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RTS Power Corporation

BSE: 531215|ISIN: INE005C01017|SECTOR: Electric Equipment
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« Mar 14
Auditor's Report (RTS Power Corporation) Year End : Mar '15
We have audited the accompanying standalone financial statements of RTS
 Power Corporation Limited (''the Company'') which comprise the Balance
 Sheet as at 31st March, 2015, the Statement of Profit and Loss and the
 Cash Flow Statement for the year then ended and a summary of
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Standalone Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with
 respect to the preparation of these standalone 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 principles generally accepted in India, including the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
 also includes maintenance of adequate accounting records in accordance
 with the provisions of the Act for safeguarding the assets of the
 Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the standalone
 financial statements that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these standalone
 financial statements based on our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. Those Standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the standalone financial
 statements are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the standalone financial statements.
 The procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the standalone
 financial statements, whether due to fraud or error. In making those
 risk assessments, the auditor considers internal financial control
 relevant to the Company''s preparation of the standalone financial
 statements that give a true and fair view in order to design audit
 procedures that are appropriate in the circumstances, but not for the
 purpose of expressing an opinion on whether the Company has in place an
 adequate internal financial controls system over financial reporting
 and the operating effectiveness of such controls. An audit also
 includes evaluating the appropriateness of the accounting policies used
 and the reasonableness of the accounting estimates made by the
 Company''s Directors, as well as evaluating the overall presentation of
 the standalone financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the standalone 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, of the state of affairs of the Company as
 at 31st March, 2015, and its profit and its cash flows for the year
 ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order), issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the Order,
 to the extent applicable.
 
 2. As required by Section 143 (3) of the Act, we report that:
 
 i. We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 ii. In our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books.
 
 iii. The Balance Sheet, the Statement of Profit and Loss and the Cash
 flow Statement dealt with this Report are in agreement with the books
 of account.
 
 iv. In our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
 
 v. On the basis of the written representations received from the
 directors as on 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 vi. With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company has disclosed the impact of pending litigations on its
 financial position in its standalone financial statements as referred
 to in Note No. 32 to the standalone financial statements.
 
 ii. The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There has been no delay in transferring the amounts required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF RTS POWER
 CORPORATION LTD. REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF
 REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS 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. These fixed assets have been physically verified by the management
 at reasonable intervals and no material discrepancies were noticed on
 such verification.
 
 ii. a. The inventories have been physically verified during the year by
 the management. In our opinion, the frequency of verification is
 reasonable.
 
 b. In our opinion and according to the information and explanation
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c. The Company is maintaining proper records of inventory.
 Discrepancies noticed on physical verification as compared to book
 records were not material and have been properly dealt with in the
 books of accounts.
 
 iii. The Company has not granted any loan secured or unsecured to any
 firm, Companies or parties covered in the register maintained under
 Section 189 of the Companies Act, 2013.
 
 iv. In our opinion and according to the information & explanation given
 to us, there is an adequate internal control system commensurate with
 the size of the Company & nature of its business with regard to
 purchase of inventory, fixed assets and for the sale of goods and
 services. During the course of our audit, we have not observed any
 major weaknesses in internal control system.
 
 v. On the basis of our examination of books and records of the Company,
 in our opinion and according to the information and explanations given
 to us, the company has not accepted deposits during the year and
 therefore the directives issued by the Reserve bank of India and the
 provisions of Sections 73 to 76 or any other relevant provisions of the
 Companies Act 2013 and the rules framed there under are not applicable
 to the Company.
 
 vi. We have broadly reviewed the cost records maintained by the Company
 pursuant to the Companies (Cost Records and Audit) Rules, 2014
 prescribed by the Central Government under Section 148(1) of the
 Companies Act, 2013 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.
 
 vii. a. The Company is generally regular in depositing with appropriate
 authorities undisputed statutory dues including Income Tax and other
 statutory dues applicable to it. There are no undisputed amount payable
 in respect of Income tax and other applicable Statutory dues which were
 in arrears as at 31.03.2015 for a period of more than six months from
 the date they became payable except as under:
 
 Name of the Statute         Nature of       Amount (Rs.) Financial Year to
                             Dues                       which the amount
                                                        relates
 
 Rajasthan Tax on Entry of   Entry Tax      73,76,615/- 2012-2015
 Goods in Local Area Act, 
 1999
 
 b. According to the information & explanation give to us, there are no
 dues of Income tax and other applicable Statutory Dues which have not
 been deposited on account of any dispute except as under:
 
 Name of the Statute       Nature of Dues      Amount (Rs.)  Period
 
 Rajasthan Tax on          Entry Tax          2,09,184/-   2009-10
 Entry of Goods in                            4,44,532/-   2010-11
 Local Area Act, 1999                         4,41,408/-   2011-12
 
 Rajasthan Tax on          Entry Tax          2,14,420/-   2003-04
 Entry of Goods in                              72,167/-   2005-06
 Local Area Act, 1999                         2,41,894/-   2009-10
                                              9,78,298/-   2010-11 
                                             10,18,427/-   2011-12
 
 Rajasthan VAT             VAT, Interest,    1,499,495/-   F.Y. 2007-2008
                           Penalty on Freight 
                           and insurance 
                           recovered
 
 Rajasthan VAT             VAT, Interest,    20,84,185/-   F.Y. 2008-2009 
                           Penalty on
                           Freight and 
                           insurance 
                           recoered
 
 Rajasthan VAT             VAT, Interest,    19,44,064/-   F.Y. 2009-2010
                           Penalty on Freight 
                           and insurance 
                           recovered
 
 Rajasthan VAT             VAT, Interest,    2,412,822/-   F.Y. 2010-2011
                           Penalty on Freight 
                           and insurance 
                           recovered
 
 Rajasthan VAT             VAT, Interest,    4,972,531/-   F.Y. 2011-2012
                           Penalty on Freight 
                           and insurance 
                           recovered
 
 West Bengal VAT            VAT              6,32,269/-    2008-09
 
 West Bengal VAT            VAT             40,46,172/-    2009-10
 
 West Bengal VAT            VAT           2,04,21,568/-    2010-11
 
 West Bengal VAT            VAT              7,91,326/-    2011-12
 
 
 Name of the Statute             Forum where dispute is pending
 
 Rajasthan Tax on Entry of Goods Appeal and Stay from Supreme Court 
 in Local Area Act, 1999         of India
 
 Rajasthan Tax on Entry of Goods Appeal and Stay from Supreme Court 
 in Local Area Act, 1999         of India
 
 Rajasthan VAT                   Deputy Commissioner (Appeals) Jaipur
 
 Rajasthan VAT                   Deputy Commissioner (Appeals) Jaipur
 
 Rajasthan VAT                   Deputy Commissioner (Appeals) Jaipur
 
 Rajasthan VAT                   Deputy Commissioner (Appeals) Jaipur
 
 Rajasthan VAT                   Deputy Commissioner (Appeals) Jaipur
 
 West Bengal VAT                 Appellate & Revision Board of Sales Tax
 
 West Bengal VAT                 Appellate & Revision Board of Sales Tax
 
 West Bengal VAT                 Joint Commissioner of Sales Tax
 
 West Bengal VAT                 Joint Commissioner of Sales Tax
 
 Name of the Statute       Nature of Dues      Amount (Rs.)  Period
 
 Central Sales Tax         CST              10,89,625/-    2008-09
 
 Central Sales Tax         CST               5,11,027/-    2009-10
 
 Central Sales Tax         CST              18,96,071/-    2010-11
 
 Central Sales Tax         CST              15,00,753/-    2011-12
 
 
 Name of the Statute             Forum where dispute is pending
 
 Central Sales Tax               Appellate & Revision Board of Sales Tax
 
 Central Sales Tax               Appellate & Revision Board of Sales Tax
 
 Central Sales Tax               Joint Commissioner of Sales Tax
 
 Central Sales Tax               Joint Commissioner of Sales Tax
 
 c. According to the information & explanation give to us, the amounts
 which were required to be transferred to the investor education and
 protection fund in accordance with the relevant provisions of the
 Companies Act, 1956 and rules there under has been transferred to such
 fund within time.
 
 viii. The Company does not have any accumulated losses at the end of
 the financial year. It has not incurred cash losses during the
 financial year and in the immediately preceeding the financial year.
 
 ix. Based on our audit procedures and as per the information &
 explanation given by the management, the Company has not defaulted in
 repayment of dues to financial Institution or Banks. The Company has
 not issued any debentures.
 
 x. The Company has not given any guarantee for loan taken by others
 from banks and financial institution.
 
 xi. In our opinion and according to the information and explanation
 given to us the term loan has been applied for the purpose for which it
 was obtained.
 
 xii. During the course of our examination of the books and records of
 the Company carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of any such case by the management.
 
 
                                             For A.C. Bhuteria & Co.
                                             Chartered Accountants 
                                             Firm Regn. No. 303105E
 
                                             Rahul Sethia
 Place: Kolkata                              Partner
 Dated : 30th May, 2015                Membership No.: 303931
 
 
 
Source : Dion Global Solutions Limited
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