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Rajkamal Synthetics | Auditor's Report > Textiles - Spinning - Synthetic Blended > Auditor's Report from Rajkamal Synthetics - BSE: 514028, NSE: N.A
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Rajkamal Synthetics

BSE: 514028|ISIN: INE376L01013|SECTOR: Textiles - Spinning - Synthetic Blended
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Mar 14
Auditor's Report (Rajkamal Synthetics) Year End : Mar '15
We have audited the accompanying financial statements of M/S. RAJKAMAL
 SYNTHETICS LIMITED, (the Company), whichcomprise the Balance Sheet as
 at 31st March, 2015, the Statement of Profit and Loss and also the Cash
 Flow Statement for the year ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management Resposibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in section 134(5) of the Companies Act,201 3 (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 responcibility also includes maintenance adequate
 accounting records in accordance with the provision of the Act for
 safegaurding the assets of the Company and for preventing and detecting
 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 accountingrecords,
 relevant to the preparation presentation of the financial statements
 that give a true and fair view and are free from material
 mis-statement, 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 mis-statements.
 
 An audit involves performing procedures to obtain audit evidence, about
 the amounts and disclosures in the financial statements. The procedure
 selected depend on the auditors'' judgment, including the assessment of
 the risk of material misstatement of the financial statement, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal 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 Company has in place an
 adequate internal financial 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 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 that we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 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, 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.
 
 Report on other Legal and 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) section 143 of the Companies Act, 2013 and on the
 basis of such checks of the books and record of the Company as we
 considered appropriate and according to the information and explanation
 given to us,we give in the Annexure a statement on the matters
 specified in paragraphs 3 & 4 of the Order, to the extent applicable.
 
 2.  As required by the Section 143(3) of the Act, we report that :
 
 (a) We have sought and obtained all the information and explanation
 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 the law have
 been kept by the Company 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 Statement dealt with by this Report are in agreement with the
 Books of Account.
 
 (d) In our opinion, the aforesaid financial Statement 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 31st March, 2015 and taken on record by the Board of
 Directors, 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 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 explanation given to us.
 
 i. The Company does not have any pending litigation which would impact
 its financial position.
 
 ii.  The Company does not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 
 
 ANNEXURE TO THE INDEPENDENT AUDITORS''S REPORT (Referred to in paragraph
 1 under ''Report on Other Legal and Regulatory Requirements'' section of
 our report of even date)
 
 (i) In respect of its Fixed Assets :
 
 The Company is not having any fixed assets. Therefore, provisions of
 sub-clause (a), (b) and (c) of clause (i) of paragraph 3 of the order
 are not applicable to the Company.
 
 (ii) In respect of its Inventories :
 
 The Company is not carrying on any manufacturing or trading activity.
 Therefore, the provisions of sub clause (a), (b) and (c) of clause (ii)
 of paragraph 3 of the order are not applicable to the Company.
 
 (iii) During the year the Company has not granted loan to any party
 covered in the register maintained under Section 189 of the Companies
 Act, 2013. Therefore, provisions of sub clause (a), and (b) of clause
 (iii) of paragraph 3 of the order are not applicable to the Company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system 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 and
 services. During the course our audit, we have not observed any
 continuing failure to correct major weaknesses in internal control
 system.
 
 (v) The company has not accepted any deposits from the public of the
 nature which attract the provisions of section 73 to 76 or any other
 relevant provisions of the Companies Act, 2013 and the rules made there
 under. Therefore, the provisions of clause (v) of paragraph 3 of the
 Order are not applicable to the Company.
 
 (vi) As per the information and explanations given to us, in respect of
 the class of industry in which Company falls, the maintenance of cost
 records has not been prescribed by the Central Government under
 sub-section (1) of section 148 of the Companies Act, 2013. Therefore,
 the provisions of clause (vi) of paragraph 3 of the Order are not
 application to the Company.
 
 (vii) In respect of statutory dues :
 
 (a) The company is regular in depositing with appropriate authority
 undisputed statutory dues including provident fund, employees'' state
 insurance, income-tax, sales-tax, wealth-tax, service tax, duty of
 customs, duty of excise, and value added tax, cess and any other
 statutory dues applicable to it. with the appropriate authorities
 except in certain cases where there were delays in payment of TDS
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of above dues were in arrears, as
 at 31st March, 2015 for a period of more than six months from the date
 they became payable.
 
 (b) According to the information and explanations 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.
 
 (c) In our opinion and according to the information and explanations
 given to us, there are no amounts which are required to be transferred
 to investor education and protection fund in accordance with the
 relevant provisions of the Companies Act, 1956 and rules made there
 under.
 
 (viii) In our opinion, the accumulated losses of the company are more
 than fifty percent of its net worth. The company has incurred cash
 losses during the financial year under review but not in the
 immediately preceding financial year.
 
 (ix) The company has not taken loan from any financial institutions,
 banks or debenture holder. Therefore, provisions of clause (ix) of
 paragraph 3 of the order are not applicable to the company.
 
 (x) In our opinion and according to the information and explanations
 given to us, the company has not given any guarantees for loans taken
 by others from banks or financial institutions. Therefore, the
 provisions of clause ( x ) of paragraph 3 of the order are not
 applicable to the company.
 
 (xi) The company has not availed any term loan during the year.
 Therefore, the provisions of clause (xi) of paragraph 3 of the order
 are not applicable to the company.
 
 (xii) To the best of our knowledge and according to the information and
 explanations given to us, no fraud on or by the company has been
 noticed or reported during the year.
 
                                                  FOR N. K. JALAN & CO.,
                                                  CHARTERED ACCOUNTANTS.
                                                  FIRM NO. 104019W
 PLACE : MUMBAI.                                             Sd/-
 Dated : 29th May, 2015                          (N.K. JALAN) PROPRIETOR
                                                   Membership No. 11878
 
Source : Dion Global Solutions Limited
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