Shree Rajivlochan Oil Extraction Ltd.
|BSE: 530295||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE418K01015|
|BSE 05:30 | 01 Jan||Shree Rajivlochan Oil Extraction Ltd|
|NSE 05:30 | 01 Jan||Shree Rajivlochan Oil Extraction Ltd|
|BSE: 530295||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE418K01015|
|BSE 05:30 | 01 Jan||Shree Rajivlochan Oil Extraction Ltd|
|NSE 05:30 | 01 Jan||Shree Rajivlochan Oil Extraction Ltd|
TO SHAREHOLDERS OF SHREEE RAJIV LOCHAN OIL EXTRACTION LIMITED RAIPUR (C.G.)
Report on the Audit of the Standalone Financial Statements Opinion
We have audited the standalone financial statements of SHREE RAJIV LOCHAN OILEXTRACTION LIMITED RAIPUR (C.G.). - 492 001 which comprise the balance sheet as at 31stMarch 2021 and the statement of Profit and Loss and statement of cash flows for the yearended on that date and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.
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 Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 312021 and its profit/loss and its cash flows for theyear ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Companies Act 2013. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules there under and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the ICAI's Codeof Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the accounting Standards specified under section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the financial statements the Board of Directors 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 unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic 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 Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
Report on Other Legal And Regulatory Requirement
As required by the Companies (Auditors' Report) Order 2016 issued by the CentralGovernment of India in terms of Sub-Section (11) of Section 143 of the Act we give in theAnnexure a statement on the matters specified in paragraphs 3 of the said order.
As required by section 143(3) of the Act We hereby report that:
1. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.
2. 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.
3. The Company is not having any branches during the year under audit.
4. The Balance Sheet and Statement of Profit & Loss dealt with by this report arein agreement with the books of accounts.
5. In our opinion the Balance Sheet and Statement of Profit & Loss comply with theAccounting Standards notified under this Act.
6. On the basis of examination of books of accounts we are of opinion that there wereno financial transactions or matters which have adverse effect on the Company.
7. On the basis of written representation received from the directors as on 31stMarch 2021 and taken on records by the Board of director none of the director isdisqualified as on 31st March 2021 from being appointed as a director underthe Companies Act 2013.
8. In our opinion there is NIL qualifications reservations or adverse remarks inrespect of maintenance of books of accounts or other matter connected herewith.
9. In our opinion Companies has adequate internal financial control systemcommensurate with size of the company & nature of business.
10. According to the information explanation given to us there is no pendinglitigation against the Company which requires separate disclosure in the financialstatements.
11. According to the information explanation given to us we are of opinion that theCompany has no material foreseeable losses for which provision is required to be madeunder law or accounting standards.
12. According to the information explanation given to us we are of opinion that theCompany is not required to transfer any amount to Investor Education and Protection Fund.
Auditors Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting SHREEE RAJIVLOCHAN OIL EXTRACTION LIMITED RAIPUR (C.G.). ("The Company") as of 31st March2021 in conjunction with our audit of the financial statements of the Company for the yearended 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.
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 authorizations 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.
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 31 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.
ANNEXURE TO THE AUDITOR'S REPORT (Referred to in paragraph 7 of our report of evendate)
I. (a) The Company is maintaining proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) The Company's fixed asset has been physically verified during the year by themanagement. In our opinion the verification is reasonable. As explained to us nomaterial discrepancies were noticed during verification which required disclosure.
(c) The title deeds of immovable properties are held in the name of the company.
II. The Company has no inventory during the year under report; therefore theprovisions of clause 3(ii) of the Companies (Auditor's Report) Order 2016 are notapplicable to the Company.
iii. As per the information and explanations provided to us the company has grantedany
loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under section 189 of the Companies Act2013.
IV. In respect of Loans granted the company has complied with the provisions ofsection 185 and 186 of the Companies Act 2013. However the company has not madeinvestments not given guarantee and security during the year under report.
V. As per the information and explanations given to us the company has not acceptedany deposits during the period under audit; therefore the provisions of clause 3(v) ofthe Companies (Auditor's Report) Order 2016 are not applicable to the Company.
VI. In our opinion and according to the information and explanations given to uscompany is not required to maintain cost records under section 148(1) of the Companies Act2013; therefore the provisions of clause 3(vi) of the Companies (Auditor's Report) Order2016 are not applicable to the Company.
vii. (a) As explained to us the Company is regular in depositing undisputed statutorydues including provident fund employees' state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax cess and any other statutory duesto the appropriate authorities.
(b) According to the information given to us there are no dues of Income Tax ServiceTax which have not been deposited on account of any dispute.
viii. The Company has not taken loans or borrowed funds during the year under report
therefore the provisions of clause 3(viii) of the Companies (Auditor's Report) Order2016 are not applicable to the Company
IX. As per the information and explanations provided to us the company has neitherraised money by way of initial public offer or further public offer (including debtinstruments) nor has taken any term loan during the year under audit hence clause 3(ix)of the Companies (Auditor's Report) Order 2016 is not applicable to the company.
X. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year under review.
XI. The company has not paid nor provided any managerial remuneration during the yearunder report therefore the provisions of clause 3(xi) of the Companies (Auditor'sReport) Order 2016 are not applicable to the Company.
xii. The company is not a nidhi company therefore the provisions of clause 3(xii) ofthe Companies (Auditor's Report) Order 2016 are not applicable to the Company.
xiii. As per the information and explanation provided to us the company has compliedwith the provisions of sections 177 and 188 of Companies Act 2013 wherever applicable andthe details have been adequately disclosed in the Financial Statements etc. as requiredby the applicable accounting standards.
xiv. As per the information and explanations provided to us the company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review; therefore the provisions of clause 3(xiv) of theCompanies (Auditor's Report) Order 2016 are not applicable to the Company.
XV. As per the information and explanations given to us the company has not enteredinto
any non-cash transactions with directors or persons connected with him therefore theprovisions of clause 3(xv) of the Companies (Auditor's Report) Order 2016 are notapplicable to the Company.
xvi. The company is not a non-banking financial company therefore the provisions ofclause
3(xvi) of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany.