Mar 31, 2015
1. Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of
Rathi Graphic Technologies Limited ("the Company"), which comprise
the Balance Sheet as at 31st March, 2015, the Profit and Loss
Statement, the Cash Flow Statement for the year then ended and a
summary of significant accounting policies and other explanatory
information.
2. Management's Responsibility for the Standalone Financial
Statements
The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 ("the Act")
with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the 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.
3. Auditors Responsibility
Our responsibility is to express an opinion on these standalone
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 misstatements.
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 a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Company's
directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial
statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March, 2015, and its profit and its
cash flows for the year ended on that date.
5. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015
("the Order""), issued by the Central Government of India in terms
of Section 143 (11) of the Act, we give in the Annexure a statement on
the matters specified in paragraphs 3 & 4 of the Order, to the extent
applicable.
2. As required by 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 it appears from our examination of
those books;
c) The Balance Sheet, the Profit and Loss Statement, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone 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 the written representations received from the
directors as on 31st March, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
2015, from being appointed as a director in terms of Section 164 (2)
of the Act.
f) The Company has adequate internal financial controls system in
place and in our opinion the same is operating effectively.
g) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
(i) There is no pending litigations against the Company as on 31st
March, 2015.
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses
(iii) There is no amount to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the Act
and rules made there under.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Rathi Graphic Technologies Limited on the accounts
of the Company for the year ended 31st March, 2015
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during
the year in a phased periodical manner which, in our opinion, is
reasonable, having regard to the size of the Company and nature of the
assets. No material discrepancies were noticed on such verification.
2. a) As explained to us, the inventories have been physically
verified by the management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its
inventories. There was no material discrepancies noticed on physical
verification of stocks by the management as compared to book records.
3. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans, secured or
unsecured, to any companies, firms or other parties as covered in the
register maintained under section 189 of the Act. Accordingly, the
provisions of clause 3 (iii) (a) and (b) of the order are not
applicable.
4. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business for the purchases of inventories & fixed assets and for the
sale of goods and services. During the course of our audit, no major
instance of continuing failure to correct any major weaknesses in the
internal control systems of the Company has been noticed.
5. The Company has not accepted any deposits from the public and
therefore, the directives issued by Reserve Bank of India and
provisions of Section 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and rules framed thereunder do not apply to the
Company.
6. As informed to us, the Central Government has prescribed
maintenance of cost records under section 148(1) of the Companies Act,
2013 in respect of the manufacturing activities of the Company. We
have broadly reviewed accounts and records of the Company in this
connection and are of the opinion, that prima facie, the prescribed
accounting records have been made and maintained. We have not,
however, carried out detailed examination of the same.
7. a) According to information and explanations given to us, the
Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including Provident Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and any
other statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed statutory dues payable in respect of Provident Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess etc
which are outstanding as at 31st March, 2015 for a period of more than
six months from the date they became payable.
c) There is no amount to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made there under.
8. The Company has no accumulated losses at the end of the year and it
has not incurred cash losses during the current financial year and in
the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to any bank or
financial institution.
10. According to the information and explanations given to us, the
Company has given corporate guarantee to M/s RGTL Industries Limited
(Formerly known as Rathi Rajasthan Steel Mills Limited) for loan taken
by others from a bank or financial institution.
11. As per the information and explanations given to us, the term
loans have been applied for the purposes for which they were obtained.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been
informed of such case by the management.
For A. K. Maheshwari & Associates
Chartered Accountants
(Firm Registration No.: 500106N)
CA Shalin Poddar
(Partner)
Mem. No.: 515616
Place: New Delhi
Date: 30th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Rathi Graphic
Technologies 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.
2. 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 flow 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 referred 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.
3. 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.
4. 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.
5. 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, Statement of Profit and Loss, and
the Cash Flow Statement comply with the 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 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 .
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Rathi Graphic Technologies 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 situation of its fixed
assets.
(b) According to the information and explanation given to us, the fixed
assets have been physically verified by the management during the year
in phased periodical manner which in our opinion in reasonable regard
to the size of the Company and nature of assets. No material
discrepancies were noticed on such verification
(c) In our opinion and according to the information and explanations
given to us, since there is no substantial disposal of fixed asset
during the year, the going concern status of the Company is not
affected.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
There was no material discrepancies noticed on physical verification of
stocks by the management as compared to book records.
3. (a) 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 granted any loans, secured or unsecured, 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.
(b) According to the information and explanations given to us, the
Company has taken interest free unsecured loans from four parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. The maximum amounts outstanding during the year against the
said loans were Rs. 1500.74 Lacs and the year end balance of loans
received from such parties is Rs. 1485.71 Lacs.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit,
no major instance of continuing failure to correct any major weak
-nesses in the internal controls system of the Company has been
noticed.
5. a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section
301 of the Act have been entered in the register required to be
maintained under that section.
b) In our opinion and according to the information and explanations
given to us the transaction made in pursuance of contracts or,
agreements entered in the register maintained u/s 301 of the Companies
Act, 1956 and exceeding the value of Rs.5 lacs in respect of each party
have been made at prices which appear reasonable as per information
available with the Company except for items stated to be specialized
nature where no comparison is possible.
6. The Company has not accepted any deposits from the public during the
financial year 2013-14 and therefore, the provision of section 58A and
58AA of the Companies Act, 1956 and rules framed there under do not
apply to the Company.
7. The Company has an adequate internal audit system commensurate with
its size and the nature of its business.
8. As informed to us, the Central Government has prescribed maintenance
of cost record under clause
(d) of sub-section (1) of section 209 of the Act in respect of
manufacturing activities of the Company. We have broadly reviewed
accounts and records of the Company in this connection and our opinion,
that prime facie, the prescribed accounting records have been made and
maintained. We have not however carried out detailed examination of the
same
9. (a) According to the information and explanations
given to us, the Company is generally regular in deposits undisputed
statutory dues including provident fund, Investor Education and
Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess to the extent
applicable and any other statutory dues have generally been regularly
deposited with the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed statutory dues payable in respect of provident fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess which are outstanding as on 31st March, 2014 for a period
of more than six months from the date they become payable.
(c) According to the information and explanations given to us, there
are no statutory dues outstanding on account of any disputes other than
the followings:
Name of the Nature of Amount Period to Forum where
Statute the Dues (in Rs.) which amount dispute is
relates pending
Rajasthan VAT, 509.00 09-03-2010 to The Deputy
Value Added CST and Lacs 26-03-2012 Commissioner
Tax Act, 2003 Penalty (Admn),
Commercial
Taxes, Alwar
10. The Company has no accumulated losses at the end of the year and it
has not incurred cash loss during the financial year and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution/ bank.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not dealing or trading in Shares, Securities & other Investments
hence Para no XIV of the order is not applicable to the Company.
15. According to the information and explanations given to us, the
Company has given corporate guarantees to M/s. RGTL Industries Limited
(Formely known as Rathi Rajasthan Steel Mills Limited) for loan taken
by others from a bank or financial institution.
16. As per the information and explanations given to us, the term loan
has been applied for the purpose for which it is raised.
17. As per the information and explanations given to us, no funds
raised on short term basis have been used for long term investment.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained u/s 301 of the
Companies Act, 1956.
19. The Company has not issued any debentures during the year hence the
requirement of clause (XIX) of the paragraph 4 of the Order are not
applicable to the Company.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For A. K. Maheshwari & Associates
Chartered Accountants
(Registration No. 500106N)
CA Shalin Poddar
(Partner)
Mem. No. : 515616
Place: New Delhi
Date: 30th May, 2014
Mar 31, 2013
We have audited the accompanying fnancial statements of Rathi Graphic
Technologies Limited, which comprise the Balance Sheet as at March 31,
2013, 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.
2. Managements 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 flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
3. 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 in VO Ives performing procedures toobtainaudit evidence about
the amounts and disclosures in the fnancial statements.The procedures
seiected depend on the auditors judgment, including the assessment of
the risks of material misstatement of the flnanciai statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to* provide a basis for our audit opinion. " ''
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
5. Report on other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
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, 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
subsection(3C) of section 211 of the Companies Act, 1956; and
e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Rathi Graphic Technologies 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 situation of its fixed
assets,
(b) According to the information and explanation given to us, the fixed
assets have been physically verified by the management during the year
in phased periodical manner which in our opinion in reasonable regard
to the size of the Company and nature of assets. No material
discrepancies were noticed on such verification
(c) In our opinion and according to the information and explanations
given to us, since there is no substantial disposal of fixed asset
during the year, the going concern status of the Company is not
affected.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to thS"information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
There was no material discrepancies noticed on physical verification of
stocks by the management as compared to book records.
3. (a) 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 granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses ill
(b), iii{c) and IN (d) of the order are not applicable.
(b) According to the information and explanations given to us, the
Company has taken interest free unsecured loans from seven parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. The maximum amounts outstanding during the year against the
said loans were Rs. 1563.82 Lacs and the year end balance of loans
received from such parties is Rs. 900,23 Lacs.
4. In oqr opinion and according to the information and explanations
given to us. there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any major weaknesses in
the internal controls system of the Company has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section,
b) In our opinion and according to tfje information and explanations
given to us the transaction made in pursuance of contracts or,
agreements entered in the register maintained u/s 301 of the Companies
Act, 1956 and exceeding the value of Rs.5 lacs in respect of each party
have been made at prices which appear reasonable as per information
available with the Company except for items stated to be specialized
nature where no comparison is possible.
6. The Company has not accepted any deposits from the public and
therefore, the provision of section 58Aand 58AA of the Companies Act.
1956 and rules framed there under do not apply to the Company.
7. The Company has an adequate internal audit system commensurate with
its size and the nature of its business.
8. As informed to us, the Central Government has prescribed maintenance
of cost record under clause (d) of sub-section (1) of section 209 of
the Act in respect of manufacturing activities of the Company. We have
broadly reviewed accounts and records of the Company in this connection
and our opinion, that prime facie, the prescribed accounting records
have been made and maintained. We have not however carried out detailed
examination of the same
9. (a) According to the information and exp I a nations given to us,
the Company is generally regular in deposits undisputed statutory dues
including provident fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable
and any other statutory dues have generally been regularly deposited
with the appropriate authorities.
(b) According to the information and explanations given to us, no
undisputed statutory dues payable in respect of provident fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, cess which are outstanding as on 31st March. 2013 for a period of
more than six months from the date they become payable,
(c) According to the information and explanations given to us, there
are no statutory dues outstanding on account of any disputes other than
the fbilowings:
Name of the Statute Nature of the Dues Amount (in Rs.)
Central Excise Cenvat Credit against 13,30 Lacs
Authorities import of Capital goods
Rjasthan Value Added VAT, CST and Penalty 509 00 Lacs
Tax Act, 2003
Name of the Statute Period to which amount Forum where dispute is
relate pending
Central Excise In the year 1995 The Central Excise and
Authorities Tax appellate Tribunal
Rajasthan Value Added 09-03-2010 to 26-03- The Deputy
Tax Act, 2003 2012 Commissioner (Admn)
Commercial Taxes, Alwar
10. The Company has no accumulated losses at the end of the year and it
has not incurred cash loss during the financial year and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank,
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditors Repgrt) Order, 2003 (as amended) is not applicable W-The
Company.
14. According to information and explanations given to us, the Company
is not dealing or trading in Shares, Securities & other Investments
hence Para no XIV of the order is not applicable to the Company."
15. According to the information and explanations given to us, the
Company has given corporate guarantees to M/s. RGTL Industries Limited
(Fofmeiy known as Rathi Rajasthan Steel Mills Limited) for loan taken
by others from a bank or financial institution.
16. As per the information and explanations given to us, the term loan
has been applied for the purpose for which it is raised.
17. As per the information and explanations given to us, no funds
raised on short term basis have been used for long term investment.
18, Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has made an allotment of 25,00,000 equity shares on preferential basis
to companies covered in the register maintained u/s 301 of the
Companies Act, 1956. The price at which shares have been issued is not
prejudicial to the interest of the Company.
19, The Company has not issued any debentures during the year hence the
requirement of clause (XIX) of the paragraph 4 of the Order are not
applicable to the Company.
20, The Company has not raised any money by public issue during the
year.
21, Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management,
For A.K. Maheshwari & Associates
Chartered Accountants
FRN:500106N
CA. Anand Maheshwari
(Proprietor)
M. No: 073875
Place: Nigeria
Date: 30th May,2013
Mar 31, 2010
1. We have audited the attached Balance Sheet of as at 31st March,
2010 and also the Profit and Loss Account of the company and the Cash
Flow Statement for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by Companies (Auditors Report) Order, 2003( as
amended) from time to time issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956 and on the basis
of such checks as we considered appropriate and according to the
information and explanation given to us, we annex hereto 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:
a) We have obtained all the information and the explanation, which to
the best of our knowledge and belief were necessary for the purpose of
our audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of books.
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the directors
of the Company as at 31st March, 2010 and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on March, 31, 2010 from being appointed as director of the Company
under Clause (g) of sub-section (1) of section 274 of the Companies
Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant accounting policies and notes forming part of the accounts,
give the information required
by the Companies Act, 1956 in the manner so required and give a true
and fair view:-
(1) In the case of the Balance Sheet of the state of affairs
of the Company as at 31st March 2010; and.
(2) In the case of the Profit and Loss Account of the profit of the
Company for the year ended on that date.
(3) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE ON THE
ACCOUNT OF M/S. RATHI GRAPHIC TECHNOLOGIES UMFTED FOR THE YEAR ENDED ON
31 ST MARCH, 2010
1. a) The company has maintained proper records
showing full particulars including quantitative details and situation
of fixed assets on the basis of information available.
b) According to the information and explanations given to us, the fixed
assets have been physically verified by the management during the year
in a phased periodical manner which, in our opinion, is reasonable,
having regard to the size of the Company and nature of the assets. No
material discrepancies were noticed on such verification.
c) There was no substantial disposal of fixed assets during the year.
2. a) As explained to us, the inventories have been physically
verified by the management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventory. There were
no material discrepancies noticed on physical verification.
3. a) According to the information and explanations
given to us, no loans or advances in the nature of loans have been
granted to the Companies, firms or other parties listed in the register
maintained under Section 301 of the Companies Act, 1956 and no
conditions have been stipulated as regards the payment of interest and
repayment of principle amount. Accordingly, clause iii(b) to clause
iii(d) are not applicable.
b) According to the information and explanations given to us, the
Company has taken interest free unsecured loans from four parties
covered in the register maintained under Section 301 of the Companies
Act, 1956. The maximum amounts outstanding during the year against the
said loans were Rs. 1290.53 Lacs and the year end balance of loans
received from such parties is Rs 1284.88 Lacs.
c) In our opinion being interest free loan the terms and conditions on
which loans have been taken from companies, firms or other parties
listed in the registers maintained under Section 301 are not, prima
facie, prejudicial to the interest of the Company.
d) The principal amount is repayable on demand and there is no
repayment schedule.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods. In our opinion and according to the information and
explanations given to us, there is no continuing failure to correct
major weakness in internal control system of the Company.
5. As explained to us, there has not been any transaction during the
year that need to be entered in the register maintained under section
301 of the Companies Act, 1956 and exceeding during the year to Rs.
5,00,000/- or more in respect of each such party.
6. The Company has not accepted any deposits from the public and
therefore, the directive issued by Reserve Bank of India and provisions
of Section 58-A and 58AA or any other provisions of companies Act, 1956
and rules framed thereunder do not apply to the Company.
7. The Company has adequate Internal Audit system which in our
opinion, is commensurate with the size of the company and nature of its
business.
8. As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209(1 )(d) of the Companies
Act, 1956 for any products of the Company.
9. a) According to information and explanations given
to us, the Company is generally regular in deposits undisputed
statutory dues including provident fund, investor education and
protection fund, or employees state insurance, income-tax, sales-tax,
wealth-tax, service tax, customs duty, excise duty, have generally been
regularly deposited with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed statutory dues payable in respect of provident fund,
investor education and protection fund, employees state insurance,
Income Tax, Sales Tax, VAT, Wealth Tax, Custom Duty, Excise Duty, cess
etc which are outstanding as at 31st March, 2010 for a period of more
than six months from the date they became payable.
c) According to confirmations and explanations given to us there are no
statutory dues outstanding on account of any dispute other than the
followings:
Name of Nature of - Amount Period to which Forum
where
the statue the dues (in Rs.) amount relates dispute is
pending
Central Cenvat Credit 12.81 In the year The central
Excise against Import Lacs 1985 Excise and
Authorities of Capital Service Tax
Goods Appelate
Tribunal
Sales
Tax Sales Tax 31.55 In the year Excess
amount
Authorities Amount Paid Lacs 2003-04 to be
refund and
in excess same to be
refund
able to
customers.
10. The Company has no accumulated losses at the end of the year and
it has not incurred cash losses during the current financial year and
the immediately preceding financial year.
11. According to the information and explanations given to us, the
company has not defaulted in repayment of dues to any financial
institution or bank.
12. According to information and explanations given to us and based on
documents and records produced to us, the Company has not granted loans
and advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. The Company is not a Chit fund, Nidhi or mutual benefit society.
Hence, the requirements of clause 4 (xiii) of paragraph 4 of the Order
is not applicable to the Company.
14. According to the information and explanations given to us, the
company has given corporate guarantee to M/ s. Rathi Rajasthan Steel
Mills Limited for loans taken by others from bank or financial
institutions.
15. As per the information and explanations given to us, the term loan
has been applied for the purpose for which it is raised.
16. According to the information and explanations given to us, no
funds raised on short-term basis have been used for long-term
investment. Similarly, no funds raised on long-term basis have been
used for short- term investment.
17. In our opinion and according to the intimation and explanations
given to us, the Company is not dealer or trader in securities.
18. According to the information and explanation given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investment. Hence paragraph no.XIV of the order is not applicable
to the Company.
19. The Company has not issued any debentures during the year. Hence,
the requirements of clause (xix) of paragraph 4 of the Order is not
applicable to the Company.
20. During the year, the Company has forfeited 2161000 convertible
share warrants due to non exercise of conversion option by the warrants
holders.
21. According to the information and explanations given to us, a fraud
on or by the Company has not been noticed or reported during the year.
For A.K. Maheshwari & Associates
Chartered Accountants
Reg. No.- 500106N
(Anand Maheshwari)
Proprietor
M.No.073875
Place: New Delhi
Date: 14th August,, 2010
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