Profit

NSE Symbol: | BSE Code: | ISIN: | Sector:

  • Add to Portfolio
  • Add to Watchlist
  • Add to Alert
  • Add to Message
Add to Portfolio
NSE
29.10
Change Change %
-0.35 -1.19%

Updated:09 Apr, 2021, 15:58 PM IST

BSE
29.10
Change Change %
-0.35 -1.19%

Updated:09 Apr, 2021, 16:00 PM IST

Disclosure in auditor’s report explanatory

INDEPENDENT AUDITORS’ REPORT

To the Members of

Rail Vikas Nigam Limited

1.      Report on the Financial Statements

We have audited the accompanying financial statements of Rail Vikas Nigam Limited (“the Company”) which comprise the Balance Sheet as at 31st March 2014, and the Statement of Profit Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

2.      Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub–section (3C) of section 211 of the Companies Act, 1956 (“the Act”) read with general circular 15/2013 dated 13th Sep. 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013 and in accordance with accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

3.      Auditor’s Responsibility

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s

internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.

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

4.      Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a)   in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b)   in the case of the Statement of Profit and Loss, of the PROFIT for the year ended on that date; and

(c)    In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

5.      Report on Other Legal and Regulatory Requirements

1.                  As required by the Companies (Auditor's Report)  order, 2003 as amended by the Companies (Auditor’s Report) (Amendment) Order, 2004 (”the Order”) issued by the Central Government of India in terms of sub–section (4A) of section 227 of the Act, we give in the Anne          xure a statement on the matters specified in paragraphs 4 and 5 of the order.

2.                As required by section 227(3) of the Act, we report that:

a.                            we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b.                             In our opinion proper books of accounts as required by law have been kept by the company so far as appears from our examination of those books;

c.                             The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report are in agreement with the books of account;

d.                           In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in sub–section (3C) of section 211 of the Companies Act, 1956 read with general circular 15/2013 dated 13th Sep. 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013;

e.                            In terms of Department of Company Affairs GSR 829 (E) dated 21st October 2003, Government Companies are exempt from applicability of provisions of Section 274 (1) (g) of the Companies Act, 1956.

    

For KUMAR CHOPRA & ASSOCIATES

Chartered Accountants

FRN: 000131N

                                                                                   

 (SUNIL JAIN)

Place of signature: New Delhi                                                       Partner                                                                                             

Date:                                                                              (M.No.  80990)

Disclosure relating to quantitative details of fixed assets

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

Disclosure relating to physical verification and material discrepancies of fixed assets

b) The fixed assets have been physically verified by the management during the year at reasonable interval. No material discrepancies were noticed on such verification.

Disclosure relating to fixed assets disposed off

c) No fixed assets have been disposed off during the year which could have affected the company as a going concern

Disclosure of physical verification of inventories at fixed intervals

a) The inventories have been physically verified during the year at reasonable intervals by the management.

Disclosure of procedure followed for physical verification of inventories

b) The procedures of physical verification of inventories followed by management are reasonable and adequate in relation to the size of the company and nature of its business.

Disclosure about maintenance of inventory records and material discrepancies

c) Company is maintaining proper records of inventories and no material discrepancies were noticed on verification between the physical stocks and book records.

Disclosure about loans granted or taken by parties covered under section 301 of companies act

3. a) The company has not granted any loans secured or unsecured to companies, firms or other parties required to be listed in the register maintained u/s 301 of the Companies Act, 1956.

Disclosure in auditors report relating to internal control system

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regard to purchases of inventories and fixed assets and for sale of goods (Projects). During the course of audit, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in internal control system of the company

Disclosure in auditors report relating to contracts and arrangements under section 301 of companies act

5. According to the information and explanation given to us, the company has not made any transactions of purchase of goods and materials and sale of goods, materials or services which are required to be entered in the register maintained under section 301 of the Companies Act, 1956, exceeding the value of Rs. 5 lacs in respect of each party during the year.

Disclosure in auditors report relating to deposits accepted from public

According to the information and explanation given to us, the company has not accepted any deposits during the year from the public within the meaning of Section 58A.

Disclosure in auditors report relating to companies internal audit system

. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business

Disclosure in auditors report relating to maintenance of cost records

8. We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under section 209(1)(d) of the Companies Act, 1956, and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

Disclosure in auditors report relating to statutory dues

9. a) According to the information and explanations given to us and the records of the company examined by us, in our opinion the company is generally regular in depositing with the appropriate authorities undisputed statutory dues including provident fund, employees’ state Insurance, Income Tax, Sales Tax, custom duty and other statutory dues applicable to it. According to the information and explanation given to us, no undisputed amount payable in respect of aforesaid statutory dues were outstanding as at 31st March, 2014 for a period of more than six months from the date they become payable.

Disclosure in auditors report relating to accumulated losses

10. Provisions of paragraph 4 (x) of ‘the Order’ regarding accumulated losses are not applicable to the company.

Disclosure in auditors report relating to default in repayment of financial dues

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or bank.

Disclosure in auditors report relating to loans and advances granted by way of pledge of shares debentures and other securities

12. The company has not granted any loans and advances on the basis of any security by way of pledge of shares and other securities.

Disclosure in auditors report relating to provisions under special statute

13. Provisions of paragraph 4(xiii) of ‘the Order’ regarding Chit Fund are not applicable to the company

Disclosure in auditors report relating to adequacy of records maintained by share trading companies

14. In our opinion and according to the information and explanations given to us, the company is not a dealer or trader in securities. In respect of its investments consisting of Equity shares, the company has made proper records of the transaction in respect thereof. All the investments have been held by the company in its own name.

Disclosure in auditors report relating to guarantee given

15. As per the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions

Disclosure in auditors report relating to term loans used for purpose other than for purpose they were raised

16. According to information and explanation given to us, company has applied the term loan for the purpose it was obtained

Disclosure in auditors report relating to nature and amount of fund raised for short–term has been used for long–term or vice versa

17. As per the information and explanation given to us, the funds raised on short term basis have not been utilized for long term investment.

Disclosure in auditors report relating to preferential allotment of shares

18. According to the information and explanations given to us, the company has not made preferential allotment of shares to parties covered in the register maintained under section 301 of the Act.

Disclosure in auditors report relating to securities created against debentures issued

19. Provisions of paragraph 4(xix) of ‘the Order’ in respect of debentures are not applicable to the company.

Disclosure in auditors report relating to any material fraud reported during period

21. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of audit.

Disclosure in auditors report relating to purpose and end use of money raised through public issues

20. Provisions of clause of paragraph (xx) of ‘the Order’ regarding end use of money raised by public issue are not applicable to the company.

Top
Listen to the latest songs, only on JioSaavn.com