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R T Exports Ltd.

BSE: 512565 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE581D01015
BSE LIVE 15:15 | 20 Nov 9.03 -0.47
(-4.95%)
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9.50

HIGH

9.50

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9.03

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.50
PREVIOUS CLOSE 9.50
VOLUME 4337
52-Week high 11.20
52-Week low 6.94
P/E
Mkt Cap.(Rs cr) 4
Buy Price 9.03
Buy Qty 1164.00
Sell Price 9.50
Sell Qty 74.00
OPEN 9.50
CLOSE 9.50
VOLUME 4337
52-Week high 11.20
52-Week low 6.94
P/E
Mkt Cap.(Rs cr) 4
Buy Price 9.03
Buy Qty 1164.00
Sell Price 9.50
Sell Qty 74.00

R T Exports Ltd. (RTEXPORTS) - Auditors Report

Company auditors report

TO THE MEMBERS OF R.T. Exports Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of R.T. ExportsLimited ("the Company") which comprises of Balance Sheet as at 31st March2016 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (hereinafter referred to as "the Act") withrespect to the preparation and presentation of these standalone financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. While conducting the audit we have taken into account the provisionsof the Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor’s judgment including the assessment of the risks of materialmisstatement of the standalone financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal financial control relevantto the Company’s preparation of the standalone financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Board of Directors as well as evaluating the overall presentation of thestandalone financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and their profit and their cash flows for the year ended on thatdate.

Emphasis of Matter

We draw your kind attention to Note 32

As explained and informed and based on the perusal of the Scheme of Arrangement undersection 391 to 394 read with sections 78 100 to 105 of the Companies Act 1956 was ledbefore Bombay High Court by R.T. Exports Limited the Demerged Company and AsianWarehousing Private Limited with effect from appointed date of 1st April 2012. Uponreceiving the sanction and approval to the Scheme of amalgamation by the Hon’ble HighCourt of Bombay the Scheme though be effective from appointed dated i.e 1st April 2012however shall to be operative from the last of the dates on which such sanctions/approvalor order as specified in the scheme of amalgamation are obtained and/or led. The Companyreceived the approval on 22.06.2015. Upon receiving the approval of the honourable HighCourt Bombay the annual accounts are prepared Going Concern basis as per the directionsof the Hon’ble Bombay High Court. Status of the company is not affected.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the Annexure ‘A’ a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report to the extent applicable that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit of the aforesaidfinancial statements.

(b) In our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account maintained.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors of theCompany as on 31st March 2016 taken on record by the Board of Directors of the Companynone of the directors is disquali ed as on 31st March 2016 from being appointed as adirector in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the Internal Financial Controls over financialreporting of the Company and the operating effectiveness of such controls referred to ourseparate report in ‘Annexure B’; and

(g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 26(5) to the financial statements.

ii. The Company did not have any material foreseeable losses on long-term contractsincluding derivative contracts.

iii. There has been no delay in transferring amounts required to be transferred toInvestor Education and Protection Fund by the company.

For Ramesh M. Sheth & Associates
Chartered Accountants
(Firm’s Registration No. 111883W)
(Mehul R. Sheth)
Place of Signature: Mumbai (Partner)
Date: May 30 2016 (Membership No. 101598)

Annexure A to the Auditors’ Report

The Annexure referred to in Independent Auditor’s Report to the members of R.T.Exports Limited ("the Company") on the standalone financial statements for theyear ended 31 March 2016 we report that:

(i) In respect to fixed assets of the Company

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified periodically. In accordance with this program certainfixed assets were verified during the year and no material discrepancies were noticed onsuch verification. In our opinion this periodicity of physical verification is reasonablehaving regards to the size of the Company and the nature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the company.

(ii) The physical verification of inventory has been conducted at reasonable intervalsby the management and there is no material discrepancies found.

(iii) The Company has not granted any loans secured or unsecured to Companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013 and hence para (iii) of the Order is notapplicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of the section 185 and 186 of the Act withrespect to the loans and investments made.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(vii) In respect to statutory dues :

(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax value added tax duty of customs services tax cess and other materialstatutory dues have been regularly deposited during the year by the Company withappropriate authorities other than those listed below. As explained to us the Company didnot have any dues on account of employees’ state insurance and duty of excise.

Sr. No. Statutory Act Undisputed Amount Outstanding for more than 6 months (Rs.)
1 Income tax Act (Tax deducted at Source) 136626
2 Service tax 363419
3 Value Added tax Maharashtra 76005
4 Staff Profession tax 17300

(b) According to the information and explanations given to us there are no materialdues of duty of customs which have not been deposited with the appropriate authorities onaccount of any dispute and there is no dues of income tax sales tax duty of exciseservice tax and value added tax have not been deposited by the Company on account ofdisputes:

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordinglyparagraph 3(viii) of the Order is not applicable.

(ix) The Company has utilized the money from Banks and financial institutions for thepurpose for which it was applied for and is regular in repayment of these term loans. TheCompany has not raised any money by way of initial public offer or further public offer(including debt instruments) during the year.

(x) According to the information and explanations given to us no material fraud by thecompany or on the Company by its of cers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has neither paid nor provided formanagerial remuneration during the year.

(xii) The Company is not a Nidhi Company and hence para (xii) is not applicable.

(xiii) The Company has entered into transactions with related parties complying withprovisions of section 177 and 188 of the Companies Act. The details of the transactionhave been disclosed in the financial statements as per applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or partly convertible debentures during the year and hence para (xiv) is notapplicable.

(xv) The Company has not entered into any non-cash transactions with any of itsdirectors and hence para (xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Ramesh M. Sheth & Associates
Chartered Accountants
(Firm’s Registration No. 111883W)
(Mehul Sheth)
Place: Mumbai (Partner)
Date: May 30 2016 (Membership No. 101598)

Annexure B to the Auditor's Report

Report on the Internal Financial Controls of Financial Statements under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of R.T.Exports Limited ("the company") as of 31 March 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishment and maintaining internalfinancial controls based in the internal control over financial reporting criteriaestablishment by the Company considering the essential components of internal controlstated in the Guidance Note on audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI'). Theseresponsibility includes the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAL and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was establishment andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The procedureselected depends on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the company's internal financial controls systemsover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatement due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Ramesh M. Sheth & Associates
Chartered Accountants
Firm's Registration Number : 111883W
(Mehul Sheth)
Place: Mumbai (Partner)
Date: May 30 2016 (Membership No. 101598)