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Rudrabhishek Enterprises Ltd.

BSE: 535095 Sector: Infrastructure
NSE: REPL ISIN Code: INE364Z01019
BSE 05:30 | 01 Jan Rudrabhishek Enterprises Ltd
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Rudrabhishek Enterprises Ltd. (REPL) - Auditors Report

Company auditors report

To

The Members of

M/s Rudrabhishek Enterprises Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of M/s RudrabhishekEnterprises Limited (‘'the Company'') which comprise the Balance sheet as at 31stMarch 2018 the Statement of Profit & Loss and the Cash Flow Statement for the periodthen ended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information.

MANAGEMENT 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 ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting 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 and the Companies (Accounting Standards) Amendment Rules 2016. 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; andthe design implementation and maintenance of adequate internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone 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 standalone financial statementsbased on our audit. We have taken into account the provisions of the act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the rules made thereunder. We conducted our audit ofstandalone financial statements in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountant 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 standalone financial statements arefree from material misstatement. An audit involves performing procedures to obtain auditevidence about the amount and disclosures in the standalone financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud or error. In making those risk assessments; the auditor considers internal controlrelevant to the Company's preparation and fair presentation of the standalone financialstatements in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management as well as evaluating theoverall presentation of the standalone financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone 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 the case of the Balance Sheet of the stateof affairs of the company as at 31st March 2018; (b) in the case of the Statement ofProfit and Loss of the profit for the period ended on that date. (c) in the case of theCash Flow Statement of the cash flows for the period ended on that date.

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 in terms of Section 143(11) of the Act we give in the‘Annexure-A' a statement on the matters specified in paragraph 3 and 4 of the Order.

2. As required by section 143(3) of the Companies Act 2013 we report that: a. we havesought and obtained all the informations and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit; b. in our opinion properbooks of account as required by law have been kept by the Company so far as appears fromour examination of those books; c. the Balance Sheet Statement of Profit and Loss andCash

Flow Statement dealt with by this Report are in agreement with the books of account; d.In our opinion the aforesaid standalone financial statements comply with AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 as amended. e. On the basis of the written representations &DIR 8 received from the Directors as on 31st March 2018 taken on record by the Board ofDirectors of the company and the reports of the statutory auditors of its subsidiarycompanies incorporated in India none of the directors of Group companies is disqualifiedas on 31st March 2018 from being appointed as a director under sub-section (2) of section164 of the Act f. With respect to the adequacy of the internal financial controls overfinancial reporting of the Company with reference to these standalone financial statementsand the operating effectiveness of such controls refer to our separate report in"Annexure B"; g. With respect to the other matters to be included in theAuditors' Report in accordance with Rule 11 of the Companies (Audit and Auditor's) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us: i) The Company does not have any pending litigations which would impact itsfinancial position. ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses. iii) There wereno amounts which were required to be transferred to the Investor Education and ProtectionFund by the Company.

For SANJEEV NEERU & ASSOCIATES

Chartered Accountants

F. R. No: 013350N

Sanjeev Gupta

(Proprietor)

M. No: 090188

Place: New Delhi

Date: 31/08/2018

ANNEXURE-‘A' TO INDEPENDENT AUDITOR'S REPORT Referred to in Paragraph 1 under theheading of "Report on other legal and regulatory requirements" of our report ofeven date

(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b) The Company has a regular programmeof physical verification of its fixed assets by which fixed assets are verified in aphased manner over a period of three years. In accordance with this programme certainfixed assets were verified during the period and no material discrepancies were noticed onsuch verification. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the Company and the nature of its assets. c) According to theinformation and explanations given to us and on the basis of our examination of therecords of the Company the title deeds of immovable properties are held in the name ofthe Company.

(ii) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company Inventory being intangible work in process ofservices no physical verification could be carried out by the management. However themanagement has exercised adequate internal control on valuation of such inventory.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Act during the year. Accordingly paragraph 3(iii) of the order is notapplicable.

(iv) 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 Act with respectto the loans and investments made barring an unsecured loan of Rs. 1985644/- (SGD40000) to its overseas subsidiary. (v) In our opinion and according to the informationand explanation provided to us the Company has not accepted any deposits to whichprovision of section 73 to 76 or any other relevant provision of the Companies Act 2013and rules framed there under are applicable.

(vi) In our opinion and as per information given to us maintenance of cost recordsunder section 148(1) of the Companies Act 2013 has not been prescribed by the CentralGovernment for the Company.

(vii) In respect of statutory dues:

(a) According to information and explanation given to us and as per records of theCompany the Company is generally regular in depositing the undisputed statutory dues likeProvident Fund Income Tax Sales Tax Goods & Service Tax Cess and Service tax etcwith the appropriate authorities and there were no arrears of such dues at the periodended 31st March 2018 which have remained outstanding for a period of more than six monthsfrom the date they became payable: (b) According to information and explanation given tous and as per records of the Company there are no disputed statutory dues like IncomeTax Sales Tax Wealth Tax Goods & Service Tax Customs Duty Excise Duty Cess andService Tax outstanding as at 31st March 2018.

(viii) The Company has not defaulted in repayment of dues to financial institution orbank or debenture-holders during the period. (ix) According to the information andexplanations given to us and based on our examination of the records of the Company theCompany did not raise any money by way of initial public offer or further public offer(including debt instruments) and the term loans. Accordingly paragraph 3 (ix) of theOrder is not applicable. (x) According to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the course of our audit. (xi) According to the information andexplanation given by the management the managerial remuneration has been paid/ providedin accordance with requisite approval mandated by the provisions of the section 197 readwith Schedule V to the Companies Act 2013.

(xii) According to the information and explanations given to us the Company is not aNidhi 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 transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards. (xiv) According to the information and explanations give to us andbased on our examination of the records of the Company the Company issued 1000000equity shares under FDI of "FEMA Regulations" as private placement to a foreigncitizen. Accordingly requirements of section 42 of the Companies Act 2013 has beencomplied with and the amount raised has been used for the purpose for which the issue wasmade.

(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 as referred to in section 192 ofCompanies Act 2013. Accordingly paragraph 3(xv) of the Order is not applicable. (xvi)According to the information and explanations given to us and based on our examination ofthe records of the Company the provisions of section 45-IA of the Reserve Bank of IndiaAct 1934 are not applicable to the Company.

For SANJEEV NEERU & ASSOCIATES

Chartered Accountants

F. R. No: 013350N

Sanjeev Gupta

(Proprietor)

M. No: 090188

Place: New Delhi

Date: 31/08/2018

ANNEXURE-‘B' TO INDEPENDENT AUDITOR'S 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 M/sRudrabhishek Enterprises Limited ("the Company") as of 31st March 2018 inconjunction with our audit of the standalone financial statements of the Company for theyear 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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 "Guidance Note") and the Standards on Auditing as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness. Our audit of internal financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting. Meaning of Internal Financial Controls overFinancial Reporting A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of standalone

financial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat 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 standalone financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the standalone 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 2018 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 SANJEEV NEERU & ASSOCIATES

Chartered Accountants

F. R. No: 013350N

Sanjeev Gupta

(Proprietor)

M. No: 090188

Place: New Delhi

Date: 31/08/2018