Financial Year: 2023
Walker Chandiok & Co LLP issued an Independent Auditor's Report on the consolidated annual financial results of RDC Concrete (India) Private Limited, in compliance with Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). The report is addressed to the Board of Directors of RDC Concrete (India) Private Limited.
Opinion
The auditor has audited the consolidated annual financial results ('the Statement') of RDC Concrete (India) Private Limited ('the Holding Company') and its subsidiaries ('the Group') for the year ended 31 March 2023. The auditor's opinion is that the Statement includes the annual financial results of the following entities: Neptune Readymix Concrete Private Limited and Ultrafine Mineral & Admixtures Private Limited. It presents financial results in accordance with the requirements of Regulation 52 of the Listing Regulations and gives a true and fair view in conformity with Indian Accounting Standards ('Ind AS') and other accounting principles generally accepted in India, regarding the consolidated net profit after tax and other comprehensive income and other financial information of the Group for the year ended 31 March 2023.
Basis for Opinion
The audit was conducted in accordance with Standards on Auditing under section 143(10) of the Act. The auditors are independent of the Group, adhering to the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI). The audit evidence obtained is deemed sufficient and appropriate.
Responsibilities of Management and Those Charged with Governance for the Statement
The Holding Company's Board of Directors is responsible for preparing and presenting the Statement, ensuring it provides a true and fair view of the consolidated net profit/loss and other comprehensive income. This includes maintaining adequate accounting records, safeguarding assets, preventing fraud, applying appropriate accounting policies, and implementing effective internal financial controls. The Board is also responsible for assessing the Group's ability to continue as a going concern.
Auditor's Responsibilities for the Audit of the Statement
The auditor's objectives are to obtain reasonable assurance that the Statement is free from material misstatement and to issue an auditor's report including their opinion. This involves exercising professional judgment, maintaining professional skepticism, identifying and assessing risks of material misstatement, obtaining an understanding of internal control, evaluating accounting policies, concluding on the going concern basis, and evaluating the overall presentation of the Statement. The auditors also communicate with those charged with governance regarding the audit's scope, timing, and significant findings.
Other Matter
The auditor did not audit the annual financial statements of one subsidiary included in the Statement, whose financial statements (before elimination intra-group balances and transactions) reflects total assets of ₹223.75 million as at 31 March 2023, total revenues of ₹66.82 million, total net loss after tax of ₹2.93 million, total comprehensive loss of ₹3.01 million, and cash inflows (net) of ₹2.74 million for the year ended on that date, as considered in the Statement. These financial statements have been audited by other auditor and their opinion is based solely on the audit report of such other auditor.
Consolidated Financial Results (Year Ended 31 March 2023)
Consolidated Statement of Assets and Liabilities (as of 31 March 2023)
Consolidated Statement of Cash Flow (Year Ended 31 March 2023)
Other Points
RDC Concrete (India) Private Limited filed a Private Placement Offer Letter for Non-Convertible Debentures on March 31, 2023, with BSE Limited. The company received application money on April 6, 2023, and the NCDs were listed on the BSE Debt segment on April 18, 2023. The Group is primarily engaged in manufacturing and supplying ready-mix concrete and its allied services, representing one reportable segment. The report was signed by Rakesh R. Agarwal, Partner, Membership No. 109632, and Anil Barichhor, Managing Director and Chief Executive Officer (DIN: 03179109), on May 30, 2023.
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