Mar 31, 2015
We have audited the accompanying financial statements of RAMMAICA
(INDIA) LIMITED("the Company") which comprise the Balance Sheet as at
March 31, 2015 and the Statement of Profit and Loss for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the 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 of the Company in accordance with the accounting
standards notified under section 133 of the Companies Act, 2013, read
with rule 7 of the Companies (Accounts) Rules, 2014 and in accordance
with the accounting principles generally accepted in India. 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on 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
from 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 judgment, including the assessment of
the risks of material misstatement of the 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. An 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 financial statements give the information
required by the Act in the manner so required and give true and fair
view in conformity with the accounting principles generally accepted in
India.
a. In the case of Balance Sheet, the state of affairs of the company
as at March 31, 2015 and,
b. In the case of statement of profit and loss, of the profit for the
year on that date;
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 ("the
order") issued by the Central Government of India in terms of Section
143(11) of the Companies Act,2013. We annex hereto a statement on the
matter specified in Paragraphs 3 and 4 of the said Order.
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 best of our knowledge and belief were necessary for the
purpose 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 the
books;
(c) The Balance Sheet and Statement of Profit and Loss dealt with by
this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards notified under Companies Act 2013;
(e) On the basis of the written representations received from the
Directors as on March 31, 2015 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2015 from being appointed as a director in terms of
sub-section (2) of section 164 of the Companies Act, 2013.
(f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us :
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long term contracts including derivative contracts
iii. There were no amounts which were required to be transferred to
Investor Education and Protection Fund as on march31, 2015 by the
company.
Annexure to the Auditor's Report
(Referred to in Paragraph 2 of our report of even date)
Annexure referred to in paragraph 2 of our report to the members of
RAMMAICA INDIA LIMITED on the accounts for the year ended March 31,
2015.
1) In respect of Inventory:
a. The Inventory of the Company has been physically verified by the
management during the year. In our opinion frequency of verification is
reasonable in relation to the size of the company and nature of its
business.
b. In our opinion and according to the information and explanation
given to us the procedure of physical verification of inventory
followed by the management were found reasonable and adequate in
relation to the size of the company and the nature of its business.
c. According to the information and explanation given to us we are of
the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on physical stocks and the book
records were not material in relation to the operation of the company.
2) The company has not given any loans, secured or unsecured, to the
companies, firm or other parties covered in the register maintained
under section 189 of the Act. Hence clauses (iii) (b), (c) & (d) of the
Order are not applicable.
3) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and for sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls
The company does not have formal internal audit system. Internal audit
is carried out by in house staff. In our opinion, there is scope for
further improvement in the internal audit system
4) The Company has not accepted any deposit from public and
consequently the directives of Reserve Bank of India and the provisions
of Section 73 to 76 the Act and the Rules framed there under are not
applicable. As per the information and explanation given to us no order
under aforesaid sections has been passed by the Company Law Board on
the Company.
5) According to the information & explanation given to us, the company
is not required to maintain cost records under section 148(1) of the
Act.
6) a. According to the information and explanation given to us and the
records of the Company, the Company is generally regular in depositing
undisputed statutory dues including provident fund, income tax, sales
tax, wealth tax, custom duty, excise duty, service tax and other
statutory dues with the appropriate authorities as may be applicable to
it.
There are undisputed outstanding amounts payable in respect of TDS Rs
1456/- as at 31st March 2015 for a period of more than six months from
the date they became payable.
b. According to the information and explanation given to us, there are
no amount required to be transferred to Investor Education and
protection Fund in accordance with the relevant provisions of the Act
and rules there under.
7) The Company has neither accumulated losses as at 31st March 2015 nor
has it incurred any cash loss during the financial year ended on that
date or in the immediate preceding financial year.
8) According to the information and explanation given to us the Company
has not defaulted in repayment of its dues to any financial
institutions, bank or to debenture holders during the year. OR (The
company has no dues payable to a bank or a financial institution or a
debenture holder.)
9) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, the terms and conditions whereof, in
our opinion, are prima facie prejudicial to the interest of the Company
10) In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
11) According to the information and explanation given to us no fraud
on or by the Company has been noticed or reported during the year
FOR: - SSRV & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM NO. - 135901W
Sd/-
Satyendra S Sahu
Partner
M.No:126823
PLACE: - MUMBAI
DATE: 30.05.2015
Mar 31, 2013
We have audited the accompanying financial statements of Rammaica
(India) Limited, which comprise the balance sheet as at 31 March 2013,
and the statement of Profit & Loss Account for the year ended on that
date, and a summary of significant accounting policies and other
explanatory information annexed thereto.
Management''s responsibility for the 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 of the company in accordance with the accounting
principles generally accepted in India including accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act.
1956. 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 Standards on 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
from 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 judgment, including the assessment of
the risks of material misstatement of the 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, but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by 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.
In our opinion and to the best of our information and according to the
explanations given to us, the 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, of the state of affairs of the
company as at 31st March 2013
b. In the case of the statement of profit and loss, of the profit for
the year ended on that date.
c. In the case of the Cash Flow Statement, of cash flows for the year
ended on that date.
Report on other legal and 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 sub
section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the 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 purpose of our
audit.
b. In our opinion proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
c. The Balance Sheet, Statement of Profit and Loss and cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss
comply with the accounting standards referred to in subsection (3C) of
the section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors
as on 31st March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2013 from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
The Annexure referred to in the auditors'' report to the members of
Rammaica (India) Limited for the year ended 31st March, 2013. We report
that:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management,
in accordance with a phased programme of verification which, in our
opinion, is reasonable, considering the size of the Company and nature
of its assets. No material discrepancies were noticed on such
verification.
(c) During the year, the company has disposed off the entire fixed
assets.
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification if
reasonable.
(b) The procedure of physical verification of inventories followed by
the management is reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) (a) The Company has granted unsecured interest free loans to one
partly covered in the register maintained under section 301 of
Companies Act, 1956. The maximum amount involved during the year was
Rs. 3, 66, 62, 000/- and the yearend balance of loans granted to such
parties was Rs. 3, 66, 62, 000/- The Company has not taken any
unsecured loans from the parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) In our opinion, and according to the information and explanations
given to us, the terms and conditions of the aforesaid loans are not
prima facie prejudicial to the interest of the Company.
(c) There is no stipulation as regards repayment of principal amounts.
(d) In respect of the said loans, since there is no stipulation as
regards repayment of principal amount, the question of overdue amounts
does not arise.
(e) The Company had not taken loan from the parties covered in the
register maintained under section 301 of the Companies Act, 1956. As a
consequence, sub clause (f) and (g) of Clause (iii) of paragraph 4 of
the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) On the basis of the audit procedures performed by us, and
according to the information and explanations given to us, we are of
the opinion that the Company has entered particular of all contracts or
arrangements in which directors were interested, and which are required
to be entered in the register maintained under Section 301 of the
Companies Act, 1956.
(b) In our opinion and according to the information and explanations
given to us, the Company does not have any transaction made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 and exceeding
the value of rupees five lakhs in respect of any party during the year.
(vi) The Company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India and the provisions
of Section 58A and 58AA of the Companies Act, 1956 and other relevant
provisions of the Companies Act, 1956 and the rules framed there under
apply.
(vii) The Company does not have formal internal audit system. Iternal
audit is carried out by in house staff. In our opinion, there is a
scope for further improvement in the internal audit system.
(viii)The clause relating to maintenance of cost records under Section
209(1 )(d) of the Companies Act, 1956 is not applicable.
(ix)(a) According to the information and explanations given to us, and
the records of the Company examined by us, in our opinion, the company
is generally regular in depositing the undisputed statutory dues,
including provident fund, investor education and protection fund,
employees'' state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
as applicable, with appropriate authorities during the year.
(b) According to the information and explanations given to us and the
records of the Company examined by us, no undisputed statutory amounts
payable were in arrears, as at 31st March 2013 for a period of more
than six months from the date they became payable except, TDS on
contractor Rs. 2,072/-
(c) According to the information and explanations given to us, there
are no statutory dues which have not been deposited on account of any
dispute.
(x) The accumulated losses of the company exceed its net worth as at
31st March, 2013. The Company has not incurred cash losses during the
financial year covered by our audit and in immediately preceding
financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xii) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the Company is not a Chit Fund Company or Nidhi
/ Mutual Benefit Fund / Society. Therefore paragraph 4 (xiii) of the
Order is not applicable to the Company.
(xiv) In our opinion, the Company has not dealt in or traded in shares,
securities debentures and other investments.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, during the year.
(xvi) The Company has not raised any term loan during the year under
consideration.
(xvii) According to the information and explanations given to us, and
on an overall examination of the balance sheet of the company, we
report that no fund raised on short basis have been used for long term
investment during the year.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the Register maintained under Section 301 of the
Companies Act, 1956.
(xix) As per the information and explanations given to us, the Company
has not issued any debenture during the year under review.
(xx) The company has not raised any money by public issue during the
year, and hence paragraph 4(xx) of the Order is not applicable.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instances of material
fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by management.
For AMD & Co
Chartered Accountants
Firm Registration No.: 130247W
Sd/-
Arvind M Darji
Partner
Membership No. 041748
Place: Mumbai
Date: 31.05.2013
Mar 31, 2012
We have audited the attached Balance Sheet of RAMMAICA (INDIA) LIMITED
as at 31st March 2012, the statement of Profit and Loss and the Cash
Flow Statement for the year ended on that date annexed thereto.These
financial statements are the responsibility of the Company's
management. 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
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure, a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
(i) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) 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;
(iii)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;
(iv) in our opinion, the Balance Sheet, the statement of Profit and
Loss and the Cash Flow Statement dealt with by this report comply with
the accounting standards referred to in section 211(3C) of the
Companies Act, 1956, to the extent applicable;
(v) On the basis of written representations received from the
directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of section
274(1)(g) of the Companies Act, 1956; and
(vi) in our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read
together with Significant Accounting policies and Notes on Accounts in
Schedule 12 appearing thereon, give the information required by the
Companies Act, 1956, in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India except Company had given Donation of Rs. 4,00,000/- without
obtaining Shareholders approval which is violation of Section 293 (1)
(e) of Companies Act, 1956:
(a) in the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2012;
(b) in the case of the statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
The Annexure referred to in the auditors' report to the members of
Rammaica India Limited for the year ended 31st March, 2012. We report
that:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management,
in accordance with a phased programme of verification which, in our
opinion, is reasonable, considering the size of the Company and nature
of its assets. No material discrepancies were noticed on such
verification.
(c) During the year, the company has not disposed off any part of the
fixed assets.
(ii) (a) The company does not have any inventory.
(iii) (a) The Company has taken unsecured loans from three parties
covered in the register maintained under section 301 of the Companies
Act, 1956. The Maximum amount involved during the year was Rs
7,92,60,323/- and the year end balance of loans taken from such parties
was Rs 6,92,64,430/-
(b) In our opinion, and according to the information and explanations
given to us, the terms and conditions of the aforesaid loans are prima
facie not prejudicial to the interest of the Company.
(c) There is no stipulation as regards repayment of principal amounts.
(d) In respect of the said loans, since there is no stipulation as
regards repayment of principal amount, the question of overdue amounts
does not arise.
(e) In respect of the loans given by the company, these are recoverable
on demand and therefore the question of Company taking steps for
recovery of the principal and interest does not arise.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) On the basis of the audit procedures performed by us, and
according to the information and explanations given to us, we are of
the opinion that the Company has entered particular of all contracts or
arrangements in which directors were interested, and which are required
to be entered in the register maintained under Section 301 of the
Companies Act, 1956.
(b) In our opinion and according to the information and explanations
given to us, the Company does not have any transaction made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 of the Companies Act, 1956 and exceeding
the value of rupees five lakhs in respect of any party during the year.
(vi) The Company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India and the provisions
of Section 58A and 58AA of the Companies Act, 1956 and other relevant
provisions of the Companies Act, 1956 and the rules framed there under
apply.
(i) The Company does not have formal internal audit system. Internal
audit is carried out by in house staff. In our opinion, there is a
scope for further improvement in the internal audit system.
(ii) The clause relating to maintenance of cost records under Section
209(1)(d) of the Companies Act, 1956 is not applicable.
(iii) (a) According to the information and explanations given to us,
and the records of the Company examined by us, in our opinion, the
company is generally regular in depositing the undisputed statutory
dues, including provident fund, investor education and protection fund,
employees' state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
as applicable, with appropriate authorities during the year.
(b) (i) According to the information and explanations given to us and
the records of the Company examined by us, undisputed statutory amounts
payable were in arrears, as at 31st March 2012 for a period of more
than six months from the date they became payable except TDS on
contract of Rs.1,793/-.
(ii) According to the information and explanations given to us, there
are no statutory dues which have not been deposited on account of any
dispute.
(x) The accumulated losses of the company exceed its net worth as at
31st March, 2012. The Company has not incurred any cash losses during
the financial year covered by our audit and in immediately preceeding
financial year.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xii) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion the Company is not a Chit Fund Company or Nidhi /
Mutual Benefit Fund / Society. Therefore paragraph 4 (xiii) of the
Order is not applicable to the Company.
(xiv) In our opinion, the Company has not dealt in or traded in shares,
securities debentures and other investments.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, during the year.
(xvi) The Company has not raised any term loan during the year under
consideration.
(xvii) According to the information and explanations given to us, and
on an overall examination of the balance sheet of the company, we
report that no fund raised on short basis have been used for long term
investment during the year.
(xviii) According to the information and explanations given to us, the
Company has not made preferential allotment of shares to parties and
companies covered in the Register maintained under Section 301 of the
Companies Act, 1956.
(xix) As per the information and explanations given to us, the Company
has not issued any debenture during the year under review.
(xx) The company has not raised any money by public issue during the
year, and hence paragraph 4(xx) of the Order is not applicable.
(xxi) During the course of our examination of the books and records of
the Company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instances of material
fraud on or by the Company, noticed or reported during the year, nor
have been informed of such case by management.
For AMD & Co
Chartered Accountants
Firm Registration No.: 130247W
Sd/-
Arvind M Darji
Partner
Membership No. 041748
Place: Mumbai
Date : 31st May,2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of RAMMAICA (INDIA)
LIMITED as at March 31, 2010, the Profit and Loss Account and the cash
flow statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation We believe that our audit provides a reasonable basis for
our opinion
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Notification 2/28/2 002-CL.V dated 12.06.2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956. we enclose in the Annexure a Statement
on the matters specif ed in the paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
I. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
II. 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. ill. The Balance Sheet, the Profit & Loss Account and
Cash Flow Statement dealt with by this Report are in agreement with the
books of account.
Iv. In our opinion, the Balance Sheet, the Profit 8 Loss Account and
the Cash Flow Statement dealt with by this Report comply with the
Accounting Standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956 to the extent applicable except Accounting Standard 22 relating to
Accounting
for Taxes on Income as detailed in Note B-13 of Schedule "P" to Notes
on Accounts. v. On the basis of written representations received from
the directors, as on March 31, 2010 and which are to be taken on record
by the Board of Directors, we report that none of the Directors are disq
-ualified as on March 31, 2010 from being appointed as Director in terms
of clause (g) ol sub-section (1) of section 274
of the Companies Act, 1956. vi. In our opinion and according to the
information and explanations given to us, the accounts have been
prepared on principles applicable to a "Going Concern" despite significant
erosion of net worth and viability of continuing future operations
remaining In question /doubt.
5. In our opinion and to the best of our information and according to
the explanations given to us, subject to notes Note no. B-2(a) & (b) in
Schedule "P" regarding non provision for disputed excise duty liability
amounting to Rs. 2,22,06,223/- and B-4 regarding non provision of
listing fees payable to Stock Exchange amounting to Rs. 3,45,150/-, the
said accounts read together with notes thereon, give the information
required by the Companies Act. 1956, in the manner so required and give
true and fair view in conformity with the accounting principles
generally accepted in India :
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010 ; ii) In the case of the Profit & Loss
Account, of the Loss for the year ended on that date ; and iii) In the
case of the Cash Flow Statement, of the cash flows for the year ended
on that date
ANNEXURE TO AUDITORS REPORT Re.: RAMMAICA (INDIA) LTD. Referred to in
paragraph 3 ol our report of even date
1. In respect of its Fixed Assets.
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. All the assets have not been physically verified by the management
during the year; however, there is a regular programme of verification
which, in our opinion, is reasonable having regard to the size of the
company and the nature of its assets. There are no material
discrepancies
c Accoding to the information and explanation given to us, the company
has not sold any of its fixed assets during the year
2 In respect of its Inventories
a As explained to us. the inventory has been physically verified during
the year by the management In our opinion, the frequency of
verification is reasonable. b. In our opinion, the procedures of
physical verification of inventories followed by the management are
reasonable and adequate in relation to the size of the
company and the nature or its business C. The company is maintaining
proper records of inventory The discrepancies noticed on verification
between the physical stock and the book records were not material.
3. a The Company has taken any interest-free unsecured loan from the
following party covered in the Register maintained under Section 301 of
the Companies Act. 1956.
Sr. Name of party Opening
Balance Amount
Received Maximum
Balance Closing
Balance
No. in (Rs) (Repaid)
during the
year Outst
anding
in (Rs) in (Rs.)
J Gomti Finlease
(I) Ltd1 49,81.000 (1.49.B1,000) - -
2 Maharashtra
Laminates 12,45,934 87,34,966 99.81.930 99,81.930
3 Hanuman
Laminates
(I) Ltd. 1,08,74,500 69,97,03 41,78,71,53 41.7B.71.534
4 Indecomal Export
Ltd. 5,00,000 (5,00,000) - -
5, Shri Ramabtar
Jhunjhunwala - 2,40,00,000 2,40,00,000 2,31,60,000
(8,40,000)
b) The Company has not granted secured or unsecured loan to any company
or firm or other party included in the register maintained under
section 301 of the Companies Act, 1956 and / or to the companies under
the same management as defined under section 370(16) of the Companies
Act, 1956
c) According to the information and explanations as given to us, terms
and conditions of loan taken by the company from above mentioned party
are not prima facie prejudicial to the interest of the company
d) According to the information and explanations as given to us, there
is no stipulation as to repayment and since the loan is interest-free,
reporting on regularity of payment of interest does not arise.
e) According to tfie information and explanations as given to js. since
there is no stipulation as to repayment of loans and loan is
interest-free, as explained to us, there is no overdue amount of loans
taken from or granted to companies, firms or other parties listed in
the register maintained under section 301 of the Companies Act. 1956.
4. According to the information and explanations as given to us, since
there is no purchase of inventory or Fixed Assets or any sale of goods
during the financial year, the reporting on the adequacy of internal
control on the same is not done. The internal control in respect of
holding of inventory is found satisfactory
5. In our opinion and according to the information and explanations
given to us, there are no transactions in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956, aggregating during the year to Rs. 5,00,000/-
(Rupees Five Laces only) or more in respect of any party.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits requiring
compliance with the provisions of Sections 58A and 58AA of the
Companies Act, 1956 and the Companies {Acceptance of Deposits) Rules,
1975 with regard to the deposits accepted from the public. No order
has been passed by the National Company Law Tribunal.
7. in our opinion and according to the information and explanations as
given to us, the company does not require to have an internal audit
system commensurate with the size and nature of its business as
required under the Order.
8. In our opinion and according to the information and explanations as
given to us, the company is not required to. by the Central Government,
to maintain cost records under section 209(1) (d) of the Companies Act,
1956.
9. a. In our opinion and according to the information and
explanations as given to us, there are no undisputed statutory dues
outstanding and payable under laws that
apply to dues relating to provident fund, investor education protection
fund, employees state insurance, income-tax. sales-tax, wealth-tax,
custom duty, excised- duty, cess and other statutory dues, as
applicable to it. According to the information and explanations as
given to us, no undisputed amounts payable in respect of income tax.
wealth tax, sales tax, customs duty and excise duty were outstanding,
as at March 31. 2010 for a period of more than six months from the date
they became payable.
b. According to the records of the company, and according to the
information and explanations given to us, there are no dues of sales
tax, income-tax, customs duty / wealth-tax, excise duty / cess which
have not been deposited on account of any dispute. No provisions has
been made in the books for the show cause notices pending fnal decision
in the following matters.
Name of Statute Nature of dues Amount (Rs.) For the
F. V. Forum
where
dispute is
pending
Central Excise
Act. 1944 Excise Duty 4,71,521/- 1984-1959 Commiss
ioner of
Canlral Excise
Act, 1944 Excise Duty &
Penalty 2,26.00,354/- 1991-1996 Commiss
ioner of
Central
Excise
10. The accumulated loss of the company exceeds its net worth The
company has incurred cash lasses of Rs. 41,41,490/- during the f
nancial year covered by the audit and Rs. 3,25,653/- the immediately
preceding financial year.
11. Based on audit procedures and on the information and explanations
as given by the management, we are of the opinion that the company had
in the past defaulted in repayment ofdues to State Bank of India, who
had filed case against the company and appointed court receiver through
the Honourable High Court, Mumbai, for recovery of cash credit toan
dues. The matter is amicably settled during the year and no dues are
outstanding as on 31.03.2010.
12. (a) According to the information and explanations as given to us,
and based on our examination of documents and records, the company has
not granted any loans
and advances on the basis of security by way of pledge of shares,
debentures and other securities
(b) Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that no loans and
advances on the basis Of security by way pledge or shares, debentures
and other securities is done, hence, requirement of reporting on this
matter is not made and the question of proper records maintenance of
the transactions and contracts and timely entries thereof in those
records does not arise We also report that the company holds shares of
"Maharashtra Laminates Ltd." and "Hanuman Laminates (India) Pvt. Ltd"
in its own name
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund/ society. Therefore. clause-4(iii) of the Companies
(Auditors Report) Order, 2003 is not applicable to the company.
14. The company has not dealt in or traded in shares, securities,
debentures and other investments.
15. According to the information and explanations as given to us, the
company has given counter guarantees to the bankers for counter
guarantees given by them to various customers for performances and
other contingencies. However same have lapsed due to time limitation.
16. The company has not taken any other term loan during the year
covered by our audit. In the case of term loans taken during earlier
years, we have not come across any instances where such loans were
applied for the purpose other than the purpose for which the loans were
obtained.
17. According to the information and explanations as given to us, and
on an overall examination of the balance sheet of the company as at
March 31, 2010. we report that since no funds are raised, reporting on
usage of funds raised on short-term basis for long-term investment does
not arise. No long-term funds have been used to finance short-term
assets except permanent working capital.
18. According to the information and explanations as given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956
19. According to the information and explanations as given to us,
during the penod covered by our audit report, the company has not
issued any debentures and hence creation of security in respect thereof
does not arise.
20. According to the information and explanations as given to us,
during the period covered by our audit report, the company has not made
any public issue and hence no reporting oh an/ end use of money raised
is done, since not applicable.
21. According to the information and explanations given to us. based
upon the audit procedures performed and information and explanations as
given by the management, we report that no fraud on, or by the company,
has been noticed or reported during the course of our audit.
For KAILASH KEJRIWAL S. CO
CHARTERED ACCOUNTANTS
Place: Mumbai KAILASH S. KEJRIWAL
Date : 13-08-2010 PROPRIETOR
Membership No. 14345