Ramchandra Leasing and Finance Limited
Report on the Financial Statements
We have audited the accompanying Standalone financial statements of Ramchandra Leasingand Finance Limited ("the Company") for the quarter and year ended 31stMarch 2018 which comprise the Balance Sheet as at March 31 2018 the Statement of Profitand Loss and Cash Flow for the year ended and a summary of significant accountingpolicies and other explanatory information pursuant to the requirement of the Regulation33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015.
Management's Responsibility for the Standalone Financial Statements
The Management and Board of Directors of the Company are responsible for the mattersstated in
Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.
This responsibility includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 there under. We conducted our audit in accordancewith the 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 financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India: a) In case of Balance Sheet and state of affairsof the Company as at 31st March 2018 b) In case of Profit & Loss Accountof the Profit for the year ended on that date; c) In case of the Cash Flow Statement ofthe Cash Flows of the Company 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 sub-section (11) of Section 143 of the Act and on thebasis of such checks of books and records of the Company as we considered appropriate andaccording to the information and explanation given to us. We give in the Annexure astatement on the matters specified in paragraphs 3 and 4 of 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 ouropinion proper books of account as required by law have been kept by the Company so far asappears from our examination of those books; c. the Balance Sheet Statement of Profit andLoss and Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount; d. in our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014; e. on the basis of the written representations received from thedirectors as on 31st March 2018 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2018 from beingappointed as a director in terms of Section 164 (2) of the Act; f. 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 does not have any pending litigations which would impact its financialposition. II. the Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses. III. There were no amountswhich were required to be transferred to the Investor Education and Protection Fund bythe Company during the year.
Annexure to the Auditor's Report
The Annexure referred to in the Auditor's Report to the Member of Ramchandra Leasingand Financing Limited on the accounts for the year ended 31st March 2018;we report that:
(i) (A) the company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets; (B) These fixed assets have beenphysically verified by the management at reasonable intervals; No any materialdiscrepancies were noticed on such verification and the same have been properly dealt within the books of account;
(ii) The Company does not have any inventory during the year. Accordingly theprovisions of Clause (ii) (a) (b) and (c) of the order are not applicable to the Company.
(iii) The company has not granted or taken any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013. If so then (A) Receipt of the principal amount and interest arealso regular; and (B) If overdue amount is more than rupees one lakh reasonable stepshave been taken by the company for recovery of the principal and interest;
(iv)There should be an adequate internal control system commensurate with the size ofthe company and the nature of its business for the purchase of inventory and fixed assetsand for the sale of goods and services. Moreover there is no any major weakness has beennoticed in the Internal Control System.
(v) The company has not accepted any deposits as per the provisions of sections 73 to76 or any other relevant provisions of the Companies Act 2013 and the rules framed thereunder.
(vi) The maintenance of cost records have not been specified by the Central Governmentunder subsection (1) of section 148 of the Companies Act 2013 for any kind of servicesrendered by the Company.
(vii) (A) According to the information and explanations given to us and on the basis ofour examinations of Books of Accounts of the Company The company has been regular indepositing undisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues with the appropriate authorities and Thereare no undisputed dues payable for a period of more than six months from the date theybecame payable on 31st March 2018 (B) The Company has no disputed dues ofincome tax or sales tax or wealth tax or service tax or duty of customs or duty of exciseor value added tax or cess as on the Balance Sheet date. (C) There were no amounts whichwere required to be transferred to Investor Education and Protection Fund in accordancewith the relevant provisions of the Companies Act 2013 and rules made there under.
(viii) The company does not have any accumulated losses at the end of the financialyear. The Company has not incurred any cash losses in such financial year and in theimmediately preceding financial year;
(ix) The company has not taken any loan from a financial institution or bank ordebenture holders during the year under review.
(x) The company has not granted any guarantee for loans taken by others from bank orfinancial institutions the terms and conditions thereof is prejudicial to the interest ofthe company.
(xi) The Company has not obtained any Term loan during the year as the Order is notapplicable.
(xii) No fraud on or by the company has been noticed or reported during the year.
|Place: Mumbai ||For K K Rathi & Co. |
|Date: 30th May 2018 ||(Chartered Accountants) |
| ||Kamal Rathi |
| ||Proprietor |
| ||Membership No. 036461 |
| ||Fr. No. 123096W |