You are here » Home » Companies » Company Overview » Rathi Bars Ltd

Rathi Bars Ltd.

BSE: 532918 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE575I01016
BSE 00:00 | 19 Feb 9.26 0.10
(1.09%)
OPEN

8.70

HIGH

9.28

LOW

8.45

NSE 05:30 | 01 Jan Rathi Bars Ltd
OPEN 8.70
PREVIOUS CLOSE 9.16
VOLUME 910
52-Week high 16.70
52-Week low 7.10
P/E 6.05
Mkt Cap.(Rs cr) 15
Buy Price 8.59
Buy Qty 75.00
Sell Price 9.26
Sell Qty 87.00
OPEN 8.70
CLOSE 9.16
VOLUME 910
52-Week high 16.70
52-Week low 7.10
P/E 6.05
Mkt Cap.(Rs cr) 15
Buy Price 8.59
Buy Qty 75.00
Sell Price 9.26
Sell Qty 87.00

Rathi Bars Ltd. (RATHIBARS) - Auditors Report

Company auditors report

To the Membrs of RATHI BARS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone Ind AS financial statements of RathiBars Limited ("the Company") which comprise the Balance Sheet as at 31March 2019 the Statement of Profit and Loss (including other comprehensive income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then endedand summary of the significant accounting policies and other explanatory information(herein after referred to as "standalone Ind AS financial statements")

Management's Responsibility for the Standalone Financial Statements

The Company's 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 ofthese standalone Ind AS financial statements that give a true and fair view of the stateof affairs profit/ loss and other comprehensive income changes in equity and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards ("Ind AS") prescribed under Section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error. In preparing the financialstatements management is responsible for assessing the Company's ability to continue as agoing concern disclosing as applicable matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunderand the Order issued under section 143(11) of the Act.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or eiawHAmaking those riskassessments the auditor considers interna! financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2019 and its profit total comprehensive income the changes in equity andits 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 issued by the CentralGovernment of India in term of sub-section (11) of section 143 of the Act (hereinafterreferred to the "order") we give in the Annexure a statement on the mattersspecified 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 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 it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Changes in Equity and the Statement of Cash Flows dealt with bythis Report are in agreement with the books of account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act.

e. On the basis of written representations received from the Directors as on March 312019 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 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 the included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) 2014 in our opinion and tothe 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 standalone Ind AS financial statements.

ii. In our opinion and as per the information and explanations provides to us theCompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and

iii. There has been no delay in transferring the amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv The disclosures regarding details of specified bank notes held and transacted during8 November 2016 to 30 December 2016 has not been made since the requirement does notpertain to financial year ended 31 March 2019.

Place: New Delhi For Ravindra Jyoti Agarwal & Co.
Date: 15.05.2019 Chartered Accountants
F.R.No: 003569C
Sameer Jain
Partner
M.No.512653

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT ON THE STANDALONE IND ASFINANCIAL STATEMENT:

The Annexure referred to in Independent Auditor's Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2019 we report that:

1.1 The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

1.2 All the fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification.

1.3 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

2. The inventories have been physically verified at reasonable intervals by themanagement and no material discrepancies were noticed on such physical verification.

3. As informed to us the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act Accordingly the sub-clauses (a) (b) and (c) are not applicable to thecompany.

4. According to the information and explanations given to us the Company has compliedwith the provision of Section 185 and 186 of the Act with respect to the loans andinvestment made.

5. The Company has not accepted any deposits from the public.

6. We have broadly reviewed the books of account maintained by the Company pursuantsub-section (1) of Section 148 of the Companies Act and are of the opinion that primafacie the prescribed accounts and records have been made and maintained.

7.1 The company is generally regular in depositing undisputed statutory dues includingprovident fund employees state insurance income tax sales tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues with theappropriate authorities and we have been informed that there are no arrears of outstandingstatutory dues as at the last day of the financial year under audit for a period of morethan six months from the date they became payable.

7.2. According to the information and explanations given to us the following disputeddues of income tax or sales tax or wealth tax or service tax or duty of customs or duty ofexcise or value added tax or cess have not been deposited by the company at March 31 2019in as much as the disputed demands are pending in appeal before appropriate authorityconcerned at various level.

Name of Statute Nature of Dues Amount (Rs in Lacs) Period to which the matter relates Forum where dispute is pending
The Income Tax Act Penalty 23.96 A.Y. 2009-10 CIT (Appeal) Delhi
Income Tax Act Penalty 2.72 A.Y. 2010-11 CIT (Appeal) Delhi
The Income Tax Act Penalty 0.97 A.Y. 2011-12 CIT (Appeal) Delhi
The Income Tax Act Penalty 0.99 A.Y. 2012-13 CIT (Appeal) Delhi
The Income Tax Act Penalty 1.43 A.Y. 2013-14 CIT (Appeal) Delhi
The Income Tax Act Penalty 0.62 A.Y. 2014-15 CIT (Appeal) Delhi
The Income Tax Act Penalty 12.22 A.Y. 2015-16 CIT (Appeal) Delhi
The Income Tax Act Income Tax 77.54 A.Y. 2009-10 ITAT New Delhi
The Income Tax Act Income Tax 8.83 A.Y. 2010-11 ITAT New Delhi
The Income Tax Act Income Tax 3.13 A.Y. 2011-12 ITAT New Delhi
The Income Tax Act Income Tax 3.21 A.Y. 2012-13 ITAT New Delhi
The Income Tax Act Income Tax 4.64 A.Y. 2013-14 ITAT New Delhi
The Income Tax Act Income Tax 2.01 A.Y. 2014-15 ITAT New Delhi
The Income Tax Act Income Tax 20.37 A.Y. 2015-16 ITAT New Delhi
The Centra! Excise Act Excise Duty & Penalty 52.90 2011 -2012 CESTAT New Delhi

8. According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowing to a financial institution or bank.

9. According to the information and explanations given to us the Company did not raiseany money by way of initial public offer or further public offer (including debtinstruments) and term loans during the year.

10. In our opinion and according to the information and explanations given to us nofraud by the company or on the company by its officers or employees has been noticed orreported during the course of our audit.

11. Based upon the audit procedures performed and according to the information andexplanations given to us the company has paid / provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the act.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations given 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 debenture duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the company has not entered in to non-cashtransactions with directors or persons connected with him.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

Place: New Delhi For Ravindra Jyoti Agarwai & Co.
Date: 15.05.2019 Chartered Accountants
F.R.No: 003569C
Sameer Jain
Partner
M.No.512653

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT :

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 with reference to financial statementsof Rathi Bars Limited ("the Company") as of 31 March 2019 in conjunction withour audit of the standalone Ind AS financial statements of the Company for the year endedon 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 controls with reference to financial statementscriteria established by the Company considering the essential components of internalcontrols stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance note") issued by the Institute of CharteredAccountants of India ("ICAI") These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit We conducted our auditin accordance with the Guidance Note and the Standards on Auditing issued by ICAI anddeemed to be prescribed under Section 143 (10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to financialstatements was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrols based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the standaloneInd AS 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 control systemwith reference to financial statements.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlswith reference to financial statements includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

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 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Place: New Delhi For Ravindra Jyoti Agarwal & Co.
Date: 15.05.2019 Chartered Accountants
F.R.No: 003569C
Sameer Jain
Partner
M.No.512653