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Rahul Merchandising Ltd.

BSE: 531887 Sector: Others
NSE: N.A. ISIN Code: INE149D01011
BSE 00:00 | 26 Jul 6.75 0
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NSE 05:30 | 01 Jan Rahul Merchandising Ltd
OPEN 6.75
PREVIOUS CLOSE 6.75
VOLUME 93
52-Week high 7.45
52-Week low 5.80
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.75
CLOSE 6.75
VOLUME 93
52-Week high 7.45
52-Week low 5.80
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Rahul Merchandising Ltd. (RAHULMERCHAND) - Auditors Report

Company auditors report

To the Members of

Rahul Merchandising Limited

Report on the audit of the IndAS Financial Statements Opinion

We have audited the Ind AS financial statements of Rahul Merchandising Limited("the Company") which comprise the Balance Sheet as at 31st March 2021 theStatement of Profit and Loss (including Other Comprehensive Income) Statement of Changesin Equity and Statement of Cash Flows for the year then ended and notes to the FinancialStatements including a summary of significant accounting policies and other explanatoryinformation. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Ind AS financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at 31st March 2021 its lossincluding other comprehensive income changes in equity and its cash flows for the yearended on that date..

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Ind AS FinancialStatements section of our report. We are independent of the Company in accordance withthe Code of Ethics issued by The Institute of Chartered Accountants of Indiatogether with the ethical requirements that are relevant to our audit of the Ind ASfinancial statements under the provisions of the Companies Act 2013 and the Rulesthere-under and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the Ind AS financial statements of the current period. Thesematters were addressed in the context of our audit of the Ind AS financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

We have determined that there are no key audit matters to communicate in our report.

Information other than the Ind AS Financial Statements and Auditor's Report thereon

The Company's Board of Directors are responsible for the other information. The otherinformation comprises the information included in the annual report but does not includethe Ind AS Financial Statements and our auditors' report thereon.

Our opinion on the Ind AS financial statements does not cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the Ind AS financial statements our responsibility isto read the other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Ind AS 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 ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance including Other Comprehensive Income changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgements andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional skepticism throughout the audit. We also: Identify and assess therisks of material misstatement of the Ind AS financial statements whether due to fraud orerror design and perform audit procedures responsive to those risks and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The riskof not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Ind AS financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained upto the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the Ind AS financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Ind AS financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outway the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 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 that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Lossincluding Other Comprehensive Income and the Cash Flow Statement dealt with by this Reportare in agreement with the books of account. d) In our opinion the aforesaid Ind ASfinancial statements comply with the Indian Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. e) On the basisof the written representations received from the directors as on 31st March 2021 takenon record by the Board of Directors none of the directors is disqualified as on 31stMarch 2021 from being appointed as a director in terms of Section 164 (2) of the Act. f)With respect to the adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure B". g) In our opinion and according to the information andexplanations given to us as no remuneration has been paid by the company to its directorsduring the year the provisions of Section197 of the Companies Act2013 are notapplicable. The Ministry of Corporate Affairs has not prescribed other details underSection 197(16) which are required to be commented upon by us. h) With respect to theother matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i) The Company has disclosedthe impact of pending litigations on its financial position in its Ind AS financialstatements - refer Note 12 to Ind AS financial statements. ii) The Company did not haveany long-term contracts including derivative contracts for which there were any materialforeseeable losses. iii) There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

For V S S A & Associates
Chartered Accountants
{Firm Registration No. 012421N}
Place: New Delhi CA Samir Vaid
Dated: 15.06.2021 Partner
Membership No.091309
UDIN: 21091309AAAADB2576

Annexure A to the Independent Auditors' Report

(Referred to in paragraph 1 under Report on other Legal & Regulatory requirements'of our Report of even date) i. The Company does not have any fixed assets hence ourcomments on maintenance of proper records showing full particulars including quantitativedetails and situation of fixed assets physical verification of fixed assets and titledeeds of immovable properties are not applicable. ii. The Company neither purchased norheld any inventories. Hence our comments on physical verification by the management anddiscrepancies are not applicable. iii. The Company has not granted any loans secured orunsecured to companies firms limited liability partnerships or other parties covered inthe register maintained under Section 189 of the Companies Act 2013 as per informationand explanations given to us. Consequently the provisions of clauses 3(iii)(a) (iii)(b)and (iii)(c) of the Order are not applicable. iv. In our opinion and according to theinformation and explanations given to us provisions of section 185 and 186 of theCompanies Act 2013 have been complied with. v. As per information and explanations givento us the Company has not accepted any deposits from the public under section 73 to 76 ofThe Companies Act 2013 and hence the provisions of clause 3 (v) of the Order are notapplicable. vi. As per information and explanations given to us maintenance of costrecords by the Company as prescribed by the Central Government under Section 148 (1) ofthe Companies Act 2013 is not applicable to the Company. vii. a) According to theinformation and explanations given to us and the records of the company examined by usthe Company has been generally regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax Goods & Services Tax Cess and otherstatutory dues with the appropriate authorities during the year to the extent applicable.We are informed that there are no undisputed statutory dues as at the year endoutstanding for a period of more than six months from the date they become payable. b)There are no dues in respect of Income Tax Sales Tax Service Tax Duty of Custom Dutyof Excise Value Added Tax and Goods & Services Tax that have not been deposited withthe appropriate authorities on account of any dispute other than shown below:

Nature Of dues Rs. Period to which Forum where the dispute
amount relates is pending
Income Tax 3381 2008-2009 CPC
Income Tax 1510 2013-2014 CPC

viii. As per information and explanations given to the Company has not obtained anyborrowings from banks financial institutions and by way of debentures. ix. As perinformation and explanations given to us the Company has not raised any monies by way ofterm loans from banks and initial public offer or further public offer (including debtinstruments). x. To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company and material fraud on the Company by itsofficers or employees has been noticed or reported during the year. xi. In our opinion andaccording to the information and explanations given to us no managerial remuneration hasbeen paid or provided by the Company requiring approvals mandated by the provisions ofSection 197 read with Schedule V to the Companies Act 2013. xii. In our opinion andaccording to the information and explanations given to us the Company is not a NidhiCompany. Therefore the provisions of clause (xii) of the Order are not applicable to theCompany.

xiii. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with Sections 177 and 188 of theCompanies Act 2013 where applicable and details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards. xiv. According to theinformation and explanations given to us and based on our examination of the records ofthe Company the Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year review. Accordinglyprovisions of clause 3(xiv) of the Order are not applicable to the Company. xv. Accordingto the information and explanations given to us the Company has not entered into anynon-cash transactions with directors or persons connected with them and hence provisionsof clause 3(xv) of the Order are not applicable to the Company. xvi. In our opinion andaccording to the information and explanations given to us the Company is not required tobe registered under section 45-IA of the Reserve Bank of India Act 1934.

For V S S A & Associates
Chartered Accountants
{Firm Registration No. 012421N}
Place: New Delhi CA Samir Vaid
Dated: 15.06.2021 Partner
Membership No.091309
UDIN: 21091309AAAADB2576

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON

THE FINANCIAL STATEMENTS OF RAHUL MERCHANDISING LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of RAHULMERCHANIDISNGLIMITED ("the Company") as of March 31 2021 in conjunctionwith our audit of theInd AS financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancialcontrols based on the internal control over financial reporting criteriaestablished by theCompany considering the essential components of internal control statedin the GuidanceNote on Audit of Internal Financial Controls over Financial Reportingissued by theInstitute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the designimplementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols overfinancial reporting based on our audit. We conducted our audit in accordancewiththe Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed tobe prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable toan audit ofinternal financial controls both applicable to an audit of Internal FinancialControls bothissued by the Institute of Chartered Accountants of India. Those Standardsand the GuidanceNote require that we comply with ethical requirements and plan and performthe audit toobtain reasonable assurance about whether adequate internal financial controlsover financialreporting was established and maintained and if such controls operatedeffectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacyofthe internal financial controls system over financial reporting and their operatingeffectiveness.Our audit of internal financial controls over financial reporting includedobtaining anunderstanding of internal financial controls over financial reportingassessing the risk that amaterial weakness exists and testing and evaluating the designand operating effectiveness ofinternal control based on the assessed risk. The proceduresselected depend on the auditor'sjudgement including the assessment of the risks ofmaterial misstatement of the financialstatements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovidea basis for our audit opinion on the Company's internal financial controls systemoverfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto providereasonable assurance regarding the reliability of financial reporting and thepreparation offinancial statements for external purposes in accordance with generallyaccepted accountingprinciples. A Company's internal financial control over financialreporting includes those policiesand procedures that (1) pertain to the maintenance ofrecords that in reasonable detailaccurately and fairly reflect the transactions anddispositions of the assets of the Company; (2)provide reasonable assurance thattransactions are recorded as necessary to permit preparationof financial statements inaccordance with generally accepted accounting principles and thatreceipts andexpenditures of the Company are being made only in accordance withauthorisations ofmanagement and directors of the Company; and (3) provide reasonableassurance regardingprevention or timely detection of unauthorised acquisition use ordisposition 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 financial controls over financialreporting includingthe possibility of collusion or improper management override ofcontrols material misstatementsdue to error or fraud may occur and not be detected. Alsoprojections of any evaluation of theinternal financial controls over financial reportingto future periods are subject to the risk that theinternal financial control overfinancial reporting may become inadequate because of changes inconditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financialcontrolssystem over financial reporting and such internal financial controls overfinancialreporting were operating effectively as at March 31 2021 based on theinternalcontrol over financial reporting criteria established by the Company consideringtheessential components of internal control stated in the Guidance Note on Audit ofInternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants ofIndia.

For V S S A & Associates
Chartered Accountants
{Firm Registration No. 012421N}
Place: New Delhi CA Samir Vaid
Dated: 15.06.2021 Partner
Membership No.091309
UDIN: 21091309AAAADB2576

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