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Rajasthan Gases Ltd.

BSE: 526873 Sector: Others
NSE: N.A. ISIN Code: INE184D01018
BSE LIVE 15:14 | 09 Aug 5.39 0
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.39
PREVIOUS CLOSE 5.39
VOLUME 225
52-Week high 6.65
52-Week low 4.38
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.35
Buy Qty 9775.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.39
CLOSE 5.39
VOLUME 225
52-Week high 6.65
52-Week low 4.38
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.35
Buy Qty 9775.00
Sell Price 0.00
Sell Qty 0.00

Rajasthan Gases Ltd. (RAJASGASES) - Auditors Report

Company auditors report

To the Members of

RAJASTHAN GASES Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Rajasthan Gases Limited(‘the Company’) which comprise the Balance Sheet as at 31st March 2015 and theStatement of Profit and Loss for the year then ended and a summary of the significantaccounting 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 with respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes themaintenance of adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets of the Company and for preventing and detecting the frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors’ 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 there under.

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 haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements

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

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

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2015; (b) in the case of the Statement of Profit and Loss of the profit for theyear ended on that date; and (c) in the case of the Cash Flow Statement of the cash flowsfor the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 issued by theCentral Government of India in terms of sub-section (11) of the section 143 of the Act(hereinafter referred to as "the Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified in paragraph 3 and 4 of the Order.

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

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

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from the Directors as on March 312015 and taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f. 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 the best of our knowledge and belief and according to the information andexplanations given to us

i. The Company has disclosed the Nil impact of pending litigations as at March 31 2015on its financial position in its financial statements

ii. The Company has made provision as at March 312015 as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts. The Company has not entered in to any Derivative Contracts during the financialyear.

iii. There has been no transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312015.

Rakesh Jhalani
Partner
Membership No. 074142
For and Behalf of
R.K. Malpani & Associates
Place: Jaipur Chartered Accountants
Dated: 30th May 2015. FRN. 002759C

ANNEXURE TO THE AUDITOR’S REPORT

(This is the Annexure referred to in our Report of even date)

Annexure referred to in paragraph 7 Our Report of even date to the members of RajasthanGases Limited on the accounts of the company for the year ended 31st March 2015

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

1. In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

(c) And also in the current financial year the company has disposed of its substantialfixed asset but as per the explanation given by the management we come to know that thiswill not affect the going concern of the entity.

2. In respect of its inventories: Not Applicable

3. The Company has not granted any loans secured or unsecured to / from companiesfirms or other parties covered in the register maintained under section 189 of the Actduring the year. Consequently clauses (iii) (a) and (iii) (b) of paragraph 3 of the Orderare not applicable to the Company.

4. In our opinion and according to the information and explanations given to us thereis an internal control system commensurate with the size of the Company and nature of itsbusiness for the purchase of inventory and fixed assets and sale of goods and services.During the course of our audit we have not observed any continuing failure to correctmajor weaknesses in internal control system

5. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

6. The Company is not required to maintain cost records pursuant to the Rules made bythe Central Government for maintenance of cost records under sub-section (1) of section148 of the Act.

7. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees’ State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material statutorydues as applicable with the appropriate authorities in India ;

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.

(c) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise.

8. The accumulated losses of the Company are not more than fifty percent of its networth at the end of financial year. The Company has not incurred cash losses during thecurrent year and also during immediately preceding financial year.

9. According to the records of the company examined by us and as per the informationand explanations given to us the company has not availed any loans from any financialinstitution or banks and has not issued debentures.

10. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution during the year .

11. In our opinion and according to the information and explanations given to us thecompany has not raised any term loans during the year.

12. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor we have been informed of any such instance by the Management.

Rakesh Jhalani
Partner
Membership No. 074142
For and Behalf of
R.K. Malpani & Associates
Place: Jaipur Chartered Accountants
Dated: 30th May 2015. FRN. 002759C