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Raghuvir Synthetics Ltd.

BSE: 514316 Sector: Industrials
NSE: N.A. ISIN Code: INE969C01014
BSE LIVE 11:38 | 14 Aug 98.60 4.65
(4.95%)
OPEN

98.60

HIGH

98.60

LOW

98.55

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 98.60
PREVIOUS CLOSE 93.95
VOLUME 745
52-Week high 132.10
52-Week low 28.45
P/E 68.00
Mkt Cap.(Rs cr) 38
Buy Price 98.60
Buy Qty 30.00
Sell Price 0.00
Sell Qty 0.00
OPEN 98.60
CLOSE 93.95
VOLUME 745
52-Week high 132.10
52-Week low 28.45
P/E 68.00
Mkt Cap.(Rs cr) 38
Buy Price 98.60
Buy Qty 30.00
Sell Price 0.00
Sell Qty 0.00

Raghuvir Synthetics Ltd. (RAGHUVIRSYNTH) - Auditors Report

Company auditors report

To

The Members

RAGHUVIR SYNTHETICS LIMITED Ahmedabad.

Report on the Financial Statements

We have audited the accompanying financial statements of RAGHUVIR SYNTHETICS LIMITED("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provision of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company's Directors as well as evaluating the overallpresentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted In India of the state of affairs of the company as at 31s1March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub section (11) ofsection 143 of the Act we give in the "Annexure - A" a statement on thematters specified in paragraphs 3 and 4 of the Order

2. As required by section 143(3) of the Act we report that:

(a) We have sought and obtained aii the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books.

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

(d) In our opinion the aforesaid financiai statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

(f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

(g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to our best of our information and according to the explanations given to us :

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer notes 32 to the financial statements.

(ii) The Company did not have any longterm contracts including derivatives contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

FOR A K. CHOKSI & CO.
[Firm Registration No. 101895W]
Chartered Accountants
SANDIP A. PARIKH
Place : Ahmedabad Partner
Date : 26h May 2016 Mem No. 040727

Annexure - A to the Independent Auditors’ Report

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets but such records require to beupdated as regard to locations and additions/deletions for the year ended 31stMarch 2016.

(b) We were informed that all major items of fixed assets were physically verifiedby the Management at the end of the year and that no discrepancy was noticed onsuch verification which on account of proper records being under compilation could notbe verified.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) According to information and explanation given to us the Management of theCompany has conducted physical verification of inventory at reasonable intervals and nomateria! discrepancies were noticed on such physical verification during the year.

(iii) The Company has not granted any secured / unsecured loan to any parties coveredin the register maintained under section 189 of the Companies Act 2013. Accordingly theprovisions of Clause 3(iii) of the Order are not applicabie to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments guarantees and securities.

(v) According to information and explanations given to us the Company has not acceptedany deposits as defined in The Companies (Acceptance of Deposits) Rules 2014. Accordinglythe provisions of Clause 3(v) of the Order are not applicable to the Company.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant torules made by the Central Government. We are of the opinion that prima facie theprescribed accounts and records have been maintained and being made. We have not howevermade a detailed examination of these records with a view to determine whether they areaccurate or complete.

(vii) (a) According to the information and explanation given to us the CentralGovernment has not prescribed maintenance of cost records under sub section (1) of Section148 of the Companies Act 2013. " (b) According to the information and explanationsgiven to us the company has no disputed outstanding statutory dues as at 31stMarch 2016 other than stated beiow :

Name of the Statute Nature of dues Financial year to which the matter pertains Forum where the matter is pending Amount (Rs.)
Central Excise Excise 2003 to 2004 Customs Excise & Service Tax Appellate Tribunal 1380542

(viii) According to the information and explanations given to us the Company has notdefaulted in the repayment of loans and borrowings to financial institutions banksgovernment or dues to debenture holders during the year.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) during the year. However money raised by way of termloans have been applied for the purposes for which they have been obtained.

(x) According to the information and explanations given to us no fraud by company orany fraud on the company by its officers and employees have been noticed or reportedduring the year.

(xi) According to the information and explanations give to us the Company haspaid/provided for managerial remuneration in accordance with the provisions of section 197read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us transactions with therelated parties are in compliance with sections 177 and 188 of the Act and details oftransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year.

(xv) According to the information and explanations given to us the Company has notentered into non-cash transactions with directors or persons connected with him.Accordingly paragraph 3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

FOR G K. CHOKSI & CO.
[Firm Registration No. 101895W]
Chartered Accountants
SANDIP A. PARIKH
Place : Ahmedabad Partner
Date : 26th May 2016 Mem. No. 040727

Annexure - B to the Independent Auditors’ Report of even date on the FinancialStatements of Raghuvir Synthetics Limited.

Report on the internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of RaghuvirSynthetics Limited ("the Company") as of 31 March 2016 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the institute of Chartered Accountants of India ('ICAl’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAl and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and ptan and perform the audit to obtain reasonable assurance about whetheradequate interna! financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of interna! financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the financial statements.

Inherent Limitations of internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31sl March 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

FOR G. K. CHOKSI & CO.
[Firm Registration No. 101895W]
Chartered Accountants
SANDIP A. PAR1KH
Place : Ahmedabad Partner
Date : 26ih May 2016 Mem. No. 040727