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RCC Cements Ltd.

BSE: 531825 Sector: Industrials
NSE: N.A. ISIN Code: INE335N01015
BSE 00:00 | 08 Apr RCC Cements Ltd
NSE 05:30 | 01 Jan RCC Cements Ltd
OPEN 9.38
PREVIOUS CLOSE 9.38
VOLUME 1
52-Week high 9.87
52-Week low 9.38
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.38
CLOSE 9.38
VOLUME 1
52-Week high 9.87
52-Week low 9.38
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

RCC Cements Ltd. (RCCCEMENTS) - Auditors Report

Company auditors report

To the Members of RCC CEMENTS LIMITED New Delhi

Report on the IND AS financial statements

We have audited the accompanying IND AS financial statements of RCC CEMENTS LIMITED('the Company') which comprise the Balance Sheet as at March 31 2018 the Statementof Profit and Loss including statement of comprehensive Income Cash Flow Statement forthe year then ended and Statement of Changes in Equity and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the 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 IND AS 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 also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 IND AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these IND AS financial statements basedon 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 there-under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe IND AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the IND AS financial statements . The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theIND AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the IND AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the IND AS financial statements .

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid IND AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2018 and its profit/Loss and its Cash Flow for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A' a statement on the mattersspecified 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 purpose 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account

d) in our opinion the aforesaid (Standalone) IND AS financial statements comply withthe Accounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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 and on behalf of
M/s. RMA & Associates LLP
Chartered Accountants
Firm Regn. No. 000978N/N500062
Sd/-
Amit Jain
Place: New Delhi Partner
Dated: 28th May 2018 M. No. 503109

Annexure 'A' to the Independent Auditors' Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal RegulatoryRequirement' of our report of even date to the IND AS financial statements of the Companyfor the year ended March 31 2018:

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we further state as under:

1. (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) All the fixed assets have been physically verified by the management at everyfinancial year end. No material discrepancies were noticed on such verification.

(c) There is no immovable property in the name of company.

2. There is no inventory in the company and therefore there is no question of physicalverification of inventory.

3. Accordingly to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Act. Accordingly paragraph 3 (iii) ofthe order is not applicable.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

5. The Company has not accepted any deposits from the public. Therefore the directiveissued by the Reserve Bank of India and the provision of section 73 to 76 or any otherrelevant provisions of the Companies Act 2013 and the rules framed there under does notarise.

6. As informed to us maintenance of cost records has not been prescribed by theCentral Government U/s. 148(1) of the Companies Act 2013.

7. (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the company is regular in depositingundisputed statutory dues within in the prescribed time to the appropriate authorities andthere are no arrears of outstanding statutory dues as on the last day of the financialyear for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us there are no statutorydues which have not been deposited on account of any dispute.

8. According to the information and explanations given to us the company has notdefaulted in repayment of dues to any financial institution or banks.

9. According to the information & explanation given to us and the records of theCompany examined by us the Company has not raised any money by way of initial public offeror further public offer (including debt instruments) or term loans during the year.

10. Based on the audit procedures performed and the information and explanations givenby the management we report that no fraud by the company and nor any fraud on the companyby its officers or employees has been noticed or reported during the year.

11. No Managerial Remuneration is paid by the company during the year hence provisionsof Section 197 read with Schedule V to Companies Act 2013 are not applicable.

12. In our opinion the company is not a Nidhi company within the meaning of relevantlaw.

13. Based on the audit procedures performed and the information and explanations givenby the management all transactions with related parties are in compliance with theprovisions of section 177 and 188 of the Companies Act 2013 and requisite details havebeen disclosed in the IND AS financial statements as required by the applicable accountingstandards.

14. Based on the audit procedures performed and the information and explanations givenby the management the company has not made any preferential allotment or privateplacement of shares or partly convertible debentures u/s 42 of the Companies Act 2013during the year.

15. Based on the audit procedures performed and the information and explanations givenby the management the company has not entered in to any non-cash transaction withdirectors or others in contravention of section 192 of the Companies Act 2013.

16. In our opinion the company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934.

For and on behalf of
M/s. RMA & Associates LLP
Chartered Accountants
Firm Regn. No. 000978N/N500062
Sd/-
Amit Jain
Place: New Delhi Partner
Dated: 28th May 2018 M. No. 503109

RCC CEMENTS LIMITED

Annexure 'B' to the Independent Auditor's Report of even date on the IND AS financialstatements ofRCC CEMENTS LIMITED.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act

2013 ('the Act')

We have audited the internal financial controls over financial reporting of RCCCEMENTS LIMITED ("the Company") as of March 31 2018 in conjunction with ouraudit of the IND AS financial statements of the Company for the year ended 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 Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring 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 information as required underthe 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 ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the IND AS financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control 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 detail 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 expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the IND ASfinancial 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.

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 effectively as at March 31 2017 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 ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For and on behalf of
M/s. RMA & Associates LLP
Chartered Accountants
Firm Regn. No. 000978N/N500062
Sd/-
Amit Jain
Place: New Delhi Partner
Dated: 28th May 2018 M. No. 503109