Mar 31, 2015
We have audited the accompanying financial statements of Rishabh Digha
Steel And Allied Products Limited (the Company), which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss
and Cash Flow Statement for the year ended, and a summary of
significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
EMPHASIS OF MATTERS
There are no matters to be emphasized as there are no litigations and
no events after the balance sheet date which will effect the going
concern of the company.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies(Auditor's Report)Order,2015("the
Order")issued by the Central Government of India in term of sub section
(11) of section 143 of the Act, as the same is applicable we give in
the annexure a statement on matters specified in Paragraph 3 and 4 of
the Order.
As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) The financial statements are prepared on the going concern basis and
there are no material events that have occurred, in our opinion, which
may have an adverse effect on the functioning of the Company.
f) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
g) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us :
i. The Company does not have any pending litigation which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there can be any material foreseeable
losses.
iii. Rs 55,547/- which were required to be transferred to the Investor
Education and Protection Fund have been transferred the company.
Annexure to the Auditors Report
The Annexure referred to in our report to the members of Rishabh Digha
Steel And Allied Products Limited for the year Ended on 31st March,
2015. We report that:
Sr. Particulars Auditors Remark
No.
(i) (a) whether the company is The company has maintained proper
maintainingproper records records showing full particulars
showing full particulars, including quantitative details
including quantitative and situation of fixed
details and situation assets.
of fixed assets;
(b) whether these fixed All the assets have not been
assets have been physically verified by the
physically verified by the management during the year
management at reasonable but there is a regular programmed
intervals; whether any of verification which, in our
material discrepancies were opinion, is reasonable having
noticed on such verification regard to the size of the
and if so, whether the company and the nature of its
same have been properly assets. No material discrepancies
dealt with in the were noticed on such verification.
books of account;
(ii) (a) whether physical The Company by itself does not
verification of inventory hold any inventory as company is
has been conducted at basically engaged in Job work
reasonable intervals by the activity .The inventory held on
management; behalf of the customers has been
physically verified during the
year by the management. In our
opinion, the frequency
of verification is reasonable.
(b) arether procedures of The procedures of physical
physical verification of verification of inventories
inventory followed by the followed by the management
management reasonable and are reasonable and adequate in
adequate in relation to the relation to the size of the
size of the company and company and the nature of
the nature of its business. its business.
If not, the inadequacies in
such procedures should
be reported;
(c) whether the company is The company is maintaining proper
maintaining proper records of manual records of inventory.
inventory and whether any The discrepancies noticed on
material discrepancies were verification between the physical
noticed on physical stocks and the books records were
verification and if so, not material.
whether the same have been
properly dealt with in
the books of account;
(iii) (iii) whether the company has The company has not granted any
granted any loans, secured loans, secured or unsecured to
or unsecured to companies, companies, firms or other parties
firms or other parties covered in the register
covered in the register maintained under section 189 of
maintained under section the Companies Act.
189 of the Companies Act.
If so,
(a) whether receipt of the N.A.
principal
amount and interest arc also
regular; and
(b) if overdue amount is more N.A.
than rupees one lakh, whether
reasonable steps have been
taken by the company
for recovery of the principal
and interest;
(iv) is there an adequate internal In our opinion and according to
control system commensurate the information and explanations
with the size of the given to us, there is no
company and the nature of its requirement of internal control
business, for the purchase of procedures commensurate with the
inventory and fixed assets size of the company and the
and for the sale of goods nature of its business is a with
and services. Whether there regard to purchases of fixed
continuing failure to correct assets and with regard to sales
major weaknesses in and purchase of the materials that
internal control system. the company deals in.
(v) in case the company has The company has not accepted
accepted deposits, whether deposits so the directives issued
the directives issued by by the Reserve Bank
the Reserve Bank of India of India and the provisions of
and the provisions of sections 73 to 76 or any other
sections 73 to 76 or any relevant provisions of the
other relevant provisions of Companies Act and the rules framed
the Companies Act and the there under is not applicable.
rules framed there under, No order has been
where applicable, have been passed by Company Law Board or
complied with? I I not, the National Company Law Tribunal or
nature of contraventions Reserve Bank of India or any court
should be stated; If an or any other tribunal.
order has been passed by
Company Law Board or National
Company Law Tribunal or
Reserve Bank of India or
any court or any other
tribunal, whether the same has
been complied with or not?
(vi) where maintenance of cost The maintenance of cost records
records has been specified specified by the Central
by the Central Government Government under sub-section (1)
under sub-section (1) of of section 148 of the Companies
section 148 of the Companies Act, Act is not applicable.
whether such accounts and
records have been made and
maintained;
(vii) (a) is the company regular According to the information and
in depositing undisputed explanation given to us, company
statutory dues including is regular in depositing
provident fund, employees' undisputed statutory dues
state insurance, income-tax, including provident fund,
sales-tax, wealth tax, employees' state insurance,
service tax, duty of customs, income-tax, sales-tax, wealth
duty of excise, value added tax, service tax, duty of customs,
tax, cess and any other duty of excise, value added tax,
statutory dues with the cess and any other statutory dues
appropriate authorities and with the appropriate authorities
if not, the extent of the and there is no arrears of
arrears of outstanding outstanding statutory dues as at
statutory dues as at the last the last day of the financial year
day of the financial year concerned for a period of more
concerned for a period of more than six months from the
than six months from the date date they became payable.
they became payable, shall be
indicated by the auditor.
(b) in case dues of income According to the information and
tax or sales tax or wealth explanation given to us there are
tax or service tax or duty of no dues of income tax or sales tax
customs or duty of excise or or wealth tax or service tax or
value added tax or cess have duty of customs or duty of
not been deposited on excise or value added tax or cess
account of any dispute, then which have not been deposited on
the amounts involved and the account of any dispute.
forum where dispute is
pending shall be mentioned.
(A mere representation to
the concerned Department shall
not constitute a dispute).
(c) whether the amount Yes Rs 55,547/- which was due for
required to be transferred transferring into IEPF have been
to investor education and transferred within the stipulated
protection fund in accordance time.
with the relevant provisions
of the Companies Act, 1956
(1 of 1956) and rules made
thereunder has been
transferred to such
fund within time.
(viii) whether in case of a In our opinion, the company is
company which has been registered for a period of more
registered for a period than five years and there
not less than five years, were no accumulated losses during
its accumulated losses at the year.
the end of the financial
year are not less than
fifty per cent of its net
worth and whether it has
incurred cash losses in
such financial year and in
the immediately
preceding financial year;
(ix) whether the company has According to the information and
defaulted in repayment of explanation given to us, company
dues to a financial has taken Overdraft Facility from
institution or bank or their bankers Bank of Baroda and
debenture holders? If yes, has not defaulted in repayment
the period and amount of of dues to a financial institution
default to or bank.
be reported;
(x) whether the company has According to the information and
given any guarantee for explanation given to us, company
loans taken by others from has not given any guarantee for
bank or financial loans taken by others from bank or
institutions, the terms financial institutions, the terms
and conditions whereof are and conditions whereof are
prejudicial to the interest prejudicial to the interest of the
of the company; company.
(xi) whether term loans were In our opinion and according to
applied for the purpose for the information and explanations
which the loans were to us, no term loan has been
obtained; obtained during the year.
(xii) whether any fraud on or According to the information and
by the company has been explanation given to us no fraud
noticed or reported during on or by the company has been
the year; If yes, the noticed or reported
nature and the amount during the year.
involved is to be
indicated.
For M/s. Ronak Gada & Associates
Chartered Accountants
Ronak Gada
Membership No.:146825
FRN : 133987W
Place: Mumbai
Date: 22/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of RISHABH DIGHA
STEEL AND ALLIED PRODUCTS LIMITED, which comprise the Balance Sheet as
at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the
Company''s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 (the
Order) issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of
our knowledge and belief were necessary for the purpose of our audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e) On the basis of the written representations received from the
directors as on
March 31, 2014, taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2014, from being appointed as
a director in terms of Section 274(1)(g) of the Act.
ANNEXURE TO THE AUDITOR''S REPORT
Re: RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED (Referred to in
paragraph 3 of our report of even date)
(I)
a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our pinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c) During the year, the company has not disposed off a major part of
the plant and machinery. This is according to the information and
explanations given to us.
(II)
a) The Company by itself does not hold any inventory as company is
Basically engaged in Job work activity .The inventory held on behalf of
the customers has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) The company is maintaining proper manual records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(III) The company has not given as well as not taken any loans to/from
members or firms or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
IV) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of stores, spares and consumables,
fixed assets and with regard to the raising of service invoices. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
V)
a) According to the information and explanations given to us, we are of
the opinion that the transactions that need to be entered into the
register maintained under section 301 of the Companies Act, 1956 have
been so entered.
b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956.
VI) In our opinion and according to the information and explanations
given to us, company has not accepted deposit thus the compliance with
the provisions of sections 58A and 58AA of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public is not required. The Company Law
Board has passed no order.
VII) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
VIII) Maintenance of Cost Records has not been prescribed. Rules made
by the Central Government for the maintenance of cost record under
section 209 (1) (d) of the Companies Act, 1956. Accordingly provisions
of this clause are not applicable to the company.
IX)
a) The company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
and protection fund, employees'' state insurance, income tax, sales
tax and service tax.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at 31st
March,2014 for a period of more than six months from the date they
became payable.
c) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have been deposited on account of any dispute.
X) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
XI) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
XII) We are of the opinion that the company has granted advances to
Employees. As informed to us there is no stipulation as to rate of
interest and schedule of the repayment.
XIII) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the companies (Auditor''s Report) Order, 2003 are not applicable to
the company.
XIV) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments and the company is
just investing in shares. All the shares are held in the name of the
Company. Accordingly, the provisions of clause 4(xiv) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
XV) In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institution.
XVI) In our opinion, no term loans have been taken neither they have
been outstanding for the previous years.
XVII) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long- term funds have been used to finance
short-term assets except permanent working capital.
XVIII) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
XIX) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
XX) According to the information and explanations given to us during
the period covered by our audit report the company has not raised any
money by public issues.
XXI) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For M/s.Ronak Gada & Associates.
Chartered Accountants
Place: Mumbai
Date : 07/08/2014
Ronak P.Gada
(Proprietor)
Membership No.146825
FRN No : 133987W
Mar 31, 2013
1. We have audited the attached balance sheet of Rishabh Digha Steel
And Allied Products Limited, as at 31st March 2013, the profit and loss
account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the company''s
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Manufacturing and other Companies (Auditor''s
Report) order, 1988 issued by the Central Government of India in terms
of sub- section (4A) of section 227 of the Companies Act, 1956, and as
per the information and explanations furnished to us and the books and
records examined by us in the normal course of audit. We enclose in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said order.
4. Further to our comments in the Annexure referred to above, we
report that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper books of account as are required by law have
been kept by the Company so far as appears from our examination of
those books.
iii) The Balance Sheet, Profit and Loss account dealt with by this
report are in agreement with the Books of accounts.
iv) In our opinion, the Balance Sheet, Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March 2013 and taken on record by the Board of directors, we
report that none of the directors is disqualified as on 31st March 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the balance sheet, of the state of affairs of the
company as at 31st March 2013;
b) in the case of the profit and loss account, of the profit for the
year ended on that date; and
c) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT
Re: RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED (Referred to in
paragraph 3 of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed off a major part of
the plant and machinery. This is according to the information and
explanations given to us.
(ii) (a) The Company by itself does not hold any inventory as company
is basically engaged in Job work activity .The inventory held on behalf
of the customers has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper manual records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) The company has not given as well as not taken any loans to/from
members or firms or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of stores, spares and consumables,
fixed assets and with regard to the raising of service invoices. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956.
(vi) In our opinion and according to the information and explanations
given to us, company has not accepted deposit thus the compliance with
the provisions of sections 58A and 58AA of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public is not required. The Company Law
Board has passed no order.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) Maintenance of Cost Records has not been prescribed. Rules made
by the Central Government for the maintenance of cost record under
section 209 (1) (d) of the Companies Act, 1956. Accordingly provisions
of this clause are not applicable to the company.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees'' state insurance,
income tax, sales tax and service tax.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
31/03/2013 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have been deposited on account of any dispute.
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xii) We are of the opinion that the company has granted advances to
Employees. As informed to us there is no stipulation as to rate of
interest and schedule of the repayment.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments and the company is
just investing in shares. All the shares are held in the name of the
Company. Accordingly, the provisions of clause 4(xiv) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
(xv) In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institution.
(xvi) In our opinion, no term loans have been taken neither they have
been outstanding for the previous years.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term investment. No long-term funds have been used to finance short-
term assets except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
(xx) According to the information and explanations given to us during
the period covered by our audit report the company has not raised any
money by public issues.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For M/S. Akshay D Shah and Co.
Chartered Accountants
AKSHAY D SHAH
Place: Mumbai (PROPRIETOR)
Date:01/08/2013 MEMBERSHIP NO.110775
Mar 31, 2012
1. We have audited the attached balance sheet of Rishabh Digha Steel
And Allied Products Limited, as at 31st March 2012, the profit and loss
account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the companyÃs
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Manufacturing and other Companies (AuditorÃs
Report) order, 1988 issued by the Central Government of India in terms
of sub- section (4A) of section 227 of the Companies Act, 1956, and as
per the information and explanations furnished to us and the books and
records examined by us in the normal course of audit. We enclose in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said order.
4. Further to our comments in the Annexure referred to above, we
report that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper books of account as are required by law have
been kept by the Company so far as appears from our examination of
those books.
iii) The Balance Sheet, Profit and Loss account dealt with by this
report are in agreement with the Books of accounts.
iv) In our opinion, the Balance Sheet, Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March 2012 and taken on record by the 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;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the balance sheet, of the state of affairs of the
company as at 31st March 2012;
b) in the case of the profit and loss account, of the profit for the
year ended on that date; and
c) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORÃS REPORT
Re: RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED (Referred to in
paragraph 3 of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed off a major part of
the plant and machinery. This is according to the information and
explanations given to us.
(ii) (a) The Company by itself does not hold any inventory as company
is basically engaged in Job work activity .The inventory held on behalf
of the customers has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper manual records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) The company has not given as well as not taken any loans to/from
members or firms or companies covered in the register maintained under
section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of stores, spares and consumables,
fixed assets and with regard to the raising of service invoices. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956.
(vi) In our opinion and according to the information and explanations
given to us, company has not accepted deposit thus the compliance with
the provisions of sections 58A and 58AA of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public is not required. The Company Law
Board has passed no order.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) Maintenance of Cost Records has not been prescribed. Rules made
by the Central Government for the maintenance of cost record under
section 209 (1) (d) of the Companies Act, 1956. Accordingly provisions
of this clause are not applicable to the company.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employeesà state insurance,
income tax, sales tax and service tax.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
31/03/2012 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have been deposited on account of any dispute.
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xii) We are of the opinion that the company has granted advances to
Employees. As informed to us there is no stipulation as to rate of
interest and schedule of the repayment.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the companies (AuditorÃs Report) Order, 2003 are not applicable to
the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments and the company is
just investing in shares. All the shares are held in the name of the
Company. Accordingly, the provisions of clause 4(xiv) of the Companies
(AuditorÃs Report) Order, 2003 are not applicable to the company.
(xv) In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institution.
(xvi) In our opinion, no term loans have been taken neither they have
been outstanding for the previous years.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term investment. No long-term funds have been used to finance short-
term assets except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
(xx) According to the information and explanations given to us during
the period covered by our audit report the company has not raised any
money by public issues.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For M/S. Akshay D Shah and Co.
Chartered Accountants
AKSHAY D SHAH
Place: Mumbai (PROPRIETOR)
Date: 31/08/2012 MEMBERSHIP NO.110775
Mar 31, 2010
1. We have audited the attached balance sheet of Rishabh Digha Steel
And Allied Products Limited, as at 31st March 2010, the profit and loss
account for the year ended on that date annexed thereto. These
financial statements are the responsibility of the companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Manufacturing and other Companies (Auditors
Report) order, 1988 issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Companies Act, 1956, and as
per the information and explanations furnished to us and the books and
records examined by us in the normal course of audit. We enclose in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said order.
4. Further to our comments in the Annexure referred to above, we
report that:
i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
ii) In our opinion, proper books of account as are required by law have
been kept by the Company so far as appears from our examination of
those books. "
iii) The Balance Sheet, Profit and Loss account dealt with by this
report are in agreement with the Books of accounts.
iv) In our opinion, the Balance Sheet, Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956;
v) On the basis of written representations received from the directors,
as on 31st March 2010 and taken on record by the Board of directors, we
report that none of the directors is disqualified as on 31st March 2010
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of the balance sheet, of the state of affairs of the
company as at 31st March 2010;
b) in the case of the profit and loss account, of the profit/loss for
the year ended on that date; and
c) in the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Re: RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED (Referred to in
paragraph 3 of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed off a major part of
the plant and machinery. This is according to the information and
explanations given to us.
(ii) (a) The Company by itself doesnot hold any inventory as company is
basically in jobwork activity The inventory held on behalf of the
customers has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The company is maintaining proper manual records of inventory. The
discrepancies noticed on verification between the physical stocks and
the books records were not material.
(iii) (a) The company had not taken any interest free loan from member
covered in
the register maintained under section 301 of the Companies Act, 1956.
The Company has however not granted any loan any of its members.
(b) In our opinion, the company had not taken interest free loans and
other terms and conditions from companies, firms or other parties
listed in the register maintained under Section 301 of the Companies
Act, 1956.So the regular repayment of principal and interest and the
overdue of loan taken or granted amount is doesnot arises. Hence this
clause is not applicable.
(iv) In our opinion and according to the information and explanations
given to us,
there are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to
purchases of stores, spares and consumables, fixed assets and with
regard to the raising of service invoices. During the course of our
audit, we have not observed any continuing failure to correct major
weaknesses in internal controls.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Companies Act, 1956
have been so entered.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements entered in the register maintained under section 301 of
the Companies Act, 1956.
(vi) In our opinion and according to the information and explanations
given to us, company has not accepted deposit thus the compliance with
the provisions of sections 58A and 58AA of the Companies Act, 1956 and
the Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public is not required. The Company Law
Board has passed no order.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) Maintenance of Cost Records has not been prescribed. Rules made
by the Central Government for the maintenance of cost record under
section 209 (1) (d) of the Companies Act, 1956. Accordingly provisions
of this clause are not applicable to the company.
(ix) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees state insurance,
income tax and sales tax.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at
31/03/2010 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have been deposited on account of any dispute.
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company are not incurred cash
losses during the financial year covered by our audit and the
immediately preceding financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xii) We are of the opinion that the company has granted advances to
Employees.
As informed to us there is no stipulation as to rate of interest and
schedule of the repayment.
(xiii) In our opinion, the company is not a chit fund or a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments and the company is
just investing in shares. Accordingly, the provisions of clause 4(xiv)
of the Companies (Auditors Report) Order, 2003 are not applicable to
the company.
(xv) In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institution.
(xvi) In our opinion, no terms loans have been taken neither they have
been outstanding for the previous years.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long- term funds have been used to finance
short-term assets except permanent working capital.
(xviii) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
(xx) According to the information and explanations given to us during
the period covered by our audit report the company has not raised any
money by public issues.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For M/S. Akshay D Shah and Co.
Chartered Accountants
Akshay D. Shah
Place: Mumbai (Proprietor)
Date : 23/04/2010 Membership No. 110775