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RSC International Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 4.76 Cr. P/BV 10.11 Book Value (Rs.) 0.82
52 Week High/Low (Rs.) 11/3 FV/ML 10/1 P/E(X) 0.00
Bookclosure 30/09/2023 EPS (Rs.) 0.00 Div Yield (%) 0.00
Year End :2014-03 
We have audited the accompanying financial statements of RSC International Ltd. ("the Company") which comprise the balance sheet as on 31st March, 2014, the statement of profit and loss and cash flow statement for the year ended and a summary of significant accounting policies and other explanatory information.

Management's responsibility for 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 principles generally accepted in India including accounting standards referred to in section 211(3C) of the Companies Act 1956 ("the Act"). 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.

Auditors' responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards in 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 of 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 judgement, including the assessment of the risks of material misstatements of 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. And 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.

Opinion

In our opinion and to the best of our information and according to the explanation given to us, the aforesaid 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, the state of affairs of the company as at 31st March, 2014.

(b) In the case of Statement of Profit and Loss, the profit or loss of the company for the year ended 31st March, 2014.

(c) In the case of Cash Flow Statement, the cash flows for the year ended 31st March, 2014.

REPORT IN OTHER LEGAL REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2003 ("The order") issued by the Central Government of India in terms of Section 27(4A) of the Act, we give in the annexure, a statement on the matters specified in paragraphs 4 and 5 of the said 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 purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss and the 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 Section 211(3C) of the Companies Act 1956.

(e) On the basis of the written representation received from the directors, as on 31st March, 2014 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of Clause (g) of sub section (1) of Section 274 of the Companies Act 1956.

ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE

1. In respect to Fixed Assets:

(a) The company has maintained proper records to show full particulars including quantitative details and situation of fixe d assets on the basis of available information.

(b) The fixed assets have been physically verified by the management during the year in phased periodical manner, which in our opinion is reasonable having regard to size of the company and nature of its assets. No material discrepancy was noticed on such verification.

(c) In our opinion, the company has not disposed of any fixed assets during the year and the going concern status of the company is not affected.

2. In respect of Inventories:

(a) As explained to us, inventories have been physically verified by the management at regular intervals during the year. In our opinion, the frequency of verification is reasonable.

(b) In our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) The company has maintained proper records of inventories. As explained to us, the discrepancies noticed on physical verification of stocks as compared to the books records were not material.

3. The company has not taken unsecured loan from the parties listed in the register maintained u/s 301 of the Companies Act 1956. The company has not granted any loan, secured or unsecured to companies, firms or other parties listed in the registers maintained u/s 301.

4. In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business for purchase of inventory, fixed assets and also sale of goods. During the course of our audit no major weakness have been observed in the internal controls.

5. In respect of transactions covered u/s 301 of the Companies Act 1956:

(a) In our opinion and according to the information and explanations give to us, the transactions that needed to be entered into the register in pursuance of Section 301 of the Act, have been so entered.

(b) In our opinion the transactions made in pursuance of contracts or arrangements entered into the register maintained u/s. 301 of the Companies Act 1956 have been made at prices which are reasonable having regard to the prevailing market price.

6. According to the information and explanations given to us, the company has not accepted any deposits from public therefore provisions of Section 58-A and 58-AA of the Companies Act 1956 and rules made thereunder are not applicable to the company.

7. The company does not need any type of internal audit system looking to its size and nature of its business.

8. The Central Government has not prescribed maintenance of cost records for products of the company u/s 209(1)(d) of the Companies Act 1956 therefore no such records have been maintained by the company.

9. (a) The company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, investor education and protection fund, income tax, sales tax, wealth tax, custom duty, excise duty, cess and other statutory dues with the appropriate authorities. According to the information and explanations given to us, undisputed amounts payable in respect of income tax amounting to Rs. 182/- were outstanding as at 31st March, 2014 for a period of more than six months from the date of they became payable.

(b) There are no disputed statutory dues.

10. The company has brought forward accumulated losses of Rs 1,88,64,802/- and has not incurred cash losses during the financial year covered by our audit.

11. According to information and explanation given to us, the company has not defaulted in repayment of dues to financial institutions.

12. In our opinion and according to information and explanations given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund or Nidhi/ Mutual Benefit Fund/ Society; therefore Clause 4(xiii) of the Companies (Auditors' Report) Order, 2003 is not applicable to the company.

14. The company is not dealing or trading in shares, securities, debentures and other investments.

15. According to the information and explanations given to us and the records examined by us, the company has not given any guarantee for loan taken by others from banks or financial institutions.

16. No term loan has been raised by the company during the year.

17. On the basis of overall examination of the Balance Sheet and the information and explanations given to us, we report that the company has not utilised any funds raised on short term basis for long term investment.

18. The company has not made any preferential allotment of shares to parties or companies covered in the Register u/s 301 of the Companies Act 1956.

19. The company has not issued any debentures, therefore Clause 4(xix) of the Companies (Auditors' Report) Order, 2003 is not applicable to the company.

20. The company has not raised any money through a public issue during the year.

21. In our opinion and according to information and explanations given to us, no fraud on or by the company has been noticed or reported during the year, that causes the financial statements to be materially misstated.

                                 For Vimal Agarwal & Associates,
                                 Chartered Accountants,

                                 (V.  K.  Agarwal)
                                  Partner 
Place: Jaipur 
Date: 5th Sep, 2014

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