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Rishabh Digha Steel & Allied Products Ltd.

BSE: 531539 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE864D01015
BSE 00:00 | 25 Sep 21.15 0.45
(2.17%)
OPEN

22.65

HIGH

22.65

LOW

19.35

NSE 05:30 | 01 Jan Rishabh Digha Steel & Allied Products Ltd
OPEN 22.65
PREVIOUS CLOSE 20.70
VOLUME 256
52-Week high 30.45
52-Week low 13.65
P/E 60.43
Mkt Cap.(Rs cr) 12
Buy Price 20.65
Buy Qty 11.00
Sell Price 21.15
Sell Qty 158.00
OPEN 22.65
CLOSE 20.70
VOLUME 256
52-Week high 30.45
52-Week low 13.65
P/E 60.43
Mkt Cap.(Rs cr) 12
Buy Price 20.65
Buy Qty 11.00
Sell Price 21.15
Sell Qty 158.00

Rishabh Digha Steel & Allied Products Ltd. (RISHDIGHSTEEL) - Auditors Report

Company auditors report

TO THE MEMBERS OF RISHABH DIGHA STEEL AND ALLIED PRODUCTS LIMITED

REPORT TO THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements Rishabh Digha Steel And AlliedProducts Limited (the Company) which comprise the Balance Sheet as at March 31 2019the Statement of Profit and Loss for the year ended and a summary of 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) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

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

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 :

In the case of the Balance Sheet of the state of affairs of the Company as at March31 2019;

In the case of the Statement of Profit and Loss of the loss of the Company for theyear ended on that date; and

EMPHASIS OF MATTERS

There are no matters to be emphasized as there are no litigations and no events afterthe balance sheet date which will affect the going concern of the company.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies(Auditor's Report)Order 2017 ("the Order")issuedby the Central Government of India in term of sub section (11) of section 143 of the Actas the same is not applicable we do not give statement on matters specified in Paragraph 3and 4 of the Order.

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 purposes 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 and 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) The financial statements are prepared on the going concern basis and there are nomaterial events that have occurred in our opinion which may have an adverse effect onthe functioning of the Company.

f) On the basis of written representations received from the directors as on 31 March2019 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2019 from being appointed as a director in terms of Section 164(2) of theAct.

g) With respect to the other matters included in the Auditor's Report in accordancewith rule 11 of the Companies (Audit and Auditors) Rule2014in our opinion and to ourbest of our information and according to the explanations given to us :

(i) The Company does not have any pending litigation which would impact its financialposition.

(ii) The Company did not have any long-term contracts including derivatives contractsfor which there can be any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

For M/s. Gada Chheda & Co LLP
Chartered Accountants
Mr. Ronak P. Gada
(Designated Partner)
M.N. 146825 Place : Mumbai
FRN.W100059 Date : 23/05/2019

"Annexure B" to the Independent Auditor's Report of even date on theFinancial Statements of Rishabh Digha Steel And Allied Products 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 RishabhDigha Steel And Allied Products Limited as of March 31 2016 in Conjunction with ouraudit of the standalone financial statements of the company for the year ended on thatdate.

Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls. The internal control over financial reporting criteria establishedby the company considering the essential component of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India. 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 Companies Act 2013.

Auditor's 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 extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 judgment including the assessment of the risk 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 purpose 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material 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 effectively as at March 31 2016. The internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Reporting issued by the Institute of Chartered Accountants of India.

For M/s. Gada Chheda & Co LLP
Chartered Accountants
Mr. Ronak P. Gada
(Designated Partner)
M.N. 146825 Place : Mumbai
FRN. W100059 Date : 23/05/2019

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of Rishabh Digha Steel AndAllied Products Limited for the year Ended on 31st March 2019. We report that:

Sr. No Particulars Auditors Remark
(i) (a) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets; The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; All the assets have not been physically verified by the management during the year but there is a regular programmed of verification which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) whether the title deeds of immovable properties are held in the name of the company. If not provide the details thereof; All the assets are in the name of Company.
(ii) whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so whether they have been properly dealt with in the books of account; The Company by itself does not hold any inventory as company is basically engaged in Job work activity .The inventory held on behalf of the customers has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.
(iii) whether the company has granted any loans secured or unsecured to companies firms Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act 2013.If so The company has not granted any loans secured or unsecured to companies firms or other parties covered in the register maintained under section 189 of the Companies Act.
(a) whether the terms and conditions of the grant of such loans are not prejudicial to the company's interest; N.A.
(b) whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular; N.A.
(c) if the amount is overdue state the total amount overdue for more than ninety days and whether reasonable steps have been taken by the company for recovery of the principal and interest; N.A.
(iv) In respect of loans investments guarantees and security whether provisions of section 185 and 186 of the Companies Act 2013 have been complied with. If not provide the details thereof. N.A.
(v) in case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under where applicable have been complied with? I not the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? The company has not accepted deposits so the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under is not applicable. No order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
(vi) where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act whether such accounts and records have been made and maintained; The maintenance of cost records specified by the Central Government under sub-section (1) of section 148 of the Companies Act is not applicable.
(vii) (a) is the company regular in depositing undisputed statutory dues including provident fund employees' state insurance income-tax sales-tax wealth tax service tax duty of customs duty of excise value added tax cess and any other statutory dues with the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated by the auditor. According to the information and explanation given to us company is regular in depositing undisputed statutory dues including provident fund employees' state insurance income-tax sales-tax wealth tax service tax duty of customs duty of excise value added tax cess and any other statutory dues with the appropriate authorities and there is no arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable.
(vii) (b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute). According to the information and explanation given to us there are no dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess which have not been deposited on account of any dispute.
(viii) whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders? If yes the period and amount of default to be reported; According to the information and explanation given to us company has taken Overdraft Facility from their bankers Bank of Baroda and has not defaulted in repayment of dues to a financial institution or bank.
(ix) whether moneys raised by way of initial public offer or further public offer (including debt instruments) and term loans were applied for the purposes for which those are raised. If not the details together with delays or default and subsequent rectification if any as may be applicable be reported; In our opinion and according to the information and explanations to us the company has not raised money by way of initial public offer or further public offer (including debt instruments).
(x) whether any fraud on or by the company has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated. According to the information and explanation given to us no fraud on or by the company has been noticed or reported during the year.
(xi) whether managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act? If not state the amount involved and steps taken by the company for securing refund of the same; Sec197 deals with Managerial remuneration which is not applicable to Private Company. Therefore the provision of clause xi of the Companies (Auditors Report)Order2003 is not applicable.
(xii) whether the Nidhi Company has complied with the Net Owned Funds to Deposits in the ratio of 1: 20 to meet out the liability and whether the Nidhi Company is maintaining ten per cent unencumbered term deposits as specified in the Nidhi Rules 2014 to meet out the liability; In our opinion the Company is not Nidhi Company. Therefore the provision of clause xii of the Companies (Auditors Report)Order2003 is not applicable.
(xiii) whether all transactions with the related parties are in compliance with section 177 and 188 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards; All transactions with the related parties are in compliance with section 177 and 188 of Companies Act 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
(xiv) whether the company has made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and if so as to whether the requirement of section 42 of the Companies Act 2013 have been complied with and the amount raised have been used for the purposes for which the funds were raised. If not provide the details in respect of the amount involved and nature of non-compliance; The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year
(xv) whether the company has entered into any non-cash transactions with directors or persons connected with him and if so whether the provisions of section 192 of Companies Act 2013 have been complied with; In our opinion and according to the information and explanations to us the company has not entered into any non-cash transactions with directors or persons connected with him.
(xvi) whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act 1934 and if so whether the registration has been obtained. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

 

For M/s. Gada Chheda & Co LLP
Chartered Accountants
Mr. Ronak P. Gada
(Designated Partner)
M.N. 146825 Place : Mumbai
FRN.W100059 Date : 23/05/2019