Steel Pipes, Steel Tubes, Steel Pipes Fittings, Steel …...Created Date 8/10/2018 11:44:12 AM

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RST TNTERNATTONAL TRADTNG (FZE)

JEBET ALt FREE ZONE, DUBAt, UAE

AUDITORS' REPORT & FINANCIAL STATEMENTS

MARCH 31,2019

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LeodByExcerence Muxims Auditors

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P. O. Box 18684

Jebel Ali Free Zone, Dubai, UAE

Report of the Director

The Director has pleasure in presenting his report together with the audited financial statements ofthe establishment for the year ended March 31, 2018.

Legal Status

"RST INTERNATIONAL TRADING (FZE)" here-in-after called 'the Establishment' is a Limited LiabilityEstablishment and operating under Trade License No.147086 issued by Jebel Ali Free Zone

Authority, Dubai, UAE. The registered address of the establishment is P.O. Box t8684, Jebel Ali Free

Zone, Dubai, UAE

Principal Activities

The Principal Activities of the Establishment are Building & Construction Materials Trading, Ready

mix Concrete Trading, Special Fabrics & Fibers for Construction Trading, Construction ChemicalsTrading lnsulation & Protection Materials Trading, Marble & Natural Stones Trading, Paint & VarnishTrading.

Results of Operation

Net Profit for the year of the establishment was AED 1,,477 ,87 4/-

(Amount in AED)

31-03-2018 3L-03-2017

L9,466,78L t4,07t,207Revenue

Gross ProfitGross Profit (%)

Net ProfitNet Profit (%)

L,344,6986.9t%

L,477,8747.59%

971,505

6.90%

783,903

5.57%

Director's Responsibility

The Director is responsible for the preparation and fair presentation of these financial statements inaccordance with lnternational Financial Reporting Standards and for such internal control as

management determines is necessary to enable the preparation of financial statements that are freefrom material misstatement, whether due to fraud or error.

The responsibility of the director is responsible for keeping proper financial records in line with laws,

rules and regulations of Jebel Ali Free Zone Authority, UAE for taking reasonable steps to safeguardthe assets of the entity and to prevent and detect fraud and other irregularities.

Events after the reporting year

There were no transactions or event of a material nature after the reporting period, which is likelyto affect, substantiallythe result of the operations orthe financial position of the establishment.

:L:



Report of the DirectorAuditors

The independent auditors, Maximswillingness to continue in office and a

General Meeting.

Auditors & Consultants, Dubai,

resolution to re-appoint them willUAE have expressed theirbe proposed at the Annual

On behalf of the Board of Director

:2:

,DGivel Hond lo Succers

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Muxims Auditors

IN DEPENDENT AUDITORS' REPORT

TO THE SHAREHOLDER OF RST TNTERNATTONAL TRADTNG (FZEI, IAFZA,, DUBAI, UAEReport on the finoncial statements

We have audited the accompanying financial statements of RST INTERNATIONAI TRADING lFZEl,)AFZA, Dubai, UAE, which comprise the statement of financial position as at March 31., 2018, thestatement of profit or loss and other comprehensive income, statement of changes in equity,statement of cash flows for the year then ended, a summary of significant accounting policies andother explanatory notes related to the financial statements.

Monogement's responsibility for the financiol stotements

Management is responsible for the preparation and fair presentation of these financial statementsin accordance with lnternational Financial Reporting Standards (lFRSs) and with the applicableprovisions of implementing regulations issued by the Jebel Ali Free Zone Authority Pursuant of lawNo.9 of L992 of H.H. Shaikh Maktoum Bin Rashid Al Maktoum Ruler of Dubai, UAE. Thisresponsibility includes: designing, implementing and maintaining internal control relevant to thepreparation and fair presentation of financial statements that are free from material misstatement,whether due to fraud or error; selecting and applying appropriate accounting policies; and makingaccounting estimates that are reasonable in the circumstances.

Au d ito r's resp onsi bil ity

Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with lnternational Standards on Auditing. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor's judgment,including the assessment of the risks of material misstatement of the financial statements, whetherdue to fraud or error. ln making those risk assessments, the auditor considers internal controlrelevant to the entity's preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity's internal control. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by management, as well as evaluating the overall presentation of the financialstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.

4 2253534, Mob: +971 52 4858702, Flat: 605 - 6th Floor, Damas Building, Al Maktoum Road, Deira, Dubai - U.A.E.

E-mail: [email protected], Web: www.maximsauditors.ae

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Moxims Audilors

I n d e pe nd e nt Au dito rs' Re port (conti nue d...)

Opinion

ln our opinion, the accompanying financial statements give a fair view, in all material respects, ofthe financial position of RST INTERNATIONAL TRADING (FZE), JAFZA, Dubai, UAE, as at March 31,

2018 and of its financial performance and its cash flows for the year then ended in accordance withI nternational Financial Reporting Standards (lFRSs).

Report on other legol and regulotory requirements

As required by the provisions of the implementing regulations issued by the Jebel Ali Free Zone

Authority Pursuant to law No.9 of 1992 of H.H. Shaikh Maktoum Bin Rashid Al-Maktoum Ruler ofDubai, UAE, we confirm that;

i) The establishment has maintained proper books of accounts;

ii) We have obtained all the information and explanations necessary for our audit;

iii) According to the information available to us, there were no contraventions during the year of theabove mentioned law or the establishment Articles of Association which might have materialeffect on the financial position of the establishment or the results of its operations for the year.

Respectf ully

-e -971 4 2253534, Mob: +97,l 52 48587A2, Flat: 605 - 6th Floor, Damas Building, Al Maktoum Road, Deira, Dubai - U.A.E.

E-mail: [email protected], Web: www.maximsauditors'ae

Maxims Auditors &Registratio)Ao:f5

Dote: May 74,201.8


P. O. Box 18684Jebel Ali Free Zone, Dubai, UAE

Statement of Financial Position as at March 31, 2018

ASSETS

NON - CURRENT ASSETS

Property, Plant & Equipment

CURRENT ASSETS

Accounts and Other Receivables

Cash and Bank

TOTAL ASSETS

EQUlTY & LIAB!LITIES

OWNERS'EQUIW

CapitalAccountRetained Earnings

CURRENT LIABILITIES

Due to Related PartyAccounts and Other Payables

TOTAL EQUIW & LIABILITIES

Note

7

10

L7

500,0002,776,560

500,000L,298,686

31-03-2018 3L-03-2017

AED AED

32,7!6 3,886

3,88632,7L6

L,730,9931,998,2L83,629,211.

3,66L,927

1,866,005

687,345

2,553,350

2,557,236

3,276,560 1,799,696

2L8,397766,976

209,707549,449

385,367 758,550

?,661.,927 2,557,236

The occomponying notes 1to L9 form on integral part of these financiol statements.

The Report of the Auditors is set out on pages 3 & 4.

These financiol statements on pages 5 to L7 were approved by the Managing Director on May L4,2018 and signed by:

:5:


P. O. Box 18684Jebel Ali Free Zone, Dubai, UAEstatement of Profit or,Loss and other comprehensive !ncome

ended March 31,2019

Revenue

Cost of Sales

Gross Profit

Other lncome

General & Administration Expenses

Depreciation

Net Profit/(loss) for the yearOther Comprehensive lncomeTotal Comprehensive income/(loss) for the year

Note

L2

13

i1-03-2018AED

19,466,79L

(19,L22,093)

L,344,699

4t!,607

(272,768',)

(5,647)

L,477,974

31-03-2017

AED

L4,07L,207

(13,099,7021

971,505

tgg,52t

(385,986)

(L,t37l793,903

t4

15

7

L,477,974 783,903

The accomponying notes L to 79 form on integral part of these finoncial stotements.

The Report of the Auditors is set out on poges 3 & 4.

These finoncial statements on pages 5 to 17 were opproved by the Monaging Director on Moy 74,2078 ond signed by:

a

a

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P. O. Box 18684


Statement of Changes in, EquityFor the year ended March 31, 2018

raEIEr66Fr&iEGriEiIEi

Ett=rtl=llLrIbHEE

EE

E

Capital

AccountRetained

Earnings

5L4,783

783,903

Total

Balance as at March 3L, 20tG

Total comprehensive income for the yearBalance as at March 3L, 2O!7

Total comprehensive income for the yearBalance as at March 31, 2018

500,000 L,0r4,793

783,903500,000 L,2gg,6g6

L,477,874

t,799,696

L,477,874

_Eqgpoo_ _2J76,s6o_ _L,276&_

The occomponying notes 1 to 79 form an integral part of these financial stotements.


:7:


P. O. Box 18684


Statement of Cash Flows

F#.F6EEFCrGtAr+tGItr&r&iEi6frEiEtETdEifiGTdddcid

aSItrisisi

For the year ended March 31. ZO18

Operating ActivitiesTota! Comprehensive income / (loss) for the yearAdjustments for:Depreciation

Operating Profit/(Loss) before Working Capital changes(lncrease)/Decrease in Accounts and Other Receivableslncrease/(Decrease) in Due to Related partylncrease/(Decrease) in Accounts and Other payables

Net Cash generated/(used) from Operating activitieslnvesting Activities(Purchase) of Property, Plant & EquipmentNet Cash generated/(used) from lnvesting ActivitiesNet increase/(decrease) in cash and cash equivalentsCash and cash equivalents at the beginning of the yearCash and cash equivalents at the end of the year

Cash ond cosh equivolents represented hv:Cash on HandCash ot Bonk

31-0i-2018 31-03-2017AED AED

t,477,974

5,647

1.,483,521

!35,Ot29,290

(382,473)

1,245,35O

(34,477)

1t4,47717,210,973

687,345

793,903

L,L37

785,04O

690,82L(336,652)

(848,329)

290,990

(2,52L1

(2,52L1

2gg,35g

398,977

__1,8e8,219_ ___egzl3!g_

20,309L,877,910

5,77368L,632

-!,898219_ -987,34sThe accompanying notes 1. to 19 form an integrol part of these finonciol statements.

The Report of the Auditors is set out on pages g & 4.

:8:

RST r NTERNATTONAL TRADT NG (FZEI

Jebel AIi Free Zone, Dubai, UAE

Notes to the Financial StatementsFor the year ended March 31, 20181. Establishment and Operations

"RST INTERNATTONAL TRADTNG (FZEI" here-in-after called 'the Establishment' is a LimitedLiability Establishment and operating under Trade License No.147086 issued by Jebel Ali Free

Zone Authority, Dubai, UAE. The registered address of the establishment is P.O. Box 18684, Jebel

Ali Free Zone, Dubai, UAE

2. Management

The Management and control of the establishment is vested with Mr. Keshav Sharan registeredin Jebel Ali Free Zone - UAE, (lndia National), the Manager of the Establishment.

3. Share Capital

The authorized, issued and paid up capital of the Establishment is AED 5OO,O00 divided into 5shares of AED 100,000 each. The details of shareholding as on the date of statement of financialposition are as follows:

Value ofName of the Shareholder

a) M/s. Rama Steel Tubes Ltd - lndiaShareholding

100% 500,000

4.

5.

6.

Establishment Activities

The PrincipalActivities of the Establishment are Building & Construction Materials Trading, Ready

mix Concrete Trading, Special Fabrics & Fibers for Construction Trading, Construction ChemicalsTrading lnsulation & Protection Materials Trading, Marble & Natural Stones Trading, Paint &Varnish Trading.

Reporting period

These financial statements cover the year from April Ot,2Ot7 to March 31, 2018. The previousfinancial statement cover the period from April OL, 2016 to March 31,20L7.

Summary of Significant Accounting Policies and Disclosureso. Bosis of Preparation

The financial statements have been prepared in accordance with standards issued oradopted by the lnternational Accounting Standards Board, lnterpretations issued by thelnternational Financial Reporting lnterpretations Committee and applicable requirements ofthe UAE law under which the firm has been registered.

b. Accounting Convention

The financial statements have been prepared under historical cost convention basis. The

accounting policies are consistent with those used in the previous year.

The financial statements have been presented in and rounded off to the nearestDirhams.

:9:


JebelAli Free Zone, Dubai, UAENotes to the Financial Statements (continued ...)For the year ended March 31, 2O1g

c. Stotement of Compliance

These financial statements have been prepared in accordance with lnternational FinancialReporting Standards (IFRS) issued by lnternational Accounting Standards Board (tAsB).

The following new ond revised IFRS are effective for onnual periods beginning on or after 7stJonuary 20L7:

Amendments to IFRS 12, 'Discrosure of tnterests in other Entities,:

This standard requires a wide range of disclosures about an entity's interests in subsidiaries,joint arrangements, associates and unconsolidated 'structured entities,. Disclosures arepresented as a series of objectives, with details guidance on satisfying those objectives.Annual improvements to IFRS standards 20L4 - 201,6 cycle clarified that the disclosuresrequired in IFRS 12 (with the exception of B1o - 816) also apply to interests held for sale anddiscontinued operations in accordance with IFRS 5.

Amendments to tAS 7, 'Statement of Cash Flows':

The amendments are intended to clarify IAS 7 to improve information provided to users offinancial statements about an entity's financing activities.

To achieve this objective, the IASB requires that the following changes in liabilities arisingfrom financing activities are disclosed (to the extent necessary):

a. Changes from financing cash flows;b' Changing arising from obtaining or losing control of subsidiaries or other business;c. The effect of changes in foreign exchange rates;d. Changes in fair values' ande. Other changes.

Amendments to IAS 12, ,tncome Taxes,:

The amendments are intended to clarify when a deferred tax asset should be recognized forunrealized losses.

The amendments in Recognition of Deferred Tax Assets for Unrealized Losses clarify thefollowing aspects:

i Unrealized losses on debt instruments measured at fair value and measured at cost fortax purposes give rise to a deductible temporary difference regardless of whether thedebt instruments' holder expects to recover the carrying amount of the debt instrumentby sale or by use.

:10:

RST !NTERNATTONAL TRADTNG (FZE)

JebelAli Free Zone, Dubai, UAE

Notes to the Financia! Statements (continued ...)

For the year ended March 3t,20tBii The carrying amount of an asset does not limit

profits.the estimation of probable future taxable

iii Estimates for future taxable profits exclude tax deductions resulting from the reversal ofdeductible temporary differences.

iv An entity assesses a deferred tax asset in combination with other deferred tax assets,where tax law restricts the utilization of tax losses, an entity would assess a deferred taxasset in combination with other deferred tax assets of the same type.

Revenue Recognition

lncome is recognized when it is earned, not necessarily when received. The income hasbeen recognized when invoices are raised and acknowledged by the customer. Expensesand charges have been recognized when it was incurred, not necessarily when paid.

Property, Plont & Equipment

Property, Plant & Equipment is stated at cost less accumulated depreciation and identifiedimpairment losses, if any. Cost includes expenditure that is directly attributable to theacquisition of the items including installation costs. Subsequent costs are included in theasset's carrying amount or recognized as a separate asset, as appropriate, only when it is

probable that future economic benefits associated with the item will flow to the entity andthe cost of the item can be measured reliably. All other repairs and maintenance expensesare charged to the profit or loss during the reporting period in which they are incurred.

The depreciation is calculated on a straight-line basis over the estimated useful lives of theassets, as follows:

d.

o

Office Equipment

Furniture and Fixtures

Years

5

5

The assets' residual values and useful lives are reviewed at the end of the reporting period,with the effect of any changes in estimates adjusted on a prospective basis. An asset'scarrying amount is written down immediately to its recoverable amount if the asset'scarrying amount is greater than its estimated recoverable amount.

The gains or losses arising on the disposal or retirement of an item of property, plant andequipment is determined by comparing the disposal proceeds with the carrying amount ofthe asset and is recognized in the profit or loss.

:11 :


JebelAli Free Zone, Dubai, UAE

Notes to the Financial Statements (continued ...)

For the year ended March 31, 2018

f. AccountsReceivables

Accounts Receivables are amounts due from customers for merchandise sold or services

performed in the ordinary course of business. lf collection is expected in one year or less (or

in the normal operating cycle of the business if longer), they are classified as current assets.

lf not, they are presented as non-current assets. Trade receivables are initially recognized at

fair value and subsequently measured at amortized cost reduced by appropriate allowance

for estimated doubtful debts.

g. Other Receivables

Other Receivables are non-derivative financial assets with fixed or determinable payments

that are not quoted in an active market. They are included in the current assets, except formaturities greater than 12 months after the end of the reporting period. The entity's otherreceivables comprises "cash and cash equivalents, deposits, prepayments and loans and

advances.

h. Cosh and cash equivalents

Cash and cash equivalents comprise cash on hand and bank deposits free of encumbrance

with a maturity date of three months or less from the date of deposit and other short-term

highly liquid investments with a maturity date of three months or less from the date'ofinvestments.

i. Account poyables

Account payables are obligations to pay for goods or services that have been acquired in theordinary course of business from suppliers. Account payable are classified as current

liabilities if payment is due within one year of less (or in the normal operating cycle of thebusiness if no longer). lf not, they are presented as non-current liabilities. Account payables

are recognized initially at fair value and subsequently are measured at amortized cost using

effective interest method.

j Other Poyobles

Other payables represents current payables other than dividend payables and tax payables.

These payables are expected to mature within one year or an operating cycle, which ever is

no longer. Other payables includes payables to employees, accrued expenses and duties.

k. Provisions

Provisions are recognized when the entity has a present legal or constructive obligation as a

result of past events; it is probable that an out low of resources embodying economic

benefits will be required to settle the obligation; and a reliable estimate can be made of theamount of the obligation. The expense relating to any provision is recognized in the profit or

loss, net of any reimbursement.

: L2:




For the year ended March 31, 2018l. Foreign Currency Transactions

Foreign currency transactions are recorded in UAE Dirham at the approximate rate ofexchange ruling at the time of the transaction. Assets and liabilities expressed in foreigncurrencies at the Statement of Financial Position date are converted to UAE Dirham at theyear end rate of exchange. All foreign currency gains and losses are booked in the statementof income as they arise.

m. Employees' Terminol Benefits

No provision is made in accounts for end of service benefits due to employees in accordance

with UAE federal labor laws no. (8) year 1980. The management has the policy to settle thedues during the time of termination.

n. Profit and Loss account

The entity's profit or loss is arrived at after charging all expenses incurred in day to day

operations of the business and in maintaining property, plant and equipment.

o. Rounding off

The figures stated in the attached financial statements are rounded off to the nearest UAE

Dirham.

p. Fair Value of financial instruments

The value of all classes of financial assets and financial liabilities, as recorded in theStatement of Financial Position approximate the fair value of these assets and liabilities.

q. General

ln the opinion of the management all the assets as shown in the financial statements are

existing and realizable at the amount shown against and there are no liabilities against theentity contingent or otherwise not included in the above Financial Statement. The financial

statement has prepared based on the information provided by the managment.

:l-3:




EEE

E

ElEllEl

EtctEllcfIctletJciIdl-ulcildldldis

CI

For the ended March 31,2018

Cost :

As at March 3L, 2077

Additions for the year

As at March 31, 20L8

Accumulated Depreciation :

As at March 3L, 2OL7

Charge for the year

As at March 31., 2018

Net Book Value :

As at March 31, 2018

As at March 3L, 2O!7

Office

Equipment

5,257

5,25L

Furniture& Fixtures Total

34,477

34,477

5,251

34,477

39,728

1,365

1,050 4,597

1,365

5,647

2,4L5 4,597 7,0L2

3,885

29,990

-

_32JL63,996

7. Property, Plant & Equipment

:14:

Notes to the Financial Statements (continued ...)For the year ended March 31, 2019

EtrErETEtEIETEtHEtEtETEIEtEEttrtFtltititEErtrh{Hbd

HbtHts{$h{Efrs

RST tNTERNATIONAT TRADTNG (FZE)


8. Accounts and Other ReceivablesTrade Receivables

Advance to SupplierPrepayment

Deposits

Other Receivables

9. Cash and Bank

Cash on Hand

Cash at Bank

12. Revenue

Sales

31-03-20L8 i1-03-2017AED AED

L,349,O3L L,499,765336,L92 330,46221,212 24,950L7,476 !7,4767,092 3,452

1,730,993 1,966.005

5,713691,632697,345

20,309t,877,gLO

10. Related Party TransactionsL,ggg,zLg

The Establishment has in the ordinary course of business, entered into certain revenue andfinancial transactions with entities which fall within the definition of related parties as containedin lnternational Financial Reporting standards (IFRS). The management decides on the termsand conditions of the transactions and services received / rendered from/to related parties aswell as on other charges.

11.

The Establishment provides / receives fundsworking capital. The balance due from/due tounsecured and repayable on call.

Due to Related PartyRama SteelTubes Ltd (tndia)

Accounts and Other payables

Trade payables

Advance from customersSalary Payable

Other payable

to/from related parties as and when required assuch parties which have been disclosed below are

218,397 20g,t9t218,391 209.101

99,52254,95410,500

2,000

439

541,510

5,500

2,000L66,976 549.449

L9,466,791,

L9,466,79t14,07L,207

14,07L,2O7

:1"5:


Jebel Ali Free Zone, Dubai, UAENotes to the Financial Statements (continued ...)

drrilldi6GIEIEIEIEIETEIETErltrbrtitsHFrFiFrhihrtIErtrHI-dHtrHHHs,L-'

For the ended March 31,2018

13. Cost ofSalesPurchases with direct expenses

14. Other lncomeForeign Exchange Gain

1-5. General & Administration ExpensesSalaries & AllowancesRent

Business promotionCommunication expensesLegal, License & professional chargesTravelling & ConveyanceBank charges

Office expenses

Visa & lnsurance

31-03-2018 31-03-2017AED AED

79,L22,093 73,099,702L8,L22,093 13,099.702

4Lt,60L

_11!f91_

739,229

57,940

2L,670L5,ggg

15,996

74,062

5,877

3,297

Nil

Lgg,52L199.s21

t45,7575L,!4242,L2226,9701.4,090

90,633

9,6594,502

L2,L22

_272,768_ _lqEqq_15. Financial Risk Factors

(i) Credit Risk

Financial assets, which potentially subject the establishment to credit risk, comprisesmainly of bank balances & receivables. Bank balances are with regulated financialinstitutions. The management of the establishment is taking continuous follow upmeasures to recover the dues within the credit period allowed. The management believesthat receivables are fully recoverable.

(ii) lnterest Rate Risk

The establishment does not availed any bank loan from banks or any other financialinstitution as on reporting date, hence the interest rate risk is minimum.

(iii) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument willfluctuate because of changes in market prices, such as exchange rate risk, interest rate riskor other price risk, which will affect the establishment's income or the value of its holdingof financial instruments.

:76:

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17.

18.

RST !NTERNATTONAL TRADTNG (FZE)

Jebel Ali Free Zone, Dubai, UAENotes to the Financial Statements (continued ...)

Financial instruments affected by market risk include interest-bearing loans andborrowings, deposits, financial assets at fair value through other comprehensive income.The objective of market risk management is to manage and control market risk exposureswithin acceptable parameters, while optimizing the return.

(iv) Liquidity risk

Liquidity risk is the risk that the establishment will not be able to meet financial obligationsas they fall due. The liquidity requirements are monitored on a regular basis by the ownersand the management who ensure that sufficient funds are made available to theestablishment to meet any future commitments.

(v) Exchonge Rate Risk

There were no significant exchange rate risks as most of the financial assets and liabilitiesare denominated in UAE Dirhams.

Financial instruments: Fair value

Financial instruments comprise of financial assets and financial liabilities. The fair value of theestablishment's financial assets comprising of deposits and bank balances and financial liabilitiescomprising of accruals approximate to their carrying values.

Contingent Liability

Except for the ongoing business obligations which are under normal course of business againstwhich no loss is expected, there has been no other known contingent liability or capitalcommitment on establishment's accounts as of date of statement of financial position.

19. significant events after the date of statement of financiat position

There were no significant events occurring after the date of statement of financial positionwhich require disclosure in the financial statements.

The occompanying notes L to 19 form on integral port of these finonciol statements.


These financial stotements on pages 5 to 17 were approved by the Monoging Director on Moy 74,2078 and signed by:

Director

ended March 31,2018

RST INTERNATIONA

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