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Rail Vikas Nigam Ltd.

BSE: 542649 Sector: Infrastructure
NSE: RVNL ISIN Code: INE415G01027
BSE 00:00 | 24 Apr 2020 Rail Vikas Nigam Ltd
NSE 05:30 | 01 Jan 1970 Rail Vikas Nigam Ltd

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OPEN 17.66
PREVIOUS CLOSE 17.66
VOLUME 135265
52-Week high 29.85
52-Week low 10.20
P/E 4.69
Mkt Cap.(Rs cr) 3,605
Buy Price 17.30
Buy Qty 1101.00
Sell Price 17.85
Sell Qty 200.00
OPEN 17.66
CLOSE 17.66
VOLUME 135265
52-Week high 29.85
52-Week low 10.20
P/E 4.69
Mkt Cap.(Rs cr) 3,605
Buy Price 17.30
Buy Qty 1101.00
Sell Price 17.85
Sell Qty 200.00

Rail Vikas Nigam Ltd. (RVNL) - Auditors Report


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Company auditors report

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF RAIL VIKAS NIGAM LIMITED

1. Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind As financial statements of RAILVIKAS NIGAM LIMITED (hereinafter referred to as "the Company") whichcomprise the Balance Sheet as at 31st March 2018 the Statement of Profit and Loss(including Other Comprehensive Income) the Statement of Cash Flow the Statement ofChanges in Equity for the year then ended and a summary of the significant accountingpolicies and other explanatory information (hereinafter referred to as "standaloneInd As financial statements").

2. Management’s Responsibility forthe Standalone Ind As Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (hereinafter referred to as "the Act") withrespect to the preparation of these standalone Ind As financial statements that give atrue and fair view of the financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind As) specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended.

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.

3. Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we

comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whetherthe standalone Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company’s preparation of the standalone Ind AS financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Directors as well as evaluating the overall presentation of the standaloneInd AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

4. Opinion

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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 312018 and its profit total comprehensive income the changes in equity andits cash flows for the year ended on that date.

5. Emphasis of Matter (EOM)

• Without qualifying our report attention is invited to note no. 10.1(i) ofstandalone Ind AS financial statements Trade Receivable from Related Party. RVNL receivesadvance payment fromSPV’s for incurring expenditure on their projects. However incase of Krishnapatnam Railway Company Ltd. RVNL is incurring project expenditure on aregular basis but insignificant amount is being received from Krishnapatnam RailwayCompany Ltd. as advance payment. During the Financial year 2017-18 RVNL has incurredproject expenditure amounting to Rs. 44654.19 Lakhs on Krishnapatnam Railway Company Ltd.Total Trade Receivable from Krishnapatnam Railway Company Ltd. as on 31st March 2018 isRs. 76363.97 Lakhs.

• Without qualifying our report attention is invited to Note No. 12 (a) regardingAdvance to Zonal Railways. No Balance confirmation has been received relating toadvance given to zonal railways of Rs. 29962.58 Lakhs as on 31.03.2018.

6. Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of section 143(11) of theAct we give in Annexure ‘A’ a statement on the matters specified inparagraphs 3 and 4 of the order.

II. As required by the directions issued by the Comptroller and Auditor General ofIndia in terms of section 143(5) of the Act we give the compliance in Annexure‘B’.

III. As required by Section 143(3) of the Act we report that:

a. 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.

b. In our opinion proper books of account as required bylaw have been kept by theCompany so far as if appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Statement of Cash Flow and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rule 2015 as amended.

e. In terms of Ministry of Company Affairs notification no. GSR 463 (E) dated 5th June2015 Government Companies are exempt from applicability of provisions of section 164 (2)of Companies Act 2013.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in ‘Annexure C’. Our report expresses an unqualifiedopinion on the adequacy and operating effectiveness of the company’s internalfinancial controls overfinancial reporting.

g. With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rule 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 financialposition in its financial statements- Refer Note No. 37 to the financial statement.

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.

For Raj Har Gopal & Co.

Chartered Accountants (FRN: 002074N)

Sd/-
G.K. Gupta
(Partner) Date: 13th August2018
M. No. 081085 Place: New Delhi

ANNEXURE "A" TO INDEPENDENT AUDITORS REPORT

Annexure to the Independent Auditors’ Report referred to in paragraph 6(1) of ourreport of even date on the standalone Ind AS Financial Statements of Rail Vikas NigamLimited for the Year ended 31st March 2018

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

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

c) According to the information and explanations given to us the records examined byus and based on the examination of the conveyance deeds provided to us we report thatthe Lease deeds comprising all the immovable properties of land and buildings which areleasehold are held in the name of the Company as at the balance sheet date. The companydoes not own any freehold land or building.

2. The company is in business of implementing railway infrastructure projects and theinventory primarily consists of project work in progress. The inventories are physicallyverified during the year and the same is recorded in the measurement book. Keeping in viewthe nature of business and inventory the frequency of physical verification in ouropinion is reasonable.

3. In our opinion and according to the information and explanations given to us thecompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of Company Act 2013 withrespect to the loans and investment made.

5. According to the information and explanation given to us the company has notaccepted any deposit during the year from the public.

6. The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013.

7. a) According to information and explanations given to us and on the basis of ourexamination of

the books of account and records the Company has been regular in depositingundisputed statutory dues including Provident Fund Employees State Insurance Income-TaxSales fax Service Tax Dufy of Customs Dufy of Excise Value added Tax Cess Goods andService Tax and any other statutory dues with the appropriate authorities. According tothe information and explanation given to us no undisputed amount payable in respect ofany statutory dues were outstanding as at 31.03.2018 for a period of more than six monthsfrom the date they become payable.

b) According to the information and explanation given to us there are disputed dues ofincome tax amounting to Rs. 15.28 Lakhs and no dues of sales fax or wealth tax or servicefax or custom

duty or excise duty or value added tax or cess or Goods and services Tax which have notbeen deposited on account of any dispute. The details of unpaid disputed income faxliability is as under:

Assessment Year Amount ( Rs. In lakhs) Forum where pending
2008-09 15.17 Assessing Officer u/s 154
2012-13 0.06 CPC u/s 220(2)
2014-15 0.02 Assessing Officer u/s 143(3)
2015-16 0.03 CPC u/s 143(1a)

8. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to financial institutions government orbank or debenture holders.

9. During the year the Company has not raised any money by way of initial public offeror further public offer (including debt instruments). Terms loans have been applied by thecompany for the purpose for which they were raised.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the company and no fraud on the company by its officers oremployees has been noticed or reported during theyear.

11. The provisions of secfion197 of the Companies Act 2013 are not applicable sincethe company is a government company.

12. The Company is not a Nidhi Company and hence Para (xii) is not applicable.

13. In our opinion and according to the information and explanations given to us thetransactions with related parties are incompliance with provisions of section 177 and 188of the Companies Act 2013 as applicable and adequate disclosures have been made in thefinancial statements as required by the applicable accounting standards.

14. The Company has not made any preferential allotment or private placement of shareor fully or partly convertible debentures during theyear.

15. In our opinion and according to the information and explanations given to us thecompany has not entered into any non-cash transactions with the directors or personsconnected with them under the provisions of section 192 of the Companies Act 2013.

16. In our opinion and as per the information and explanation given to us the companyis not required to be registered under section 45-IA of Reserve Bank of India Act 1934.

For Raj Har Gopal & Co.

Chartered Accountants

(FRN: 002074N)

Sd/-
G.K. Gupta
(Partner) Date: 13th August2018
M. No. 081085 Place: New Delhi

ANNEXURE "C" TO INDEPENDENT AUDITORS REPORT

Annexureto the Independent Auditors’ Report referred to in paragraph 6(lll)(f) ofour report of even date on the standalone Ind AS financial statements of RAIL VIKASNIGAM LIMITED for the Year ended 31st March 2018

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 RailVikas Nigam Limited ("the Company") as of March 31 2018 in conjunction withour audit of the standalone Ind AS financial statements of the Company for theyear endedon 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and defection 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internals 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 March 312018 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 Raj Har Gopal & Co.

Chartered Accountants (FRN: 002074N)

Sd/-
G.K. Gupta
(Partner) Date: 13th August2018
M. No. 081085 Place: New Delhi


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