| We have audited the accompanying financial statements of Rajlaxmi
Industires Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2015, the Statement of Profit and Loss and the Cash Flow
Statement of the Company for the year then ended and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("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 responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that arc reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for 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 and free from
material misstatement, 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 arc required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. 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 arc 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 financial control relevant to the Company's
preparation of the financial statements that give true and fair view in
order to design audit procedures that arc appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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.
Opinion
In our opinion and to the best of our information and aeeording to the
explanations given to us, the finaneial statements give the information
required by the Aet 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 March 31, 2015, its
profit for the year ended on that date and the Cash Flow statement for
the year.
Report on Other Legal and Regulatory Requirements
1. As required by the companies (auditor's report) order, 2015, issued
by the department of company affairs, in terms of sub section 11 of
section 143 of the companies act, 2013, we give in the annexure a
statement on the matters specified in paragraphs 4 and 5 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 those
books.
(e) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement, dealt with by this Report arc in agreement with the books of
account
(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;
(c) 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 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 explanations given to us:
i. The Company docs not have any pending litigations which would impact
its financial position;
ii. The Company did 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 INDEPENDENT AUDITORS REPORT
[Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' of our Report of even date to the members of "M/S.
RAJLAXMI INDUSTRIES LIMITED" on the accounts of the company for the
year ended 31st March, 2015]
On the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of
our audit, we report that:
(i) In respect of its fixed assets:
(a) The company docs not have any fixed assets.
(ii) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of stocks as compared to book records.
(iii) In respect of loans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies Act
2013:
(a) According to the information and explanations given to us, Company
has not granted any loans to parties covered under Section 301 of the
Act.
(b) The principal amounts and interest arc being received regularly as
per stipulations.
(e) As the ordinary course of business of the company is that of
financing loans and advances, so there is no scenario of any overdue
amount.
(iv) In our opinion and according to the information and explanations
given to us, there arc adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to purchases of inventory, fixed assets, financing
loans & advances and Interest there upon 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 controls.
(v) The Company has not accepted any deposits from the public during
the year.
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act, in respect of the activities carried on by the Company.
(vii) In respect of statutory dues:
a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
employees state insurance (ESI), Investor Education and Protection
Fund, Income-tax, Tax collected at source, Professional Tax, Sales Tax,
value added tax (VAT), Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and other material statutory dues applicable to it, with the
appropriate authorities.
b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Income-tax, Wealth
Tax, Custom Duty, Excise Duty, sales tax, VAT, Cess and other material
statutory dues in arrears /were outstanding as
at 31 March, 2015 for a period of more than six months from the date
they became payable.
c) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
(viii) The Company has accumulated losses at end of the financial year
are less than 50% of its net worth. The company has not incurred any
Cash losses during the financial year covered by our Audit and the
immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(x) In our opinion, and according to the information and the
explanation given to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year.
(xi) The company has not obtained any term loan during the year, so
this Para of order is not applicable.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For AGARWAL DESAI AND SHAH
CHARTERED ACCOUNTANTS
FRN: 124850W
Date: 30-05-2015
Place: Mumbai Sd/-
RISHI SEKHRI
PARTER
MEMRERSHIP NO. 126656
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