as at 31st March,2014 for a period of more than six months from the date they became payable.

c) According to the information and explanation given to us, there are no dues of sale tax, income tax, customs duty, wealth tax, excise duty and cess which have been deposited on account of any dispute.

X) In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and 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 a financial institution, bank or debenture holders.

XII) We are of the opinion that the company has granted advances to Employees. As informed to us there is no stipulation as to rate of interest and schedule of the repayment.

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) Order, 2003 are not applicable to the company.

XIV) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments and the company is just investing in shares. All the shares are held in the name of the Company. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

XV) In our opinion, the company has not given guarantees for loans taken by others from banks or financial institution.

XVI) In our opinion, no term loans have been taken neither they have been outstanding for the previous years.

XVII) According to the information 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 except permanent working capital.

XVIII) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

XIX) According to the information and explanations given to us, during the period covered by our audit report, the company had not issued any debentures.

XX) According to the information and explanations given to us during the period covered by our audit report the company has not raised any money by public issues.

XXI) 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 M/s.Ronak Gada & Associates. Chartered Accountants

Place: Mumbai Date : 07/08/2014 Ronak P.Gada (Proprietor) Membership No.146825 FRN No : 133987W


Mar 31, 2013

1. We have audited the attached balance sheet of Rishabh Digha Steel And Allied Products Limited, as at 31st March 2013, the profit and loss account 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.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Manufacturing and other Companies (Auditor''s Report) order, 1988 issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Companies Act, 1956, and as per the information and explanations furnished to us and the books and records examined by us in the normal course of audit. We enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. 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 are required by law have been kept by the Company so far as appears from our examination of those books.

iii) The Balance Sheet, Profit and 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 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 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;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the balance sheet, of the state of affairs of the company as at 31st March 2013;

b) in the case of the profit and loss account, 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.

ANNEXURE TO THE AUDITOR''S REPORT

Re: RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED (Referred to in paragraph 3 of our report of even date)

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

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

(c) During the year, the company has not disposed off a major part of the plant and machinery. This is according to the information and explanations given to us.

(ii) (a) The Company by itself does not hold any inventory as company is basically engaged in Job work activity .The inventory held on behalf of the customers has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) 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 is maintaining proper manual records of inventory. The discrepancies noticed on verification between the physical stocks and the books records were not material.

(iii) The company has not given as well as not taken any loans to/from members or firms or companies covered in the register maintained under section 301 of the Companies Act, 1956.

(iv) 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 purchases of stores, spares and consumables, fixed assets and with regard to the raising of service invoices. 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 need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) In our opinion and according to the information and explanations given to us, company has not accepted deposit thus the compliance with the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public is not required. The Company Law Board has passed no order.

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

(viii) Maintenance of Cost Records has not been prescribed. Rules made by the Central Government for the maintenance of cost record under section 209 (1) (d) of the Companies Act, 1956. Accordingly provisions of this clause are not applicable to the company.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax and service tax.

(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 and cess were in arrears, as at 31/03/2013 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of sale tax, income tax, customs duty, wealth tax, excise duty and cess which have been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company has not incurred cash losses during the financial year covered by our audit and 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 a financial institution, bank or debenture holders.

(xii) We are of the opinion that the company has granted advances to Employees. As informed to us there is no stipulation as to rate of interest and schedule of the repayment.

(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) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments and the company is just investing in shares. All the shares are held in the name of the Company. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

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

(xvi) In our opinion, no term loans have been taken neither they have been outstanding for the previous years.

(xvii) According to the information 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 except permanent working capital.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) According to the information and explanations given to us, during the period covered by our audit report, the company had not issued any debentures.

(xx) According to the information and explanations given to us during the period covered by our audit report the company has not raised any money by public issues.

(xxi) 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 M/S. Akshay D Shah and Co.

Chartered Accountants





AKSHAY D SHAH

Place: Mumbai (PROPRIETOR)

Date:01/08/2013 MEMBERSHIP NO.110775


Mar 31, 2010

1. We have audited the attached balance sheet of Rishabh Digha Steel And Allied Products Limited, as at 31st March 2010, the profit and loss account 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.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Manufacturing and other Companies (Auditors Report) order, 1988 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and as per the information and explanations furnished to us and the books and records examined by us in the normal course of audit. We enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said order.

4. 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 are required by law have been kept by the Company so far as appears from our examination of those books. "

iii) The Balance Sheet, Profit and 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 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 2010 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) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the balance sheet, of the state of affairs of the company as at 31st March 2010;

b) in the case of the profit and loss account, of the profit/loss 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.

ANNEXURE TO THE AUDITORS REPORT

Re: RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED (Referred to in paragraph 3 of our report of even date)

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

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

(c) During the year, the company has not disposed off a major part of the plant and machinery. This is according to the information and explanations given to us.

(ii) (a) The Company by itself doesnot hold any inventory as company is basically in jobwork activity The inventory held on behalf of the customers has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) 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 is maintaining proper manual records of inventory. The discrepancies noticed on verification between the physical stocks and the books records were not material.

(iii) (a) The company had not taken any interest free loan from member covered in

the register maintained under section 301 of the Companies Act, 1956. The Company has however not granted any loan any of its members.

(b) In our opinion, the company had not taken interest free loans and other terms and conditions from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.So the regular repayment of principal and interest and the overdue of loan taken or granted amount is doesnot arises. Hence this clause is not applicable.

(iv) 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 purchases of stores, spares and consumables, fixed assets and with regard to the raising of service invoices. 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 need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) In our opinion and according to the information and explanations given to us, company has not accepted deposit thus the compliance with the provisions of sections 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public is not required. The Company Law Board has passed no order.

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

(viii) Maintenance of Cost Records has not been prescribed. Rules made by the Central Government for the maintenance of cost record under section 209 (1) (d) of the Companies Act, 1956. Accordingly provisions of this clause are not applicable to the company.

(ix) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax and sales tax.

(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 and cess were in arrears, as at 31/03/2010 for a period of more than six months from the date they became payable.

(c) According to the information and explanation given to us, there are no dues of sale tax, income tax, customs duty, wealth tax, excise duty and cess which have been deposited on account of any dispute.

(x) In our opinion, the accumulated losses of the company are not more than fifty percent of its net worth. The company are not incurred cash losses during the financial year covered by our audit and 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 a financial institution, bank or debenture holders.

(xii) We are of the opinion that the company has granted advances to Employees.

As informed to us there is no stipulation as to rate of interest and schedule of the repayment.

(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 (Auditors Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments and the company is just investing in shares. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

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

(xvi) In our opinion, no terms loans have been taken neither they have been outstanding for the previous years.

(xvii) According to the information 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 except permanent working capital.

(xviii) According to the information and explanations given to us, the company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

(xix) According to the information and explanations given to us, during the period covered by our audit report, the company had not issued any debentures.

(xx) According to the information and explanations given to us during the period covered by our audit report the company has not raised any money by public issues.

(xxi) 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 M/S. Akshay D Shah and Co. Chartered Accountants

Akshay D. Shah Place: Mumbai (Proprietor)

Date : 23/04/2010 Membership No. 110775



 
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