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Rathi Bars Ltd.

BSE: 532918 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE575I01016
BSE 00:00 | 21 Jan 36.35 0.50
(1.39%)
OPEN

38.80

HIGH

38.80

LOW

36.00

NSE 05:30 | 01 Jan Rathi Bars Ltd
OPEN 38.80
PREVIOUS CLOSE 35.85
VOLUME 27991
52-Week high 43.10
52-Week low 15.40
P/E 18.18
Mkt Cap.(Rs cr) 59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 38.80
CLOSE 35.85
VOLUME 27991
52-Week high 43.10
52-Week low 15.40
P/E 18.18
Mkt Cap.(Rs cr) 59
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Rathi Bars Ltd. (RATHIBARS) - Auditors Report

Company auditors report

To the Members Of

RATHI BARS LIMITED

Opinion

We have audited the accompanying Standalone Ind AS financial statements of M/s RathiBars Limited Limited ("the Company'').which comprises the Balance Sheet as at March31 2021 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 ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information (herein after referred to as "Standalone Ind ASfinancial statement'')

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

1) In the case of Balance Sheet of the state of affairs of the Company as at31-03-2021

2) In the case of statement of Profit and Loss of the profit total comprehensiveincome the year ended on thatdate.

3) in the case of statement of change in equity and its Cash Flow Statement of thechange in equity and ' its cash flows for the year ended on that date

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies. Act 2013. Our responsibilities under thoseStandards.are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in. accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion on the standalonefinancial statements.

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Auditors' Response to the Key Audit Matter

Our audit approach consisted testing of the design and operating effectiveness of theinterna! controls and substantive testing as follows:

(a) Evaluated the design of internal controls relating to implementation of the newrevenue accounting standard.

(b) Selected a sample of continuing and new contracts and tested the operatingeffectiveness of the internal control relating to identification of the distinctperformance obligations and determination of transaction price

(c) Selected a sample of continuing and new contracts and performed the followingprocedures:

* Read analysed and identified the distinct performance obligations in thesecontracts.

* Compared these performance obligations with that identified and recorded by theCompany.

* Considered the terms of the contracts to determine the transaction price includingany variable consideration to verify the transaction price used to compute revenue and totest the basis of estimation of the variable consideration.

Information other than the financial statements and auditors' report thereon

The Company's board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport but does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a materia! misstatement ofthis other information we are required to report that fact.

We have nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statements

The Company's Board of Directors ts responsible for the matters stated in section134(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 accounting Standards specified .under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateimplementation and maintenance of accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

in preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

This Board of Directors are also responsible for overseeing the company's financialreporting process Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an-audit conducted In accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SA$ we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

* identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

* 0btain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

* Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

* Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport However future events or conditions may cause the Company to cease to continue asa going concern.

* Evaluate overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the keyaudit matters We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances we.determine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

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" a statement onthe matters specified in paragraphs 3 and 4 of the Order.

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

s. 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 Statement of Profit and Loss and the cash flow statement dealtwith by this Report are in agreement with the books of account.

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 written representations received from the Directors as on March 312021 and taken on record by the Board of Directors none.of the directors is disqualifiedas on March 31 2021 from being appointed as a directorin terms of Section 164(2) of theAct. *

f. with respect to the adequacy of the interna! 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) 2014 in our opinion and tothe best of our information and according to the explanations given to us :

i. There is no pending litigations which would have impact on its financial positionand its 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

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 2021 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 sates 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 riot been deposited by the company at .March 31.2021 in as much as the disputed demands are pending in appeal before appropriateauthority concerned 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 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

883

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' AY. 2013-14 ITAT New Delhi
The Income Tax Act Income Tax 2.01 A.Y. 2014-15 ITAT New Delhi
Tile Income Tax Act Income Tax 20.37 A.Y. 2015-16 ITAT 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 u$ 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.

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 2021 in conjunction withour audit of the standalone fnd 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 ("ICAl"). These responsibilities include thedesign/implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 ICAl 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 ICAl. 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 audjt 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 to;financial 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 fairly reflectthe 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 have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent (imitations of infernal 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.Aiso 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 interna!financial controls system over financial reporting and such Internal financial controlsover financial reporting were operating effectively as at March 31 2021 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.

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