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Auditor Report of RCI Industries & Technologies Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of RCI INDUSTRIES AND TECHNOLOGIES LIMITED having their registered office at B-97, Wazirpur industrial Area,. Delhi -110052 which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the standalone Financial Statements

Management is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act"), with respect to the preparation of fhese 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 referred to in section 133 of the Act, read with Rule 7 of the companies (Accounts) Ruie, 2014. This responsibility also includes maintenance of proper 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 judgements and estimates that are reasonable and prudent and 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 have taken into account the provisions of the Act, the accounting and auditing standards and matters which are 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 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 doc 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, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting poficies used and the reasonableness of the accounting estimates made by 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 aforesaid standalone 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:

i in the case of the ba lance sheet, of the state of affairs of the Compa ny as at 31 Ma rch 2015;

ii. in the case of the statement of profit and loss, of the profii for the year ended on that date; and

iii. 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, 2015 as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we enclose in the Annexure a statement on the matters specified in paragraphs 3 and A of the sard Order.

2. As required by the section 143(3) of the Act, we report that:-

a) We have sought and obtained ail 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 cur examination of those books c} the Balance Sheet,. Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statement comply with the Accounting standards specified under Section 133 of the Act, Rule 7 of the Companies {Accounts) Rule, 2014;

e) On the basis of written representations received from the directors as on 31 March 2015; and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31 March 2015, from being appointed as a director in terms of Section 154(2) of the Act.

f) With respect to the other matters included in the Auditor's Report and to the best of our information and according to the explanation given to us:

a. The company does not have any pending litigations which would impact its financial position materially.

b. The company did not have any long term contracts including derivatives contracts for which there were any material foreseeable losses

C. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the company.

Annexure to Auditor's Report

Referred to in our report of even date to the members of RCl Industries & Technologies Lid on the standalone 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 explanation given to us during the course of our audit, we report that:

1. In respect of its fixed assets:

a) The Company lias maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information.

bj As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification.

2. in respect of its inventories:

a) As explained to us, the inventories have been physically verified during the year by the management, in our opinion, ihc frequency of verification is reasonable.

b) in our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) In our opinion and on the basis of our examination of the records, the Company has maintained proper records of inventories. As explained to us, there was no material discrepancies noticed on physical verification of inventories as compared to the book records.

3. In respect of the loans, secured or unsecured, granted by the Company to companies, firms or other parties covered in the register maintained under Section 1S9 of the Companies Act, 2013:

a) The receipt of the principal amount or interest is regular.

b) There is no overdue amount which has not been received.

4. In our opinion arid according to the information and explanations given to us, there is an adequate interna! control system commensurate with the size of the Company and the nature of its business for the purchases of inventory and fixed assets 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 control system.

5. According to the information and explanations given to us, the Company has not accepted any deposit from the public. Therefore, the provisions of Clause (v) of paragraph 4 of the Order are not applicable to the Company.

6. Maintenance of cost records has not been prescribed for the Company by the Central Government under sub section (1) of section 14S of the Act.

7. In respect of statutory dues:

a} According to the records of the Company produced before us and as per the information and explanation given to us, the company is regular in depositing with the appropriate authorities undisputed statutory dues including Income Tax and other statutory dues.

b) According to the records of the Company, following are the dues of income tax, which have not been deposited on account of dispute:

S.No. Particulars Asst Year Sections Amount (Rs.)

1 Income Tax 2007-08 - 1,980

2 Income Tax 2009-10 143(3} 52,810

3 Income Tax 2009-10 27l(l}(c) 1,03,818

4 income Tax 2009 10 115WE 3,519

5 Income Tax 2010-11 143{laj 74,370

6 Income Tax 2011-12 ZZ0(2) 191,388

7 income Tax 2010-11 143(la) 21330

c) According to the records of the Company/ no amount was required to be transferred to investor education and protection fund in accordance with the relevant provisions of Lho Companies Act,. 1956 (1 of 1956) and rules made thereunder

8. The Company does not have accumulated losses at the end of the financial year. The Company has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year.

9. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks and debenture holders.

10. According to the records of the Company produced before us and as per the information and explanation given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

11. The Company has not raised any new term loans during the year

12. In our opinion and according to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For RPMD & Associates Chartered Accountants Firm's registration no. QQ5961C

Sd/-

(Rahul Jain] Partner M No. 518352

Place: Delhi Date: May 26, 2015

 
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