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Rushil Decor Ltd.

BSE: 533470 Sector: Others
NSE: RUSHIL ISIN Code: INE573K01017
BSE 00:00 | 19 Feb 458.75 -7.85
(-1.68%)
OPEN

474.95

HIGH

474.95

LOW

453.00

NSE 00:00 | 19 Feb 457.05 1.45
(0.32%)
OPEN

469.95

HIGH

469.95

LOW

452.05

OPEN 474.95
PREVIOUS CLOSE 466.60
VOLUME 434
52-Week high 960.00
52-Week low 390.00
P/E 35.05
Mkt Cap.(Rs cr) 685
Buy Price 450.00
Buy Qty 1.00
Sell Price 458.75
Sell Qty 3.00
OPEN 474.95
CLOSE 466.60
VOLUME 434
52-Week high 960.00
52-Week low 390.00
P/E 35.05
Mkt Cap.(Rs cr) 685
Buy Price 450.00
Buy Qty 1.00
Sell Price 458.75
Sell Qty 3.00

Rushil Decor Ltd. (RUSHIL) - Auditors Report

Company auditors report

TO THE MEMBERS OF RUSHIL DECOR LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying Ind AS Financial Statements of M/s RUSHIL DECORLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Profi t and Loss (including the statement of Other ComprehensiveIncome) the Statement of Cash flows the Statement of Changes in Equity for the year thenended and a summary of the signifi cant accounting policies and other explanatoryinformation. (Herein after referred to as "Ind AS financial statements").

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 Financial Statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specifi ed underSection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended and other accounting principles generally accepted in India.

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; selection and application ofappropriate 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 Ind ASFinancial 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 Financial Statements basedon 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 of the Ind AS financial statements in accordance with theStandards on Auditing as specifi ed under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Financial Statements are free from materialmisstatement.

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 theInd AS Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS Financial 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 Financial Statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate toprovide a basis for our audit opinion on the Ind AS Financial Statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid 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 31st March 2018 and its Profi ts total comprehensive income the changes in equityand its cash flows for the year ended on that date.

OTHER MATTER

The Comparative financial information of the Company for the year ended 31st March 17and the transition date opening date opening balance sheet as at 1st April 2016 includedin these Ind AS financial statements are based on the previously issued statutoryfinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by us and our reports for the years ended 31st March 2017 and 31stMarch 2016 dated 29th April 2017 and 21st May 2016 respectively expressed an unmodified opinion on those financial statements as adjusted for the differences in theaccounting principles adopted by the Company on transition to the Ind AS which have beenaudited by us.

Our opinion is not modifi ed in respect of these matters.

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 Section 143(11) of the Act we givein the Annexure-"A" a statement on the matters specifi ed in paragraphs 3and 4 of the Order.

2. As required by Section 143(3) of the Act we report that: (a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. (b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. (c) The Balance Sheet the Statement of Profi t and Lossincluding Other Comprehensive Income Statement of Changes in Equity and the Statement ofCash Flow dealt with by this Report are in agreement with the books of account. (d) In ouropinion the aforesaid Ind AS Financial Statements comply with the Indian AccountingStandards specifi ed under Section 133 of the Act (e) On the basis of the writtenrepresentations received from the directors as on 31st March 2018 taken on record by theBoard of Directors none of the directors is disqualifi ed as on 31st March 2018 frombeing appointed as a director in terms of Section 164 (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" and (g) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 as amended in our opinion and to the best of our information andaccording to the explanations given to us: i. The Company has disclosed the impact ofpending litigations on its financial position in its Ind AS Financial Statements asreferred to in Note no. 37 to the Ind AS Financial Statements. ii. The Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses. iii. There were no amounts which were required to betransferred to the Investor Education and Protection Fund by the Company.

For Parikh & Majmudar
Chartered Accountants
FR No. 107525W
[C.A (Dr) Hiten M. Parikh]
Partner
Membership No. 040230
Place: Ahmedabad
Date: 19th May 2018

REFERRED TO IN PARAGRAPH "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENT OF OURREPORT" OF EVEN DATE TO THE MEMBERS OF RUSHIL DECOR LIMITED:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fi xed assets.

(b) According to the information and explanations given to us the fi xed assets areverifi ed in a phased manner by the management during the year which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such verifi cation. (c) According to the information andexplanations given to us and on the basis of our examination of the records of theCompany the title deeds of immovable properties are held in the name of the Company. (ii)As explained to us the inventories have been physically verifi ed by the management atreasonable intervals during the year. The discrepancies noticed on verifi cation betweenphysical stocks and the books of accounts were not material.

(iii) The Company has not granted any loans secured or unsecured to Companies fi rmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013.(the Act). (iv) In our opinion and according to theinformation and explanations given to us the Company has complied with the provisions ofsection 185 and 186 of the Act with respect to the loans given during the year.

(v) The Company has not accepted any deposits from the public.

(vi) As explained to us the Central Government has not prescribed the maintenance ofCost records under sub section (1) of section 148 of the companies Act 2013. (vii) (a)According to the information and explanations given to us and on the basis of ourexamination 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 value added tax duty of customs duty of excise service tax Goods &Service Tax cess and other material statutory dues have been regularly deposited duringthe year by the Company with the appropriate authorities. As explained to us the Companydid not have any dues on account of employees' state insurance. According to theinformation and explanations given to us no undisputed amounts payable in respect ofprovident fund income tax sales tax value added tax duty of customs duty of exciseservice tax Goods & Service Tax cess and other material statutory dues were inarrears as at 31st March 2018 for a period of more than six months from the date theybecame payable. b) According to the information and explanations given to us there are nomaterial dues of service tax Goods & Service Tax and value added tax which have notbeen deposited with the appropriate authorities on account of any dispute Howeveraccording to information and explanations given to us the following dues of Income Taxduties of Custom Central Sales tax and Duty of Excise have not been deposited by theCompany on account of Dispute:

Nature of Statues Nature of Dues Amount (In Rs) (Net of payments) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Penalty 1031840/- 2013-14 CIT (A) 9 Ahmedabad
Income Tax Act 1961 Penalty 32270/- 2012-13 CIT (A) 9 Ahmedabad
Central Excise Act1944 Excise Duty Interest& Penalty 1320210/- April 2015 to Feb 2016 Custom Excise & Service Tax Appellate Tribunal Ahmedabad (*)
The Customs Act 1962 Custom Duty with Interest &Penalty 2255536/- with Interest 500000/- Penalty 2014-15 Custom Excise & Service Tax Appellate Tribunal Ahmedabad (*)
Central Sales Tax Act Central Sales Tax 1689373/- 2013-14 Deputy Commissioner (Commercial Tax) Gandhinagar

(viii) According to information & explanations given to us the Company has notdefaulted in repayment of its dues to Banks or Financial institutions or Government. TheCompany does not have any borrowings from debenture holders.

(ix) According to the information & explanations given to us the Company did notraise any money by way of initial public offer or further public offer (including debtinstruments) during the year under review. However the term loans raised during the yearhas been applied for the purpose for which they were raised. (x) According to theinformation and explanations given to us no fraud by the Company or on the Company by itsoffi cers or employees has been noticed or reported during the course of our audit. (xi)According to the information and explanations give to us and based on our examination ofthe records of the Company the Company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act (xii) In our opinion and according to the information andexplanations given to us the Company is not a nidhi company. Accordingly paragraph3(xii) of the Order is not applicable. (xiii) According to the information andexplanations given to us and based on our examination of the records of the Companytransactions with the related parties are in compliance with sections 177 and 188 of theAct where applicable and details of such transactions have been disclosed in the financialstatements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has made preferential allotment offully paid up equity shares during the year and the requirement of Section 42 of theCompanies Act 2013 have been complied with and the amount raised have been used for thepurposes for which the funds were raised.

(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 not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934.

For Parikh & Majmudar
Chartered Accountants
FR No. 107525W
[C.A (Dr) Hiten M. Parikh]
Partner
Membership No. 040230
Place: Ahmedabad
Date: 19th May 2018

Annexure B

To the Independent Auditor's Report off Even Date on the Financial Statements of RushilDecor Limited

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 RUSHILDECOR LIMITED ("the Company") as of 31st March 2018 in conjunction with ouraudit 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 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.

AUDITOR'S 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 andmaintained and if such controls operated 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 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 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 Parikh & Majmudar
Chartered Accountants
FR No. 107525W
[C.A (Dr) Hiten M. Parikh]
Partner
Membership No. 040230
Place: Ahmedabad
Date: 19th May 2018