Mar 31, 2015
We have audited the accompanying standalone financial statements of
ROYAL INDIA CORPORATION LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2015, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The 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 principal
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
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 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.
Auditor's 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.
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 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 March 31, 2015, and its profit and its cash flows for the year ended
on that date.
OTHER MATTERS
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
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 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 Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid 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 March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to 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. The Company does not have any pending litigations which would
impact its financial position.
II. The Company has made provision, as required under the applicable
law or accounting Standards, for material foreseeable losses, if any,
on long-term contracts including Derivative contracts- Refer Note 9 to
the financial statements.
III. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Referred to in Paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date On the basis of
such checks as we considered appropriate and in terms of the
information and explanations given to us, we state that: -
I. a) The Company has generally maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) We have been informed that the fixed assets of the Company have been
physically verified by the management during the year and no material
discrepancies have been noticed on such verification. In our opinion,
this periodicity of physical verification is reasonable having regards
to the size of the company and the nature of its assets.
II. a) As explained to us, inventories have been physically verified by
the management during the year. In our opinion, the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of Inventories
referred to in 2(a) above 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 according to the information and explanation
given to us, the company has maintained proper records of inventories.
As per the information and explanation provided to us and having regard
to the size of the company, no material discrepancies were noticed on
physical verification of inventory as compared to book records.
III. According to the information and explanations given to us and on
the basis of examination of the books of account by us, the company has
not granted loan to parties covered in the Register maintained under
section 189 of the Companies Act, 2013. Therefore, the provision of
clause 3(iii), (iii)(a) and (iii)(b) of the said order are not
applicable to the company.
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
regards to the purchase of inventory, fixed assets and sale of goods
and services. During the course of our audit, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control system.
V. The Company has not accepted any Deposits from any party, therefore
following provisions of Companies Act Sec 73 to 76 and rules made there
under and permission of Reserve Bank of India, the question does not
arise.
VI. The maintenance of cost records is not prescribed for the company
by the central government under sub section (1) of sec 148 of the
Companies Act, 2013. Therefore the company has not maintained any cost
records during the year.
VII. a) According to the information and explanation given to us the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, employees' state
insurance, income tax, sales tax, wealth tax, service tax, duty of
customs, duty of excise , value added tax and others material statutory
dues, as applicable, with the appropriate authorities.
b) According to the information and explanation given to us, no
undisputed amount payable in respect of provident fund, employees'
state insurance, sales tax, wealth tax, service tax, duty of customs,
duty of excise, value added tax and cess which have not been deposited
with the appropriate authorities on account of any dispute. However,
accordingly to information and explanations given to us, the following
dues of income tax and stamp duty have not been deposited by the
company on account of dispute:
Name of the statute Nature of the dues Amount (Rs.)
Income Tax Act,1961 Income Tax and Interest 9,77,02,258/-
thereon (Substantive
Addition)
Income Tax Act,1961 Income Tax and Interest 53,21,748/-
thereon
Income Tax Act,1961 Income Tax and Interest 47,60,610/-
thereon
Name of the statute Period to which the Forum where dispute
amount related pending
Income Tax Act,1961 A. Y. 2010-11 Commissioner of
Income Tax (Appeal)
Income Tax Act,1961 A.Y. 2008-09 Commissioner of
Income Tax (Appeal)
Income Tax Act,1961 A.Y. 2012-13 Commissioner of
Income Tax (Appeal)
c) The amounts required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956(1 of 1956) and rules made there under has been
transferred to such fund within time.
VIII. The company has no accumulated loss as at the end of the
financial year and it has not incurred any cash losses in the financial
year ended on that date or in the immediately preceding financial year.
IX. According to the records of the company examined by us and the
information and explanation given to us, The Company has not taken any
loan form financial institution, bank or debenture holders. Therefore,
the provision of clause 3(ix) of the said order is not applicable to
the company.
X. In our opinion, and According to the information and explanation
given to us, the company has not given any guarantee for others for
loans taken by them from banks and financial institutions during the
year. Therefore, the provision of clause 3(x) of the said order is not
applicable to the company.
XI. There are no term loans taken by the company, therefore the
question of applying the loans for the purpose for which loans taken
does not arise.
XII. According to the information and explanations given to us, no
material fraud on or by the company has been noticed or reported during
the course of audit.
For DMKH & Co.
Chartered Accountants
FRN : 116886W
Sd/-
(CA Devki Nandan Mantri)
Place : Mumbai Partner
Date : May 28, 2015 M.No. 162327
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of ("the
Company"), 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
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") read with General Circular
15/2013 dated 13th September 2013 and of the Ministry of Corporate
affairs in respect of Section 133 of the Companies Act 2013 and in
accordance with the Accounting Principal 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.
Auditor''s 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. 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
explanation given to us, the financial statements give the information
required by the act in the manner so required and give the true and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
In the case of the Profit and Loss Account, of the Profit for the year
ended on that date; and In the case of the Cash Flow Statement, of the
cash flow 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
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as 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 notified under
the Act read with the General Circular 15/2013 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, and 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 clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date On the basis of
such checks as we considered appropriate and in terms of the
information and explanations given to us, we state that: -
i. a) The Company has generally maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) We have been informed that the fixed assets of the Company have been
physically verified by the management during the year and no material
discrepancies have been noticed on such verification.
c) According to the information & explanation given to us, the Company
has not disposed of any substantial part of its fixed assets during the
year.
ii. a) As explained to us, inventories have been physically verified
by the management during the year. In our opinion, the frequency of
verification is reasonable.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of Inventories
referred to in 2(a) above 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 according to the information and explanation
given to us, the company has maintained proper records of inventories.
As per the information and explanation provided to us and having regard
to the size of the company, no material discrepancies were noticed on
physical verification of inventory as compared to book records.
iii. 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 interest free loan to parties covered in the
Register maintained under section 301 of the Companies, Act 1956.
Accordingly, the clause (iii)(b), (iii) (c) and (iii) (d) of paragraph
4 of the order are not applicable to the company for the year.
b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956.Accordingly, the clause
(iii) (f) and (iii) (g) of paragraph 4 of the order are not applicable
to the company for the year.
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
regards to the purchase of inventory, fixed assets and sale of
goods.During the course of our audit, we have neither come across nor
have been informed of any continuing failure to correct major
weaknesses in the aforesaid internal control system.
v. In respect of transactions covered under section 301 of the
Companies Act, 1956. In our opinion and according to the information
given to us, there are no such transactions made in pursuance of
contracts or arrangements that needed to be entered into in the
register maintained under section 301 of the Companies Act, 1956, hence
Para (b) of the clause 4 (v) of the order is not applicable to the
company.
vi. The Company has not accepted any deposits during the year under
the provisions of section 58A and 58AA of the Companies Act, 1956, and
the rules framed there under are not applicable.
vii. As explained to us, there is adequate formal internal audit
system. The Company has adequate internal control procedure involving
internal checking of its financial record.
viii. According to the information and explanation given to us, the
Central Government has not prescribed maintenance of cost records under
Section 209 (1)(d) of the Companies Act, 1956 for the Company.
In Respect of statutory dues :
a) According to the information and explanation given to us the Company
is generally regular in depositing with appropriate authorities
undisputed statutory dues including income tax, sales tax, wealth tax,
service tax, customs duty, excise duty, cess and other material
statutory dues applicable.
b) On the basis of our examination of documents and records of the
Company, and explanation provided to us, there were no disputed dues in
respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty or Cess, other than the following:
Name of the Nature of the Dues Amount Disputed Rs.
Statute
Income Tax Act, Income Tax and
1961 Interest thereon 9,77,02,258/-
(Substantive Addition)
Bombay Stamp Stamps Duty 30,75,492/-
Act, 1958
Name of the Year to which Forum which
Statute amount related Dispute is pending
Income Tax Act, Commissioner or
1961 A. Y. 2010-11 Income Tax (Appeal)
Bombay Stamp F.Y. 2010-11 Dy. Superintendant of
Act, 1958 Stamps
x. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
xi. Based on our examination or the records and 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. Based on our examination or the records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
xiii. In our opinion and according to the information and explanation
given to us, the Company is not a chit fund or a nidhi/mutual benefit
fund/society. Accordingly the provisions of the clause 4(xiii) of the
said order are not applicable to the Company.
xiv. According to the information and explanations given to us, the
Company is not dealing in or trading in shares, securities, debentures
and other investments. Therefore, the provisions of clause 4(xiv) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company;
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi. According to the information and explanation given and based on
the documents and records produced, the company has not taken any term
loan for the period.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, in our
opinion that no funds raised on a short-term basis which have been used
for long term investment.
xviii. The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956 during the year.
xix. According to the information and explanations given to us, the
Company has no outstanding debentures during the period under audit.
xx. According to the information and explanations given to us, the
Company has not raised any money by way of public issue during the year
and accordingly the provision of the relevant clause of the order is
not applicable to the Company.
xxi. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
For DMKH & Co.
Chartered Accountants
Firm Reg. No. - 116886W
Sd/-
CA Neha Chechani
Partner
M. No. 419704
Place: Mumbai.
Date : 24th May 2014
Mar 31, 2013
1. We have audited the attached Balance Sheet of ROYAL INDIA
CORPORATION LIMITED as at 31st March 2013 and also the statement of
Profit & Loss Account and the Cash Flow Statement 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 misstatements. 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.
In Accordance with the provisions of Section 227 of the Companies Act,
1956, we report that:
1. As required by the Companies (Auditor''s Report) Order, 2003, 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 of books and
records of the Company as we considered appropriate and according to
the information and explanations given to us during the course of
audit, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
2. 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 required by law have
been kept by the Company, so far as appears from our examination of
these books.
III. 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.
IV. In our opinion the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report are in compliance with
the Accounting Standards referred to in sub section (3C) of section 211
of the Companies Act, 1956.
V. On the basis of the information and explanations given to us, and
on the basis of written representations received from the Directors and
taken on record, none of the directors of the company 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 read together with the
Significant Accounting Policies and other notes thereon, give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view:
i) In the case of the Balance sheet, of the state of affairs of the
Company as at 31st March 2013.
ii) In the case of the Statement of Profit & Loss, of the Profit of the
Company for the year ended on that date; and
iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFER TO IN PARAGRAPH 1 OF OUR REPORT TO THE MEMBERS OF ROYAL
INDIA CORPORATION LIMITED
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) As explained to us, all the fixed assets have been physically
verified by the management during the year. 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 physical verification.
(c) In our opinion and according to information and explanation given
to us no substantial part of fixed asset has been disposed off by the
company during the year and the going concern status of the company is
not affected.
2. (a) As explained to us, the inventory of the company has been
physically verified by the management In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to information and explanation given
to us, the procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to size of the
company and the nature of its business.
(c) In our opinion, the company is maintaining proper records of
inventory. As per the information and explanations provided to us and
having regard to the size of the company, no material discrepancies
have been noticed on physical verification of inventory as compared to
book records.
3. (a) The Company has not granted any loans to party covered in
register maintained under section 301 of the Companies Act, 1956, hence
Para (b) to (d) of the clause 4 (iii) of the order is not applicable to
the company.
(b) The Company has not taken loans from party covered in the register
maintained under Section 301 of the Companies Act, 1956, hence Para (f)
to (g) of the clause 4 (iii) of the order is not applicable to the
company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. Further, on the basis of our
examination of the books and records of the company, and according to
the information and explanation given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control procedures.
5. (a) In respect of transactions covered under section 301 of the
Companies Act, 1956. In our opinion and according to the information
given to us, there are no such transactions made in pursuance of
contracts or arrangements that needed to be entered into in the
register maintained under section 301 of the Companies Act, 1956, hence
Para (b) of the clause 4 (v) of the order is not applicable to the
company.
6. The Company has not accepted any deposits during the year and
consequently the provision of section 58A and 58AA of the Companies
Act, 1956 and the rules framed there under are not applicable.
7. In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of the business.
8. We have been informed that the maintenance of cost records has not
been prescribed by the central government under section 209(1) (d) of
the Companies Act, 1956.
9. (a) According to the information and explanation given to us the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including income tax, sales tax, wealth tax,
customs duty, excise duty, service tax, cess and other material
statutory dues applicable. b) According to the information and
explanation given to us no undisputed statutory dues including income
tax, sales tax, wealth tax, customs duty, excise duty, service tax,
cess and other material statutory dues applicable 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 income tax, sales tax, customs duty, wealth tax, service
tax, excise duty and cess which has been deposited on account of any
dispute except the below:
Name of the Nature of the Dues Amount Disputed
Statute Rs.
Income Tax and
Income Tax Act, Interest thereon 9,77,02,258/-
1961 (Substantive Addition)
Bombay Stamp Stamp Duty 30,75,492/-
Act, 1958
Name of the Year to which Forum which
Statute amount related Dispute is pending
Commissioner of
Income Tax Act, A. Y. 2010-11 Income Tax (Appeal)
1961
Dy. Superintendant of
Bombay Stamp FY. 2010-11 Stamps
Act, 1958
10. The Company does not have any accumulated losses at the end of the
year. The company has not incurred any cash losses for the year under
review and immediately preceding such current year.
11. According to the records of the company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to Financial Institution or Banks.
12. We are informed that the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and the securities. Accordingly the provisions of the clause
4 (xii) of the order are not applicable to the company.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Accordingly the provisions of the clause 4 (xiii) of the
order are not applicable to the company.
14. In our opinion, the company has maintained proper records of the
transactions and contracts of the investments dealt in by the company
and timely entries have been made therein. The investments made by the
company are held in its own name.
15. According to the information and explanation given to us the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanation given and based on
the documents and records produced, on an overall basis, the company
does not have any term loans for the given period, Accordingly the
provisions of the clause 4 (xvi) of the order are not applicable to the
company.
17. According to the information and explanations provided to us and
an overall examination of the balance sheet and the cash flow statement
of the Company, in our opinion no funds raised on short term 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 under section
301 of the Companies Act, 1956. Accordingly the provisions of the
clause 4 (xviii) of the order are not applicable to the company.
19. According to the information and explanations provided to us,
during the year the Company has not issued any Debentures. Accordingly
the provisions of the clause 4 (xix) of the order are not applicable to
the company.
20. According to the information and explanations provided to us,
during the year the Company has not raised any money by way of public
issues. Accordingly the provisions of the clause 4 (xx) of the order
are not applicable to the company.
21. Based upon the Audit procedures performed and information and
explanation given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For DMKH & Co.
Chartered Accountants
Firm Reg. No. Â 116886W
Sd/-
CA Omprakash Somani
Partner
M. No. 123830
Place : Mumbai.
Date : 29th May 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of ROYAL INDIA
CORPORATION LIMITED (Formerly Known As Natraj Financial & Services
Limited) as at 31st March 2012 and also the statement of Profit & Loss
Account and the Cash Flow Statement 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 misstatements. 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.
In Accordance with the provisions of Section 227 of the Companies Act,
1956, we report that:
1. As required by the Companies (Auditor's Report] Order, 2003, 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 of books and
records of the Company as we considered appropriate and according to
the information and explanations given to us during the course of
audit, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
2. 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 required by law have
been kept by the Company, so far as appears from our examination of
these books.
III. 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.
IV. In our opinion the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report are in compliance with
the Accounting Standards referred to in sub section (3C) of section 211
of the Companies Act, 1956.
V. On the basis of the information and explanations given to us, and
on the basis of written representations received from the Directors and
taken on record, none of the directors of the company 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 read together with the
Significant Accounting Policies and other notes thereon, give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view:
i) In the case of the Balance sheet, of the state of affairs of the
Company as at 31st March 2012. ii) In the case of the Statement of
Profit & Loss, of the Profit of the Company for the year ended on that
date; and
iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE REFER TO IN PARAGRAPH 1 OF OUR REPORT DATED 30th MAY, 2012, TO
THE MEMBERS OF ROYAL INDIA CORPORATION LIMITED (Formerly Known As
NATRAJ FINANCIAL & SERVICES LIMITED)
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) As explained to us, all the fixed assets have been physically
verified by the management during the year. 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 physical verification.
(c) In our opinion and according to information and explanation given
to us no substantial part of fixed asset has been disposed off by the
company during the year and the going concern status of the company is
not affected.
2. (a) As explained to us, the inventory of the company has been
physically verified by the management In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to information and explanation given
to us, the procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to size of the
company and the nature of its business.
(c) In our opinion, the company is maintaining proper records of
inventory. As per the information and explanations provided to us and
having regard to the size of the company, no material discrepancies
have been noticed on physical verification of inventory as compared to
book records.
3. (a) The Company has not granted any loans to party covered in
register maintained under section 301 of the Companies Act, 1956, hence
Para (b) to (d) of the clause 4 (iii) of the order is not applicable to
the company. (b) The Company has not taken loans from party covered in
the register maintained under Section 301 of the Companies Act, 1956,
hence Para (f) to (g) of the clause 4 (iii) of the order is not
applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. Further, on the basis of our
examination of the books and records of the company, and according to
the information and explanation given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control procedures.
5. (a) In respect of transactions covered under section 301 of the
Companies Act, 1956. In our opinion and according to the information
given to us, there are no such transactions made in pursuance of
contracts or arrangements that needed to be entered into in the
register maintained under section 301 of the Companies Act, 1956, hence
Para (b) of the clause 4 (v) of the order is not applicable to the
company.
6. The Company has not accepted any deposits during the year and
consequently the provision of section 58A and 58AA of the Companies
Act, 1956 and the rules framed there under are not applicable.
7. In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of the business.
8. We have been informed that the maintenance of cost records has not
been prescribed by the central government under section 209(1) (d) of
the Companies Act, 1956.
9. (a) According to the information and explanation given to us the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including income tax, sales tax, wealth tax,
customs duty, excise duty, service tax, cess and other material
statutory dues applicable. b) According to the information and
explanation given to us no undisputed statutory dues including income
tax, sales tax, wealth tax, customs duty, excise duty, service tax,
cess and other material statutory dues applicable 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 income tax, sales tax, customs duty, wealth tax, service
tax, excise duty and cess which has been deposited on account of any
dispute except the below:
Name of the Year to which Forum which
Nature of
the Dues Amount
Disputed Rs.
Statute amount related Dispute is
pending
Income Tax Act, Income Tax
and 3,46,14,261/- AY. 2007-08 Commissio
-ner of
1961 Interest
thereon Income Tax
(Appeal)
Income Tax
and
Income Tax Act, Commissio
-ner of
Interest
thereon 9,77,02,258/- AY. 2010-11
1961 Income Tax
(Appeal)
(Substantive
Addition)
Bombay Stamp Dy. Superin
-tendant of
Stamp Duty 30,75,492/- F.Y. 2010-11
Act, 1958 Stamps
10. The Company does not have any accumulated losses at the end of the
year. The company has not incurred any cash losses for the year under
review and immediately preceding such current year.
11. According to the records of the company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to Financial Institution or Banks.
12. We are informed that the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and the securities. Accordingly the provisions of the clause
4 (xii) of the order are not applicable to the company.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Accordingly the provisions of the clause 4 (xiii) of the
order are not applicable to the company.
14. In our opinion, the company has maintained proper records of the
transactions and contracts of the investments dealt in by the company
and timely entries have been made therein. The investments made by the
company are held in its own name.
15. According to the information and explanation given to us the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanation given and based on
the documents and records produced, on an overall basis, the company
does not have any term loans for the given period, Accordingly the
provisions of the clause 4 (xvi) of the order are not applicable to the
company.
17. According to the information and explanations provided to us and
an overall examination of the balance sheet and the cash flow statement
of the Company, in our opinion no funds raised on short term 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 under section
301 of the Companies Act, 1956. Accordingly the provisions of the
clause 4 (xviii) of the order are not applicable to the company.
19. According to the information and explanations provided to us,
during the year the Company has not issued any Debentures. Accordingly
the provisions of the clause 4 (xix) of the order are not applicable to
the company.
20. According to the information and explanations provided to us,
during the year the Company has not raised any money by way of public
issues. Accordingly the provisions of the clause 4 (xx) of the order
are not applicable to the company.
21. Based upon the Audit procedures performed and information and
explanation given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit
For DMKH & Co.
Chartered Accountants
Firm Reg. No. - 116886W
Sd/-
CA Omprakash Somani
Partner
M. No. 123830
Place: Mumbai.
Date: 30th May, 2012
Mar 31, 2010
We have audited the attached balance sheet of the NATRAJ FINANCIAL &
SERVICES LIMITED as at 31st March 2010 and also the profit and loss
account 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.
We have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in 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.
In Accordance with the provisions of Section 227 of the Companies Act,
1956, we report that:
1. As required by the Companies (Auditors Report) Order, 2003, 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 of books and
records of the Company as we considered appropriate and according to
the information and explanations given to us during the course of
audit, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
2. 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 required by law have
been kept by the Company, so far as appears from our examination of
these books.
iii. The Balance Sheet and the Profit and Loss account referred to in
this report are in agreement with the books of account.
iv. In our opinion the Balance Sheet and the Profit and Loss account
referred to in this report comply with mandatory Accounting Standards
referred to in sub section 3C of section 211 of the Companies Act,
1956.
v. On the basis of the information and explanations given to us, and on
the basis on the written representations received from the Directors
and taken on record, none of the directors of the company 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 read together with the
Significant Accounting Policies and other notes thereon, give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view:
i) In the case of the Balance sheet, of the state of affairs of the
Company as at 31a March 2010.
ii) In the case of the Profit & Loss Account, of the Profit of the
Company for the year ended on that date; and
iii)In the case of the cash flow statement, of the cash flows of the
Company for the year ended on that date.
Annexure refer to in Paragraph 1 of our report dated 06/10/2010, to the
members of NATRAJ FINANCIAL & SERVICES LIMITED
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) As explained to us, all the fixed assets have been physically
verified by the management during the year. 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 physical verification.
(c) In our opinion and according to information and explanation given
to us no substantial part of fixed asset has been disposed off by the
company during the year and the going concern status of the company is
not affected.
2. (a) As explained to us, the inventory of the company has been
physically verified by the management. In our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to information and explanation given
to us, the procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to size of the
company and the nature of its business.
(c) In our opinion, the company is maintaining proper records of
inventory. As per the information and explanations provided to us and
having regard to the size of the company, no material discrepancies
have been noticed on physical verification of inventory as compared to
book records.
3. (a) The Company has not granted any loans to party covered in
register maintained under section 301 of the Companies Act, 1956, hence
para (b) to (d) of the clause 4 (iii) of the order is not applicable to
the company. (b) The Company has not taken loans from party covered in
the register maintained under Section 301 of the Companies Act, 1956,
hence para (f) to .(g) of the clause 4 (iii) of the order is not
applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods and services. Further, on the basis of our
examination of the books and records of the company, and according to
the information and explanation given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control procedures.
5. In respect of transactions covered under section 301 of the
Companies Act, 1956. In our opinion and according to the information
given to us, there are no such transactions made in pursuance of
contracts or arrangements that needed to be entered into in the
register maintained under section 301 of the Companies Act, 1956, hence
para (b) of the clause 4 (v) of the order is not applicable to the
company.
6. The Company has not accepted any deposits during the year and
consequently the provision of section 58A and 58 AA of the Companies
Act, 1956 and the rules framed there under are not applicable.
7. In our opinion, the Company has an Internal Audit System
commensurate with the size and nature of the business.
8. We have been informed that the maintenance of cost records has not
been prescribed by the central government under section 209(1) (d) of
the Companies Act, 1956.
9. (a) According to the information and explanation given to us the
Company is generally regular in depositing with appropriate authorities
undisputed statutory dues including income tax, sales tax, wealth tax,
customs duty, excise duty, service tax, cess and other material
statutory dues applicable except stamp duty.
(b) According to the information and explanation given to us no
undisputed statutory dues including income tax, sales tax, wealth tax,
customs duty, excise duty, service tax, cess and other material
statutory dues applicable 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 income tax, sales tax, customs duty, wealth tax, service
tax, excise duty and cess which has been deposited on account of any
dispute except the below.
Name of the Nature of the Amount Year to which Forum where
Dispute is
Statute Dues Disputed Rs. amount related pending
Income Tax
Act, Income tax and 8,08,662/- A.Y. 2006-07 Commissioner
of Income
1961 Interest thereon Tax (Appeal)
10. The Company does not have any accumulated losses at the end of the
year. The company has not incurred any cash losses for the year under
review and immediately preceding such current year.
11. According to me records of the company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to Financial Institution or Banks.
12. We are informed that the company has not granted any loans and
advances on the basis of security by way of pledge of shares,
debentures and the securities. Accordingly the provisions of the clause
4 (xii) of the order are not applicable to the company.
13. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Accordingly the provisions of the clause 4 (xiii) of the
order are not applicable to the company.
14. In our opinion, the company has maintained proper records of the
transactions and contracts of the investments dealt in by the company
and timely entries have been made therein. The investments made by the
company are held in its own name.
15. According to the information and explanation given to us the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
16. According to the information and explanation given and based on
the documents and records produced, on an overall basis, the term loans
have been applied for the purpose for which they were obtained.
17. According to the information and explanations provided to us and
an overall examination of the balance sheet and the cash flow statement
of the Company, in our opinion no funds raised on short term have been
used for long term investment.
18. During the year the Company has allotted equity shares on
preferential basis to the company covered in the register maintained
under Section 301 of the Companies Act 1956. The issue of shares is at
a price, which has been prescribed under Preferential Issue Guidelines
issued by Securities & Exchange Board of India. In our opinion the same
is not prejudicial to the Interest of Company. (Reference is also
invited to point no.2 in Notes on Accounts in schedule 16)
19. According to the information and explanations provided to us,
during the year the Company has not issued any Debentures. Accordingly
the provisions of the clause 4 (xix) of the order are not applicable to
the company.
20. According to the information and explanations provided to us,
during the year the Company has not raised any money by way of public
issues. Accordingly the provisions of the clause 4 (xx) of the order
are not applicable to the company.
21. Based upon the Audit procedures performed and information and
explanation given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For Durgesh Kabra & Co.
Chartered Accountants
Firm Reg. No. 102793 W
CA. Durgesh Kabra
Proprietor
M. No. 044075
Place: Mumbai.
Date: 06/10/2010