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RSWM Ltd.

BSE: 500350 Sector: Industrials
NSE: RSWM ISIN Code: INE611A01016
BSE LIVE 15:40 | 13 Dec 339.65 -6.80
(-1.96%)
OPEN

344.20

HIGH

344.20

LOW

337.10

NSE 15:31 | 13 Dec 338.30 -6.75
(-1.96%)
OPEN

345.10

HIGH

345.70

LOW

334.20

OPEN 344.20
PREVIOUS CLOSE 346.45
VOLUME 818
52-Week high 510.00
52-Week low 302.15
P/E 26.74
Mkt Cap.(Rs cr) 800
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 344.20
CLOSE 346.45
VOLUME 818
52-Week high 510.00
52-Week low 302.15
P/E 26.74
Mkt Cap.(Rs cr) 800
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

RSWM Ltd. (RSWM) - Auditors Report

Company auditors report

To The Members of RSWM Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of RSWM LIMITED("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement of CashFlows and the Statement of Changes in Equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas "standalone Ind AS financial statements")

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of the stateof affairs( financial position) profit or loss(financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act read with relevant rules issuedthereunder.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and 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 the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs( financial position) of the Company as at March 31 2017 and its profit(financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

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 bestof 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss( including other ComprehensiveIncome) and the Statement of Cash Flow and the Statement of Changes in Equity dealt withby this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with relevantrules made thereunder.

e) On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 standalone Ind AS financial statements – Refer Note 46 to thestandalone Ind AS financial statements;

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312017.

iv. The company has provided requisite disclosures in its standalone Ind AS financialstatements as to holding as well as dealings in Specified Bank Notes during the periodfrom November 08 2016 to December 30 2016 on the basis of information available withthe Company. Based on the audit procedure and relying on managements representation wereport that disclosures are in accordance with the books of accounts maintained by thecompany. Refer note 45 of the standalone Ind AS financial statements.

For S. S. Kothari Mehta & Co. For S.Bhargava Associates
Chartered Accountants Chartered Accountants
Firm Registration No. Firm's Registration No.
000756N 003191C
Yogesh K. Gupta Sunil Bhargava
Partner Partner
Membership No.: 093214 Membership No. 070964

Place: Noida

Dated: May 12 2017

Annexure A to the Independent Auditors' Report to the members of RSWM Limited

Report on the matters specified in paragraph 3 of the Companies (Auditor's Report)Order 2016 ("the Order') issued by the Central Government of India in terms ofsection 143(11) of the Companies Act 2013 ("the Act") as referred to inparagraph 1 of ‘Report on Other Legal and Regulatory Requirements' section

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Company has physically verified these fixed assets as per its program ofphysical verification that covers every item of fixed assets over a period of three years.No material discrepancies were noticed on such verification;

(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. No material discrepancies were noticed on such physical verification;

(iii) The Company has not granted loans secured or unsecured to companies firms andlimited liability partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Therefore sub - clauses (iii) (a) (iii) (b) &(iii) (c) of the Order are not applicable.

(iv) According to the information and explanation given to us the company has compliedwith the provision of section 185 and 186 of Act with respect to the loans investmentsguarantees and security made.

(v) As per information and explanation provided to us the Company has not accepted anypublic deposits during the year. Further we have not come across any such deposit(s) northe management has reported any such deposit(s) therefore the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under are not applicable.

(vi) We have broadly reviewed the books and records required to be maintained asspecified by the Central Government under subsection (l) of section 148 of the CompaniesAct 2013 and we are of the opinion that prima facie the prescribed accounts and recordsare being maintained.

(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax service taxduty of customs duty of excise value added tax cess and any other statutory duesapplicable to it to the appropriate authorities. There are no arrears of outstandingstatutory dues as at the last day of the financial year concerned for a period of morethan six months from the date they became payable.

(b) The particulars of dues of income tax or sales tax or service tax or duty ofcustoms or duty of excise or value added tax have not been deposited on account of anydispute are as under:

Nature of Statute Nature of dues Amount (In Lakhs)* Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax Demands 322.72 2006-2007 Honorable High Court Jodhpur Rajasthan
Income Tax Act 1961 Income Tax Demands 69.38 2007-2008 Honorable High Court Jodhpur Rajasthan
Income Tax Act 1961 Income Tax Demands 521.33 2005-2006 Honorable High Court Jodhpur Rajasthan
Income Tax Act 1961 Income Tax Demands 519.11 2004-2005 Honorable High Court Jodhpur Rajasthan
Income Tax Act 1961 Income Tax Demands 397.93 2003-2004 Honorable High Court Jodhpur Rajasthan
Income Tax Act 1961 Income Tax Demands 26.45 2004-2005 Honorable High Court Karnataka
Income Tax Act 1961 Income Tax Demands 14.02 2008-20092009-2010 Honorable High Court Jodhpur Rajasthan
Central Sales Tax Act and Local Sales Tax Sales Tax Demand 8.48 1998-99 Honorable High Court Jodhpur Rajasthan
Central Sales Tax Act and Local Sales Tax Sales Tax Demand 8.14 2001-2002 Honorable High Court Jodhpur Rajasthan

 

Nature of Statute Nature of dues Amount (In Lakhs)* Period to which the amount relates Forum where dispute is pending
Central Sales Tax Act and Local Sales Tax Sales Tax Demand 2.10 2001-2002 Honorable High Court Jodhpur Rajasthan
Central Sales Tax Act and Local Sales Tax Sales Tax Demand 0.59 1995-1996 Dy.Commissioner( A ) Tripur
Central Sales Tax Act and Local Sales Tax Sales Tax Demand 0.36 1996-1997 Dy.Commissioner( A ) Tripur
Central Sales Tax Act and Local Sales Tax Sales Tax Demand 0.65 1983-1984 Honorable High Court Jodhpur Rajasthan
Central Sales Tax Act and Local Sales Tax Sales Tax Demand 3.47 1983-1984 Honorable High Court Jodhpur Rajasthan
Central Sales Tax Act and Local Sales Tax Sales Tax Demand 3.44 2006-07 Honorable High Court Jodhpur Rajasthan
Central Excise Act Excise Duty Demand 23.56 2005-06 DC Central Excise Bhilwara
Custom Act Custom Duty Demand in Coal 58.55 2013-2014 CESTAT Ahemdabad

* Excluding interest and penalty net of amount deposited under protest.

(viii) The Company has not defaulted in repayment of loans or borrowing to a financialinstitution bank or government. The Company has not issued any debentures.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Term loans were applied for thepurposes for which those are raised.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe year nor have we been informed of such case by the Management.

(xi) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has paid or provided for themanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company hence clause (xii) of para 3 of the Order isnot applicable to the Company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under audit.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly clause (xv) ofpara 3 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 S. S. Kothari Mehta & Co. For S.Bhargava Associates
Chartered Accountants Chartered Accountants
Firm Registration No. Firm's Registration No.
000756N 003191C
Yogesh K. Gupta Sunil Bhargava
Partner Partner
Membership No.: 093214 Membership No. 070964

Place: Noida

Dated: May 12 2017