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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
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Shree Rajivlochan Oil Extraction Ltd. (SHRAJIVOIL) - Auditors Report

Company auditors report

To

The Shareholders of

Shree Rajiv Lochan Oil Extraction Limited Raipur CG

Report On the Financial statements

1 We have audited the accompanying financial statements of SHREE RAJIV LOCHAN OILEXTRACTION LIMITED RAIPUR (C.G.). - 492 001 which comprises the Balance Sheet as atst

31st March 2019 and the Statement of Profit & Loss (including OtherComprehensive Income) the Statement of Change in Equity and Statement of Cash FlowStatement for the year ended on that date and a summary of significant accountingpolicies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceof the company in Accordance with the accounting standards notified under Companies Act2013 ("the Act") and in accordance with the accounting principles generallyaccepted in India. This responsibility includes the design implementation and maintenanceof internal control relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand 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 control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Companies internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;

(a) In case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2019;

(b) In case of the Statement of Profit & Loss of the Profit for the year ended on31st March 2019; and

(c) In case of the Cash Flow Statement of the cash flows of the Company for the yearended on 31st March 2019.

Report on Other Legal And Regulatory Requirement

7. 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.

8. 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 including Other ComprehensiveIncome Statement of Change in Equity and Statement of Cash Flow Statement dealt with bythis report are in agreement with the books of accounts.

(5) In our opinion the Balance Sheet and Statement of Profit & Loss Statement ofChange in Equity and Statement of Cash Flow Statement comply with the Indian AccountingStandards notified under this Act.

(6) On the basis of examination of books of accounts we are of opinion that therewere no 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 2019 and taken on records by the Board of director none of the director isdisqualified as on 31st March 2019 from being appointed as a director of theCompanies 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.

AS PER OUR REPORT OF EVEN DATE

FOR S. K. BHAMKAR & ASSOCIATES CHARTERED ACCOUNTANTS Firm Registration No. 007482C

Name of the Signatory: C. A. SANTOSH BHAMKAR Designation: Partner Membership No. 076457

Full Address: 410 3rd Floor Eskay Plaza

Near Anand Talkies RAIPUR (C.G.) - 492 001

Date: 29/05/2019 Place: Raipur

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 of SHREERAJIV LOCHAN OIL

EXTRACTION LIMITED RAIPUR (C.G.). - 492 001 ("The Company") as of 31stMarch 2019 in conjunction with our audit of the financial statements of the Company forthe 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 "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 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 2019based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

AS PER OUR REPORT OF EVEN DATE

FOR S. K. BHAMKAR & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No. 007482C

Name of the Signatory:

C. A. SANTOSH BHAMKAR

Designation: Partner

Membership No. 076457

Full Address: 410 3rd Floor Eskay Plaza

Near Anand Talkies RAIPUR (C.G.) - 492 001

Date: 29/05/2019

Place: Raipur

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 7 of our report of even date)

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 reporttherefore 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.

FOR S. K. BHAMKAR & ASSOCIATES
CHARTERED ACCOUNTANTS
Place : Raipur Name of the Signatory : CA. SANTOSH BHAMKAR
Date : 29-05-2019 Partner
Membership No. :076457
Firm Registration No. :007482C
Full Address : 410 3rd Floor Eskay Plaza
Near Anand Talkies
RAIPUR (C.G.) - 492 001