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Rajdhani Leasing & Industries | Auditor's Report > Miscellaneous > Auditor's Report from Rajdhani Leasing & Industries - BSE: 523030, NSE: N.A
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Rajdhani Leasing & Industries

BSE: 523030|ISIN: INE608D01016|SECTOR: Miscellaneous
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VOLUME 1
Rajdhani Leasing & Industries is not listed on NSE
Mar 14
Auditor's Report (Rajdhani Leasing & Industries) Year End : Mar '15
1.  Report on the Financial Statements
 
 We have audited the accompanying financial statements of ALLIED HERBALS
 LIMITED (formerly known as Rajdhani Leasing & Industries Limited),
 which comprise the Balance Sheet as at 31st March 2015, and the
 Statement of Profit and Loss and Cash Flow Statement for the year then
 ended, and a summary of significant accounting policies and other
 explanatory information.
 
 2.  Management''s Responsibility for the Financial Statements
 
 The Company''s 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 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 Accounting Standards specified
 under Section 133 of the Companies Act, 2013 read with rule 7 of
 Companies (Accounts) Rules, 2014. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding of 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,
 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
 
 3.  Auditor''s 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 the 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 a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the 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.
 
 4.  Emphasis of Matter
 
 We draw attention to the following matters in the Notes to the
 financial statements:
 
 i.  The company has not complied with the listing requirements of
 clause 47(a) in respect of the appointment of Company Secretary to act
 as Compliance Officer of the company as defined in the listing
 agreement with Bombay Stock Exchange.  
 
 ii.  The company has not complied with provisions of section 149(1) of
 the Companies Act 2013 and the Rule 3 of Companies (Appointment and
 Qualification of Directors) Rules, 2014 in respect of appointment of
 women director in the company.
 
 iii.  The company has not complied with the provisions of Section 203
 of the Companies Act 2013 and Rule 8 Companies (Appointment and
 Remuneration of Managerial Personnel) Rules, 2014 in respect
 appointment of key managerial personnel (CEO/MD/Manager, CS, WTD, CFO)
 in the company.
 
 iv.  The company has not complied with provisions of section 177 of the
 Companies Act 2013 read with Rule 6 of Companies (Meetings of Board and
 its Powers) Rules, 2014 in respect of constitution of Audit committee.
 
 
 v.  The company has not complied with the provisions of section 149 of
 the Companies Act, 2013 and Rule 4 of Companies (Appointment and
 Qualification of Directors) Rules, 2014 in respect of appointment of
 independent director.
 
 vi.  The company has not complied with the provisions of section 138 of
 the Companies Act 2013 and the Companies (Accounts) Rules, 2014 in
 respect of appointment of internal auditor.  Our opinion is not
 modified in respect of these matters.
 
 5.  Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the 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, of the state of affairs of the company as at 31st March 2015 and
 its Loss and its cash flows for the year ended on that date.
 
 6.  Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2015 issued
 by the Central Government of India in terms of sub-section (11) of
 section 143 of the Act, we give in the Annexure a statement on the
 matters specified in paragraphs 3 and 4 of the Order, to the extent
 applicable.
 
 2.  As required by section 143(3) of the Companies Act 2013, 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 those
 books ;
 
 c) The Balance Sheet, 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 standalone 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 written representations received from the directors
 as on March 31, 2015, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2015, from being
 appointed as a director in terms of section 164 (2) of the Act;
 
 f) With respect to the other matters to be included in the Auditor''s
 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 explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements Refer Note 2(j) to the
 financial statements; and
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses; and
 
 iii.  There were no amounts which were required to be transferred to
 the Investor Education and Protection Fund by the Company.
 
 1) In respect of its Fixed Assets:
 
 (a) As per the explanation & information given to us, there are no
 fixed assets in the company; hence provisions of the Clause (i) of
 paragraph 3 of the order are not applicable to the company.
 
 2) In respect of its inventories:
 
 (a) As per the explanation & information given to us, there have been
 no any stock held by the company; hence provisions of the Clause (ii)
 of paragraph 3 of the order are not applicable to the company.
 
 3) In respect of the loans, secured or unsecured, granted by the
 Company to companies, firm or other parties covered in the register
 maintained under section 189 of the Companies Act, 2013:
 
 (a) As per the information and explanations provided to us, the company
 has not granted any unsecured loan to any party during the year which
 is covered in the register maintained under section 189 of the
 companies Act, 2013. Therefore, the provisions of the Clause (iii)(a),
 (iii)(b) of paragraph 3 of the order are not applicable to the company.
 
 4) In our opinion and according to information and explanations
 provided to us, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business with regard to expenses incurred and income earned. The
 activities of the Company do not involve the purchase and sale of goods
 and services. During the course of our audit we have not observed any
 continuing failure to correct major weaknesses in the internal control
 system, except for the matter specified in the Para 4 Emphasis on
 Matter of our Main Audit Report.
 
 5) According to information and explanations provided to us, the
 Company has not accepted any deposits from the public under Section 73
 to 76 or any other relevant provision of the Companies Act, 2013 and
 the rules made there under during the year.
 
 6) As per information and explanations given to us, Company is not in
 the business of manufacturing of any products and for the same the
 Central Government has not prescribed the maintenance of cost records
 under section 148 of the Companies Act, 2013. Therefore, the provisions
 of the Clause (vi) of paragraph 3 of the order are not applicable to
 the company.
 
 7) In respect of statutory dues:
 
 (a) According to the information and explanations given to us, the
 company is regular in depositing undisputed statutory dues including
 Provident Fund, Employee''s State Insurance, Income Tax, Wealth Tax,
 Sales tax, Customs duty, Excise duty, service tax, Cess and any other
 statutory dues with the appropriate authorities. However, there has
 been an amount of Rs.10,000/- in respect of Tax Deduction at source at
 the end of the year which were outstanding for a period of more than
 six months from the date, these became payable by the company.
 
 (b) In respect of disputed dues:
 
 According to information and explanations provided to us, details of
 disputed Income Tax Dues of the Company are as follows: which were
 outstanding for a period of more than six months from the date, these
 became payable by the company.
 
 A.Y.     Nature of Dues    Order Passed By   Amount
                                              (Rs.)        Disputed 
                                                           Authority
 
 2007-08  Income Tax        DCIT, Central 
                            Circle-9,        85,349/-      No Details
                                                           available *
          Penalty u/s       New Delhi
          271(1)(c) 
 
 2009-10  Income Tax        DCIT, Central 
                            Circle-9,      1,24,01,610/-   Hon''ble ITAT,
                                                           Delhi
          Demand            New Delhi                      dismissed the
                                                           appeal vide
                                                           order dated
                                                           27.04.2015
                                                           and as per 
                                                           management 
                                                           they are in
                                                           process of
                                                           filing further
                                                           appeal.
 
 * Due to change of management during the previous financial years; the
 current status of the demand of Rs.85,349/- raised by way of penalty
 order u/s 271(1)(c) of the Income Tax Act,1961 is not available with
 the company.
 
 (c) According to information and explanation given to us, there were no
 amounts which were required to be transferred to the Investor Education
 and Protection Fund by the Company in accordance with the relevant
 provisions of the Companies Act, 1956 (1 of 1956) and rules made there
 under.
 
 8) As per the information and the explanations given to us, the company
 does not have accumulated losses at the end of the financial year for
 more than 50% of the net worth of the Company. The company has incurred
 cash losses during the financial year covered by the audit for
 Rs.3,57,215/- and in the immediately preceding financial year to the
 tune of Rs. 1,94,652/-.
 
 9) Based on our audit procedures and according to information and
 explanations given to us, we are of the opinion that the Company has
 not taken any loans from any financial institutions, banks. Therefore,
 the provisions of the Clause (ix) of paragraph 3 of the order are not
 applicable to the company.
 
 10) According to information and explanations provided to us, the
 company has not given any corporate guarantee for loan taken by others.
 Therefore, the provisions of the Clause (x) of paragraph 3 of the order
 are not applicable to the company.
 
 11) According to the information and explanations given to us, the
 company has not raised any term loans from Banks and Financial
 institutions. Therefore, the provisions of the Clause (xi) of paragraph
 3 of the order are not applicable to the company.
 
 12) In our opinion and according to information and explanations given
 to us, no material fraud on or by the company has been noticed or
 reported during the year
 
                                   For AGARWAL KAMAL KUMAR & ASSOCIATES
 
                                                  Chartered Accountants
 
                                                                  Sd/-
 
                                                             ARUN GUPTA
 
                                                              (Partner)
 
 Place : New Delhi                               Membership No. 511816
 
 Date : 28.05.2015                               Firm Regn No. 005931N
Source : Dion Global Solutions Limited
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