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RDB Rasayans Ltd.

BSE: 533608 Sector: Industrials
NSE: N.A. ISIN Code: INE123M01017
BSE 10:31 | 23 Oct 37.00 -1.80
(-4.64%)
OPEN

39.00

HIGH

39.00

LOW

37.00

NSE 05:30 | 01 Jan RDB Rasayans Ltd
OPEN 39.00
PREVIOUS CLOSE 38.80
VOLUME 241
52-Week high 90.85
52-Week low 23.00
P/E 8.26
Mkt Cap.(Rs cr) 66
Buy Price 36.05
Buy Qty 50.00
Sell Price 37.00
Sell Qty 470.00
OPEN 39.00
CLOSE 38.80
VOLUME 241
52-Week high 90.85
52-Week low 23.00
P/E 8.26
Mkt Cap.(Rs cr) 66
Buy Price 36.05
Buy Qty 50.00
Sell Price 37.00
Sell Qty 470.00

RDB Rasayans Ltd. (RDBRASAYANS) - Auditors Report

Company auditors report

TO THE MEMBERS OF

RDB RASAYANS LIMITED

We have audited the accompanying nancial statements of RDB RASAYANS LIMITEDwhich comprise the Balance Sheet as at March 31 2018 the Statement of Pro t & LossCash Flow Statement and the Statement of Changes in Equity for the year then ended forthe year ended and also a summary of signi cant accounting policies and other explanatoryinformation.

Management's Responsibility for the 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 nancial statements that give a true and fair view of the nancial positionnancial performance including other comprehensive income cash ows and changes in equityof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) prescribed 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 the assets of the Company andfor preventing and detecting frauds and other irregularities; the selection andapplication of appropriate accounting policies; making judgments and the estimates thatare reasonable and prudent; and the design implementation and maintenance of adequateinternal nancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS nancial 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 nancial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing speci ed 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 nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS nancial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS nancial statements whether due to fraud or error. In making those riskassessments the auditor considers internal nancial control relevant to the Company'spreparation of the Ind AS nancial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS nancial statements.

We believe that the audit evidence we have obtained is suf cient and appropriate toprovide a basis for our audit opinion on the Ind AS nancial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS nancial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs of the Company as at 31st March 2018 and its pro t its cash ows and itsstatements of changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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 ofthe Act and on the basis of such checks of the books and records as we consideredappropriate and according to the information and explanations given to us we set out astatement on the matters speci ed in the paragraph 3 and 4 of the Order to the extentapplicable.

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

b) As explained to us Fixed Assets of the company are physically veri ed by themanagement according to a phased programme designed to cover all the items whichconsidering the size and nature of operations of the company appears to be reasonable.Pursuant to such program no material discrepancies between book records and physicalinventory have been noticed on physical veri cation.

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

2.) a) The inventory (excluding stock lying with third parties) has been physicallyveri ed by the management at regular intervals. In respect of inventory lying with thirdparties these have substantially been con rmed by them.

b) In our opinion and according to the information's and explanations given to us theprocedures of physical veri cation of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) On the basis of our examinations of records of the inventory in our opinion thecompany is maintaining proper records of inventory except in respect of work-in-progress.As in earlier years work-in-progress has been determined by the management on the basisof physical veri cation. The discrepancies ascertained on physical veri cation between thephysical stock and the book records of inventory were not material in relation to theoperations of the Company.

3.) The company has not granted any loans secured or unsecured to companies rms orother parties covered in the register maintained under section 189 of the Companies Act2013. Hence clause is not applicable.

4.) According to the records of the company examined by us and according to theinformation and explanations given to us in our opinion the company has not granted anyloan to any parties covered u/s 185 of the Companies Act 2013. Further loan granted u/s186 of the Companies Act 2013 are in compliance with the relevant section. The companyhave not given any guarantees or security nor has made any investments covered under theprovisions of section 185 and 186 of the Companies Act 2013.

5.) The company has not accepted deposits and the directives issued by the Reserve Bankof India and the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rules framed there under are not applicable.

6.) The rules regarding maintenance of cost records which have been speci ed by thecentral government under subsection (1) of section 148 of the Companies Act 2013 areapplicable to the Company and the company has made and maintained such records asrequired by statute.

7.) a) The company is 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 cess and any other statutory dues with theappropriate authorities and there is no arrears of outstanding statutory dues as at thelast day of the nancial year concerned for a period of more than six months from the datethey became payable except entry tax which is pending since last 4 years as the matter isunder dispute in Hon'ble High Court of Calcutta.

b) According to the records of the company examined by us and according to informationand explanations given to us there are no dues in respect of income tax sales taxwealth tax service tax duty of customs duty of excise value added tax or cess whichhave not been deposited on account of any dispute except as stated below:

Nature of Statute Nature of Dues Amount (Rs in Lacs) Period Forum where pending
West Bengal Tax on Entry 36.69 2014-15 Hon'ble
Entry of Goods into Local Areas Act 2013 Tax 2015-16 2016-17 & 2017-18 High Court of Calcutta

8.) According to the records of the Company examined by us and the information andexplanations given to us the Company has neither defaulted in repayment of loans orborrowing to any nancial institution bank and government nor has it any outstandingdebenture; hence the clause is not applicable.

9.) According to the information and explanations given to us there was no moneyraised by way of initial public offer or further public offer (including debt instruments)and term loan has been applied on an overall basis for the purpose for which they wereobtained.

10.) According to the information and explanations given to us we report that neitherany fraud by the company nor on the company by its of cers / employees has been noticed orreported during the year.

11.) As examined by us the company has paid remuneration to managerial personnelduring the period in accordance with the requisite approval mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

12.) The company is not a nidhi company. Hence clause is not applicable.

13.) According to the information and explanations given to us we are of the opinionthat all the transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 and the details have been disclosed in the nancial statementsetc. as required by the applicable accounting standards.

14.) According to the information and explanations given to us we report that thecompany has neither made any preferential allotment or private placement of shares norfully or partly convertible debentures during the year under review. Hence clause is notapplicable.

15.) According to the information and explanations given to us we report that thecompany has not entered into any non-cash transactions with directors or persons connectedwith them. Hence clause is not applicable.

16.) According to the information and explanations given to us we report that companyis not required to be registered u/s 45-IA of Reserve Bank of India Act 1934.

Report on Other Legal and Regulatory Requirements

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

1. 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.

2. 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.

3. The Balance Sheet the Statement of Pro t and Loss the Cash Flow Statement and thestatement of charges in equity dealt with by this Report are in agreement with the booksof account.

4. In our opinion the aforesaid nancial statements comply with the Ind AS speci edunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

5. On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors is disqualied as on 31st March 2018 from being appointed as a director in terms of Section 164 (2)of the Act.

6. With respect to the adequacy of the internal nancial controls over nancialsreporting of the company and the operating effectiveness of such controls refer to ourseparate report in Annexure A.

7. 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:

(a) In relation to matter of entry tax wherein the company has already provided theliability in the books but not paid. The company has led a suit against the validity ofapplicability of Entry Tax.

(b) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

(c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For S M DAGA & CO.
Chartered Accountants
Firm's Registration Number: 303119E
Deepak Kumar Daga
Place : 11 Clive Row Kolkata - 700 001 (Partner)
Date: 30 day of May 2018 Membership Number: 059205

Annexure A

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

We have audited the internal nancial controls over nancial reporting of RDB RASAYANSLIMITED as of 31st March 2018 in conjunction with our audit of the Ind AS nancialstatements 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 internalnancial controls based on the internal control over nancial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note on Audit 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 nancial controls that wereoperating effectively for ensuring the orderly and ef cient 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 nancial information as required under theCompanies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal nancial controlsover nancial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal nancialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal nancial controls over nancialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

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

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

Meaning of Internal Financial Controls over Financial Reporting

A company's internal nancial control over nancial reporting is a process designed toprovide reasonable assurance regarding the reliability of nancial reporting and thepreparation of nancial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal nancial control over nancialreporting includes those policies and procedures that

(I) Pertains to the maintenance of records that in reasonable detail accurately andfairly re ect the transactions and dispositions of the assets of the company.

(II) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of nancial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company.

(III) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the nancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal nancial controls over nancialreporting 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 nancial controls over nancialreporting to future periods are subject to the risk that the internal nancial control overnancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internal nancialcontrols system over nancial reporting and such internal nancial controls over nancialreporting were operating effectively as at 31st March 2018 based on the internal controlover nancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For S M DAGA & CO.
Chartered Accountants
Firm's Registration Number: 303119E
Deepak Kumar Daga
Place: Kolkata (Partner)
Date: 30 day of May 2018 Membership Number: 059205