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Rapicut Carbides Ltd.

BSE: 500360 Sector: Engineering
NSE: N.A. ISIN Code: INE350D01015
BSE 00:00 | 21 Jan 64.55 2.25
(3.61%)
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60.00

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65.40

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NSE 05:30 | 01 Jan Rapicut Carbides Ltd
OPEN 60.00
PREVIOUS CLOSE 62.30
VOLUME 19187
52-Week high 75.95
52-Week low 22.25
P/E
Mkt Cap.(Rs cr) 35
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 60.00
CLOSE 62.30
VOLUME 19187
52-Week high 75.95
52-Week low 22.25
P/E
Mkt Cap.(Rs cr) 35
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 financial statements of Rapicut Carbides Limited which comprisethe Balance Sheet as at 31st March 2021 and the Statement of Profit and Loss includingOther Comprehensive Income Statement of Changes in Equity and Statement of Cash Flows forthe year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our informationand according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 {The Act) in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairsof the Company as at March 31 2021 and its loss total comprehensive incomechanges in equityand its cash flowsfortheyearended 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 evidences 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 thesematters.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 CorporateGovernance and Shareholder's Informationbut does not include the financial statements andour auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

We have been provided the aforesaid reports and based on the work we have performed wedid not observe any material misstatement of this other information and accordingly wehave nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements and for InternalFinancial control over Financial Reporting

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 financial statements that give a true and fair view of the financial position andfinancial performance including other comprehensive income changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the accounting standards {Ind AS) specified under section 133 of the Actread with relevant rules issued thereunder.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand forpreventing and detecting frauds and other irregularities; selection and applicationof appropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectivelyfor ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

The Company's Management is responsible forestablishing and maintaining internalfinancial controls based on essential components of the internal control stated in theGuidance Note onAudit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectivelyforensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial informationas required underthe Act.

In preparing the financial statements management is responsible forassessing theCompany'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 orto cease operations or has no realisticalternative but to do so.

The Board of Directors is also responsible foroverseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficientand appropriate to provide a basisforour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations 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 forexpressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectivenessof such controls.

Evaluate the appropriateness of accounting policies used and the 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions 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 identifyduring 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.

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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order'') issuedby the Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in theAnnexure "A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the informationand explanations which to the bestof our knowledge and belief were necessary forthe purposes of ouraudit.

(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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with relevant rules issuedthereunder.

(e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164 (2) oftheAct.

(f) In our opinion considering nature of business size of the operation andorganizational structure of the entity the company has in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectivelyas at 31st March2021 based on the internal control over financial reporting criteria established by thecompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion to the best of our information and according to the explanations givento us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

(h) 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 taus:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements-Refer item 9 of Note 29toFinancial Statements.

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Maloo Bhatt & Co.
Chartered Accountants
(F.R.No.129572W)
CA. YashBhatt
Place: Vadodara Partner
Date: 28th June 2021 M No. 117745
UDIN :21117745AAAADE1089

ANNEXURE-A

TO THE INDEPENDENT AUDITOR'S REPORT

(referred to paragraph 1 under "report on other legal and regulatoryrequirements" of our report of even date on the accounts for the year ended on 31stmarch 2021 of Rapicut Carbides Limited) 1 . In respect of its fixed assets: (a) TheCompany has maintained records showing particulars including quantitative details andgeneral location of fixed assets.

(b) During the year part of the fixed assets has been physically verified by themanagement in accordance with a phased programme of verification which in our opinion isreasonable and to cover all the items of fixed assets over a period of three years havingregard to the size of the Company and the nature of its assets. According to theinformation and explanations given to us there was no material discrepancies noticed onsuch verification.

(c) The title deeds of immovable properties are held in the name of the company.

2. As explained to us all the inventory of the Company has been physically verified bythe management at reasonable intervals and at the year-end. In our opinion the frequencyof the verification is reasonable. According to the information and explanations given tous there was no material discrepancies noticed on physical verification of inventory ascompared to the book records.

3. 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 CompaniesAct 2013.

4. According to information and explanations given to us the Company has complied withthe provisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

5. According to information and explanations given to us the Company has not acceptedany deposits during the year.

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 prima facie the prescribed cost records have been maintained. However wehave not made detailed examination of the cost records with a view to determine whetherthey are accurate or complete.

7. According to the information and explanations given to us in respect of statutoryand other dues:

(a) The Company has been regular in depositing undisputed statutory dues includingProvident fund Employees' state Insurance Income Tax Goods & Services Tax duty ofcustoms cess and other statutory dues to the appropriate authorities during the year.Based on our audit procedures and according to the information and explanations given tous there are no arrears of statutory dues which has remained outstanding as at 31stMarch2021 fora period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and on the basis therecords produced beforeus by the Companythere are no undisputed amounts payable inrespect of income tax I sales tax/ Service tax/ customs duty / wealth tax/ excise duty/cess which have not been deposited on account of any dispute.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowing to a financial institutionbank or Government. The Company has not obtained any borrowings by way of debentures.

9. The Company has not raised moneys by way of initial public offeror further publicoffer(including debt instruments) and term loans during the year.

10. According to the information and explanations given to us we have not noticed orreported any fraud by the company or any fraud on the Company by its officersor employeesduring the year.

11. The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.

12. This clause of the Companies (Auditor's Report) Order 2016 is not applicable tothe Company as the company is not a Nidhi Company.

13. According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

14. According to the informationand explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him andthe provisions of section 192 of Companies Act 2013 have been complied with.

16. This clause of the Companies (Auditor's Report) Order 2016 is not applicable tothe Company as the company is not a required to be registered under section 45-IAoftheReserve Bank of India Act 1934.

For Maloo Bhatt & Co.
Chartered Accountants
(F.R.No.129572W)
CA. Yash Bhatt
Place: Vadodara Partner
Date: 28th June 2021 M No. 117745
UDIN :21117745AAAADE1089

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