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Rathi Bars Ltd.

BSE: 532918 | NSE: | Series: NA | ISIN: INE575I01016 | SECTOR: Steel - Medium & Small

BSE Live

Nov 26, 16:00
27.90 -1.20 (-4.12%)
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12,336
10-Day
23,943
30-Day
45,731
18,677
  • Prev. Close

    29.10

  • Open Price

    29.45

  • Bid Price (Qty.)

    27.90 (33)

  • Offer Price (Qty.)

    27.90 (97)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
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  • Prev. Close

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Rathi Bars is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the attached Balance Sheet of RATHI BARS LIMITED as at 31st March, 2008, Profit & Loss Account and Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 1. We conducted our audit in accordance with Auditing Standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 2. As required by the Companies (Auditors Report) Order, 2003 issued by the Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that : a. We have 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 accounts, as required by law, have been kept by the Company, so far as appears from our examination of such books; c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement; dealt with by this report are in agreement with the books of account; d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred in sub-section (3C) of Section 211 of the Companies Act, 1956; e. In our opinion, and based on information and explanations given to us, none of the Directors are disqualified as on 31st March, 2008 from being appointed as directors in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f. In our opinion and to the best of our information and according to the explanations given to us, the said Balance Sheet and Profit & Loss Account read together with the Significant Accounting Policies, Cash Flow Statement and other notes thereon give the information required by the Companies Act, 1956 in the manner so required and present a true and fair view in the conformity with the accounting principles generally accepted in India: i. In the case of the Balance Sheet, of the State of affairs of the Company as at 31st March, 2008; ii. In the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date; and iii. In the case of the Cash Flow Statement, of the Cash Flow of the Company for the year ended on that date; ANNEXURE TO THE AUDITORS REPORT Re: Rathi Bars Limited (Referred to in paragraph 1 of our report of even date) 1. In respect of its fixed assets : a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information. b. As explained to us, all the fixed assets have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were notices on such physical verification. c. In our opinion, the Company has not disposed of substantial part of fixed assets during the year and going concern status of the Company is not affected. 2. In respect of its inventories : a. As explained to us, inventories have been physically verified by the management at regular intervals during the year. 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 inventories. As explained to us, there were no material discrepancies noticed on physical verification of. inventory as compared to the book records. 3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. a. The Company has not granted any loans/advances to any parties and taken loans/advances from 6 (Six) party/ies aggregating to Rs. 1,57,50,000/- (Rupees One Crore Fifty Seven Lacs Fifty Thousand only). b. In our opinion and according to the information and explanations given to us, the rate of interest, wherever, applicable and other terms and conditions are not prima facie prejudicial to the interest of the company. c. In respect of loans taken by the Company, the interest payments are regular and the principal amount is repayable on demand. d. There is no overdue amount in respect of loans taken by the Company. 4. In our opinion and according to the information and explanations 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, fixed assets and also for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls. 5. As explained to us, the transactions exceeding to Rs. 5,00,000/- or more during the year have been entered in the register maintained under section 301 of the Companies Act, 1956. 6. The Company has not accepted any deposits from the public. 7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business. 8. The Central Government has not prescribed maintenance of Cost Records under Section 209<1) (d) of Companies Act, 1956. Therefore, clause 4 (viii) of the Companies (Auditors) Report Order 2003 is not applicable to the company. 9. In respect of statutory dues : a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales tax, Wealth tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2008 for a period of more than six months from the date of becoming payable. b. According to the records of the company, there are no dues of sale tax, income tax, custom duty, wealth tax, excise duty or cess have not been deposited on account of any dispute. 10. The company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year. 11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. 12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore clause 4(xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company. 14. The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. All shares, debentures and other investments have been held by the Company in its own name. 15. As per information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions. 16. In our opinion and according to the information and explanation given to us, the term loans were applied for the purposes for which they were obtained. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, no funds raised on short term basis have been used for long term investment. Similarly, no funds raised on long term basis have been used for short term investment. 18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. 19. The Company has not issued any debentures during the year. Hence the requirement of Clause (xix) of paragraph 4 of the order is not applicable to the company. 20. The Company has raised a sum of Rs, 25.00 crore by way of public issue during the year and major portion of the issue proceeds has been utilized for the purpose as mentioned in the prospectus. Rest of the proceeds are yet to be utilized. 21. In our opinion 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 that causes the financial statements to be materially misstated. For A. K. VAISH & Co. Chartered Accountants Place : New Delhi A. K. VAISH Dated : 31.07.2008 PROPRIETOR Membership No.71088