The Members of
Rajdarshan Industries Limited
Report on the Financial Statements
We have audited the attached Balance Sheet of Rajdarshan Industries Limited as at 31stMarch 2016 and also the Profit and Loss Account for the year ended on that date and theCash Flow Statement for the year ended on that date annexed thereto. These financialCompanys Management.
Managements Responsibility for the Financial Statements
The Company 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 thesestatements that give a true and fair view of the Financial Position Financial Performanceand Cash flows of the company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards Specified of the Act Read with Rule7 of the Companies (Accounts) Rules 2014. This Responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of Act for Safeguardingthe Assets of the Company and for preventing and detecting frauds and otherirregularities: selection and application of appropriate accounting policies: makingjudgments and estimates that are reasonable and prudent and design implementation andmaintenance of adequate internal financial controls and ensuring their operatingeffectiveness and the accuracy and completeness of accounting records relevant to thepreparation and presentation of the financial statements that give true and fair view andfree from the material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions of the of the act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withthe ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are from material misstatement.
An audit involves performing procedures to obtain evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors 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 control relevant to the Companys preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Companys internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts read together with the other notes thereon give theinformation required by the Companies Act 1956 in the manner so required and give atrue and fair view in conformity with Accounting Principle generally accepted in India;
1. In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016; and
2. In the case of the Profit and Loss Account of the profit for the year ended on thatdate; and
3. In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on the Other Legal & Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 ("TheOrder") issued by the Central government of India in terms of sub-section (11) ofsection 143 of the Act we annex hereto a statement on the matters specified inparagraphs4and5ofthesaidorder.TheOrderisyettobenotifiedin the Gazette of India.
2. As required by Section 143(3) of the Act We report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of the books. c. The Balance Sheet Profitand Loss Account and Cash FlowStatements dealt with by this Report are in agreement with the books of account of theCompany. d. In our Opinion the aforesaid financial 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 the written representations received from thedirectors as on 31st March 2016 and taken on record by the Board of Directors we reportthat none of the directors is disqualified as on 31st March 2016 from being appointed as adirector in terms of section 164(2) of the Act. f. With Respect to the other matters to beincluded in the Auditors Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 In our opinion and to the best of our information and according tothe explanations given to us: g. The Company has disclosed the impact of pendinglitigations on its Financial Position in its financial statements Refer note on ContingentLiabilities and Note on Contingent asset to the financial statements.
| ||For SATYAM SVG & CO. |
| ||Chartered Accountants |
| ||ICAI Reg. No. 011714C |
| ||(YOGESH CHANDRA POKHARNA) |
|Place: Udaipur ||FCA- Partner |
|Date: May 27 2016 ||(Membership No.71503) |
Annexure to Audit Report
Companies (Auditors Report) Order 2016 - Suppression of Companies(Auditors Report) Order 2015)
1. Fixed assets a) The Company has maintained proper records of fixed assetsshowing full particulars including quantitative details and situation of fixed assets. b)The company has a program of physical verification of its fixed assets at regular intervalwhich in our opinion is reasonable having regard to the size of the company and the natureof its assets. c) No material discrepancies were noticed on such physical verificationconducted by the company. During the year Company has not disposed of a substantial partof fixed assets. d) The title deeds of immovable properties are held in the name of thecompany.
2. Inventories a) As explained to us the inventories have been physicallyverified by the management at reasonable intervals during the year. In our opinion thefrequency of such verification is reasonable having regard to the size of the Company andthe nature of its business. b) The discrepancies noticed on physical verification of theinventory as compared to books records which has been properly dealt with in the books ofaccount were not material.
3. Unsecured and Secured Loans a) The Company has not granted any loanssecured or unsecured to companies firms Limited Liability partnerships or other partiescovered in the Register maintained under section 189 of the Act. Accordingly theprovisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company andhence not commented upon.
4. Investment & Guarantee
In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.
5. Deposits Accepted
The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable..
6. Cost Records
As explained to us the company is not required to maintain cost record under section148(1) of the Companies Act 2013.
7. Statutory Dues-a) According to the information and explanations given tous there are no undisputed statutory dues payable in respect of Provident Fund InvestorEducation and Protection fund Employees state Insurance Income- Tax Sales Tax WealthTax Custom Duty Excise Duty Cess which are outstanding as at 31st March 2016 for aperiod of more than six months from the date when they became payable. b) According to theInformation and Explanations given and records of the company examined by us there are nodues of wealth tax sales tax. Service tax Value added Tax and Customs Duty which havenot been deposited on account of any disputes and the particulars of dues of Income taxexcise duty as at 31st March 2016 which have not been deposited on account of a disputeare as follows
|Sr. Name of the No. Statute ||Nature of the Disputed Dues ||Amount (Rs Lacs) ||Period to which Amount Relates ||Forums Where Disputes are Pending |
|The Income ||Income tax ||27.07* ||AY 2006-07 ||High court (Department |
|1. Tax Act 1961 || || || ||Appeal) |
|The Income ||Income tax ||Nil** ||AY 2012-13 ||CIT (Appeal) |
|2. Tax Act 1961 || || || || |
|The Finance ||Service Tax ||12.42 ||2008-09 and ||Commissioner Central |
|3. Act 1994 || || ||2009-10 ||Excise (Department |
| || || || ||Appeal) |
* The Amount does not include any sort of interest or penalty as it is not yetdetermined
** AO has added Rs 2.87 lakhs but due to carry forward losses demand was nil howeverthe decision of AO has been challenged in CIT (Appeal) for the addition of Rs 2.87 Lakhs
8. Defaults in Repayment of Loans or Borrowings
In our opinion the company has not defaulted in repayment of its dues to any financialinstitution bank or to debenture holders during the year.
9. End Use of Money Raised by IPO or Public offer
During the Period no such IPO or public offer including debt instruments have beenfloated.
There is no fraud by the company or on the Company by its officers or employees hasbeen noticed or reported during the year.
11. Managerial Remuneration
Based upon the audit procedures performed and the information and explanations given bythe management the managerial remuneration has been paid or provided in accordance withthe requisite approvals mandated by the provisions of section 197 read with Schedule V tothe Companies Act 2013.
12. Nidhi Companies
The Company is not a Nidhi Company. Therefore the provisions of clause 4 (xii) of theOrder are not applicable to the Company.
13. Related Parties
All transactions with the related parties are in compliance with sections 177 and 188of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.
14. Preferential Allotment
Based upon the audit procedures performed and the information and explanations given bythe management the company has not made any preferential allotment or private placementof shares or fully or partly convertible debentures during the year under review.Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to theCompany and hence not commented upon.
15. Non Cash Transaction
Based upon the audit procedures performed and the information and explanations given bythe management the company has not entered into any non-cash transactions with directorsor persons connected with him. Accordingly the provisions of clause 3 (xv) of the Orderare not applicable to the Company and hence not commented upon.
16. Registration Under Sec 45-IA of RBI act 1934
The company does not require to be registered under this provision. However Companysuo motu will apply for the same if such circumstances arise
| ||For SATYAM SVG & CO. |
| ||Chartered Accountants |
| ||ICAI Reg. No. 011714C |
| ||(YOGESH CHANDRA POKHARNA) |
|Place: Udaipur ||FCA-Partner |
|Date: May 27 2016 ||(Managiership .No.71503) |