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R R Financial Consultants Ltd.

BSE: 511626 Sector: Financials
NSE: N.A. ISIN Code: INE229D01011
BSE 00:00 | 21 Apr 2020 R R Financial Consultants Ltd
NSE 05:30 | 01 Jan 1970 R R Financial Consultants Ltd

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OPEN 6.29
PREVIOUS CLOSE 6.30
VOLUME 197
52-Week high 11.58
52-Week low 6.00
P/E 63.00
Mkt Cap.(Rs cr) 7
Buy Price 6.30
Buy Qty 23.00
Sell Price 6.29
Sell Qty 60.00
OPEN 6.29
CLOSE 6.30
VOLUME 197
52-Week high 11.58
52-Week low 6.00
P/E 63.00
Mkt Cap.(Rs cr) 7
Buy Price 6.30
Buy Qty 23.00
Sell Price 6.29
Sell Qty 60.00

R R Financial Consultants Ltd. (RRFINCONS) - Auditors Report


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Company auditors report

TO THE MEMBERS OF

RR FINANCIAL CONSULTANTS LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of R R FINANCIALCONSULTANTS LIMITED ("the Company") which comprise the balance sheet as at 31stMarch 2019 and the statement of Profit and Loss (including Other Comprehensive Income)Statement of changes in equity and Statement of cash flows for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand 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 ("the Act")in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31 March 2019 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

We have determined that there are no key audit matters to communicate in our report.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance (including other comprehensive income) cashflows and change in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards(Ind AS) prescribedunder Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS 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 management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditors' Responsibility

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone 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 standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany 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 standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act (hereinafter referred as the "order")based on our audit we give in theAnnexure A a statement on the matters Specified in paragraphs 3 and 4 of the Order tothe extent applicable.

2. As required by section 143(3) of the Act we report that :

b. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit.

c. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from Our examination of those books;

d. The Balance Sheet the Statement of Profit and Loss (including Other comprehensiveincome) the Cash Flow Statement and statement change in equity dealt with by this Reportare in agreement with the books of account;

e. In our opinion the aforesaid standalone financial statements comply with theapplicable Indian Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014.

f. On the basis of written representations received from the directors as on 31 March2019 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2019 from being appointed as a director in terms of Section 164(2) of theAct;

g. With respect to the adequacy of internal financial controls over the financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B" and

h. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 standalonefinancial position in its financial statements - Refer Note 44 and 52 to the financialstatements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year in consideration.

For: G.C.AGARWAL & ASSOCIATES
(Chartered Accountants)
Firm Regn No.017851N
(G.C.AGARWAL)
Place: New Delhi PROPRIETOR
Dated: 30th May 2019 Membership No. 083820

Annexure - A to the Independent Auditors' Report

The Annexure referred to in Our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2019 we reportthat:

i. a) The Company has maintained proper records of Fixed Assets but full particularsincluding quantitative details and situation of fixed assets has not been shown

b) According to information and explanation given to us the fixed assets werephysically verified during the year and no material discrepancies were noted. In ouropinion the frequency of verification is reasonable.

c) According to the information and explanation given to us and on the basis of theexamination of records of the company the title deeds of immovable properties are held inthe name of the company.

ii. As explained to us physical verification of inventory of shares /debentures hasbeen conducted at reasonable intervals by the management and discrepancies noticed on suchphysical verification between physical stocks and books records were not materialconsidering the operations of the company and the same have been properly dealt with inthe book of account.

iii. During the year the Company has granted loans to the parties (Group companiesincluding subsidiaries) listed in the register maintained under Section 189 of the Act.The terms & condition on which the loan has been granted were not prima facieprejudicial to the interest of the company. According to information and explanation givento me there is no stipulation with regard to its repayment and interest. The said loan isrepayable on demand.

iv. In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of section 185 and 186 of the companies Act2013 with respect to loans and investment made.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 of the Act and the rules framed there under to the extent notified.

vi. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

vii. a. According to the records of the Company and the information and explanationgiven to us the Company has been generally regular in depositing its undisputed statutorydues such as Provident Fund Employees' State Insurance Income Tax Service Tax goodsand service tax and any other material statutory dues whichever is applicable to theCompany with the appropriate authorities during the year.

b. According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax goods and service tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31 March 2019 for a period of more than six months from the date they became payable.

c. According to the information and explanation given to us no statutory due isoutstanding on account of dispute.

viii. According to the records of the Company examined by us and the information andexplanation given to us the company does not have any loans or borrowings from thefinancial institution or bank or debenture holders as at the balance sheet date.Accordingly Paragraph 3(viii) of the Order is not applicable.

ix. In our opinion and according to the information and the explanations given to methe Company did not raise any money by way of initial public offer or further public offer(including debt instruments). Further the company does not have any term loans as at thebalance sheet date. Accordingly paragraph 3(ix) of the Order is not applicable.

x. Based upon the audit procedures performed and to the best of our knowledge andbelief and according to the explanations given to us no fraud by the company or any fraudon the company by its officers or employees has been noticed or reported during the year.

xi. According to the information and explanations given to us and based on ourexamination of the records of the company the company has paid/provided form managerialremuneration in accordance with the requisite approval mandated by the provisions ofsection 197 read with schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us thecompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private allotment of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable to the company.

xvi. The company has obtained registration under section 45-IA of the Reserve Bank ofIndia Act 1934.

For: G.C.AGARWAL & ASSOCIATES
(Chartered Accountants)
Firm Regn No.017851N
(G.C.AGARWAL)
Place: New Delhi PROPRIETOR
Dated: 30th May 2019 Membership No. 083820

Annexure B to the Independent Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of R RFINANCIAL CONSULTANTS LIMITED ("the Company") as of 31 March 2019 in conjunctionwith our audit of the standalone Ind AS 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'). 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. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

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 31 March 2019 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.

For: G.C.AGARWAL & ASSOCIATES
(Chartered Accountants)
Firm Regn No.017851N
(G.C.AGARWAL)
Place: New Delhi PROPRIETOR
Dated: 30th May 2019 Membership No. 083820


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