| 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
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