rishab financial services ltd share price Auditors report

Auditors Report

To,

The members of,

RISHAB FINANCIAL SERVICES LIMITED.

1. We have audited the attached Balance Sheet of Rishab Financial Services Limited as at 31st March, 2013 and the related Profit and Loss Account and Cash Flow Statement 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.

2. We have conducted our audit in accordance with the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:

i) We have obtained alt the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

ii) 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.

iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in compliance with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

v) On the basis of written representations received from the directors of the Company and taken on record by the Board of Directors of the Company, none of the directors of the Company are disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

vi) In our Opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto, give in the prescribed manner, the information required by the Companies Act, 1956 and also give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

(b) In the case of the Profit and Loss Account, 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.

For BHANDARI & KESWANI

Chartered Accountants

P. BHANDARI

Partner

M.No.17411

Firm Regn. No.000433S

Place: Chennai

Date : 31.05.2013

ANNEXURE TO THE AUDITORS REPORT:

Re. RISHAB FINANCIAL SERVICES LIMITED

Referred to in paragraph 3 of our report of even date.

1 (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us, the fixed assets of the Company have been physically verified by the management during the year, which in our opinion is reasonable, considering the size and the nature of its business. The frequency of verification is reasonable and no material discrepancies have been noticed on such physical verification.

(c) There is no substantial disposal of fined assets during the year.

2. In respect of Inventories, the Company does not have any inventory. Therefore, the provisions of Clause 4 (iii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

3. The Company has neither granted nor taken any loans to and from companies, firms or other parties covered in the register maintained u/s.301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanations given to us, there are adequate Internal control procedural commensurate with the size of the company and the nature of Its business with regard to fixed assets and with regard to the business activity.

5 (a) According to the Information and explanations given to us, we are of the opinion that there ware no transactions made in pursuance of contracts or arrangement, that need to, be entered in the register maintained under Section 301 of the Companies Act, 1956. Hence there is no such regarding in the Register.

(b) The question of these transaction having been made at prices which art reasonable having regard to the prevailing market price at the relevant time does not arise under the year of review.

6. The Company has not accepted any deposits from the public, attracting the provisions of Section 58A or any other relevant provisions of the Companies Act, 1956 and the rules framed there under.

7. In our opinion, the Company has an internal audit system commensurate with the size of the nature of its business.

8. In our opinion the Company is not required to maintain the cost accounts and records prescribed by the Central Government under Section 209 (1)(d) of the Companies Act, 1956.

9. (a)  The Company is, in general, regular in depositing undisputed statutory dues, including Income Tax and other statutory dues with the appropriate authorities. According to the information and explanations given to us, there are no undisputed amounts payable in respect of such statutory dues were in arrears as at 31st March, 2013 for a period of more than six months from the date they became payable;

(b) According to the information & explanations given .to us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess which have not been deposited on account of any dispute.

10. In our opinion, the accumulated losses of the Company are not incurred as cash losses during the financial year covered by our audit and the immediately preceding financial year. In the current year, the Company has made profits and thus decreased the brought forward losses.

11. In our opinion, and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institution or bank as at the balance sheet date.

12. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

14. In the present financial year, no investments are held by the Company.

15. According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks and financial institutions.

16. In our opinion, no term loans have been obtained by the Company from any financial institutions during the year.

17. According to the information and explanations 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.

18. The Company has not made any preferential allotments of shares to parties and companies covered in the register maintained under section 301 of the Act.

19. The Company has not issued any debentures during the year.

20. The Company has not raised any money by way of public issues during the year.

21. According to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the course of our audit.

For BHANDARI & KESWANI

Chartered Accountants

P. BHANDARI

Partner

M.No.17411

Firm Regn. No. 000433S

Place: Chennai

Date : 31.05.2013.