Home  »  Company
Enter the first few characters of Company and click 'Go'
Sorry, unable to find the company details of Rishiroop rubber international

Search NSE/BSE Listed Company Details By Alphabets

 
Subscribe now to get personal finance updates in your inbox!
Auditor Report of Rishiroop Rubber (International) Ltd. Company
Home  »  Company  »  Rishiroop Rubber  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Rishiroop Rubber (International) Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of Rishiroop Rubber (International) Limited ("the Company") , which comprise the Balance Sheet as at March 31, 2014, and the Statement of profit and Loss and Cash Flow Statement 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 and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standards notifed under the Companies Act, 1956 read with General Circular 15/2013 dated 13th September 2013, issued by the ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. 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 management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is suffcient 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 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 March 31, 2014;

(b) in the case of the Statement of profit and Loss , of the profits 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.

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 account 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 account;

d. in our opinion, the Balance Sheet, Statement of profit and Loss, and Cash Flow Statement comply with the Accounting Standards notifed under the Companies Act, 1956 read with General Circular 15/2013 dated 13th September 2013, issued by the ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013;

e. on the basis of written representations received from the directors as on March 31, 2014 and taken on record by the Board of Directors, none of the directors is disqualifed as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-Section (1) of Section 274 of the Companies Act, 1956.

Annexure to the Auditors'' Report. (Referred to in paragraph 1 of our report)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verifcation of its fixed assets under which fixed assets are verifed in a phased manner ,which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verifcation.

(c) In our opinion, a substantial part of fixed assets has not been disposed off during the year.

(ii) (a) The management has conducted physical verifcation of inventory at reasonable intervals during the year.

(b) The procedures of physical verifcation of inventory followed by the management are 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 and no material discrepancies were noticed on physical verifcation.

(iii) (a) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clauses 4(iii)(b) to 4(iii)(d) of the Order are not applicable.

(b) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clauses 4(iii)(f) and 4(iii)(g) of the Order are not applicable.

(iv) In our opinion, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of the goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956 :

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contract / arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

(vi) According to information and explanation given to us, the Company has not accepted deposits in terms of the provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956.

(vii) In our opinion, the internal audit functions carried out during the year by the firm of Chartered Accountant appointed by the Management have been commensurate with the size of the Company and nature of its business.

(viii) In our opinion, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub- Section (1) of Section 209 of the Companies Act, 1956 in respect of activities carried out by the Company.

(ix) (a) According to information and explanation given to us the Company is generally regular in depositing the undisputed statutory dues including provident fund, income tax, sales tax, service tax, customs duty, cess and other material statutory dues, as applicable, with the appropriate authorities.

(b) In our opinion there are no disputed liabilities which are outstanding for a period of more than six months from the date they became payable.

(x) In our opinion, the accumulated losses of the company at the end of the financial year are not more than fifty percent of its net worth. The Company has not incurred cash losses for the current and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanation given to us, the Company has no outstanding dues to any bank or financial institution during the year.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable.

(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable.

(xiv) The company is investing surplus funds in Mutual funds and proper records have been maintained of the transactions & contract and timely entries have been made therein and investment have been held by the company in it''s own name.

(xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or any financial institutions, accordingly provisions of the clause 4(xv) of the order are not applicable.

(xvi) The Company has not obtained any term loans during the year under audit. Accordingly Provisions of clause 4(xvi) of the order are not applicable.

(xvii) According to the cash fow statement and other records examined by us and the information and explanation given to us, on an overall basis, funds raised on short term basis, have prima facie, not been used during the year for long term investments.

(xviii) During the year, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clause 4(xviii) of the Order are not applicable.

(xix) The Company has neither issued nor had any outstanding debentures during the year. Accordingly the provisions of clause 4 (xix) of the Order are not applicable.

(xx) The Company has not raised any money by way of public issues during the year. Accordingly, the provisions of clause 4(xx) of the Order are not applicable.

(xxi) According to information and explanation given to us , no fraud on or by the Company has been noticed or reported during the period covered by our audit.

For Jayesh Dadia & Associates

Chartered Accountants

Firm''s Registration No. 121142W

Nishit Dave

Partner

Membership No. 120073

Place : Mumbai Date : 23rd May 2014


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Rishiroop Rubber (International) Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2013, and the Statement of Profit and Loss and Cash Flow Statement 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 and cash flows of the Company in accordance with the Accounting Standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956("the Act"). 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 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 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 profits 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. 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 account 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 account;

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of 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 sub-section (1) of section 274 of the Companies Act, 1956.

Annexure to the Auditors'' Report (Referred to in paragraph 1 of our report)

of even date to the members of Rishiroop Rubber International Limited, on the financial statements for the year ended 31st March 2013.

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assets under which fixed assets are verified in a phased manner, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) In our opinion, a substantial part of fixed assets has not been disposed off during the year.

(ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year.

(b) The procedures of physical verification of inventory followed by the management are 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 and no material discrepancies were noticed on physical verification.

(iii) (a) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, the provisions of clauses 4(iii)(b) to 4(iii)(d) of the order are not applicable.

(b) The Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, the provisions of clauses 4(iii)(f) and 4(iii)(g) of the Order are not applicable.

(iv) In our opinion, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of the goods and services. During the course of our audit, no major weakness has been noticed in the internal control system in respect of these areas.

(v) In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956 :

(a) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contract / arrangements entered in the Register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company.

(vi) According to information and explanation given to us, the Company has not accepted deposits in terms of the provisions of section 58A and 58AA or any other relevant provisions of the Companies Act, 1956.

(vii) In our opinion, the internal audit functions carried out during the year by the firm of Chartered Accountant appointed by the Management have been commensurate with the size of the Company and nature of its business.

(viii) In our opinion, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub- section (1) of section 209 of the Companies Act, 1956 in respect of activities carried out by the Company.

(ix) (a) According to information and explanation given to us the Company is regular in depositing the undisputed statutory dues including provident fund, income tax, sales tax, service tax, customs duty, cess and other material statutory dues, as applicable, with the appropriate authorities.

(b) In our opinion there are no disputed liabilities which are outstanding for a period of more than six months from the date they became payable.

(x) In our opinion, the accumulated losses of the Company at the end of the financial year are not more than fifty percent of its net worth. The Company has not incurred cash losses for the current and the immediately preceding financial year.

(xi) In our opinion and according to the information and explanation given to us , the Company has no outstanding dues to any bank or financial institution during the year.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, the provisions of clause 4(xii) of the Order are not applicable.

(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable.

(xiv) The Company is investing surplus funds in Mutual funds and proper records have been maintained of the transactions & contract and timely entries have been made therein and investment have been held by the Company in it''s own name.

(xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or any financial institutions, accordingly provisions of the clause 4(xv) of the order are not applicable.

(xvi) The Company has not obtained any term loans during the year under audit. Accordingly Provisions of clause 4(xvi) of the order are not applicable.

(xvii) According to the cash flow statement and other records examined by us and the information and explanation given to us, on an overall basis, funds raised on short term basis, have prima facie, not been used during the year for long term investments.

(xviii) During the year, the Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Act. Accordingly, the provisions of clause 4(xviii) of the Order are not applicable.

(xix) The Company has neither issued nor had any outstanding debentures during the year. Accordingly the provisions of clause 4 (xix) of the Order are not applicable.

(xx) The Company has not raised any money by way of public issues during the year. Accordingly, the provisions of clause 4(xx) of the Order are not applicable.

(xxi) According to information and explanation given to us , no fraud on or by the Company has been noticed or reported during the period covered by our audit.

For Jayesh Dadia & Associates

Chartered Accountants

Firm''s Registration No. 121142W

Nishit Dave

Place: Mumbai Partner

Date : 24th May 2013 Membership No. 120073


Mar 31, 2012

1. We have audited the attached Balance Sheet of RISHIROOP RUBBER (INTERNATIONAL) LIMITED. as at 31st March, 2012,the Statement of Profit and Loss and the Cash Flow Statement of the Company 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.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 (Auditor's 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. 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 accounts as required by the law have been kept by the Company so far as appears from our examination of those books;

(iii) The Balance Sheet, 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 and Statement of Profit and Loss 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;

(v) On the basis of representations received from the Directors as on 31st March 2012 and taken on record by the Board Directors, we report that none of the director is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 :

(a) In case of the balance sheet, of the state of affairs of the Company as at 31st March 2012;

(b) In case of the Statement of profit and loss, of the profit of the for the year ended on that date, and

(c) In case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT (Referred to in paragraph 3 of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets;

(b) All the assets have been physically verified by the Management during the year at a reasonable intervals. According to the explanations given to us no material discrepancies were noticed on such verification;

(c) In our opinion and according to the information and explanation given to us, the Company has not disposed off any fixed assets during the year.

(ii) (a) The inventory of the Company has been physically verified by the management during the year. In our opinion the frequency of verification is reasonable.

(b) In our opinion , the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) On the basis of our examination of inventory records, the Company has maintained proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) (a) During the year the Company has neither granted nor taken any loan, secured or unsecured to/from the Companies, firms or other parties covered in the Register maintained u/s 301 of the Companies Act, 1956.

(b), (c), (d), (e),(f),(g) Since no loans are granted/taken during the year comment under these clauses are not given.

(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 and fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system;

(v) (a) As explained to us, the Company has entered into all the particulars of contracts or arrangements referred to in section 301 of the Act; and

(b) As explained to us, transactions made in pursuance of all contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has not accepted fixed deposits during the year, therefore, provisions of section 58A, 58AA or any other relevant provisions of the Companies Act,1956 and the Rules framed there under are not applicable..

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business for the purchase of inventory and for sale of goods.

(viii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of activities carried out by the Company.

(ix) (a) According to the information and explanation given to us the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, ESIC, Income tax, MVAT, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanation given to us, there are no dues outstanding on account of dispute.

(x) In our opinion, the accumulated losses of the Company at the end of the financial year are not more than fifty percent of Net worth. The Company has not incurred cash loss for the current financial year and in immediately preceding financial year.

(xi) In our opinion and according to the information and explanation given to us, the Company has no dues to any bank and financial institution.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and any other securities. Accordingly clause 4(xii) of the order is not applicable.

(xiii) In our opinion, the Company is not a chit fund, nidhi, mutual benefit or a society. Accordingly, clause 4(xiii) of the order, is not applicable.

(xiv) The Company is dealing in Mutual Funds and proper records have been maintained of the transactions and contracts and timely entries have been made therein and investments have been held by the company in it's own name.

(xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or any financial institutions. Accordingly, clause 4(xv) of the order is not applicable.

(xvi) The Company has not obtained any term loans during the year under audit. Accordingly, clause 4(xvi) of the order is not applicable.

(xvii) According to the information and explanation given to us, the funds raised on short term basis have not been used for long term investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

(xix) The Company has not issued debentures. Accordingly, clause 4(xix) of the order is not applicable.

(xx) The Company has not raised any money by way of public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit;

For Jayesh Dadia & Associates,

Chartered Accountants

Firm Registration number: 121142W

Nishit Dave

Place: Mumbai Partner

Date: 22nd June, 2012 M.No.: 120073


Mar 31, 2011

1. We have audited the attached Balance Sheet of RISHIROOP RUBBER (INTERNATIONAL) LIMITED. as at 31st March, 2011, the Profit and Loss Account and the Cash Flow Statement of the Company 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.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These 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 (Auditor's 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.

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 accounts as required by the law have been kept by the Company so far as appears from our examination of those books;

(iii) The Balance Sheet, Profit and Loss Account 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 and the Profit and 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;

(v) On the basis of representations received from the Directors as on 31st March 2011 and taken on record by the Board Directors, we report that none of the director is disqualified as on 31st March 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 :

(a) In case of the balance sheet, of the state of affairs of the Company as at 31st March 2011;

(b) In case of the profit and loss account, of the profit of the for the year ended on that date, and

(c) In case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT (Referred to in paragraph 3 of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets;

(b) All the assets have been physically verified by the Management during the year at a reasonable intervals. According to the explanations given to us no material discrepancies were noticed on such verification;

(c) In our opinion and according to the information and explanation given to us, the Company has not disposed off any fixed assets during the year.

(ii) (a) The inventory of the Company has been physically verified by the management during the year. In our opinion the frequency of verification is reasonable.

(b) In our opinion , the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) On the basis of our examination of inventory records, the Company has maintained proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) (a) During the year the Company has neither granted nor taken any loan, secured or unsecured to/from the Companies, firms or other parties covered in the Register maintained u/s 301 of the Companies Act, 1956.

(b), (c), (d), (e),(f),(g) Since no loans are granted/taken during the year comment under these clauses are not given.

(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 and fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system;

(v) (a) As explained to us, the Company has entered into all the particulars of contracts or arrangements referred to in section 301 of the Act; and

(b) As explained to us, transactions made in pursuance of all contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has not accepted fixed deposits during the year, therefore, provisions of section 58A, 58AA or any other relevant provisions of the Companies Act,1956 and the Rules framed there under are not applicable..

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business for the purchase of inventory and for sale of goods.

(viii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of activities carried out by the Company.

(ix) (a) According to the information and explanation given to us the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, ESIC, Income tax, MVAT, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanation given to us, disputed Income Tax demand of Rs.53,71,722 for financial year 2006-07 not deposited with the appropriate authorities due to pending appeal before CIT(A).

(x) In our opinion, the accumulated losses of the Company at the end of the financial year are not more than fifty percent of Net worth. The Company has not incurred cash loss for the current financial year and in immediately preceding financial year.

(xi) In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to the financial institutions.

(xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and any other securities. Accordingly clause 4(xii) of the order is not applicable.

(xiii) In our opinion, the Company is not a chit fund, nidhi, mutual benefit or a society. Accordingly, clause 4(xiii) of the order, is not applicable.

(xiv) The Company is dealing in Mutual Funds and proper records have been maintained of the transactions and contracts and timely entries have been made therein and investments have been held by the company in it's own name.

(xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or any financial institutions. Accordingly, clause 4(xv) of the order is not applicable.

(xvi) The Company has not obtained any term loans during the year under audit. Accordingly, clause 4(xvi) of the order is not applicable.

(xvii) According to the information and explanation given to us, the funds raised on short term basis have not been used for long term investment.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

(xix) The Company has not issued debentures. Accordingly, clause 4(xix) of the order is not applicable.

(xx) The Company has not raised any money by way of public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit;

For Jayesh Dadia & Associates Chartered Accountants

Nishit Dave Partner. M.No.: 120073 Firm Registration Number: 121142W Mumbai, Dated : 26th May, 2011


Mar 31, 2010

1. We have audited the attached Balance Sheet of RISHIROOP RUBBER (INTERNATIONAL) LIMITED, as at 31st March, 2010, the Profit and Loss Account and the Cash Flow Statement of the Company 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 conducted our audit in accordance with auditing standards generally accepted in India. These 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 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.

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 accounts as required by the law have been kept by the Company so far as appears from our examination of those books;

(iii) The Balance Sheet, Profit and Loss Account 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 and the Profit and 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;

(v) On the basis of representations received from the Directors as on 31st March 2010 and taken on record by the Board of Directors, we report that none of the director is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1)-of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 :

(a) In case of the balance sheet, of the state of affairs of the Company as at 31st March 2010;

(b) In case of the profit and loss account, profit for the year ended on that date,, and

(c) In case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets;

(b) All the assets have been physically verified by the Management during theyear at a reasonable intervals. According to the explanations given to us no material discrepancies were noticed on such verification;

(c) In our opinion and according to the information and explanation given to us, the Company has not disposed off any fixed assets during the year.

(ii) (a) The inventory of the Company has been physically verified by the management during the year. In our opinion the frequency of verification is reasonable.

(b) In our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) On the basis of our examination of inventory records, the Company has maintained proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) (a) During the year the Company has neither granted nor taken any loan, secured or unsecured to/from the Companies, firms or other parties covered in the Register maintained u/s 301 of the Companies Act, 1956.

(b), (c), (d), (e),(f),(g) Since no loans are granted/taken during the year comment under these clauses are not given.

(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 and fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system;

(v) (a) As explained to us, the Company has entered- into all the particulars of contracts or arrangements referred to in section 301 of the Act; and

(b) As explained to us, transactions made in pursuance of all contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has not accepted fixed deposits during the year, therefore, provisions of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Rules framed there under are not applicable..

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business for the purchase of inventory and for sale of goods.

(viii) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of section 209 of the Companies Act, 1956 in respect of activities carried out by the Company.

(ix) (a) According to the information and explanation given to us the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, ESIC, Income tax, MVAT, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it.

(b) According to the information and explanation given to us, disputed Income Tax demand of Rs.8,13,835/- for financial year 2005-06 not deposited with the appropriate authorities due to pending appeal before CIT(A).

(x) In our opinion, the accumulated losses of the Company at the end of the financial year are not more than fifty percent of Net worth. The Company has not incurred cash loss for the current financial year and in immediately preceding financial year.

(xi) In our opinion and according to the information and explanation given to us, the Company has not defaulted in repayment of dues to the financial institutions.

(xii) The. Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and any other securities. Accordingly clause 4(xii) of the order is not applicable.

(xiii) In our opinion, the Company is not a chit fund, nidhi, mutual benefit fund or a society. Accordingly, clause 4(xiii) of the order, is not applicable.

(xiv) The Company is dealing in Mutual Funds and proper records have been maintained of the transactions and contracts and timely entries have been made therein and investments have been held by the company in its own name.

(xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or any financial institutions. Accordingly, clause 4(xv) of the order is not applicable.

(xvi) The Company has not obtained any term loans during the year under audit. Accordingly, clause 4(xvi) of the order is not applicable.

(xvii) According to the information and explanation given to us, the funds raised on short term basis have not been used for long term investment.

(xviii) The Company has nof made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. Accordingly, clause 4(xviii) of the order is not applicable.

(xix) The Company has not issued debentures. Accordingly, clause 4(xix) of the order is not applicable.

(xx) The Company has not raised any money by way of public issues during the year. Accordingly, clause 4(xx) of the order is not applicable.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit;

For Jayesh Dadia & Associates,

Firm Registration number: 121142W Chartered Accountants.

Nishit Dave

Partner M.No.: 120073

Mumbai,

Dated: May 31, 2010



 
Subscribe now to get personal finance updates in your inbox!