| Report on the Financial Statements
We have audited the accompanying financial statements of M/S. RAJPUTANA
INVESTMENT & FINANCE LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2013, 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.
Management's Responsibility for the Financial Statements
Management 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 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
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.
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 the management, 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.
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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013 ;
(b) in the case of the 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, 2003 ("the
Order") issued by the Centra! Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in Paragraphs 4 and 5 of the Order.
2) As required by section 227(3) of the Act, 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 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.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RAJPUTANA INVESTMENT &
FINANCE LIMITED
PAGE:2
c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flow
Statement referred to in this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Statement of Profit & Loss
and the Cash Flow Statement dealt with by this report are in compliance
with the applicable Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956.
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (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.
Annexure to Independent Auditors' Report to the Members of Rajputana
Investment & Finance Limited
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our Report of even date.)
i) The Company does not possess any Fixed Assets. Therefore, the
question of maintaining any records, physical verification and disposal
thereof does not arise.
ii) The Company is not a Trading and/or Manufacturing Company and hence
does not have an Inventory.
iii) The Company has not taken any loan from or given any loan to
Companies, firms or other parties covered in the Register maintained
u/s.301 of the Companies Act, 1956.
iv) 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 with regard to the purchase of inventory fixed assete, and
with regards to sale of goods wherever applicable. During the course of
our audit, we have not come across any continuing failure to correct
major weaknesses in internal controls.
v) According to the information and explanations given to us, we are of
the opinion that the Company did not enter into any transactions during
the year under report that needed to be entered into the register
maintained under section 301 of the Companies Act, 1956.
vi) As far as we have been able to ascertain, the Company has not
accepted any deposits from the public, hence the question of complying
with the provisions of sections 58A and 58AA of the Companies Act, 1956
and the Companies (Acceptance of Deposits) Rules, 1975 and Reserve Bank
Directives does not arise.
vii) Since the Company does not have paid up capital and reserves
exceeding fiftty Lac rupees at commencement of the financial year under
report or average annual turnover exceeding five crore rupees for a
period of three consecutive financial years immediately preceding the
financial year under report, the Company is not covered by the
requirement of having an internal audit system.
viii) The rules regarding the maintenance of cost records are not
applicable to the Company.
ix) The Company is regular in depositing with appropriate authorities
undisputed statutory dues as applicable to it including Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, cess and any other statutory dues. As per the information and
explanations given to us no undisputed amount in respect of the
abovementioned statutory dues were outstanding as at 31st March, 2013
for a period of more than six months from the date they became payable
and there are no such statutory dues which have not been deposited on
account of any dispute.
x) The Company has been registered for a period more than five years
and it does not have any accumulated losses at the end of the financial
year under report and it has not incurred cash losses during the
financial year covered by audit as well as during the immediately
preceding financial year.
xi) The Company does not have any dues payable to financial
institution, banks or debenture holder, hence, the question of any
default in repayment thereof does not arise.
xii) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
hence the question of maintenance of records therefor does not arise.
xiii) The Company is not a chit fund or a nidhi/mutual fund/society.
Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's
Report) Order, 2003 are not applicable to it.
xiv) The Company is investing in shares and securities. Proper records
have been maintained of the transaction and contracts and as informed
by the management, timely entries have been made therein. AU shares
have been held by the Company, in its own name in case of shares held
in physical form and as a beneficial owner in case of shares held in
dematerialised form.
xv) The Company has not given any guarantee for loans taken by others
from bank or financial institutions, hence the question of the terms
and conditions whereof being prejudicial to the interest of the Company
does not arise.
Annexure to Independent Auditors' Report to the Members of Rajputana
Investment & Finance Limited
(Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our Report of even date.)
PAGE:2
xvi) The Company does not have any term loan, hence, the question of
its applicability does not arise.
xvii) According to the information and explanations given to us and on
overall examination of the balance sheet of the Company, we are of the
opinion that no funds raised for short term basis have been used for
long term investment.
xviii) The Company has not made any preferential allotment of shares to
any body during the year under report.
xix) The Company has not issued any debentures, hence, the question of
creating securities thereagainst does not arise.
xx) The Company has not raised any money by way of public issue during
the financial year under report.
xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
financial year covered by our audit.
For AGARWAL SANGANERIA & CO.
Chartered Accountants
BINA GUPTA
Partner
C. A. Membership No.060269
Kolkata, dated the Firm Regn.(with ICAI)No.317224E
3rd day of August, 2013
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