We have audited the accompanying financial statements of Rathi Bars
limited (the Company), which comprise the Balance sheet as at March
31,2015, the Statement of Profit and Loss, the Cash Flow Statement for
the year then 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 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 maintenance of adequate accounting
records in accordance with the provisions of the 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 judgement and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for the
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.
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 Rule made thereunder.
We conducted our audit in accordance with the standards on Auditing
specified under Section 143(10) 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 financial statements, whether due to fraud or error. In
making those risk assessments, the auditor considers internal financial
controls 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. An audit also
includes evaluating the appropriateness of 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.
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
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2015
b) in the case of Statement of Profit and loss, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the 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 issued
by the Central Government of India in term of sub-section (11) of
section 143 of the Act (hereinafter referred to the order) and on the
basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 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 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 it appears from our examination of
c. The Balance Sheet, Statement of Profit and Loss and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
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 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 the included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and
Auditors), 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,
ii. In our opinion and as per the information and explanations
provides to us, the Company has not entered into any long-term
contracts including derivative contracts, requiring provision under
applicable laws or accounting standards, for material foreseeable
iii. There has been no delay in transferring the amounts, required to
be transferred to the Investor Education and Protection Fund by the
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT :
Referred to in Paragraph 1 under section (Report on Other Legal and
Regulatory Requirements, of our report of even date)
1.1 The company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
1.2 All the fixed assets have been physically verified by the
management at reasonable intervals and no material discrepancies were
noticed on such verification.
2.1 The inventories have been physically verified at reasonable
intervals by the management.
2.2 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.
2.3 In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of its
inventories and no material discrepancies were noticed on such physical
3. As informed to us, the company has not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act. Accordingly
the sub-clauses (a) and (b) are not applicable to the company.
4. 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, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
5. According to the information and explanations given to us, the
Company has not accepted any deposits in terms of directives issued by
Reserve Bank of India and the provisions of Sections 73 to 76 or any
other relevant provisions of the Companies Act and rule framed there
6. We have broadly reviewed the books of account maintained by the
Company pursuant sub-section (1) of Section 148 of the Companies Act,
and are of the opinion that prima facie, the prescribed accounts and
records have been made and maintained.
7. The company is generally regular in depositing undisputed statutory
dues including provident fund, employees state insurance income tax,
sales tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities and we have been informed that there are no arrears of
outstanding statutory dues as at the last day of the financial year
under audit for a period of more than six months from the date they
7.2. According to the information and explanations given to us, no
undisputed amount is payable in respect 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 as at March 31,2015.
7.3 In our opinion and according to the information and explanations
given to us, amounts required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and Rules made thereunder have been
transferred to such fund within time.
8. The Company has no accumulated losses at the end of the financial
year under audit. The company has not incurred cash losses during the
financial year covered by audit and in the immediately preceding
9. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or bank.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, the terms and conditions whereof are
prejudicial to the interest of the Company.
11. In our opinion and according to the information and explanations
given to us, the term loans were utilised for the purposes for which
they were obtained.
12. Based upon the audit procedures performed 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 of our audit.
For A. K. Vaish & Co.
Firm Registration No 506691C
Place: New Delhi A. K. Bansal
Date: 01.09. 2015 Proprietor
Membership No: 071088