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Rapicut Carbides Ltd.

BSE: 500360 Sector: Engineering
NSE: N.A. ISIN Code: INE350D01015
BSE 00:00 | 19 Jan 27.80 0
(0.00%)
OPEN

28.40

HIGH

28.50

LOW

27.10

NSE 05:30 | 01 Jan Rapicut Carbides Ltd
OPEN 28.40
PREVIOUS CLOSE 27.80
VOLUME 3260
52-Week high 47.75
52-Week low 16.05
P/E
Mkt Cap.(Rs cr) 15
Buy Price 27.10
Buy Qty 10.00
Sell Price 29.60
Sell Qty 50.00
OPEN 28.40
CLOSE 27.80
VOLUME 3260
52-Week high 47.75
52-Week low 16.05
P/E
Mkt Cap.(Rs cr) 15
Buy Price 27.10
Buy Qty 10.00
Sell Price 29.60
Sell Qty 50.00

Rapicut Carbides Ltd. (RAPICUTCARBIDES) - Auditors Report

Company auditors report

To the Members of Rapicut Carbides Limited

Report on the Ind AS financial statements

Opinion

We have audited the accompanying Ind AS financial statements of Rapicut CarbidesLimited ("the Company") which comprise the Balance Sheet as at March 31 2019the Statement of Profit and Loss (including Other Comprehensive Income) Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information. (Hereinafterreferred toas Ind AS financial statements) In our opinion and to the best of our information andaccording to the explanations given to us the aforesaid Ind AS financial statements givethe information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India: includingthe Ind AS of the state of affairs(financial position) of the Company as at 31stMarch2019 and its profiUloss (financial performanceincluding other comprehensive income) itscash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder 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 sufficientand appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.There is no key audit matter to communicate in our report.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report andShareholder's information but does not include the financial statements and our auditor'sreport thereon. Management Discussion and Analysis Board's Report including Annexures toBoard's Report and Shareholder's information are expected to be made available to usafterthis Auditor's Report. As per information and explanations received from managementcorporate governance is not applicable to the company for the year under audit. Ouropinion on the financial statements does not cover the other information and we do notexpress any formof assurance conclusion thereon. In connection with our audit of thefinancial statements our responsibility is to read the other information and in doingso consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. If based on the work we have performed we conclude thatthere is a material misstatement of this other information; we are required to report thatfact. We have nothing to report in this regard.

Management's Responsibility for the Ind AS 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 tothe preparation and presentation of these Ind AS financial statements that give a true andfair view of the state of affairs(financialposition) profit or loss (financialperformance including other comprehensive income) cash flows and changes in equity of theCompany in accordance with the Accounting principles generally accepted in Indiaincluding the Indian Accounting Standards ( IND AS ) prescribed under Section 133 of theAct read with (Indian Accounting Standards) Rules 2015. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; design Implementation andmaintenance of adequate internal financial controls that are operating effectivelyforensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error. In preparingthe financial statements management is responsible for assessing the Company's ability tocontinue as a going concern disclosing as applicable matters related to going concernand using the going concern basis of accounting unless management either intends toliquidate the Company or to cease operations or has no realistic alternative but to doso. That Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility 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 IndAS financial statements.

Other Matter

We believe that the audit evidence we have obtained is sufficient& appropriate toprovide the basis forour audit opinion on the IndAS financial statement.

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 Companies Act 2013 We enclose in theAnnexure-Astatement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143(3)oftheAct we further report that:

We have sought and obtained all the information and explanations which to the best ofour knowledge and elief were necessary for the purpose of our audit;

In our opinion proper books of account as required by law have been kept by the Companyso far as appears from our examination of those books;

The Balance Sheet Statement of Profit and Loss including other comprehensive incomeits cash flows and the changes in equity dealt with by this Report are in agreement withthe books of account;

In our opinion the aforesaid Ind AS financial statements comply with the applicableAccounting Standards specified under Section 133 of theAct read with Rule 7 of theCompanies (Accounts)Rules2014.

On the basis of written representations received from the directors as on March 312019 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of section 164 (2)of theCompaniesAct2013.

With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectivenessof such controls refer to ourseparate report in "Annexure B" and

In our opinion and to the best of our informationand according to the explanationsgiven to us we report as under with respect to other matters to be included intheAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules2014: a)The Company has disclosed the impact of pending litigations as at 31stMarch 2019on its financial position in its financial statement. b)The Company did not have anylong-term contracts including derivate contracts; as such the question of commenting onany material foreseeable losers thereon does not arise. c)There has been an occasion incase of the Company during the year under report to transfer sums to the nvestor Educationand Protection Fund. There was no delay in transferring such sums.

For MALOO BHATT& CO.
CharteredAccountants
YASH BHATT
Place: Mumbai Partner
Date: 25th May 2019. Mem. No.117745
FR No.129572W

ANNEXURE-A

TO THE INDEPENDENT AUDITOR'S REPORT

Annexure referred to in paragraph 1 Our Report of even date to the members of RapicutCarbides Limited on the accounts of the company for the year ended 31st March 2019.

1) On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

All the assets have not been physically verified by the management during the year butthere is a regular programme of verification which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. No material discrepancieswere noticed on such verification.

All the title deeds of immovable properties are held in the name of the company.

2) The Inventory has been physically verified during the year by the management. Thediscrepanciesnoticed on verification between the physical stocks and the book records arenot material.

3) The Company has not granted any loans secured or unsecured to Companies FirmsLimited Liability partnership or other parties covered in the register maintained undersection 189 of the CompaniesAct 2013.

4) In our opinion company has complied with provisions of section 185 & 186 of theCompanies Act2013 wherever applicable in respect of loans investments guarantees andsecurities.

5) The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013 and the rules framed thereunder to the extent notified.

6) We have broadly reviewed the cost records maintained by the Company pursuant to therules made by the Central Government of India the maintenance of cost records has beenspecified under sub-section (1) of Section 148 of the Companies Act 2013 and are of theopinion that primafacie the prescribed cost records have been maintained however we havenot made detailed examination of the cost records with a view to determine whether theyare accurate or complete.

7) According to the information and explanations given to us and based on records ofthe company examined by us the company is regular in depositing with appropriateauthorities undisputed statutory dues including provident fund employees state insuranceincome tax sales tax custom duty excise duty service tax value added tax cess andother material statutory dues applicable to it with the appropriate authorities in India.

8) According to the information and explanations given to us there are dues of CentralExcise Income Tax and Service Tax which have not been deposited as the same are disputed.The disputed statutory dues aggregating to Rs.5.03/-lakhs that have not been deposited onaccount of matters pending before appropriate authorities are as under:

Sr. No Name of the Statute Name of the Dues Forum where Dispute is pending Amount (In Lacs)
1. Central Excise Act 1944 Excise Duty Commissioner (Appeal) CESTAT 0.10
2 Service Tax Service Tax Commissioner (Appeal) 4.93
TOTAL 5.03

9) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institution bank ordebenture holders as at the balance sheet date.

10) In our opinion the company has not raised any money byway of public offerincludingdebtinstrument. The term loans outstanding at the end of the year were applied for thepurposes for which they were raised.

11) During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management.

12) In our opinion managerial remuneration has been paid or provided in accordance withrequisite approval wherever applicable and mandated by the provisions of section 197 readwith schedule Vofthe Companies Act 2013.

13) The Company is not covered by Nidhi rules 2014.

14) In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with section 177 & 188 of theCompanies act 2013 wherever applicable and the details have been disclosed in the Ind Asfinancial statement as required by the applicable accounting standards.

15) During the year company has not made any preferential allotment or privateplacement of share or convertible debentures hence requirement of section 42 of theCompanies Act 2013 are not applicable.

16) During the year company has not entered into any non-cash transaction withdirectors or person connected with him hence provisions of section 192 of the CompaniesAct 2013 are not applicable.

17) Company is not required to be registered under section 45IAof Reserve Bank of IndiaAct 1934.

For MALOO BHATT& CO.
Chartered Accountants
YASHBHATT
Partner
Place: Mumbai Mem. No.117745
Date: 25th May 2019. FR No.129572W

Annexure-B

INDEPENDENT AUDITOR'S REPORT

Independent Auditors' report to the members of Rapicut Carbides Limited ("thecompany") on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013 ("the Act"). We have audited the internalfinancial controls over financial reporting of the Company as of 31st March 2019 inconjunction with our audit of the Ind As financial statements of the Company forthe yearended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of CharteredAccountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectivelyfor ensuring the orderly and efficientconduct 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 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 ICAI 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 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 established andmaintained and if such controls operated effectivelyin all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectivenessof internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Ind As financial statements whether due to fraud or error. We believethat the audit evidence we have obtained is sufficientand appropriate to provide a basisfor our audit opinion on the Company's internal financial controls system over financialreporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of Ind As financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable details accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind Asfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditure of the company are being made only in accordance withauthorization of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effecton the Ind Asfinancial statements.

INHERENT LIMITATIONSOF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance 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 effectivelyas at 31 March 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit orInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For MALOO BHATT& CO.
YASH BHATT
Partner
Place: Mumbai Mem. No.117745
Date: 25th May 2019. FR No.129572W

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