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Real Touch Finance Ltd..

BSE: 538611 Sector: Financials
NSE: N.A. ISIN Code: INE840I01014
BSE 00:00 | 22 May 16.95 0
(0.00%)
OPEN

17.15

HIGH

17.15

LOW

16.95

NSE 05:30 | 01 Jan Real Touch Finance Ltd.
OPEN 17.15
PREVIOUS CLOSE 16.95
VOLUME 58
52-Week high 39.60
52-Week low 16.95
P/E 40.36
Mkt Cap.(Rs cr) 22
Buy Price 16.95
Buy Qty 30.00
Sell Price 17.80
Sell Qty 110.00
OPEN 17.15
CLOSE 16.95
VOLUME 58
52-Week high 39.60
52-Week low 16.95
P/E 40.36
Mkt Cap.(Rs cr) 22
Buy Price 16.95
Buy Qty 30.00
Sell Price 17.80
Sell Qty 110.00

Real Touch Finance Ltd.. (REALTOUCHFIN) - Auditors Report

Company auditors report

To The Members

M/S. REAL TOUCH FINANCE LIMITED (FORMERLY ASSOCIATED CEREALS LIMITED)

Report on Financial Statements

We have audited the accompanying financial statement of REAL TOUCH FINANCE LIMITED(FORMERLY ASSOCIATED CEREALS LIMITED) which comprises the Balance sheet as at 31stMarch 2017 and the statement of Profit and Loss and Cash Flow statement for the year thenended and a summary of Significant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

The Company board of Directors is responsible for the matters stated in Section 134(5)of the Companies Act 2013 ("the Act") with respect to preparation andpresentation 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 also includes maintenance of adequate accounting recordsin accordance with provision of the Act for safeguarding the asset of the Company and forpreventing and detecting frauds and other regularities; selection and application of theappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting 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.

Auditor's Responsibility

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 auditor report under theprovision 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statement. The procedures selected depend on auditor'sjudgement including the assessment of the risks of material misstatement of the FinancialStatements whether due to fraud or error. In making those risk assessments the auditorsconsider internal control relevant to the company's preparation of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the company has in place an adequate internal financial controls system overfinancial reporting and operating effectiveness of such control. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Director as well as evaluating the overallpresentation of financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our Audit opinion of the financial statements.

Opinion

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 the Balance sheet of the state of affairs of the company as at March31 2017;

(b) In the case of profit and loss Account of the PROFIT for the Year ended onthat date; and in the case of the Cash flow statement of the cash flows for the yearended on that date.

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 Act we give in the Annexure a statement on the matters specified inthe 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 our opinion proper books of accounts 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 books of account;

d) In our opinion the aforesaid financial statements comply with the accountingStandard Specified under Section 133 of the Act read with Rule 7 of the Companies(Account) Rules 2014;

e) On the basis of the written representation received from the Directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director interms of Section 164(2) of the Act; and

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"; and

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 as amended inour opinion and to the best of our Information and according to the explanations given tous:

(i) The Company does not have any pending litigations on its financial position in itsfinancial Statements;

(ii) The Company does not have any long term contracts including derivative contracts.

(iii) The company does not have any requirement to transfer any amount to InvestorEducation and Protection fund by the Company.

(iv) The Company has provided requisite disclosure in financial statements as regardsits holding and dealing in specified bank notes as defined in the notification S.O.3407(E) dated the 8th November 2016 of the ministry of finance during theperiod from 8th November 2016 to 30th December 2016. Based on auditprocedures performed and the representation provided to us by the management we reportthat the disclosures are in accordance with the books of accounts maintained by thecompany and as produced to us by the management.

161/1 Mahatma Gandhi Road For Ashok Kumar Natwarlal & Co.
3rd Floor Room No. 70B Chartered Accountants
Kolkata – 700 007
Ashok Kumar Agarwal
Proprietor
Dated: 30.05.2017 Membership No. 056189
Firm Regn No.322307E

Annexure A to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2017 we report that:

I. The Company does not have any Plant Property and Equipments. Thus paragraph 3(i)of the Order is not applicable.

II. The Company does not have any inventory and hence reporting under clause (ii) ofthe Order is not applicable.

III. According to the information and explanation given to us the companies hasgranted loan and advances to parties covered in the register maintained under section 189of the companies Act 2013.

(a)The Borrower have been regular in payment of the Interest as stipulated. The termsof arrangements do not stipulate any repayment schedule and the loans are repayable ondemand.

IV. In our opinion and according to the information and explanations given to us thecompany being a Non Banking Finance

Company the provisions of Sections 185 and 186 of the companies Act 2013 are notapplicable to it.

V. The Company has not accepted any deposits from the public.

VI. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

VII. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees' state insurance and duty of excise. According to the information andexplanations given to us no undisputed amounts payable in respect of provident fundincome tax sales tax wealth tax service tax duty of customs value added tax cess andother material statutory dues were in arrears as at 31 March 2017 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of wealth tax duty of customs and cess which have not been deposited with theappropriate authorities on account of any dispute.

(c) According to the information and explanations given to us there is no amount whichwas required to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act 2013 and rules there under.

VIII. The company does not have any loans and borrowings from any financialinstitution banks government or debenture holders during the year Accordinglyparagraph 3(viii) of the Order is not applicable.

IX. The company did not raise money by way of initial public offer or further publicoffer(including debt instruments) and term loans during the year Accordingly paragraph3(ix) of the Order is not applicable

X. According to the information and explanations given to us no material fraud on orby the company by its officers or employees has been noticed or reported during the courseof our audit.

XI. According to the information and explanations given to us and based on ourexamination of the records of the company the Company has paid for managerialremuneration in accordance with the provisions of Section 197 read with Schedule V to theAct.

XII. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company.

Accordingly paragraph 3(xii) of the Order is not applicable.

XIII. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into anytransactions with the related parties in compliance with Sections 177 and 188 of the Actso the clause is not applicable for the Company.

XIV. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made preferentialallotment(right shares) during the year.

XV. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non cashtransactions with Directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

XVI. The Company is registered under Section 45-IA of the Reserve Bank of India Act1934 Via Certificate of Registration

No. No.B.05.03146 dated 05/07/1999.

161/1 Mahatma Gandhi Road For Ashok Kumar Natwarlal & Co.
3rd Floor Room No. 70B Chartered Accountants
Kolkata – 700 007
Ashok Kumar Agarwal
Proprietor
Dated: 30.05.2017 Membership No. 056189
Firm Regn No.322307E

Annexure-B to the Auditor's Report

Report on the Financial Statements of Real Touch Finance Limited on the InternalFinancial Controls under Clause(i) of Subsection 3 of Section 143 of the CompaniesAct2013("the Act")

We have audited the internal financial controls over the financial reporting of RealTouch Finance Limited ("the Company") as on 31 March 2017 in conjunction withour audit of the 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 Guidance Note on Audit of Internal Financial Controls over Financial Reporting issuedby the Institute of Chartered Accountants of India (‘ICAI').These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct 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 Companies Act2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialreporting based on our audit. We conducted our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls over Financial Reporting(the "GuidanceNote") and the Standards on Auditing issued by ICAI and deemed to be prescribedunder section 143(10) of the Companies Act2013to the extent applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those standards and Guidance Note require that we comply with the ethicalrequirement s and plan and platform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls over financial reporting was established and maintainedand if such controls operated effectively in all material aspects.

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 system over financial reportingand their operating effectiveness .Our audit of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the 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 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 ofcost records that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance andtransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and the receipt and expendituresof the company are being made only in accordance with authorizations of management anddirectors of the company; and (3) provide reasonable assurance regarding prevention ortimely detection of unauthorized acquisition use or disposition of the company's assetsthat could have a material effect on the financial statements.

Inherent Limitation 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 to be detected.Also projections of any evaluation of the internal financial controls over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial control system over financial reporting and such internal financial controlssystem over financial reporting were operating effectively as on 31 March2017 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India

161/1 Mahatma Gandhi Road For Ashok Kumar Natwarlal & Co.
3rd Floor Room No. 70B Chartered Accountants
Kolkata – 700 007
Ashok Kumar Agarwal
Proprietor
Dated: 30.05.2017 Membership No. 056189
Firm Regn No.322307E