Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying Financial Statements of Rishi Laser
Limited, which comprises the Balance Sheet as at 31st March 2015, and
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 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 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
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 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.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government in terms of Section 143 (11)
of the Act, 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
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 (and proper returns adequate for the purposes of our audit have
been received from the branches not visited by us).
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) 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.
f) 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 has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in Note
34(iii) to the financial statements.
ii. Company did not have any long-term contracts including derivatives
contracts for which there were any material foreseeable losses.
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company.
The Annexure referred to in paragraph 1 Under 'Report on other legal
and Regulatory Requirements' section of the Our Report of even date to
the members of Rishi Laser 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 explanation given to us during the course of our
audit, we report that:
1. [a] The Company has maintained proper records showing full
particulars, including quantitative details and location of the Fixed
Assets.
[b] There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
2. [a] Inventories have 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 stocks followed by the
management are adequate in relation to the size of the Company and the
nature of its business.
[c] The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material and have been properly dealt in the
books of account.
3. According to the information and explanations given to us the
Company has not granted unsecured loans, to companies, firms or other
parties listed in the register maintained under section 189 of the
Companies Act, 2013. Consequently, the provisions of clauses iii (b)
of the order are not applicable to 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 with regard to purchase of stores, raw material including
components, packing materials, plant and machinery, equipment and other
assets and with regard to sale of goods. There is no major weakness in
the internal control procedures.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 of the Companies Act, 2013.
6. The Central Government has prescribed the maintenance of cost
records under section 148 (1) of the Companies Act, 2013 for the
Company and same is maintained by company.
7. [a] The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Wealth Tax, Custom Duty, Excise
Duty, cess and other statutory dues with the appropriate authorities.
[b] Detail of dues of Duty of Excise which have not been deposited as
on 31st March 2015 on account of dispute are given below:
S.
No. Name of statute Nature of Dues Amount
(Rs. in lacs)
1 Central Excise Excise Duty 68.24
Act, 1944
Name of Statute Period to which Forum where
Amount Relate dispute is pending
Central Excise Act, 1944 Financial Year Custom, Excise & Service
2007-08 to June 11 tax Appellate Tribunal
[c] There is no amount pending for transfer to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder.
8. Company has accumulated losses and has incurred cash losses in the
financial year under report and in the preceding immediate financial
year.
9. Based on our audit procedures and according to the information and
explanations given to us, we have noted default in repayment of loan
principal and interest with respect to three banks. The unpaid overdue
loan principal and interest during the year in this regard as at 31st
March 2015, were Rs. 263.02 lacs and Rs. 578.78 lacs respectively. The
Company has not paid overdue amounts before the date of our report.
However, provision for interest has been properly made in the books of
account. The following are the details of the same:
Name of Lender Nature of Borrowing Amount in Lakhs
State Bank of India Term Loan Principal 20.00
Interest 33.15
Total 53.15
Term Loan Principal 40.00
Interest 32.52
Total 72.52
Cash Credit Interest 354.52
Total 354.52
Canara Bank Term Loan Principal 157.83
Interest 22.10
Total 179.93
Cash Credit Interest 35.37
Total 35.37
Axis Bank Ltd. Letter of Credit Principal 45.20
Cash Credit Interest 101.14
Total 146.34
Name of Lender Period Due
State Bank of India Due from December 2014 to March 2015
Due from December 2014 to March 2015
Due from December 2014 to March 2015
Due from December 2014 to March 2015
Due from September 2014 to March 2015
Canara Bank Due from April 2014 to March 2015
Due from June 2014 to March 2015
Due from May 2014 to March 2015
Axis Bank Ltd Due from April 2014 to March 2015
Due from June 2014 to March 2015
10. The Company has not given any guarantee for loans taken by others.
11. The Company has not taken any term loans during the year.
Accordingly the provisions of clause 3(xi) of the Order are not
applicable to the Company.
12. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For ALLADI KRISHNAN AND KUMAR
(Chartered Accountants)
Firm's Registration No.100282W
AJIT S. DATAR
Place: Mumbai (PARTNER)
Date: 29th May, 2015 Membership No. 036274
Mar 31, 2014
We have audited the accompanying Financial Statements of Rishi Laser
Limited, which comprises the Balance Sheet as at 31st March 2014, and
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
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 flow of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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 requirement 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
risks of material misstatement of the financial statements, whether due
to fraud or error. In making those risk assessment, 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
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 statement 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:
i) In the case of Balance Sheet, of the State of Affairs of the Company
as at March 31, 2014;
ii) In the case of Statement of Profit and Loss, of the Loss for the
year ended on that date; and
iii) 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 requirement
1. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the 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 it appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the Books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow statement comply with the Accounting Standards referred to in
Sub-Section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of the written representations received from the
Directors as on March 31, 2014, and taken on record by Board of
Directors, none of the directors is disqualified as on March 31, 2014
from being appointed as a director in terms of clause (g) of sub-
section (1) of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITOR''S REPORT
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Rishi Laser Limited on the accounts of the Company
for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. [a] The Company has maintained proper records showing full
particulars, including quantitative details and location of the Fixed
Assets.
[b] There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
[c] The Company has not disposed off substantial part of fixed assets
during the year.
2 [a] Inventories have 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 stocks followed by the
management are adequate in relation to the size of the Company and the
nature of its business.
[c] The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material and have been properly dealt in the
books of account.
3. [a] According to the information and explanations given to us the
Company has not taken/granted unsecured loans, from/to companies, firms
or other parties listed in the register maintained under section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses
iii(b), iii(c) and iii(d) of the order are not applicable to the
Company.
[b] According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to 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 with regard to purchase of stores, raw material including
components, packing materials, plant and machinery, equipment and other
assets and with regard to sale of goods. There is no major weakness in
the internal control procedures.
5. In our opinion, and according to the information and explanations
given to us, there were no transactions in pursuance of contracts or
arrangements that needed to be entered into the register maintained
under section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has prescribed the maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956 for the
Company.
9 [a] The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Wealth Tax, Custom Duty, Excise
Duty, cess and other statutory dues with the appropriate authorities .
[b] Custom duty amounting to Rs.68.24 Lakhs have not been deposited as
on 31.03.14 on account of appeal pending with Customs, Excise and
Service Tax Appellate Tribunal.
10. Company does not have accumulated losses at the end of financial
year. The company has incurred cash losses during the financial year
covered by Audit but did not incurred cash losses in the immediately
preceding financial year.
11. According to the information and explanations given to us and the
records examined by us, the Company has not defaulted in repayment of
dues to the financial institutions.
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. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4 [xiii] of the Companies (Auditors
Report) Order, 2003 is not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause 4[xiv] of the
Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
15. The Company has not given any guarantee for loans taken by others.
16. The Company has utilized the term loan for the purpose for which
the loans were obtained.
17. According to the information and explanations received, the
Company has not applied short-term borrowings for long-term use and
vice versa.
18. During the year the Company has not made preferential allotment of
shares.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For ALLADI KRISHNAN AND KUMAR
(Chartered Accountants)
Firm''s Registration No.100282W
AJIT S. DATAR
Place: Mumbai (PARTNER)
Date: 29th May, 2014 Membership No. 036274
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying Financial Statements of Rishi Laser
Limited, which comprises the Balance Sheet as at 31st March 2013, and
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
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 flow of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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 requirement 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
risks of material misstatement of the financial statements, whether due
to fraud or error. In making those risk assessment, 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
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 statement 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:
i) In the case of Balance Sheet, of the State of Affairs of the Company
as at March 31, 2013;
ii) In the case of Statement of Profit and Loss , of the Profit for the
year ended on that date; and
iii) 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 requirement
1. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the 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 it appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the Books of
account ;
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow statement comply with the Accounting Standards referred to in
Sub-Section (3C) of section 211 of the Companies Act, 1956;
e) On the basis of the written representations received from the
Directors as on March 31, 2013, and taken on record by 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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITOR''S REPORT
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Rishi Laser Limited on the accounts of the Company
for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. [a] The Company has maintained proper records showing full
particulars, including quantitative details and location of the Fixed
Assets.
[b] There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
[c] The Company has not disposed off substantial part of fixed assets
during the year.
2. [a] Inventories have 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 stocks followed by the
management are adequate in relation to the size of the Company and the
nature of its business.
[c] The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material and have been properly dealt in the
books of account.
3. [a] According to the information and explanations given to us the
Company has not taken/granted Unsecured loans, from/to companies, firms
or other parties listed in the register maintained under section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses
iii(b), iii(c) and iii(d) of the order are not applicable to the
Company.
[b] According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to 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 with regard to purchase of stores, raw material including
components, packing materials, plant and machinery, equipment and other
assets and with regard to sale of goods. There is no major weakness in
the internal control procedures.
5. In our opinion, and according to the information and explanations
given to us, there were no transactions in pursuance of contracts or
arrangements that needed to be entered into the register maintained
under section 301 of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has prescribed the maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956 for the
Company.
9. [a] The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Wealth Tax, Custom Duty, Excise Duty, cess and other statutory dues
with the appropriate authorities.
[b] There are no disputed statutory dues pending at any forums.
10. Company has neither accumulated losses nor has it incurred cash
losses in the financial year under report and in the preceding
immediate year.
11. According to the information and explanations given to us and the
records examined by us, the Company has not defaulted in repayment of
dues to the financial institutions.
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. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4 [xiii] of the Companies (Auditors
Report) Order, 2003 is not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause 4[xiv] of the
Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
15. The Company has not given any guarantee for loans taken by others.
16. The Company has utilized the term loan for the purpose for which
the loans were obtained.
17. According to the information and explanations received, the
Company has not applied short-term borrowings for long-term use and
vice versa.
18. During the year the Company has not made preferential allotment of
shares.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For ALLADI KRISHNAN AND KUMAR
(Chartered Accountants)
Firm''s Registration No.100282W
AJIT S. DATAR
Place: Mumbai (PARTNER)
Date: 30th May, 2013 Membership No. 036274
Mar 31, 2012
We have audited the attached Balance sheet of Rishi Laser Limited as at
31st March, 2012, and also the statement of Profit and Loss and the
Cash flow statement of the Company 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
disclosure 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 of
our opinion.
As required by the Companies (Auditors Report) Order, 2003, issued by
the Central Government of india in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order to the
extent applicable.
Further to our comments in the Annexure referred to in paragraph 3
above, we state 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 referred to in 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 dealt with by this report comply with the
Accounting standards referred to in section 211(3C) of Companies Act,
1956.
e) On the basis of the written representation received from the
Directors, and taken on record by Board of Directors, we report that
none of the directors is disqualified as on 31st March, 2012 from being
appointed as a director in terms of Clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) in our opinion and as per the information and according to the
explanations given to us, the said Balance sheet and the statement of
Profit and Loss, read together with the notes thereon, 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 31st March, 2012.
ii. in the case of statement of Profit and Loss, 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 for the
year ended on that date.
Annexure to Auditors' Report
(Referred to in paragraph 3 of the Auditor's Report to the members of
Rishi Laser Limited for the year ended 31st March, 2012.)
1. [a] The Company has maintained proper records showing full
particulars including quantitative details and location of the Fixed
Assets.
[b] There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
[c] The Company has not disposed off substantial part of fixed assets
during the year.
2. [a] inventories have 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 stocks followed by the
management are adequate in relation to the size of the Company and the
nature of its business.
[c] The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material and have been properly dealt in the
books of account.
3. According to the information and explanations given to us the
Company has not taken/granted unsecured loans, from/to companies, firms
or other 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 stores, raw material including
components, packing materials, plant and machinery, equipment and other
assets and with regard to sale of goods. There is no major weakness in
the internal control procedures.
5. in our opinion, and according to the information and explanations
given to us, there were no transactions in pursuance of contracts or
arrangements that needed to be entered into the register maintained
under section 301 of the Companies Act, 1956.
6. in our opinion, and according to the information and explanations
given to us, the Company has complied with the provisions of section
58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance &
Deposits) Rules, 1975 with regard to the deposits accepted from the
shareholders, friends, relatives of Directors' and business associates.
7. in our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956 for the
Company.
9 [a] The Company is regular in depositing undisputed statutory dues
including Provident Fund, investor Education and Protection Fund,
Employees state insurance, income Tax, Wealth Tax, Customs Duty, Excise
Duty, Cess and other statutory dues with the appropriate authorities .
[b] There are no disputed statutory dues pending at any forums.
10. Company does not have accumulated losses at the end of the
financial year and has not incurred losses in the current year.
11. According to the information and explanations given to us and the
records examined by us , the Company has not defaulted in repayment of
dues to the financial institutions.
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. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of Clause 4 [xiii] of the Companies (Auditors
Report] Order, 2003 is not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provision of Clause 4[xiv] of the
Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. in our opinion, the term loan have been applied for the purpose
for which they were raised.
17. According to the information and explanations received, the
Company has not applied short-term borrowings for long-term use and
vice versa.
18. During the year the Company has not made any preferential
allotment of shares to the parties and the companies covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly Clause 4(xviii) of Companies (Auditors Report) Order, 2003
is not applicable.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For Alladi Krishnan & Kumar
(Chartered Accountants)
Ajit S. Datar
Date : 29th May, 2012 (Partner)
Place : Mumbai Membership No. 036274
Mar 31, 2011
We have audited the attached Balance Sheet of Rishi Laser Ltd. as at
31st March, 2011, and also the Profit and Loss Account and the Cash
Flow Statement of the Company 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
disclosure 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 of
our opinion.
As required by the Companies (Auditors Report) Order, 2003, issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order to the
extent applicable.
Further to our comments in the Annexure referred to in paragraph 3
above, we state 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 Profit and Loss Account and the Cash Flow
Statement referred to in this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Section 211(3C) of Companies Act,
1956.
e) On the basis of the written representation received from the
Directors, and taken on record by Board of Directors, we report that
none of the directors is disqualified as on 31st March, 2011 from being
appointed as a director in terms of Clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
f) In our opinion and as per the information and according to the
explanations given to us, the said Balance Sheet and the Profit and
Loss Account, read together with the notes thereon, 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 sate of affairs of the Company
as on 31st March, 2011.
(ii) In the case of 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 flows for the
year ended on that date.
Annexure to Auditors' Report
(Referred to in paragraph 3 of the Auditor's Report to the members of
Rishi Laser Ltd. for the year ended 31st March, 2011.)
1. [a] The Company has maintained proper records showing full
particulars including quantitative details and location of the Fixed
Assets.
[b] There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
[c] The Company has not disposed off substantial part of fixed assets
during the year.
2. [a] Inventories have 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 stocks followed by the
management are adequate in relation to the size of the Company and the
nature of its business.
[c] The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material and have been properly dealt in the
books of account.
3. According to the information and explanations given to us the
Company has not taken/granted unsecured loans, from/to companies, firms
or other 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 stores, raw material including
components, packing materials, plant and machinery, equipment and other
assets and with regard to sale of goods. There is no major weakness in
the internal control procedures.
5. In our opinion, and according to the information and explanations
given to us, there were no transactions in pursuance of contracts or
arrangements that needed to be entered into the register maintained
under Section 301 of the Companies Act, 1956.
6. In our opinion, and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance &
Deposits) Rules, 1975 with regard to the deposits accepted from the
shareholders, friends, relatives of Directors' and business associates.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under Section 209 (1) (d) of the Companies Act, 1956 for the
Company.
9. [a] The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Wealth Tax, Customs Duty, Excise
Duty, Cess and other statutory dues with the appropriate authorities.
[b] There are no disputed statutory dues pending at any forums.
10. Company does not have accumulated losses at the end of the
financial year and has not incurred losses in the current year.
11. According to the information and explanations given to us and the
records examined by us, the Company has not defaulted in repayment of
dues to the financial institutions.
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. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of Clause 4 [xiii] of the Companies (Auditors
Report) Order, 2003 is not applicable to the Company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provision of Clause 4 [xiv] of
the Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. In our opinion, the term loan have been applied for the purpose
for which they were raised.
17. According to the information and explanations received, the
Company has not applied short-term borrowings for long-term use and
vice versa.
18. During the year the Company has not made any preferential
allotment of shares to the parties and the Companies covered in the
register maintained under Section 301 of the Companies Act ,1956.
Accordingly Clause 4 (xviii) of Companies (Auditors Report) Order, 2003
is not applicable.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For ALLADI KRISHNAN & KUMAR
Chartered Accountants
Ajit S. Datar
Place : Mumbai Partner
Dated : 30th May, 2011 Membership No. 036274
Mar 31, 2010
We have audited the attached Balance sheet of Rishi Laser Limited as at
31st March 2010, and also the Profit and Loss Account and the Cash flow
statement of the Company 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 support- ing the amounts and
disclosure 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 of
our opinion.
As required by the Companies (Auditors Report) Order, 2003, issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order to the
extent applicable.
Further to our comments in the Annexure referred to in paragraph 3
above, we state 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 Profit and Loss Account and the Cash Flow
Statement referred to in this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in Section 211 (3C) of Companies Act,
1956.
e) On the basis of the written representation received from the
Directors, and taken on record by 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.
f) In our opinion and as per the information and according to the
explanations given to us, the said Balance Sheet and the Profit and
Loss Account, read together with the notes thereon, 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 sate of affairs of the Company
as on 31st March 2010.
(ii) In the case of 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 flows for
the year ended on that date.
Annexure to Auditors Report
(Referred to in paragraph 3 of the Auditors Report to the members of
Rishi Laser Limited for the year ended March 31, 2010.)
1.[a] The Company has maintained proper records showing full particulars
including quantitative details and location of the Fixed Assets.
[b] There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the year.
[c] The Company has not disposed off substantial part of fixed assets
during the year.
2. [a] Inventories have 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 stocks followed by the
management are adequate in relation to the size of the Company and the
nature of its business.
[c] The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
book records were not material and have been properly dealt in the
books of account.
3. According to the information and explanations given to us the
Company has not taken/ granted unsecured loans, from/to companies,
firms or others 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 stores, raw material including
components, packing materials, plant and machinery, equipment and other
assets and with regard to sale of goods. There is no major weakness in
the internal control procedures.
5. In our opinion, and according to the information and explanations
given to us, there were no transactions in pursuance of contracts or
arrangements that needed to be entered into the register maintained
under section 301 of the Companies Act, 1956.
6. In our opinion, and according to the information and explanations
given to us, the Company has not accepted any deposit from the public.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956. for the
Company.
9 [a] The Company is regular in depositing undisputed statutory dues
including Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Wealth Tax, Custom Duty, Excise Duty, cess and other
statutory dues with the appropriate authorities.
[b] There are no disputed statutory dues pending at any forums.
10. The Company does not have accumulated losses at the end of the
financial year and has not incurred losses in the current year.
11. According to the information and explanations given to us and the
records examined by us , the Company has not defaulted in repayment of
dues to the financial institutions.
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. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4 [xiii] of the Companies (Auditors
Report] Order, 2003 is not applicable to the company.
14. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause 4[xiv] of the
Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
15. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
16. The Company has not taken any new term loan during the year.
17. According to the information and explanations received, the
Company has not applied short-term borrowings for long-term use and
vice versa.
18. Preferential Allotment of Equity shares has been made during the
year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For ALLADI KRISHNAN & KUMAR
Chartered Accountants
Place: Mumbai
Date: 21st June, 2010
AJIT S. DATAR
Partner
Membership No. 036274 A