| We have audited the accompanying financial statements of Rishabh Digha
Steel And Allied Products Limited (the Company), which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss
and Cash Flow Statement for the year ended, and a summary 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 in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial 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 under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions 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 there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with 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 audit 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 financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, 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 on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
(b) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
EMPHASIS OF MATTERS
There are no matters to be emphasized as there are no litigations and
no events after the balance sheet date which will effect the going
concern of the company.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies(Auditor's Report)Order,2015("the
Order")issued by the Central Government of India in term of sub section
(11) of section 143 of the Act, as the same is applicable we give in
the annexure a statement on matters specified in Paragraph 3 and 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 best of 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 the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
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) The financial statements are prepared on the going concern basis and
there are no material events that have occurred, in our opinion, which
may have an adverse effect on the functioning of the Company.
f) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
g) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us :
i. The Company does not have any pending litigation which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there can be any material foreseeable
losses.
iii. Rs 55,547/- which were required to be transferred to the Investor
Education and Protection Fund have been transferred the company.
Annexure to the Auditors' Report
The Annexure referred to in our report to the members of Rishabh Digha
Steel And Allied Products Limited for the year Ended on 31st March,
2015. We report that:
Sr. Particulars Auditors Remark
No.
(i) (a) whether the company is The company has maintained proper
maintainingproper records records showing full particulars
showing full particulars, including quantitative details
including quantitative and situation of fixed
details and situation assets.
of fixed assets;
(b) whether these fixed All the assets have not been
assets have been physically verified by the
physically verified by the management during the year
management at reasonable but there is a regular programmed
intervals; whether any of verification which, in our
material discrepancies were opinion, is reasonable having
noticed on such verification regard to the size of the
and if so, whether the company and the nature of its
same have been properly assets. No material discrepancies
dealt with in the were noticed on such verification.
books of account;
(ii) (a) whether physical The Company by itself does not
verification of inventory hold any inventory as company is
has been conducted at basically engaged in Job work
reasonable intervals by the activity .The inventory held on
management; behalf of the customers has been
physically verified during the
year by the management. In our
opinion, the frequency
of verification is reasonable.
(b) arether procedures of The procedures of physical
physical verification of verification of inventories
inventory followed by the followed by the management
management reasonable and are reasonable and adequate in
adequate in relation to the relation to the size of the
size of the company and company and the nature of
the nature of its business. its business.
If not, the inadequacies in
such procedures should
be reported;
(c) whether the company is The company is maintaining proper
maintaining proper records of manual records of inventory.
inventory and whether any The discrepancies noticed on
material discrepancies were verification between the physical
noticed on physical stocks and the books records were
verification and if so, not material.
whether the same have been
properly dealt with in
the books of account;
(iii) (iii) whether the company has The company has not granted any
granted any loans, secured loans, secured or unsecured to
or unsecured to companies, companies, firms or other parties
firms or other parties covered in the register
covered in the register maintained under section 189 of
maintained under section the Companies Act.
189 of the Companies Act.
If so,
(a) whether receipt of the N.A.
principal
amount and interest arc also
regular; and
(b) if overdue amount is more N.A.
than rupees one lakh, whether
reasonable steps have been
taken by the company
for recovery of the principal
and interest;
(iv) is there an adequate internal In our opinion and according to
control system commensurate the information and explanations
with the size of the given to us, there is no
company and the nature of its requirement of internal control
business, for the purchase of procedures commensurate with the
inventory and fixed assets size of the company and the
and for the sale of goods nature of its business is a with
and services. Whether there regard to purchases of fixed
continuing failure to correct assets and with regard to sales
major weaknesses in and purchase of the materials that
internal control system. the company deals in.
(v) in case the company has The company has not accepted
accepted deposits, whether deposits so the directives issued
the directives issued by by the Reserve Bank
the Reserve Bank of India of India and the provisions of
and the provisions of sections 73 to 76 or any other
sections 73 to 76 or any relevant provisions of the
other relevant provisions of Companies Act and the rules framed
the Companies Act and the there under is not applicable.
rules framed there under, No order has been
where applicable, have been passed by Company Law Board or
complied with? I I not, the National Company Law Tribunal or
nature of contraventions Reserve Bank of India or any court
should be stated; If an or any other tribunal.
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?
(vi) where maintenance of cost The maintenance of cost records
records has been specified specified by the Central
by the Central Government Government under sub-section (1)
under sub-section (1) of of section 148 of the Companies
section 148 of the Companies Act, Act is not applicable.
whether such accounts and
records have been made and
maintained;
(vii) (a) is the company regular According to the information and
in depositing undisputed explanation given to us, company
statutory dues including is regular in depositing
provident fund, employees' undisputed statutory dues
state insurance, income-tax, including provident fund,
sales-tax, wealth tax, employees' state insurance,
service tax, duty of customs, income-tax, sales-tax, wealth
duty of excise, value added tax, service tax, duty of customs,
tax, cess and any other duty of excise, value added tax,
statutory dues with the cess and any other statutory dues
appropriate authorities and with the appropriate authorities
if not, the extent of the and there is no arrears of
arrears of outstanding outstanding statutory dues as at
statutory dues as at the last the last day of the financial year
day of the financial year concerned for a period of more
concerned for a period of more than six months from the
than six months from the date date they became payable.
they became payable, shall be
indicated by the auditor.
(b) in case dues of income According to the information and
tax or sales tax or wealth explanation given to us there are
tax or service tax or duty of no dues of income tax or sales tax
customs or duty of excise or or wealth tax or service tax or
value added tax or cess have duty of customs or duty of
not been deposited on excise or value added tax or cess
account of any dispute, then which have not been deposited on
the amounts involved and the account of any dispute.
forum where dispute is
pending shall be mentioned.
(A mere representation to
the concerned Department shall
not constitute a dispute).
(c) whether the amount Yes Rs 55,547/- which was due for
required to be transferred transferring into IEPF have been
to investor education and transferred within the stipulated
protection fund in accordance time.
with the relevant provisions
of the Companies Act, 1956
(1 of 1956) and rules made
thereunder has been
transferred to such
fund within time.
(viii) whether in case of a In our opinion, the company is
company which has been registered for a period of more
registered for a period than five years and there
not less than five years, were no accumulated losses during
its accumulated losses at the year.
the end of the financial
year are not less than
fifty per cent of its net
worth and whether it has
incurred cash losses in
such financial year and in
the immediately
preceding financial year;
(ix) whether the company has According to the information and
defaulted in repayment of explanation given to us, company
dues to a financial has taken Overdraft Facility from
institution or bank or their bankers Bank of Baroda and
debenture holders? If yes, has not defaulted in repayment
the period and amount of of dues to a financial institution
default to or bank.
be reported;
(x) whether the company has According to the information and
given any guarantee for explanation given to us, company
loans taken by others from has not given any guarantee for
bank or financial loans taken by others from bank or
institutions, the terms financial institutions, the terms
and conditions whereof are and conditions whereof are
prejudicial to the interest prejudicial to the interest of the
of the company; company.
(xi) whether term loans were In our opinion and according to
applied for the purpose for the information and explanations
which the loans were to us, no term loan has been
obtained; obtained during the year.
(xii) whether any fraud on or According to the information and
by the company has been explanation given to us no fraud
noticed or reported during on or by the company has been
the year; If yes, the noticed or reported
nature and the amount during the year.
involved is to be
indicated.
For M/s. Ronak Gada & Associates
Chartered Accountants
Ronak Gada
Membership No.:146825
FRN : 133987W
Place: Mumbai
Date: 22/05/2015
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