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Rajasthan Gases Ltd.

BSE: 526873 Sector: Others
NSE: N.A. ISIN Code: INE184D01018
BSE 00:00 | 30 Dec Rajasthan Gases Ltd
NSE 05:30 | 01 Jan Rajasthan Gases Ltd
OPEN 3.61
PREVIOUS CLOSE 3.61
VOLUME 86
52-Week high 4.00
52-Week low 3.61
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.79
Sell Qty 86.00
OPEN 3.61
CLOSE 3.61
VOLUME 86
52-Week high 4.00
52-Week low 3.61
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.79
Sell Qty 86.00

Rajasthan Gases Ltd. (RAJASGASES) - Auditors Report

Company auditors report

 

To

The Members of

Rajasthan Gases Limited

Report on the Standalone Ind AS Financial Statements

Report on the Financial Statements

We have audited the accompanying financial statements of RAJASTHAN GASES LTD ("theCompany") which comprise the Balance Sheet as at March 31 2018 and the Statement ofProfit and Loss(including other comprehensive income) the statement of changes in equityfor the year ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Ind AS Financial Statements

1. The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act') with respect to thepreparation of these Ind AS financial statements that give a true and fair view of thefinancial position and financial performance including the comprehensive income cashflows and changes in equity of the company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards("Ind AS")specified under Section 133 of the Act.

2. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions 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; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error..

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatements.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's management and Board of Directors as well as evaluating the overallpresentation of the standalone Ind AS financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs (financial position) of the Company as at March 31 2018 and its loss(financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

6. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section143 ofthe Act we give in the Annexure a statement on the matters Specified in paragraphs 3 and4 of the Order to the extent applicable.

7. As required by section 143(3) of the Act we further 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 the Statement of Profit and Loss the Statement of Cash Flow andthe Statement of Changes in Equity dealt with by this Report are in agreement with thebooks of account.;

d) in our opinion the aforesaid Standalone Ind AS financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014 ;

e) on the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 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 A".

 

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014: i. The Company does not have any pending litigations which would impact itsfinancial position in its financial statements. ii. The Company did not have any long-termcontracts including derivative contracts; as such the question of commenting on anymaterial foreseeable losses thereon does not arise iii. There has not been an occasion incase of the Company during the year under report to transfer any sums to the InvestorEducation and Protection Fund. The question of delay in transferring such sums does notarise.

For R.K. MALPANI & ASSOCIATES

Chartered Accountants

(FRN. 002759C)

(Rakesh Jhalani)

Partner

Membership No. 074142

Place: Jaipur

Dated: 30.05.2018

"Annexure A" to the Independent Auditor's Report of even date on theFinancial Statements of RAJASTHAN GASES 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 RAJASTHANGASES LIMITED ("the Company") as of March 31 2018 in conjunction with our auditof the standalone 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 ICAI 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 plan and perform the audit to obtain reasonable assurance about whetheradequate internal 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 internal 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 judgement 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 process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting 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 authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 March 31 2018.

For R.K. MALPANI & ASSOCIATES

Chartered Accountants

(FRN. 002759C)

(Rakesh Jhalani)

Partner

Membership No. 074142

Place: Jaipur

Dated: 30.05.2018

Annexure to the Auditors' Report

[Annexure referred to in paragraph 6 Our Report of even date to the Statutory Auditors'of Rajasthan Gases Limited. On the accounts of the company for the year ended 31stMarch 2018].

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:

(i) The Company does not have any Fixed Asset. So the clause (i) of paragraph 3 ofthe Companies (Auditor's Report) Order 2016 is not applicable at the company.

(ii) (a) The Inventory has been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable.

(b) The procedure of physical verification of inventories followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(iii) The Company has not granted any unsecured loan to companies firms or otherparties covered in the register maintained under section 189 of the Companies Act 2013(‘the Act'). Accordingly clause (iii) of the Companies (Auditor's Report) Order 2016is not applicable.

(iv) In our opinion and according to the information and explanations given to usthe Company has complied with the provisions of section 185 and 186 of the Act withrespect to the loans and investments made.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost recordsunder section 148(1) of the Act in respect of the products manufactured by the Company.

(vii). (a) According to the information and explanations given to us and based onthe records of the company examined by us the company is regular in depositing theundisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales-tax service tax duty of customs duty of excise value added tax cessand any other statutory dues 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 or sales tax or Service Taxor duty of customs or duty of excise or value added tax which have not been deposited onaccount of any disputes.

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordinglyparagraph 3(viii) of the Order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not paid/provided formanagerial remuneration.

Accordingly paragraph 3(xi) of the Order is not applicable.

(xii) In our opinion and according to the information and explanations given to usthe Company is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company there is no transaction with the relatedparties. Accordingly paragraph 3(xiii) of the Order is not applicable.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non–cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45–IA of theReserve Bank of India Act 1934.

For R. K. MALPANI & ASSOCIATES

Chartered Accountants

(FRN. 002759C)

(Rakesh Jhalani)

Partner

Membership No. 074142

Place: Jaipur

Dated: 30.05.2018