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Ritesh Properties & Industries Ltd.

BSE: 526407 Sector: Industrials
NSE: N.A. ISIN Code: INE299D01014
BSE 00:00 | 24 May 18.00 0
(0.00%)
OPEN

18.00

HIGH

18.00

LOW

17.32

NSE 05:30 | 01 Jan Ritesh Properties & Industries Ltd
OPEN 18.00
PREVIOUS CLOSE 18.00
VOLUME 2644
52-Week high 18.02
52-Week low 8.26
P/E
Mkt Cap.(Rs cr) 21
Buy Price 17.11
Buy Qty 300.00
Sell Price 18.00
Sell Qty 574.00
OPEN 18.00
CLOSE 18.00
VOLUME 2644
52-Week high 18.02
52-Week low 8.26
P/E
Mkt Cap.(Rs cr) 21
Buy Price 17.11
Buy Qty 300.00
Sell Price 18.00
Sell Qty 574.00

Ritesh Properties & Industries Ltd. (RITESHPROP) - Auditors Report

Company auditors report

To

The Members of

Ritesh Properties and Industries Ltd New Delhi Report on the Financial Statements

We have audited the accompanying financial statements of Ritesh Properties andIndustries Ltd("the company") which comprise the Balance Sheet as at 31 March2018 the Statement of Profit and Loss Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the companyand 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 Financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's 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 auditors'judgement 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 Management as well as evaluating the overall presentation of theFinancial 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 of the state of affairs of the Company as at 31stMarch 2018 and its Profit and its 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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 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 purposes 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 and the Cash Flow Statementdealt with 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 and companies (Accounting Standards) Amendment Rules 2016.

(e) on the basis of written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of section164(2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting and the operating effectiveness of such controls refer to our separate Reportin "Annexure-A"

(g) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us

i. The company has disclosed the impact of pending litigation on its financial positionin its financial statements-Refer Note No. 34 on Notes to the Financial Statements

ii. The company did not have any long-term contracts and derivatives contracts forwhich there were no material foreseeable losses as the company is putting on the MTMprofit/loss on daily basis;

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

For S. M. Mathur & Co.
Chartered Accountants
(FRNo. 006588N)
Place: New Delhi sd/-
Dated: 30.05.2018 (S. M. Mathur)
Proprietor
(M.No.013066)

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT Annexure referred to in paragraph 1 underthe heading "Report on Other Legal and Regulatory

Requirements" of our report of even date.

i. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by the Management inaccordance with a phased programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals having regard to thesize of the Company nature and value of its assets. According to the information andexplanation given to us no material discrepancies were noticed on such verification.

(c) This clause is not applicable as the company has no immovable property in the nameof the Company.

ii. The inventory has been physically verified by the management at reasonableintervals. The discrepancies noticed on verification between the physical stocks and bookrecords were not material.

iii. The company has granted loans to three bodies corporate covered in the registermaintained under section 189 of the Companies Act 2013('the Act')

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the bodies corporate listed in the register maintained underSection 189 of the Act were not prima facie prejudicial to the interest of the Company

(b) In the case of the loans granted to the bodies corporate listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe principal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto 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 records undersection 148(1) of the Act for any of the services rendered by the Company.

vii. (a) The company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income tax Wealth tax Service taxSales Tax Value Added Tax and any other statutory dues applicable to it with theappropriate authorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax service taxand other material statutory dues were in arrears as at 31 March 2018 for a period of morethan six months from the date they became payable.

viii. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to information and explanations givenby the management we are of the opinion that the Company has not defaulted in repaymentof dues to any bank. Further the Company does not have any debentures and loan fromfinancial institution or government.

ix. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and according tothe information and explanations given by the management the Company has not raised anymoney way of initial public offer / further public offer / debt instruments and term loansand hence reporting under clause (ix) is not applicable to the Company and hence notcommented upon.

x Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud on or by the officers and employees ofthe Company has been noticed or reported during the year.

xi. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that the managerial remuneration has been paid/providedin accordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Companies Act 2013.

xii. In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon.

xiii. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management transactions with the related parties are in compliance withSection 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the notes to the financial statements as required by the applicableaccounting standards.

xiv According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence not commented upon.

xv. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him.

xvi. According to the information and explanations given to us the provisions ofSection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

Annexure referred to in paragraph 1 under the heading "Report on Other Legal andRegulatory

Requirements" of our report of even date.

i. (a) ) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by the Management inaccordance with a phased programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals having regard to thesize of the Company nature and value of its assets. According to the information andexplanation given to us no material discrepancies were noticed on such verification.

(c) This clause is not applicable as the company has no immovable property in the nameof the Company.

ii. The inventory has been physically verified by the management at reasonableintervals. The discrepancies noticed on verification between the physical stocks and bookrecords were not material

iii. The company has granted loans to three bodies corporate covered in the registermaintained under section 189 of the Companies Act 2013('the Act')

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the bodies corporate listed in the register maintained underSection 189 of the Act were not prima facie prejudicial to the interest of the Company

(b) In the case of the loans granted to the bodies corporate listed in the registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe principal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto 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 records undersection 148(1) of the Act for any of the services rendered by the Company.

vii. (a) The company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income tax Wealth tax Service taxSales Tax Value Added Tax and any other statutory dues applicable to it with theappropriate authorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax service taxand other material statutory dues were in arrears as at 31 March 2018 for a period of morethan six months from the date they became payable..

viii. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to information and explanations givenby the management we are of the opinion that the Company has not defaulted in repaymentof dues to any bank. Further the Company does not have any debentures and loan fromfinancial institution or government.

ix. Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and according tothe information and explanations given by the management the Company has not raised anymoney way of initial public offer / further public offer / debt instruments and term loansand hence reporting under clause (ix) is not applicable to the Company and hence notcommented upon.

x. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud on or by the officersand

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 2018based on theinternal control over financial reporting criteria established by the Company consideringthe essentialcomponents of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.