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INDEPENDENT AUDITORS' REPORT
The Members of Rajdarshan Industries Limited
Report on the Financial Statements
We have audited the attached Balance Sheet of Rajdarshan Industries Limited as at 31st March 2015 and also the Profit and Loss Account for the year ended on that date and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management.
Management's Responsibility for the Financial Statements
The Company 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 of these statements that give a true and fair view of the Financial Position, Financial Performance and Cash flows of the company in accordance with the accounting principles generally accepted in India, including the Accounting Standards Specified U/S 133 of the Act, Read with Rule 7 of the Companies (Accounts) Rules, 2014. This Responsibility also includes maintenance of adequate accounting records in accordance with the provisions of Act for Safeguarding the Assets of the Company and for preventing and detecting frauds and other irregularities: selection and application of appropriate accounting policies: making judgments and estimates that are reasonable and prudent and design, implementation and maintenance of adequate internal financial controls and ensuring their operating effectiveness and the accuracy and completeness of accounting records relevant to the preparation and presentation of the financial statements that give true and fair view and free from the material misstatement, whether due to fraud or error..
Our responsibility is to express an opinion on theses financial statements based on our audit. We have taken into account the provisions of the of the act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanations given to us, they said accounts read together with the other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view in conformity with Accounting Principle generally accepted in India;
1. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2015; and
2. In the case of the Profit and Loss Account, of the profit for the year ended on that date; and
3. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on the Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("The Order") issued by the Central government of India in terms of sub–section (11) of section 143 of the Act, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said order. The Order is yet to be notified in the Gazette of India.
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 best of 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 the Company, so far as appears from our examination of the books.
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statements dealt with by this Report are in agreement with the books of account of the Company.
d. In our Opinion, the aforesaid financial statements comply with the accounting standards specified under section 133 of the Act read with Rule 7 of the Companies (accounts) Rules 2014.
e. On the basis of the written representations received from the directors as on 31st March 2015, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2015 from being appointed as a director in terms of section 164(2) of the Act
f. With Respect to the othe matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014, In our opinion and to the best of our information and according to the explainations given to us:
i) The Company has Disclosed the Impact of pending litigations on its Financial Position in its Financial statements – Refer note on Contingent Liabilities and Note on Contingent assest to the Fiancial statements
Annexure to Audit Report
Rajdarshan Industries Limited
ANNEXURE TO THE AUDITORS REPORT
(Referred to in Paragraph 3 of the audit report of even date regarding matters specified under
Companies (Auditor's Report) Order, 2015)
1.(a) The Company has maintained proper records of fixed assets showing full particulars including quantitative details and situation of fixed assets.
(b) The company has a program of physical verification of its fixed assets at regular interval 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 physical verification conducted by the company. During the year, Company have not disposed of a substantial part of fixed assets
2.(a) As explained to us, the inventories have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable having regard to the size of the Company and the nature of its business.
(b)In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.
(c)The Company has maintained proper records of inventory. As explained to us, there was no material discrepancies noticed on physical verification of the inventory having regard to the size of the operations of the company.
3.In our opinion the Company has not taken / granted loans, secured or unsecured, from/to companies, firms or other parties listed in the register maintained under section 189 of Companies Act, 2013, and these are not against the bonafide interest of the company.
4.In our opinion, and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods. Further, on the basis of our examination & according to the information & explanation given to us, we have neither come across nor have we been informed of any instance of major weaknesses in the aforesaid internal control procedure of or non–rectification of such continuing major failure.
5.The company has not accepted deposits from public.
6.As explained to us, the company is not required to maintain cost record under section 148(1) of the Companies Act, 2013.
(a)According to the information and explanations given to us, there are no undisputed statutory dues payable in respect of Provident Fund, Investor Education and Protection fund, Employees state Insurance, Income– Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Cess which are outstanding as at 31st March, 2015 for a period of more than six months from the date when they became payable.
(b)According to the Information and Explanations given and records of the company examined by us, there are no dues of wealth tax, sales tax. Service tax, Value added Tax and Customs Duty whichhave not been deposited on account of any disputes and the particulars of dues of Income tax, excise duty as at march 31, 2015 which have not been deposited on account of a dispute, are as follows
c) Company is not required to transfer funds to Investor's Protection Fund.
8.The company does not have accumulated losses at the end of financial year nor has encured case loses in current year and immediately preceding financial year.
9.In our opinion the company has not defaulted in repayment of its dues to any financial institution, bank, or to debenture holders during the year.
10.According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions, the terms & conditions where in our opinion, are prima–facie, prejudicial to the interest of the company.
11.The company has not obtained any term loans that were not applied for the purpose for which these were raised. Based on the information and explanations given to us and on overall examination of the balance sheet of the company, in our opinion, the company has utilized the term loan received for the same purpose for which it was sanctioned, and there are no funds raised on short term basis which have been used for long term investment & vice versa.
12.That In our opinion neither company has committed any fraud and nor any fraud is committed against the company by other.
For SATYAM SVG & CO.
Chartered Accountants ICAI Reg. No. 011714C
(YOGESH C. POKHARNA)
Date: May 26, 2015