Rajinder Steels Ltd

Market Cap: [Rs.Cr.] 8 | Face Value: [Rs.] 10
Industry: Steel - Medium / Small

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Auditor's Report

RAJINDER STEELS LIMITED AUDITORS' REPORT To The Shareholders of RAJINDER STEELS LIMITED We have audited the attached Balance Sheet of Rajinder Steels Limited as at 30th June, 1997 and the Profit and Loss Account for the twelve months ended on that date and report that :- 1. 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. 2. In our opinion, proper books of accounts as required by law, have been kept by the Company, so far as it appears from our examinations of such books and proper returns adequate for the purpose of our audit have been received from branches not visited by us. 3. The Balance Sheet and Profit and Loss account dealt with by the report are in agreement with the books of the Company. 4. In our opinion and to the best of our information and according to the explanations given to us the said statement of accounts read together with notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:- a) in the case of Balance Sheet of the state of affairs of the Company as at 30th June, 1997 and b) in the case of Profit and Loss Account, of the profit for the twelve months ended on that date. 5. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988, issued by the Company Law Board under Section 227(4A) of the Companies Act, 1956 and in terms of the information and explanations given to us and on the basis of such checks as we considered appropriate, we further report that :- I. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. We are informed that certain assets have been verified during the year and as explained to us the Company has regular programme of verification of fixed assets over a reasonable period of time. No major discrepancies were noticed out of the assets verified during the year. II. None of the assets have been revalued during the year. III. The physical verification has been conducted by the Management at reasonable intervals in respect of finished goods, stores, spare parts and raw materials. IV. The procedure of physical verification of stocks followed by the management was found reasonable and adequate in relation to the size of the Company and the nature of its business. V. The discrepancies noticed on physical verification of stocks as compared to book records were not material and the same have been properly dealt with in the books of accounts. Vl. In our opinion the valuation of stock is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. Vll. The Company has not taken any loan, secured or unsecured from companies, firms or other parties listed in the Register maintained u/s 301 of the Companies Act, 1956 and/or from the Companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act, 1956. Vlll. The Company has not given any loans, secured or unsecured to Companies, firms or other parties listed in the register maintained u/s 301 of the Companies Act, 1956 and/or to the companies under the same management as defined under sub-section (1B) of Section 370 of the Companies Act, 1956. IX. The advances in the nature of loans to the employees and parties with or without interest are being recovered as stipulated. X. In our opinion, there is an adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods. Xl. The transaction for purchase of goods and materials and sale of goods and materials in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,000/- (Rupees Fifty Thousand) or more, in respect of each party, have been made at prices for such goods and materials on the prices at which transactions for similar items have been made with other parties. Xll. As explained to us, the Company has regular procedure for determination of unserviceable or damaged stores, raw material and finished goods. Adequate provision has been made in the accounts for loss arising on the items so determined. Xlll. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions to Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. XIV. In our opinion, the Company has maintained reasonable record for sale and disposal of realisable by-products and scraps. XV. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. XVI. On the basis of the records produced we are of the opinion that prima facie the cost records and accounts prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956 have been made and maintained by the Company. However, we have not carried out any detailed examination of such records and accounts. XVll. The Company is generally regular in depositing ESI and Provident Fund dues to appropriate authorities. XVIII. According to the information and explanations given to us no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty excepting certain TDS for a period of more than six months from the date they became payable. XIX. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. XX. The Company is not a sick industrial company within the meaning of clause (o) of sub-section (1) of Section (3) of Sick Industrial Companies (Special Provisions) Act, 1985. XXI. In relation to trading activity of the Company, we have been explained that there were no damaged goods during the year. XXII. In respect of its service activities the company has a reasonable system of recording receipts, issue and consumption of components and stores commensurate with its size and nature of its business. The system provides for a reasonable allocation of material to the relative jobs, but it is not considered necessary by the management to allocate man hours consumed to relative jobs, in our opinion there is a reasonable system for authorisation at proper level and adequate system of internal control commensurate with the size of the company and the nature of its business. For KAMAL GUPTA ASSOCIATES Chartered Accountants KAMAL GUPTA Partner Place: Mumbai Date : 1st December, 1997.

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Key Information

Key Executives:

D S Batra , Chairman 

R S Agarwal , Director 

Dharmendra Bhandari , Director 

Y N Dhingra , Director 

Company Head Office / Quarters:
Rajinder House 117/H-1/303,
Model Town Pandav Nagar,
Uttar Pradesh-208005
Phone : 91-512-216605/218160/215881
Fax : 91-512-218260
E-mail :
Web : http://
Rajinder Steels Ltd
Rajinder House
Model Town P Nagar
Kanpur - 208 005

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