You are here » Home » Companies » Company Overview » RPP Infra Projects Ltd

RPP Infra Projects Ltd.

BSE: 533284 Sector: Infrastructure
NSE: RPPINFRA ISIN Code: INE324L01013
BSE 00:00 | 22 Jun 224.55 -0.90
(-0.40%)
OPEN

226.80

HIGH

227.00

LOW

220.00

NSE 00:00 | 22 Jun 225.90 0.85
(0.38%)
OPEN

224.65

HIGH

228.75

LOW

220.75

OPEN 226.80
PREVIOUS CLOSE 225.45
VOLUME 9731
52-Week high 325.30
52-Week low 206.10
P/E 37.68
Mkt Cap.(Rs cr) 507
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 226.80
CLOSE 225.45
VOLUME 9731
52-Week high 325.30
52-Week low 206.10
P/E 37.68
Mkt Cap.(Rs cr) 507
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

RPP Infra Projects Ltd. (RPPINFRA) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

M/s. RPP INFRA PROJECTS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of M/S. RPP INFRAPROJECTS LIMITED (hereinafter "the company") which comprise the Balance Sheetas at 31st March 2017 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone 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 of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on 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 issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of the Act.Those

Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon the effectiveness of the entity's internal control. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the 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 31st March 2017 it's profit and it's cash flows for the year ended on that date.

Other Matter

We did not audit the financial statements of branch at Jaffna included in theStandalone financial statements of the Company whose financial statements reflect totalassets of H7.68 Crores as at 31st March 2017 and total revenue of H1.62 Crore for the yearended on that date as considered in the standalone financial statements. The IndependentAuditor's Report of these financial statements has not been made available to us and ouropinion is not related to the amounts

and disclosures included in respect of this branch. Our opinion is not modified inrespect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central Government of India in terms of sub-section (11) of Section 143 of the Act wegive in the 'Annexure A' a statement on the matters specified in the paragraph 3 and 4 ofthe 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. We have notaudited the branch office situated in Jaffna. We have not received the audit report forthe same.

(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 report on the accounts of the branch office of the Company at Jaffna Srilankawas not received by us and hence we are neither able to comment on the above nor ouropinion is modified by this matter.

(d) 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 accounts.

(e) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(f) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(g) With respect to the adequacy of the internal financial controls over financialreporting of the Company and

the operating effectiveness of such controls refer to our separate Report in 'AnnexureB'.

(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 to us:

a. The company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements. Refer to Note no.32 - to the standalonefinancial statements.

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.

d. According to the MCA circular no. G.S.R 307(E) dated 30.03.2017 we report that thecompany had provided requisite disclosures in its financial statements as to holdings aswell as dealings in Specified Bank Notes during the period from 8th November to 30thDecember 2016 and these are in accordance with the books of accounts maintained by thecompany. Refer to Note no. 30 - to the standalone financial statements.

For SUNDARAM & NARAYANAN
Chartered Accountants
Firm Reg. No: 004204S
CA. P KAILASAM
Place: Erode Partner
Date: 29/05/2017 Membership No: 222363

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31st March 2017. We report that:

1. a) The company has maintained proper records

showing full particulars including quantitative details and situation of fixed assets.

b) The fixed assets have been physically verified by the management during the yearwhich in our opinion is reasonable having regard to the size of the company and thenature of its assets. No material discrepancies were noticed on such verification.

c) The title deeds of all the immovable properties of the Company shown under the FixedAssets schedule are held in the name of Company.

2. The inventories have been physically verified by the management at reasonableintervals during the year. In our opinion the frequency of such verification isreasonable and no discrepancies were noticed at the time of verification.

3. a) The company has not granted loans secured or

unsecured to companies firms LLP's or other parties covered in the registermaintained U/s. 189 of the Act.

b) & c) Not applicable since the company has not granted any loans to the partiescovered in the register maintained U/s. 189 of the Act.

4. The company has not given any loans / investments / guarantees to which theprovisions of Sec. 185 and sec 186 of the Act apply.

5. The company has not accepted any deposits to which the provisions of Sec. 73 to 76or any other relevant provisions of the Act and the rules framed there under and thedirections issued by the RBI are applicable. Hence this clause is not applicable.

6. We have broadly reviewed the books of account maintained by the company pursuant tothe Rules made by the Central Government for the maintenance of cost records u/s 148 ofthe Act and are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained. We have however not made a detailed examination of the costrecords with a view to determine whether they are accurate or complete.

7. a) Undisputed statutory dues including PF ESI income-

tax sales-tax service tax duty of custom duty of excise VAT cess have generallybeen regularly deposited with the appropriate authorities though there has been delay infew cases.

b) The particulars of Income tax Service Tax which have not been deposited on accountof any dispute are as follows:

Name of Statute Nature of the due Amount in

H

Period to which the amount relates Forum where the dispute is pending
Income Tax Act Income Tax 14668 2005-06 Assistant Commissioner of Income Tax Circle-I Erode
Income Tax Act Income Tax 2414650 2005-06 Assistant Commissioner of Income Tax Circle-I Erode
Income Tax Act Income Tax 705443 2006-07 Assistant Commissioner of Income Tax Circle-I Erode
Income Tax Act Income Tax 8268 2007-08 Assistant Commissioner of Income Tax Circle-I Erode
Income Tax Act Income Tax 2546 2008-09 Assistant Commissioner of Income Tax Circle-I Erode
Income Tax Act Income Tax 9120350 2008-09 Assistant Commissioner of Income Tax Circle-I Erode
Income Tax Act Income Tax 18306420 2009-10 Income Tax Appellate Tribunal Chennai
Income Tax Act Income Tax 13152200 2009-10 Commissioner of Income Tax Coimbatore
Income Tax Act Income Tax 17888460 2011-12 Commissioner of Income Tax Coimbatore
Income Tax Act Income Tax 14202440 2012-13 Assistant Commissioner of Income Tax Circle-I Erode
Income Tax Act Income Tax 2966600 2013-14 Income Tax Department-CPC
Service Tax Act Service Tax 106495662 2010-16 Commissioner of Central excise dept

Further there are certain short deductions under TDS as

disclosed in the Income Tax website (Please refer Note No. 32

to the notes to accounts).

8. Based on our audit procedures we are of the opinion that the company has notdefaulted in repayment of dues to its bank financial institution and to the Government.There are no Debenture holders for the Company.

9. No monies were raised through initial public offer during the year. The moniesraised through term loans were applied for the purpose for which they have been raised.

10. Based upon the audit procedures performed we report that no fraud by the companyand no fraud on the Company by its officers / employees has been noticed or reportedduring the course of our audit.

11. The Managerial Remuneration has been paid / provided in accordance with therequisite approvals mandated by Sec. 197 read with Schedule V to the Act.

12. The Company is not a Nidhi Co. and therefore clause 3(12) of the Order is notapplicable to the Company.

13. In our opinion all the Related Party Transactions entered into by the Companyduring the year are in compliance with the provisions Sec. 188 & 177 of the Act andthe

details thereof have been disclosed in the Financial Statements as required by theAccounting standards and the Act.

14. The Company has not made any preferential allotment / private placement of sharesduring the year and therefore this clause is not applicable to the Company.

15. The Company has not entered into any non-cash transactions with directors / personsconnected with him as stipulated u/s. 192 of the Act. Clause 3(15) of the Order istherefore not applicable to the Company.

16. In our opinion the Company is not required to be registered u/s 45-IA of theReserve Bank of India Act 1934..

For SUNDARAM & NARAYANAN
Chartered Accountants
Firm Reg. No: 004204S
CA. P KAILASAM
Place: Erode Partner
Date: 29/05/2017 Membership No: 222363

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 M/s. RPPInfra Projects Limited as of 31st March 2017 in conjunction with our audit of thestandalone 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 ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 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 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 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 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.

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 2017 based on theinternal control over financial reporting criteria

established by the Company considering the essential components of internal controlstated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. We have not auditedthe internal financial control over financial reporting for the branch at Jaffna and wehave not received the independent auditor's report regarding the same. Hence our opinionis not related to the internal control of this branch.

For SUNDARAM & NARAYANAN
Chartered Accountants
Firm Reg. No: 004204S
CA. P KAILASAM
Place: Erode Partner
Date: 29/05/2017 Membership No: 222363