You are here » Home » Companies » Company Overview » Rolcon Engineering Company Ltd

Rolcon Engineering Company Ltd.

BSE: 505807 Sector: Engineering
NSE: N.A. ISIN Code: INE775R01013
BSE 00:00 | 25 Nov Rolcon Engineering Company Ltd
NSE 05:30 | 01 Jan Rolcon Engineering Company Ltd
OPEN 118.20
PREVIOUS CLOSE 118.20
VOLUME 50
52-Week high 118.20
52-Week low 0.00
P/E 4.50
Mkt Cap.(Rs cr) 9
Buy Price 118.20
Buy Qty 950.00
Sell Price 0.00
Sell Qty 0.00
OPEN 118.20
CLOSE 118.20
VOLUME 50
52-Week high 118.20
52-Week low 0.00
P/E 4.50
Mkt Cap.(Rs cr) 9
Buy Price 118.20
Buy Qty 950.00
Sell Price 0.00
Sell Qty 0.00

Rolcon Engineering Company Ltd. (ROLCONENGGCO) - Auditors Report

Company auditors report

To

The Members of

ROLCON ENGINEERING COMPANY LIMITED

Report on the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of ROLCONENGINEERING COMPANY LIMITED which comprise the Balance Sheet as at March 31 2021 theStatement of Profit and Loss including the statement of Other Comprehensive Income theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone 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 2021 its profit including other comprehensive income its cash flows andthe 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 theStandalone Ind AS Financial Statements section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India together with the ethical requirements that are relevant to our auditof the financial statements under the provisions of the Companies Act 2013 and the rulesmade thereunder and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and 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 standalone Ind AS financial statements of the currentyear. These matters were addressed in the context of our audit of the standalone Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

Management's Responsibility for the Standalone 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 standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance changes in equity and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theAccounting Standards (Ind AS) specified under Section 133 of the Act. This responsibilityalso i n c lud es m a intenan c e of a deq u ate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone Ind AS Financial Statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonable be expected to influence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements.

Other Matter

Report on Other Legal and

Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act dated 29.03.2016 we give in the Annexure A a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we further 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 appears from our examination of those books;

c. the Balance Sheet Statement of Profit and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account.

d. In our opinion the standalone Ind AS financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standard) Rules 2015 as amended;

e. On the basis of written representations received from the directors as on 31stMarch 2021 and 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) of the Act;

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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

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 and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act; and

h. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

I. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 27 to the standalone Ind AS financialstatements;

ii. As informed to us the Company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise;

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

FOR JHS & Associates LLP
Chartered Accountants Registration No. 133288W/W100099
Saurabh Shah
Partner
Vallabh Vidyanagar Membership No: 110914
May 28 2021. UDIN:21110914AAAANR5215

ANNEXURE - A TO THE INDEPENDENT AUDITORS' REPORT ANNEXURE REFERRED TO PARAGRAPH 1 UNDER"REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATEON THE ACCOUNTS FOR THE YEAR ENDED ON MARCH 31 2021 OF ROLCON ENGINEERING COMPANYLIMITED.

1. In respect of its fixed assets:

a. The Company has maintained records showing full particulars including quantitativedetails and 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. According to the information and explanations given to us the title deeds ofimmovable properties are held in the name of the Company.

2. a. As explained to us the inventories have been physically verified by themanagement during the year at reasonable intervals. In our opinion having regard to thenature and location of stocks the frequency of verification is reasonable.

b .According to the information and explanations given to us no material discrepancieswere noticed on physical verification of inventory as compared to the book records.

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 Companies Act 2013.

4. The Company has not made any loans investments guarantees and securities where theprovisions of section 185 and 186 of the Companies Act 2013 are applicable to theCompany.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits within the meaning of Section 73 to 76 of theCompanies Act 2013 and the rules framed there under and the directives issued by theReserve Bank of India where applicable.

6. We have broadly reviewed the books of account and records maintained by the Companyas specified by the Central Government for the maintenance of cost records under section148(1) of the Companies Act 2013 with respect to its manufacturing activities and are ofthe opinion that prima facie the prescribed accounts and records have been made andmaintained. The contents of these accounts and records have not been examined by us.

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 Sales tax and Other Statutorydues with the appropriate authorities during the year. Based on our audit procedures andaccording to the information and explanations given to us there are no arrears ofstatutory dues which has remained outstanding as on 31st March 2021 for a period of morethan six months from the date they became payable.

b According to the information and explanations given to us and on the basis therecords produced before us by the Company except for the cases stated below there are noundisputed amounts payable in respect of income tax/ sales tax/ Service tax/ customsduty/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 borrowings of banks. The Company hasnot obtained any loans or borrowings from any financial institutions or by way ofdebentures or from government.

9. The company has not raised moneys by way of initial public offer or further publicoffer including debt instruments and term Loans. Accordingly the provisions of clause 3(ix) of the Order are not applicable to the Company.

10. During the course of our examination of the books of account carried out inaccordance with the generally accepted auditing practices in India and according to theinformation and explanations given to us we have neither come across any instances offraud on or by the Company noticed or reported during the year nor have we been informedof such case by the management.

11. According to information and explanations given to us the Company has paid orprovided managerial remuneration in accordance with the requisite approvals mandated bythe provisions of the section 197 read with Schedule V of the Companies Act 2013.

12.The Company is not a Nidhi Company and hence the provisions of clause 3 (xii) ofthe Order are not applicable to the Company.

13. According to information and explanations given to us all transactions with therelated parties are in compliance with section 177 and 188 of the Companies Act 2013 anddetails have been disclosed in the standalone Ind AS Financial Statements as required byapplicable Accounting Standard.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of clause 3 (xiv) of the Order are not applicable to the Company and hence notcommented upon.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16.In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

FOR JHS & Associates LLP
Chartered Accountants Registration No. 133288W/W100099
Saurabh Shah
Partner
Vallabh Vidyanagar Membership No: 110914
May 28 2021. UDIN:21110914AAAANR5215

ANNEXURE - B TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ROLCONENGINEERING COMPANY LIMITED as of 31st March 2021 in conjunction with our audit of thefinancial 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 ('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 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 "GuidanceNote") and the Standards on Auditing issued by ICAI and deemed to be prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 judgment including the assessment of the risks ofmaterial 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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

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 31st March 2021 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 JHS & Associates LLP
Chartered Accountants Registration No. 133288W/W100099
Saurabh Shah
Partner
Vallabh Vidyanagar Membership No: 110914
May 28 2021. UDIN:21110914AAAANR5215

.