Mar 31, 2015
We have audited the accompanying Financial Statements of RTCL Limited
("the Company"), which comprise the Balance Sheet as March 31, 2015,
the Statement of Profit and Loss, 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 Financial Statements
The Company's Board of Directors is responsible for the matters stated
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
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 are reasonable and prudent; and design,
implementation and maintenance of adequate 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 are 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 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
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 are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and operating effectiveness of
such controls. 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 according to the
explanations given to us, the aforesaid 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 of the state of affairs of the Company as
at March 31,2015, its profit and its cash flows for the year ended on
that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' Report) Order, 2015("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
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
purposes 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.
c) The Balance Sheet, the 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 financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March 2015, taken on record by the Board of Directors, none of
the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) with respect to other matters to be included in the Auditors' 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 does not have any pending litigations, which may have
any impact on its financial position in its financial statement as of
March 31,2015;
ii. The Company did not have any long term contracts including
derivatives contracts;
iii. There were no amounts which are required to be transferred to
Investor's Education and Protection Fund by the company.
ANNEXURE REFERRED TO IN OUR INDEPENDENT AUDITORS' REPORT OF EVEN DATE TO
THE MEMBERS OF RTCL LIMITED ON THE FINANCIAL STATEMENTS AS OF AND FOR
THE YEAR ENDED MARCH 31, 2015, WE REPORT THAT:
1. In respect of fixed assets of the company:
a. The company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
b. The fixed assets have been physically verified by the management
during the year in accordance with the regular program of verification
which, in our opinion, provides for physical verification of all the
fixed assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
2. In respect of inventory of the company:
a. As explained to us, the inventories of finished goods were
physically verified at regular intervals by the Management.
b. In our opinion and according to the information and explanation, the
procedures of physical verification of inventories followed by the
management were reasonable and adequate in relation to the size of the
company and the nature of its business.
c. 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.
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Therefore, the provisions of Clause
3(iii), (iii)(a) and (iii)(b) of the said Order are not applicable to
the Company.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory, fixed assets and for the sale
of goods and services. Further, on the basis of our examination of the
books and records of the Company, and according to the information and
explanations given to us, we have neither come across, nor have been
informed of, any continuing failure to correct major weaknesses in the
aforesaid internal control system.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits during the year and
does not have any unclaimed deposits. Therefore, the provisions of the
clause 3 (v) of the Order are not applicable to the Company.
6. 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 company.
7. 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), Income tax, Tax Deducted At Source,
Tax Collected At Source, Professional Tax, Sales Tax, Value Added Tax
(VAT), Wealth Tax, 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, Sales Tax, VAT, Cess and other material statutory dues in arrears
/ were outstanding as at March 31,2015.
c. According to the information and explanations given to us, the
company has paid all undisputed dues before signing of our Balance
Sheet.
8. The company does not have accumulated losses at the end of
financial year. The company has not incurred any Cash loss during the
financial year covered by our Audit.
9. 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.
10. According to the information and explanations given to us, the
Company has given Corporate guarantee for loans taken by others from
banks or financial institutions, as referred to in para number 28 of
Notes to Accounts.
11. According to the information and explanations given to us, the term
loans of the Company have been applied for the purpose for which they
were raised.
12. To the best of our knowledge and according to the information and
explanation given to us, no fraud by the company and no material fraud
on the Company has been noticed or reported during the year.
For Kumar Piyush & Co.
Firm Registration No.: 005120N
Chartered Accountants
Sd/-
Virendra Kumar Goel
Place: New Delhi Partner
Date: May 30, 2015 Membership No.: 083705
Mar 31, 2014
We have audited the accompanying financial statements of RTCL Limited,
("the Company"), which comprise the Balance Sheet as at March 31, 2014,
and the Statement of Profi t and Loss and Cash Flow Statement for the
year then ended, and a summary of signifi cant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these fi nancial
statements that give a true and fair view of the fi nancial position,
fi nancial performance and cash fl ows 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 fi nancial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these fi nancial
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 fi nancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the fi nancial statements. The
procedures selected depend on the auditors'' judgment, including the
assessment of the risks of material misstatement of the fi nancial
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 fi nancial
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 management, as well as evaluating the
overall presentation of the fi nancial statements.
We believe that the audit evidence we have obtained is suffi cient 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 fi nancial 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, 2014;
b) In the case of the Statement of Profi t and Loss of the loss for the
year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash fl ows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report) Order, 2003 ("the
Order") issued by the Central 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 specifi ed 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 [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
c) The Balance Sheet, Statement of Profi t and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account [and with the returns received from branches not visited by
us];
d) In our opinion, the Balance Sheet, Statement of Profi t and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualifi ed as on March 31, 2014, 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 notifi cation 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 REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS CONTAINED IN INDEPENDENT AUDITORS'' REPORT OF
EVEN DATE TO THE MEMBERS OF RTCL LIMITED ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2014
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fi xed
assets.
(b) We have been informed that the fi xed assets of the company are
physically verifi ed by the management according to a phased program
designed to cover all the items over a period of three years, which in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verifi cation.
(c) During the year, the company has not disposed off substantial part
fi xed assets. Accordingly this has not affected the going concern
assumption.
(ii) (a) The inventory of the company has been physically verifi ed
during the year by the management, in our opinion, the frequency of
verifi cation is reasonable.
(b) In our opinion, the procedures of physical verifi cation of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verifi cation.
(iii) (a) The company has not granted loan to parties, covered in the
register maintained under section 301 of The Companies Act, 1956.
Accordingly, the provisions of paragraph 4(iii) (a) to (d) of CARO are
not applicable.
(e) The company had taken unsecured loan from one party covered in the
register maintained under section 301 of The Companies Act, 1956. The
amount involved in the transactions was Rs. 925,000/-.
(f) In our opinion, the rate of interest and other terms and conditions
on which, loans have been taken are not prima facie, prejudicial to the
interest of the company.
(g) The said interest bearing unsecured loan is returnable on demand
and accordingly, there is no repayment schedule/overdue amount.
(iv) There is adequate internal control system commensurate with the
size of the company and the nature of its business with regard to the
purchase of inventory and fi xed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the company and according to the information and
explanations given to us, we have neither come across nor have we been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of The Companies Act, 1956 have been entered
in the register required to be maintained under that section.
b) According to the information and explanations given to us, we are of
the opinion that the transactions made in pursuance of such contracts
of arrangements referred to in paragraph (v) (a) above have been made
at prices which are reasonable having regard to the prevailing market
prices at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of The Companies Act, 1956 and the
rules framed there under. Accordingly, the provisions of paragraph
4(vi) of CARO are not applicable.
(vii) The company does not have internal audit system commensurate with
the size and nature of its business.
(viii) The Central Government has not prescribed for the maintenance of
cost records by the company under Section 209(1) (d) of The Companies
Act, 1956 for any of its product. Accordingly, the provisions of
paragraph 4(viii) of CARO are not applicable.
(ix) (a) According to the books and records as produced and examined by
us in accordance with generally accepted auditing practices in India
and also based on management representations, undisputed statutory
dues, if applicable, in respect of Provident Fund, Employees'' State
Insurance dues, Investor Education and Protection Fund, Income Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues have generally been regularly deposited by the company during the
year with the appropriate authorities.
(b) According to the information and explanation given to us no
undisputed amounts payable in respect of Provident Fund, Employees''
State Insurance dues, Investor Education and Protection Fund, Income
Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, VAT, Cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, the
company has paid all undisputed dues before signing of our Balance
Sheet.
(x) The company does not have accumulated losses at the end of the fi
nancial year. The company has not incurred cash losses during the fi
nancial year covered by the audit and in the immediately preceding fi
nancial year.
(xi) According to the records of the company, it has not defaulted in
repayment of its dues to any fi nancial institution or bank during the
year, further, the company has not issued any debentures.
(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. Accordingly, the provisions of paragraph 4(xii) of CARO are
not applicable.
(xiii) In our opinion, considering the nature of activities carried on
by the company during the year, the provisions of any special statute
applicable to Chit Fund/ Nidhi/ Mutual Benefi t Fund/ Society are not
applicable to it. Accordingly, the provisions of paragraph 4(xiii) (a)
to (d) of CARO are not applicable.
(xiv) The company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities and
other investments and timely entries have been made therein. All,
securities have been held by company in its own name except to the
extent of exemption, if any, granted under section 49 of the act.
(xv) According to the information and explanations given to us, the
company has not given guarantees for loans taken by others from banks
or fi nancial institutions. Accordingly, the provisions of paragraph
4(xv) of CARO are not applicable.
(xvi) According to the information and explanation given to us, the
company has not taken term loan, so this clause is not applicable to
it. Accordingly, the provisions of paragraph 4(xvi) of CARO are not
applicable.
(xvii) 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 and no funds raised on long-term basis have been used for
short-term investment.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
The Companies Act, 1956. Accordingly, the provisions of paragraph
4(xviii) of CARO are not applicable.
(xix) According to the information and explanations given to us, during
the period covered by our audit report and the company had not issued
any debentures and accordingly, the provisions of paragraph 4(xix) of
CARO are not applicable.
(xx) According to the information and explanations given to us, during
the year the company has not raised any money from the public issue.
Accordingly, the provisions of paragraph 4(xx) of CARO are not
applicable.
(xxi) 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 Kumar Piyush & Co.
Firm Registration No.: 005120N
Chartered Accountants
Sd/-
VIRENDRA KUMAR GOEL,
PARTNER
Membership Number: 083705
Place: New Delhi
Date: May 30th, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying fi nancial statements of RTCL Limited,
("the CompanyÂ), which comprise the Balance Sheet as at March 31, 2013,
and the Statement of Profi t and Loss and Cash Flow Statement for the
year then ended, and a summary of signifi cant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these fi nancial
statements that give a true and fair view of the fi nancial position,
fi nancial performance and cash fl ows of the Company in accordance
with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 ("the ActÂ). This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the fi nancial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these fi nancial
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 fi nancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the fi nancial statements. The
procedures selected depend on the auditors'' judgment, including the
assessment of the risks of material misstatement of the fi nancial
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 fi nancial
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 management, as well as evaluating the
overall presentation of the fi nancial statements.
We believe that the audit evidence we have obtained is suffi cient 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 fi nancial 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 Profi t and Loss of the loss for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash fl ows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report) Order, 2003 ("the
OrderÂ) issued by the Central 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 specifi ed 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 [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
(c) the Balance Sheet, Statement of Profi t and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account [and with the returns received from branches not visited by
us];
(d) in our opinion, the Balance Sheet, Statement of Profi t and Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 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 disqualifi ed 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 notifi cation 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 REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS CONTAINED IN INDEPENDENT AUDITORS'' REPORT OF
EVEN DATE TO THE MEMBERS OF RTCL LIMITED ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2013
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fi xed
assets.
(b) We have been informed that the fi xed assets of the company are
physically verifi ed by the management according to a phased program
designed to cover all the items over a period of three years, which in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verifi cation.
(c) During the year, the company has not disposed off substantial part
fi xed assets. Accordingly this has not affected the going concern
assumption.
(ii) (a) The inventory of the company has been physically verifi ed
during the year by the management, in our opinion, the frequency of
verifi cation is reasonable.
(b) In our opinion, the procedures of physical verifi cation of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verifi cation.
(iii) (a) The company has not granted loan to parties, covered in the
register maintained under section 301 of The Companies Act, 1956.
Accordingly, the provisions of paragraph 4(iii) (a) to (d) of CARO are
not applicable.
(e) The company had taken unsecured loan from one party covered in the
register maintained under section 301 of The Companies Act, 1956. The
amount involved in the transactions was Rs. 925,000/-.
(f) In our opinion, the rate of interest and other terms and conditions
on which, loans have been taken are not prima facie, prejudicial to the
interest of the company.
(g) The said interest bearing unsecured loan is returnable on demand
and accordingly, there is no repayment schedule/overdue amount.
(iv) There is adequate internal control system commensurate with the
size of the company and the nature of its business with regard to the
purchase of inventory and fi xed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the company and according to the information and
explanations given to us, we have neither come across nor have we been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of The Companies Act, 1956 have been entered
in the register required to be maintained under that section.
(b) According to the information and explanations given to us, we are
of the opinion that the transactions made in pursuance of such
contracts of arrangements referred to in paragraph (v) (a) above have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of The Companies Act, 1956 and the
rules framed there under. Accordingly, the provisions of paragraph
4(vi) of CARO are not applicable.
(vii) The company does not have internal audit system commensurate with
the size and nature of its business.
(viii) The Central Government has not prescribed for the maintenance of
cost records by the company under Section 209(1) (d) of The Companies
Act, 1956 for any of its product. Accordingly, the provisions of
paragraph 4(viii) of CARO are not applicable.
(ix) (a) According to the books and records as produced and examined by
us in accordance with generally accepted auditing practices in India
and also based on management representations, undisputed statutory
dues, if applicable, in respect of Provident Fund, Employees'' State
Insurance dues, Investor Education and Protection Fund, Income Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues have generally been regularly deposited by the company during the
year with the appropriate authorities.
(b) According to the information and explanation given to us no
undisputed amounts payable in respect of Provident Fund, Employees''
State Insurance dues, Investor Education and Protection Fund, Income
Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, VAT, Cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, the
company has paid all undisputed dues before signing of our Balance
Sheet.
(x) The company does not have accumulated losses at the end of the fi
nancial year. The company has not incurred cash losses during the fi
nancial year covered by the audit and in the immediately preceding fi
nancial year.
(xi) According to the records of the company, it has not defaulted in
repayment of its dues to any fi nancial institution or bank during the
year, further, the company has not issued any debentures.
(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. Accordingly, the provisions of paragraph 4(xii) of CARO are
not applicable.
(xiii) In our opinion, considering the nature of activities carried on
by the company during the year, the provisions of any special statute
applicable to Chit Fund/ Nidhi/ Mutual Benefi t Fund/ Society are not
applicable to it. Accordingly, the provisions of paragraph 4(xiii) (a)
to (d) of CARO are not applicable.
(xiv) The company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities and
other investments and timely entries have been made therein. All,
securities have been held by company in its own name except to the
extent of exemption, if any, granted under section 49 of the act.
(xv) According to the information and explanations given to us, the
company has not given guarantees for loans taken by others from banks
or fi nancial institutions. Accordingly, the provisions of paragraph
4(xv) of CARO are not applicable.
(xvi) According to the information and explanation given to us, the
company has not taken term loan, so this clause is not applicable to
it. Accordingly, the provisions of paragraph 4(xvi) of CARO are not
applicable.
(xvii) 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 and no funds raised on long-term basis have been used for
short-term investment.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
The Companies Act, 1956. Accordingly, the provisions of paragraph
4(xviii) of CARO are not applicable.
(xix) According to the information and explanations given to us, during
the period covered by our audit report and the company had not issued
any debentures and accordingly, the provisions of paragraph 4(xix) of
CARO are not applicable.
(xx) According to the information and explanations given to us, during
the year the company has not raised any money from the public issue.
Accordingly, the provisions of paragraph 4(xx) of CARO are not
applicable.
(xxi) 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 Kumar Piyush & Co.
Firm Registration No.: 005120N
Chartered Accountants
Sd/-
VIRENDRA KUMAR GOEL,
PARTNER
Membership Number: 083705
Place: New Delhi
Date: May 30th, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of RTCL Limited as at
March 31, 2012, also the 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 company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those 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 (Auditor's Report) (Amendment) Order 2004
(together the 'order') 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 as we considered appropriate, and
according to the information and explanations given to us, we give in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the said Order to the extent applicable to the company.
4. Further to our comments in the Annexure referred to above, we
report that;
(i) We have obtained all 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, the 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, the Profit and Loss Account and
Cash Flow Statement dealt from this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956, subject to the para number 15 of the notes on
accounts regarding non-consolidation of books of accounts in the last
financial year as per AS-21 issued by The ICAI;
(v) On the basis of written representations received from the
directors, as on March 31, 2012 and taken on records by the Board of
Directors, we report that none of the directors in disqualified as on
March 31, 2012 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 and subject to para number 16 of the notes
on accounts regarding non-provision of liability of gratuity as per
AS-15 issued by The ICAI, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view conformity with the accounting principles
generally accepted in India:
(a) In the cases of the Balance Sheet, of the state of affairs of the
company as at March 31, 2012;
(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 Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITOR'S REPORT OF EVEN DATE
TO THE MEMBERS OF RTCL LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED MARCH 31, 2012
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) We have been informed that the fixed assets of the company are
physically verified by the management according to a phased program
designed to cover all the items over a period of three years, which in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed off substantial part
fixed assets. Accordingly this has not affected the going concern
assumption.
(ii) (a) The inventory of the company has been physically verified
during the year by the management, in our opinion, the frequency of
verification is reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification.
(iii) (a) The company has not granted loan to parties, covered in the
register maintained under section 301 of The Companies Act, 1956.
Accordingly, the provisions of paragraph 4(iii) (a) to (d) of CARO are
not applicable.
(b) The company had taken unsecured loan from one party covered in the
register maintained under section 301 of The Companies Act, 1956. The
amount involved in the transactions was Rs. 9,25,000/- (Rupees Nine
Lacs Twenty Five Thousand Only).
(c) In our opinion, the rate of interest and other terms and conditions
on which, loans have been taken are not prima facie, prejudicial to the
interest of the company.
(d) The said interest bearing unsecured loan is returnable on demand
and accordingly, there is no repayment schedule/overdue amount.
(iv) There is adequate internal control system commensurate with the
size of the company and the nature of its business with regard to the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the company and according to the information and
explanations given to us, we have neither come across nor have we been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of The Companies Act, 1956 have been entered
in the register required to be maintained under that section.
(b) According to the information and explanations given to us, we are
of the opinion that the transactions made in pursuance of such
contracts of arrangements referred to in paragraph (v) (a) above have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of The Companies Act, 1956 and the
rules framed there under. Accordingly, the provisions of paragraph
4(vi) of CARO are not applicable.
(vii) The company does not have internal audit system commensurate with
the size and nature of its business.
(viii) The Central Government has not prescribed for the maintenance of
cost records by the company under Section 209(1) (d) of The Companies
Act, 1956 for any of its product. Accordingly, the provisions of
paragraph 4(viii) of CARO are not applicable.
(ix) (a) According to the books and records as produced and examined by
us in accordance with generally accepted auditing practices in India
and also based on management representations, undisputed statutory
dues, if applicable, in respect of Provident Fund, Employees' State
Insurance dues, Investor Education and Protection Fund, Income Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues have generally been regularly deposited except Service Tax by the
company during the year with the appropriate authorities.
(b) According to the information and explanation given to us no
undisputed amounts payable in respect of Provident Fund, Employees'
State Insurance dues, Investor Education and Protection Fund, Income
Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, VAT, Cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable.
(c) As at March 31, 2012, according to the records of the company and
the information and explanations given to us, the following is the
particulars of dues in respect of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, excise duty and Cess that have not been
deposited on account of dispute:
Name of the Nature of Amount Period to which
the Forum where
dispute
statute The Dues (Rupees In
Lakh) amount relates pending.
12.63
Income Tax (Actual
Demand was
Rs. 21.63 Assessment Year Hon'ble High
Court, Delhi
Act, 1961 Lakh and
Rs. 9 Lakh
has already 2002-2003
been
deposited.)
(x) 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.
(xi) According to the records of the company, it has not defaulted in
repayment of its dues to any financial institution or bank during the
year, further, the company has not issued any debentures.
(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. Accordingly, the provisions of paragraph 4(xii) of CARO are
not applicable.
(xiii) In our opinion, considering the nature of activities carried on
by the company during the year, the provisions of any special statute
applicable to Chit Fund/ Nidhi/ Mutual Benefit Fund/ Society are not
applicable to it. Accordingly, the provisions of paragraph 4(xiii) (a)
to (d) of CARO are not applicable.
(xiv) The company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities and
other investments and timely entries have been made therein. All,
securities have been held by company in its own name except to the
extent of exemption, if any, granted under section 49 of the act.
(xv) According to the information and explanations given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions. Accordingly, the provisions of paragraph
4(xv) of CARO are not applicable.
(xvi) According to the information and explanation given to us, the
company has not taken term loan, so this clause is not applicable to
it. Accordingly, the provisions of paragraph 4(xvi) of CARO are not
applicable.
(xvii) 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 and no funds raised on long-term basis have been used for
short-term investment.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
The Companies Act, 1956. Accordingly, the provisions of paragraph
4(xviii) of CARO are not applicable.
(xix) According to the information and explanations given to us, during
the period covered by our audit report and the company had not issued
any debentures and accordingly, the provisions of paragraph 4(xix) of
CARO are not applicable.
(xx) According to the information and explanations given to us, during
the year the company has not raised any money from the public issue.
Accordingly, the provisions of paragraph 4(xx) of CARO are not
applicable.
(xxi) 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 Kumar Piyush & Co.
Firm Registration No.: 005120N
Chartered Accountants
Sd/-
VIRENDRA KUMAR GOEL,
PARTNER
Membership Number: 083705
Place: New Delhi
Date: May 30th, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of RTCL Limited as at
March 31, 2011, also the 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 company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those 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 (Auditor's Report) (Amendment) Order 2004
(together the 'order') 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 as we considered appropriate, and ac-
cording to the information and explanations given to us, we give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order to the extent applicable to the company.
4. Further to our comments in the Annexure referred to above, 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 purposes 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;
c. The Balance Sheet, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, the Profit and Loss Account and
Cash Flow Statement dealt from this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 19560n the basis of written representations received
from the directors, as on March 31, 2011 and taken on records by the
Board of Directors, we report that none of the directors in
disqualified as on March 31, 2011 from being appointed as a director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act, 1956;
e. In our opinion and to the best of our information and according to
the explanations given to us and subject to para number 16 of the notes
on accounts regarding non-provision of liability of gratuity as per
AS-15 issued by The ICAI, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view conformity with the accounting principles
generally accepted in India:
I. In the cases of the Balance Sheet, of the state of affairs of the
company as at March 31, 2011;
II. In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
III. In the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITOR'S REPORT OF EVEN DATE TO
THE MEMBERS OF RTCL LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED MARCH 31, 2011
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) We have been informed that the fixed assets of the company are
physically verified by the management ac- cording to a phased program
designed to cover all the items over a period of three years, which in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed off substantial part
fixed assets. Accordingly this has not affected the going concern
assumption.
(ii) (a) The inventory of the company has been physically verified
during the year by the management, in our opinion, the frequency of
verification is reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) The company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verification.
(iii) (a) The company has not granted loan to parties, covered in the
register maintained under section 301 of The Companies Act, 1956.
Accordingly, the provisions of paragraph 4(iii) (a) to (d) of CARO are
not applicable.
(b) The company had taken unsecured loan from one party covered in the
register maintained under section 301 of The Companies Act, 1956. The
amount involved in the transactions was Rs. 1,135,000/-.
(c) In our opinion, the rate of interest and other terms and conditions
on which, loans have been taken are not prima facie, prejudicial to the
interest of the company.
(d) The said interest bearing unsecured loan is returnable on demand
and accordingly, there is no repayment schedule/overdue amount.
(iv) There is adequate internal control system commensurate with the
size of the company and the nature of its business with regard to the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination of the books and
records of the company and according to the information and
explanations given to us, we have neither come across nor have we been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of The Companies Act, 1956 have been entered
in the register required to be maintained under that section.
(b) According to the information and explanations given to us, we are
of the opinion that the transactions made in pursuance of such
contracts of arrangements referred to in paragraph (v) (a) above have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
(vi) The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of The Companies Act, 1956 and the
rules framed there under. Accordingly, the provisions of paragraph
4(vi) of CARO are not applicable.
(vii) The company does not have internal audit system commensurate with
the size and nature of its business.
(viii) The Central Government has not prescribed for the maintenance of
cost records by the company under Section 209( 1) (d) of The Companies
Act, 1956 for any of its product. Accordingly, the provisions of
paragraph 4(viii) of CARO are not applicable.
(ix) (a) According to the books and records as produced and examined by
us in accordance with generally accepted auditing practices in India
and also based on management representations, undisputed statutory
dues, if applicable, in respect of Provident Fund, Employees' State
Insurance dues, Investor Education and Protection Fund, Income Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other material statutory
dues have generally been regularly deposited except Service Tax by the
company during the year with the appropriate authorities.
(b) According to the information and explanation given to us no
undisputed amounts payable in respect of Provident Fund, Employees'
State Insurance dues, Investor Education and Protection Fund, Income
Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, VAT, Cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable
(c) As at March 31, 2011, according to the records of the company and
the information and explanations given to us, the following is the
particulars of dues in respect of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, excise duty and Cess that have not been
deposited on account of dispute:
Name of the Nature of Amount
(Rupees In
Lakh) Period
to which
the Forum
where
dispute
statute The Dues amount relates
pending.
12.63
Income Tax Income Tax (Actual
Demand was
Rs. 21.63 Assessment
Year
Act, 1961 Lakh and Hon'ble
High Court,
Delhi
Rs. 9 Lakh
has already 2002-2003
been
deposited.)
(x) 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.
(xi) According to the records of the company, it has not defaulted in
repayment of its dues to any financial institution or bank during the
year, further, the company has not issued any debentures.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, deben- tures and other
securities. Accordingly, the provisions of paragraph 4(xii) of CARO are
not applicable.
(xiii) In our opinion, considering the nature of activities carried on
by the company during the year, the provisions of any special statute
applicable to Chit Fund/ Nidhi/ Mutual Benefit Fund/ Society are not
applicable to it. Accordingly, the provisions of paragraph 4(xiii) (a)
to (d) of CARO are not applicable.
(xiv) The company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities and
other investments and timely entries have been made therein. All,
securities have been held by company in its own name except to the
extent of exemption, if any, granted under section 49 of the act.
(xv) According to the information and explanations given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions. Accordingly, the provisions of paragraph
4(xv) of CARO are not applicable.
(xvi) According to the information and explanation given to us, the
company has not taken term loan, so this clause is not applicable to
it. Accordingly, the provisions of paragraph 4(xvi) of CARO are not
applicable.
(xvii) 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 and no funds raised on long-term basis have been used for
short-term investment.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
The Companies Act, 1956. Accordingly, the provisions of paragraph
4(xviii) of CARO are not applicable.
(xix) According to the information and explanations given to us, during
the period covered by our audit report and the company had not issued
any debentures and accordingly, the provisions of paragraph 4(xix) of
CARO are not applicable.
(xx) According to the information and explanations given to us, during
the year the company has not raised any money from the public issue.
Accordingly, the provisions of paragraph 4(xx) of CARO are not
applicable.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or re- ported during the
course of our audit.
For Kumar Piyush & Co.
Firm Registration No.: 005120N
Chartered Accountants
Sd/-
VIRENDRA KUMAR GOEL
Partner
Membership Number: 083705
Place: New Delhi
Date: May 30, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of RTCL Limited as at
March 31,2010, also the Profit and Loss Account and Cash Flow Statement
for the year ended en 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.
1 We conducted our audit in accordance with the auditing standards
generally accepted in India. Those 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
(together theorder) 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 as we considered appropriate, and ac-
cording to the information and explanations given to us, we give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order to the extent applicable to the company.
4. Further to our comments in the Annexure referred to above, we
report that;
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were neces- sary for the purposes of
our audit:
(i) 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, the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agree- ment with the books
of account;
(iv) In our opinion, the Balance Sheet, the Profit and Loss Account and
Cash Flow Statement dealt from this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act. 1956 . subject to the para number 15 of the notes on
accounts regarding non-consolidation of books of accounts in the last
financial year as per AS-21 issued by The ICAI;
(v) On the basis of written representations received from the
directors, as on March 31,2010 and taken on records by the Board of
Directors, we re port that none of the directors in disqualified as on
March 31,2010 from being ap- pointed 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 and subject to para number 16 of the notes
on accounts regarding non-provision of liability of gratuity as per
AS-15 issued by The ICAI, the said accounts give the information
required by the CompaniesAct. 1956. in the manner so required and give
a true and fair view conformity with the accounting principles
generally accepted in India:
(a) In the cases of the Balance Sheet, of the state of affairs of the
company as at March 31,2010;
(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 Cash Flow Statement; of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT OF EVEN DATE TO
THE MEMBERS OF RTCL LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED MARCH 31,2010
(i)
(b) We have been informed that the fixed assets of the company are
physically verified by the management according to a phased program
designed to cover all the items over a period of three years, which in
our opinion, is reason- able having regard to the sizeof the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
(c) During the year, the company has disposed off fixed assets having
the book value of Rs. 10,552,342.81. This has not effected the going
concern assumption.
(d) (a) The inventory of the company has been physically verified
during the year by the management, in our opinion, the frequency of
verification is reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(ii)
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of The Companies Act. 1956 have been entered
in the register required to be maintained under that section.
(vi) The Company has not accepted any deposits from the public within
the meaning of section 58Aand 58AA of The Com- panies Act, 1956 and the
rules framed there under.
(viii) The Central Government has not prescribed for the maintenance of
cost records by the company under Section 209(1} (d) of The Companies
Act, 1956 for any of its product.
(ix) (a) According to the books and records as produced and examined by
us in accordance with generally accepted au- diting practices in India
and also based on management representations, undisputed statutory
dues, if applicable, in respect of Provident Fund, Employees State
insurance dues. Investor Education and Protection Fund, income Tax,
Wealth Tax, Custom Duty. Excise Duty, Cess and other material statutory
dues have generally been regularly deposited except Service Tax by the
company during the year with the appropriate authorities.
(b) According to the information and explanation given to us no
undisputed amounts payable in respect of Provident Fund. Employees
State insurance dues. Investor Education and Protection Fund, Income
Tax. Wealth Tax, Cus- tom Duty, Excise Duty, Service Tax, VAT, Cess and
other undisputed statutory dues were outstanding, at the year end, for
a period of more than six months from the date they became payable
(c) As at March 31,2010. according to the records of the company and
the information and explanations given to us, the following is the
particulars of dues in respect of Income Tax. Sales Tax, Wealth Tax.
Service Tax, Custom Duty, excise duty and Cess that have not been
deposited on account of dispute:
Name of the Nature of The Dues Amount (Rupees In
statute Lakh)
Income Income Tax 12.63
Tax Act. 1961 (Actual Demand was
Rs. 21.63 Lakh and
Rs. 9 Lakh has already
been deposited.)
Name of the statue Period to which Forum where dispute
the amount relates pending.
Income
Tax Act. 1961 Assessment Year Honble High Court,
2002-2003 Delhi
(x) 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.
(xi) According to the records of the company, it has not defaulted in
repayment of its dues to any financial institution or bank or to
debenture holders during the year.
(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.
(xiii) In our opinion, considering the nature of activities carried on
by the company during the year, the provisions of any speciaI statute
applicable to Chit Fund/ Nidhi/ MutuaI Benefit Fund/ Society are not
applicable to it.
(xiv) The company has maintained proper records of the transactions and
contracts in respect of dealing or trading in shares, securities and
other investments and timely entries have been made therein. All,
securities have been held by company in its own name.
(xv) According to the information and explanations given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) According to the information and explanation given to us. the
company has not taken term loan, so this clause is not applicable to
it.
(xvii) 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 and no funds raised on long-term basis have been used for
short-term investment.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
The Companies Act, 1956.
(xix) According to the information and explanations given to us, during
the period covered by out audit report, the company had not issued any
debentures and has not created any security in respect of debentures.
(xx) According to the information and explanations given to us,during
the year the company has not raisedany money from the public issue.
(xxi) 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 Kumar Piyush & Co.
Chartered Accountants
VIRENDRA KUMAR GOEL
Partner
Membership Number: 003705
Firm Registration No.: 005120N
Place: New Delhi
Date : May 29, 2010
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