Moneycontrol Be a Pro
Get App
SENSEX NIFTY
R B Gupta Financials | Auditor's Report > Finance - Investments > Auditor's Report from R B Gupta Financials - BSE: 532024, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > FINANCE - INVESTMENTS > AUDITORS REPORT - R B Gupta Financials

R B Gupta Financials

BSE: 532024|ISIN: INE056J01015|SECTOR: Finance - Investments
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
, :
6.19
0
VOLUME 500
R B Gupta Financials is not listed on NSE
Mar 13
Auditor's Report (R B Gupta Financials) Year End : Mar '14
1.  We have audited the accompanying financial Statements of AARCON
 FACILITIES LIMITED which comprise the Balance Sheet as at 31st March
 2014 and the statement of Profit and Loss Account for the year ended,
 and a summary of significant accounting policies and other explanatory
 informafion.
 
 Management''s Responsibility for The Financial Statements
 
 2.  Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance of the Company in accordance with the Accounting
 Standards referred to in sub-section (3C) of section 211 of the
 Companies Act, 1956 (the Act). This responsibility includes the
 design, implementation and maintenance of internal control 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.
 
 Auditor''s Responsibility
 
 3.  Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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.
 
 4.  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 control relevant to the
 Company''s preparation and fair presentation of the financial statements
 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 management, as well as evaluating the overall
 presentation of the financial statements.
 
 5.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 6.  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:
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2014;
 
 b) in the case of the Profit and Loss Account, of the Loss 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
 
 7.  As required by the Companies (Auditor''s Report) Order, 2003 issued
 by the Central Government of India in terms of subsection (4A) of
 section 227 of the Companies Act, 1956, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 Order.
 
 8.  As required by section 227(3) of The Act, we report that:
 
 a.  We have 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 accounts as required by law have
 been kept by the Company so far as appears from our examination of
 those books;
 
 c.  The Company''s Balance Sheet and Profit & Loss Account dealt with by
 the report are in agreement with the books of accounts;
 
 d.  In our opinion, the Balance Sheet and Statement of Profit & Loss
 comply with the Accounting Standards as referred to in the subsection
 (3C) of section 211 of the Companies Act, 1956;
 
 e.  On the basis of written representations received from the director,
 as on 31.03.2014, and taken on record by the Board of Directors, none
 of the directors are disqualified as on 31st March 2014 from being
 appointed as directors in terms of clause (g) of subsection (1) of
 Section 274 of the Companies Act, 1956.
 
 f.  Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 The Annexure referred to in paragraph 1 of the Our Report of even date
 to the members of AARCON FACILITIES LIMITED (Formerly Known as R.B.
 GUPTA FINANCIALS LIMITED) on the accounts of the company for the year
 ended 31st March, 2014.
 
 On the basis of such checks as we considered appropriate and according
 to the information and explanation given to us during the course of our
 audit, we report that:
 
 1.  FIXED ASSETS
 
 a) The Company has maintained proper records to show full particulars,
 including quantitative details and situation of Fixed Assets on the
 basis of available information.
 
 b) All the assets have not been physically verified by the management
 during the year but there is a regular programme of verification which,
 in our opinion, is reasonable having regard to the size of the company
 and the nature of its assets.
 
 c) No material discrepancies were noticed on such verification.
 
 d) In our opinion and according to the information and explanations
 given to us, no fixed asset has been disposed during the year and
 therefore does not affect the going concern assumption.
 
 2.  INVENTORY
 
 a) As explained to us, Inventory have been physically verified during
 the year by the management at reasonable intervals.
 
 b) In our opinion & according to the information & explanation given to
 us, the procedures of physical verification of inventories followed by
 management are reasonable & adequate in relation to the size of the
 company & nature of its business.
 
 c) The Company has maintained proper records of Inventory. As explained
 to us, there was no material discrepancies noticed on physical
 verification of inventories as compared to the book record.
 
 3.  In respect of Loans, secured or unsecured, granted or taken by the
 company to/from Companies, firms or other parties covered in register
 maintained pursuant to Section 301 of the Companies Act, 1956.
 
 a) The company had not taken loan from companies firm or other parties
 listed in the register maintained as per section 301 and 370 (IC) of
 the Companies Act, 1956.
 
 b] The company has granted loans to parties listed as per section 301
 and 370 (IC) of the Companies Act, 1956. There are two parties covered
 in the register maintained under section 301 of the Companies Act, 1956
 to which the company has granted loans. The maximum amount involved
 during the year was Rs. 48 Lakhs and the yearend balance of loans taken
 to such parties was Rs. 372.89 Lakhs.
 
 c] The Company does not charge any interest on these advances given nor
 does it pay any interest on the advances taken.
 
 d] This amount in the balance sheet are overdue since many years and no
 details are available for our verification.
 
 4.  In our opinion & according to information & explanation given to
 us, there are adequate internal control procedures commensurate with
 the size of the company and nature of its business for purchase of
 inventory, fixed assets and with regard to sale of goods. During the
 course of audit, we have not observed any major weaknesses in internal
 control.
 
 5. a) Based on the audit procedures applied by us and according to the
 information and explanations provided by the management, the
 particulars of contracts or arrangements referred to in section 301 of
 the Act have been entered in the register required to be maintained
 under that section.
 
 b) As per information & explanations given to us and in our opinion,
 the transaction entered into by the company with parties covered u/s
 301 of the Act does not exceeds five lacs rupees in a financial year
 therefore requirement of reasonableness of transactions does not
 arises.
 
 6.  In Our Opinion and according to the information and explanation
 given to us, the Company has not accepted deposits from public.
 
 7.  In our opinion, the Company has an internal audit system
 commensurate with the size of the company and nature of its business.
 
 8.  As per information & explanation given by the management,
 maintenance of cost records has not been prescribed by the Central
 Government under clause (d) of subsection (1) of section 209 of the
 Act.
 
 9.  a) According to the records of the Company, the Company is regular
 in depositing with appropriate authorities undisputed statutory dues
 including Provident fund, E.S.I., Income tax, Sales tax, Wealth tax,
 Custom duty, Excise duty, Cess and other statutory dues applicable to
 it.
 
 b) According to the information and explanations given to us, there
 were no undisputed amounts payable in respect of Income tax, wealth
 tax, customs duty and excise duty outstanding as at the last day of the
 financial year concerned for a period of more than six month from the
 date they become payable.
 
 10.  In our opinion, the accumulated losses of the company are not more
 than fifty percent of its net worth.  The company has incurred 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 the financial institution, banks or
 debenture holders.
 
 12.  According to the information and explanations given to us, The
 Company has not granted any loans and advances on the basis of security
 by way of pledge of shares, debentures and other securities.
 
 13.  The Company is not a chit fund or a nidhi /mutual benefit
 fund/society. Therefore, the provision of this clause of the Companies
 (Auditor''s Report) Order, 2003 (as amended) is not applicable to the
 Company.
 
 14.  According to information and explanations given to us, The Company
 is not a dealer or trader in securities.
 
 15.  According to information and explanations given to us, The Company
 has not given any guarantee for loans taken by others from Bank or
 Financial Institution.
 
 16.  The company has not availed any Term Loan during the year.
 
 17.  According to the information and explanation given to us and on an
 overall examination of the Balance Sheet of the Company, we report that
 no funds raised on short term basis have been used for long term
 investment by the company.
 
 18.  Based on our examination of records and the information provided
 to us by management we report that 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
 during the year.
 
 19.  The Company has not issued any Debentures.
 
 20.  The Company has not raised any money by Public Issue during the
 year.
 
 21.  Based on the audit procedures performed and the information and
 explanations given to us, we report that no fraud on or by the Company
 has been noticed or reported during the year, nor have we been informed
 of such case by the management.
 
 FOR AMIN PARIKH & CO.
 CHARTERED ACCOUNTANTS
 F.R.N. 100332W
 
 CA. SAMIR R. PARIKH
 PARTNER
 M.NO. 41506
 VADODARA
 DATED: May 23, 2014
Source : Dion Global Solutions Limited
Quick Links for rbguptafinancials
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.