Mar 31, 2015
We have audited the accompanying Consolidated/Standalone financial
statements of THE RUBBER PRODUCTS March, 2015, which comprise the
Balance Sheet as at March 31.2015, 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
The company's Management is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 with respect to me
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 generally
accepted in India including the Accounting Stands is specified under
Section 133 of the Companies Act, 2013, read with Rule 7 of the
Companies(Accounts) Rule,2014. This responsibility includes maintenance
of adequate accounting records in accordance with the provision of the
Act for safeguarding the assets of me company and for preventing and
detecting frauds and other irregularities, selection and application of
appropriate accounting policies, making judgements and estimates that
are reasonable and prudent and 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
materia! misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these
consolidated/standalone financial statements based on our audit.
We have taken into account the provisions of the Act,, the accounting
and auditing standards and matters which are required to be included in
our audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. 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 statem nts 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 on the
standalone/consolidated financial statement.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts, subject to NOTE- 3
regarding provision of excise/ custom duty, Note , Note 6 regarding dues
from 'COSMOS India Rubber Work Ltd' and 'BIFR' matter, Note 7 regarding
Sundry Debtors including non provision for doubtful debts, Note No. 9 on
short provision for gratuity.
Note No.11 on Interest provision and read together with other notes Note
1), 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, 2015;
b) In the case of the Profit and Loss Account, of the loss of the
company 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 & Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("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 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 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 bopks
ofaccount.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards notified under
the Act read with the General Circular 15/2013 dated 13th September,
2013 of the Ministry of Corporate Affairs in respect of Sec 133 of the
Companies Act, 2013.
e) On the basis of written representations received from the directors
as on March 31,2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of THE RUBBER PRODUCTS LIMITED on the accounts of the
company for the year ended 313: March, 2015.
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial fixed asset has been disposed during the
year and therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, 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 of its business,
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the company to/ from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 2013
(a) According to the information and explanations given to us, the
Company has given loan to one associate concern. In respect of the said
loans, the maximum amount outstanding at any time during the year was
Rs. .25,00 Lacs and the yearend balance is Rs.'25.00 Lacs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans given by the company, are not prirna facie prejudicial to the
interest of the company in view of below explanation in3(C)
(c) The principal amounts are repayable but due to order of BIFR was
set aside by AAIFR vide it's order dated 06.09.2012 and also directed
BIFR to consider the scheme submitted by the Cosmos India Rubber works
(P) of revival cum Merger with the company. The terms and conditions of
the said loan are primafacie, not prejudicial to the interest of the
company. Reference is invited to Note No. 7 of Notes forming part of
account.
(d) In respect of the said loans and interest thereon, there are no
overdue amounts.
(e) The company has taken loan from two companies and one parties
covered in the Register maintained under section 301 of the Companies
Act, 1956.The number of parties and amount involved in the transactions
are enclosed herewith this statement.
SR No Name of the Person Maximum amount
outstanding Closing balance
at any time during (Rs. In Lacs)
the year { Rs.
In Lacs)
1 Boving Fouress Ltd 50,00 50.00
2 Fouress Engineering(I) Ltd 49,69 49 69
3 MrSameerShetty 145.00 145.00
The above include interest free loan Rs.65.00 Lac.
(f) !n our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans taken by the company, are riot prima facie prejudicial to the
interest of the company.
(g) The principal amount are repayable over a period of time.
(h) In respect of the said loans and interest thereon, there are no
overdue amounts.
(i) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section
(j) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act exceeds five lac rupees in a financial year have been
made at prices which appear reasonable as per information available
with the company.
4. in our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and. the nature of its.
business, for the purchase of inventories and fixed assets and payment
for expenses and for sale of goods. During the course of our audit, we
have not observed any major weakness in such internal control system.
As per information and explanation given by the management, the company
has an internal audit system commensurate with its size and the nature
of its business for the purchase of inventory and fixed assets and for
the sale of goods and services. During the course of our audit, we have
not observed any continuing failure to correct, major weakness in such
internal system.
5. The Company has not accepted any deposits from the public
Therefore, provision of ctause(v)of paragraphs of the CARO 2015 are not
applicable to company
6. As per information & explanation given by the management. The Company
has not maintain cost record as describe by the central government.
7. (a) According to the records, the company is not regular in
depositing, undisputed statutory dues including Provident Fund, Investor
Education and Protection Fund, Employees' Slate Insurance, Income-tax,
VAT/CST, Profession Tax, Service Tax, Excise Duty, TCS & TNGST cess to
the extent applicable with the appropriate authorities. According to the
information and explanations given to us there were outstanding
statutory dues as on 31st of March, 2015 for a period of more than six
months from the date they became payable. The details are as follows :
Sr. No. Particulars Amount (In Rs,) Outstanding for
more than 6 month.F.Y, 2014-15
1 Service Tax 10,78,348/-
2 VAT/CST NIL
3 TNGST 73,387/-
4 ESIC 45,219/-
5 Profession Tax 11,81,400/-
7 TCS 18,937/-
Sr. No. Particulars Amount (in Rs.) Outstanding for
more than 6 month.F.Y. 2013-14
1 Service Tax 7,29,623/-
2 VAT/CST 3,42,417/-
3 TNGST 73,387/-
4 ESIC 45,219/-
5 Profession Tax 8,12,975/-
7 TCS 8,651/-
b) Details of dues of sales tax, excise duty which have not been
deposited as on 31st March,2015 on account of disputes are given below
Sr Name of the Nature of the Dues Amount
No Statute (in Lacs)
1. Central Excise Excise duty (Including 68.91
Act,1944 interest and penalty)
----do---- 2.06
---do---- 74.14
2. Central Sales CST & VAT(lncluding
tax interest and penalty) 606.62
29.29
31.49
3 The Income Income tax 76.31
tax act,1961 Appeals.
Total 894,66
Sr Name of the Period to which the Forum where
No Statute amount relates dispute is pending
1. Central Excise Feb 2000-2003 Appellate Tribunal,
Act,1944 West Zonal Bench.
2006-07 & 2007-08 Appellate Tribunal,
West Zonal Bench.
March 94-July 2007 Appellate Tribunal,
West Zonal Bench.
2. Central Sales
tax FY 2008-09 Commissioner of
2009-10 Appeals
2010-11
3 The Income AY-2011-12 Commissioner of
tax act,1961
Total
c) The company has not transferred the unclaimed dividend amount to
investor protection fund.
8. The company has accumulated loss at the end of the financial year
which have exceeded .50% of Net worth. The company has incurred cash
loss during the financial year under audit but there were no cash loss
in the immediately proceeding financial year.
9. Based-on our audit procedures and on the information and
explanations given by the management,1 we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank.or debenture holders.
10. The company has not given any guarantee for loans taken by others
from banks and Fis.
11. Based on the information and explanations given to us and on an
overai' examination of the Balance Sheet of the Company as at 31st
March, 2015, we report that no funds raised on short-term basis have
been used for long-term investment by the Company or vice versa.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For J. R. JAIN & Co.
Chartered Accountants
FRN: 103915W
J.P. JAIN
Mumbai 28"1 August 2015 (PARTNER)
Membership No.: 7293
Mar 31, 2014
We have audited the accompanying financial statements of THE RUBBER
PRODUCTS LIMITED as at 31st March, 2014, which comprise the Balance
Sheet as at March 31, 2014, 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
The company''s 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13m
Septem.ber,2013 of the Ministry of Companies Affairs in respect of
Section 133 of the companies Act,2013 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 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 said accounts, subject to NOTE- 3(a)
regarding provision of excise/ custom duty & 3(b) regarding change in
valuation Method, Note 7 regarding dues from ''COSMOS India Rubber Work
Ltd''and ''BIFR''matter, Note 9 regarding Sundry Debtors including non
provision for doubtful debts, Note No. 11 on provision for gratuity and
read together with other notes Note 1), 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 Profit and Loss Account, of the loss of the
company 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 & Regulatory
Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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
ofaccount.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards notified
under the Act read with the General Circular 15/2013 dated Wm
September, 2013 of the Ministry of Corporate Affairs in respect of Sec
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 disqualified 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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of THE RUBBER PRODUCTS LIMITED on the accounts of the
company for the year ended 31st March, 2014.
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial fixed asset has been disposed during the
year and therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, 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 of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. In respect of the loans, secured or unsecured, granted or taken by
the company to/ from companies, firms or other parties covered in the
register maintained undersection 301 of the CompaniesAct, 1956.
(a) According to the information and explanations given to us, the
Company has given loan to one associate concern, The Cosmos( P) Ltd. In
respect of the said loans, the maximum amount outstanding at any time
during the year was Rs. 25.00 Lacs and the year end balance is Rs.
25.00 Lacs.
(b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans given by the company, are not prima facie prejudicial to the
interest of the company.
(c) The principal amounts are repayable but due to order of BIFR was
set aside byAAIFR vide it''s order dated 06.09.2012 and also directed
BIFR to consider the scheme submitted by the Cosmos India Rubber works
(P) of revival cum Merger with the company. The terms and conditions of
the said loan are primafacie, not prejudicial to the interest of the
company. Reference is invited to Note No. 7 of Notes forming part of
account.
(d) In respect of the said loans and interest thereon, there are no
overdue amounts.
(f) The company has taken loan from two companies and one party covered
in the Register maintained under section 301 of the Companies Act,
1956.The number of parties and amount involved in the transactions are
as under
Sr Name of the Person Maximum amount outstanding Closing balance
No at any time during the ( Rs. In Lacs)
year ( Rs. In Lacs)
1 Boving Fouress Ltd 50.00 50.00
2 Fouress Engineering (I) Ltd 50.02 49.69
3 Mr Sameer Shetty 15.00 15.00
The above include interest free loan of Rs.65.00 Lac.
(g) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions of the
loans taken by the company, are not prima facie prejudicial to the
interest of the company.
h) Time period of repayment of principal amount are not specified by
the parties.
i) In respect of the said loans and interest thereon, there are no
overdue amounts.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories and fixed assets and payment
for expenses and for sale of goods. During the course of our audit, we
have not observed any major weakness in such internal control system.
5. (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
(b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act exceeds five lac rupees in a financial year have been
made at prices which appear reasonable as per information available
with the company.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the CompaniesAct, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management, the
company has not maintained cost record pursuant to the Companies (Cost
Accounting Records) Rules,2011 prescribed by the Central Government
under sec 209(1) (d) of the companies Act, 1956.
9. (a) According to the records, the company is not regular in
depositing, undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-tax, VAT/CST, Profession Tax, Service Tax, Excise Duty, TCS &
TNGSTcess to the extent applicable with the appropriate authorities.
According to the information and explanations given to us there were
outstanding statutory dues as on 31st of March, 2014 for a period of
more than six months from the date they became payable. The details are
as follows :
Sr. Particulars Amount (In Rs.) Amount (In Rs.)
No Outstanding for Outstanding for
more than 6 month.F.Y. more than 6 month.F.Y.
2013-14 2012-13.
1 Service Tax
(Including Cess) 729623 241667
2 VAT/CST 342417 401917
3 TNGST 73387 73387
4 PF/EPF 0 368024
5 ESC 10275 7369
6 Profession Tax 812975 408225
7 TCS 8651 2929
(b) Details of dues of Sales Tax, Excise Duty which have not been
deposited as on 31s1 March,2014 on account of disputes are given below:
Sr Name of the Nature ofthe Dues Amount
No Statute (In Lacs)
1. Central Excise Excise Duty 68.91
Act, 1944 (Including Interest & Penalty)
--do-- 2.06
--do-- 74.14
2 Central Sales CST& VAT 29.29
Tax Act, 1956 (Including Interest & Penalty)
3 The Income Tax Income Tax 76.31
Act, 1961
TOTAL 250.71
Name of the Period to which the Forum where
Statute amount relates dispute is pending
Central Excise Act, 1944 Feb-2000-2003 Appellate Tribunal,
West Zonal Bench
Central Sales Tax Act, 2006-07 & 2007-08 Appellate Tribunal,
1956 West Zonal Bench
March 94-July 2007 Appellate Tribunal,
West Zonal Bench
Central Sales F. Y-2009-10 Commissioner of Appeals
Tax Act 1956
The Income Tax Act, 1961 A. Y-2011 -12 Commissioner of Appeals
10. The Company have accumulated losses at the end of the financial
year. The company has not incurred cash loss during the financial year
covered by the audit and in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are ofthe opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
13. Based on the information and explanations given to us and on an
overall examination ofthe Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
14. The Company has not raised any money by public issue during the
year.
15. Based on the audit procedures performed and the information and
explanations given to us, wereport that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
16. Having regard to the company''s activities during the year, in our
view, Para(v), Para(Xii), Para(xiii), Para (xiv), Para(xviii),
Para(xix) and Para(xx).
For J.R. JAIN & Co.
Chartered Accountants
J.P.JAIN
Mumbai. (PARTNER)
5m August, 2014 Membership No. :7293
FRN:103915W
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of THE RUBBER
PRODUCTS LIMITED as at 31st March,2013 , which comprise the Balance
Sheet as at March 31, 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 ("Cthe Act"C). 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 ofmaterial 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 said accounts , subject to NOTE-3
regarding provision of excise/ custom duty, Note
No:4 on valuation of Raw materials ,Note 7 regarding dues from ''COSMOS
India Rubber Work Ltd'' & ''BIFR'' matter , NOTE -9 regarding Sundry
Debtors including non provision for doubtful debts, Note No .11 on
provision for gratuity and read together with other notes Note 1), 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, 2013;
b) in the case of the Profit and Loss Account, of the loss 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 & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("CtheOrder"C) 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
ofaccount.
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 March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of THE RUBBER PRODUCTS LIMITED on the accounts of the
company for the year ended 31st March, 2013. On the basis of such
checks as we considered appropriate and according to the information
and explanation given to us during the course of our audit, we report
that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no substantial fixed asset has been disposed during the
year and therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, 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 of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us the
company has taken loans from companies, firms or other parties listed
in the register maintained under Section 301 of the companies act,
1956. However terms and conditions are not primafacie prejudical to the
interest of the company.
(b) According to the information and explanations given to us the
company has granted loan to a company where order of BIFR was set aside
by AAIFR vide it''s order dated 06.09.2012. and also directed BIFR to
consider the scheme submitted by the Cosmos India Rubberworks (P) of
revival cum Merger with the company. The terms and conditions of the
said loan are, primafacie, not prejudicial to the interest of the
company. Reference is invited to Note No. 7 of Notes forming part of
account.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, we
have not observed any major weakness in such internal control system.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section. b) As per information & explanations given to us
and in our opinion, the transaction entered into by the company with
parties covered u/s 301 of the Act exceeds five lacs rupees in a
financial year.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management, the
central government has not prescribed maintenance of cost records under
section 209(1) (d) of the companies Act ,1956 for the products of the
company.
9. (a) According to the records of the company, is not regular in
depositing un disputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income-tax, VAT/CST, Profession Tax, TCS & TNGST cess, Service Tax,
Custom Duty, Excise Duty, cess to the extent applicable with the
appropriate authorities.
Excise duty demand of Rs.64,588 is disputed in the appeal before
the Tribunal, (CEGAT-W2) and part payment of Rs.32,294/- has been made.
The appeal is also filed for waiver of pre- deposit of duty of
Rs.3707122/- interest and penalty.
10. The accumulated losses of the company are not more than fifty
percent of its net worth at the end of financial year. The company has
not incurred cash loss during the year. However In the immediately
preceding financial year, the company has incurred cash loss.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
13. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
14. The Company has not raised any money by public issue during the
year.
15. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
16. Having regard to the company''s activities during the year, in our
view,para-(V),Para ( Xii),Para(xiii),Para (Xiv),Para(xviii), para(xix)
and para (xx).
For J.R. JAIN & Co.
Chartered Accountants
FRN:103915W J.P. JAIN
(PARTNER)
Mumbai, 29th May, 2013 Membership No. :7293
Mar 31, 2011
1. We have audited the attached Balance Sheet of THE RUBBER PRODUCTS
LIMITED as at 31st March, 2011 and the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date. These financial
statements are responsibility of the management of the Company. 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 Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free bf 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 the management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 dt
12-6- 2003 issued by the Government of India in terms of section 227
(4A) of the Companies Act, 1956, and on the basis of such checks as we
considered appropriate and according to the information and
explanations given to us, we set out 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 in para 3
above, 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 purposes 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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Profit and Loss Account 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;
(e) Based on the representations made by the Directors as on 31st
March, 2011 and taken on record by the Board of Directors, the
Directors of the Company do not, prima facie, have any disqualification
as referred to in section 274 (I) (g) of the Act.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to Note- 2
regarding provision for excise / custom duty,2 (a), on valuation of Raw
Materials Note-7 regarding dues from "Cosmos". Note No-8 regarding
Sundry Debtors including non-provision for doubtful debts, and read
together with other notes(Schedule-N), 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;
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011
(ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
(iii) In the case of cash flow statement of the cash flows for the year
ended on that date
ANNEXURE TO THE AUDITORS' REPORT
1) (a) The Company has maintained proper records to show full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company have been physically verified
during the year, by the Management, and no material discrepancies
between the book records and the physical inventory have been noticed.
(c) The Company has not disposed off substantial part of its fixed
assets during the year.
Fixed assets disposed off during the year were not substantial, and
therefore, do not,affect the going concern assumption.
2) (a) The inventory has been physically verified during the year by
the Management. In our opinion, the frequency of verification is
reasonable.
(b) The procedure of physical verification of stocks followed by the
Management is reasonable and adequate in relation to the size of the
Company and nature of its business.
(c) The Company maintains proper records of inventory and no material
discrepancy was noticed on physical verification thereof.
3) (a) The Company has taken loan from Companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956. However terms and conditions of loans are not
prima facie, prejudicial to the interest of the Company.
(b) The Company had granted Loan to a company where the order passed by
BIFR is under appeal with the Appeallate Authority for Industrial &
Financial Reconstruction, New Delhi (AAIFR). It is explained that
having regard to the specific objects of revival and implementation of
BIFR approved scheme, the terms and conditions of the said loan are,
prima facie, not prejudicial to the interest of the Company. Reference
is invited to Note-7 Schedule 'N'.
4) In our opinion the Company has now ensured adequate internal control
procedures commensurate with the size of the Company and the nature of
its business for making purchases of inventory and fixed assets and for
the sale of goods after one incidence of Fraud instigated by the
Company official wherein it was noticed that. Some of the company
officials were involved in manipulation of rate of supplies by one of
the vendor. Company has filed criminal complaint with the Police and
matter is under investigation. Other than above, No other instance of
major weakness in internal control has come to our notice.
5) The Company has complied with the directions issued by the Reserve
Bank of India and the provisions of Section 58A of the Companies Act,
1956 and the rules framed thereunder, to the extent applicable, in
relation to the deposits accepted. There is no default in repayment of
deposit and therefore section 58AA is not attracted.
6) In our opinion the Company has an internal audit system commensurate
with the size and nature of its business.
7) The Central Government has not prescribed maintenance of cost
records under Section 209(1) (d) of the Companies Act, 1956 for the
products of the Company.
8) a) Based on the Company's records, the Company is regular in
depositing undisputed statutory dues including (as applicable)
provident funds, Investor education and protection fund, Employee's
state Insurance, Income Tax, Sales Tax, Wealth Tax, Customs duty,
Excise duty, Cess except in case of Service tax, TCS & TNGST where
there are outstanding dues exceeding six months of Rs. 168404/-
(Service tax-Rs.89114,TCS-Rs.5904 & TNGST Rs.73387) prev. year
Rs.4384549/- (VAT Rs.1472463 TNGST Rs.73386.67, Service Tax Rs.33787.35
and CST Rs.2804912/-) with the appropriate authorities and no such dues
are in arrears for a period of exceeding 6 months from the respective
due dates as on the last day of the financial year. b) Excise duty
demand of rupees. 64588/- is disputed in the appeal before the
Tribunal, (CEGAT-W2) and part payment of Rs. 32294/ - has been made.
9) The accumulated losses of the Company are not more than fifty
percent of its net worth at the end of financial year. The Company has
incurred Cash Profit during the year.
10) The Company has not defaulted in repayment of dues to a financial
institution, or bank. The company has not issued any debentures
11) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
12) The term loans have been applied for the purpose for which the
loans were obtained.
13) The funds raised on short term basis have not been used for long
term investments and vice-versa during the year.
14) One incidence of Fraud instigated by the Company official wherein
it was noticed that some of the company officials were involved in
manipulation of rate of supplies by one of the vendor. Company has
filed criminal complaint with the Police and matter is under
investigation. Loss suffered by the company due to above is yet to be
quantified as the relevant information are being collected.
15) Having regard to the company's activities during the year, in our
view; para -(v), para (xii).Para (xiii).para (xiv), para (xviii), para
(xix) and para (xx) of the order are not applicable
For J. R. JAIN & CO.
Chartered Accountants
J.P. JAIN
(Partner)
(M N-7293)
FRN - 103915W
Thane, 26th May, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of THE RUBBER PRODUCTS
LIMITED as at 31st March, 2010 and the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date. These financial
statements are responsibility of the management of the Company. 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. 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 the management, as well as evaluating the overall presentation of
the financial statements. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 dt 12-
6-2003 issued by the Government of India in terms of section 227(4A) of
the Companies Act, 1956, and on the basis of such checks as we
considered appropriate and according to the information and
explanations given to us, we set out 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 in para 3
above, 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 purposes 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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account 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;
e) Based on the representations made by the Directors as on 31st March,
2010 and taken on record by the Board of Directors, the Directors of
the Company do not, prima facie, have any disqualification as referred
to in section 274(l)(g) of the Act;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, subject to Note 2
regarding provision for excise / custom duty, Note 2(a), on valuation
of Raw Materials Note 7 regarding dues from "Cosmos". Note 8 regarding
Sundry Debtors including non-provision for doubtful debts, Note 9
regarding dues to supplier covered under MSME Act and read together
with other notes (Schedule-N), 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;
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31a March, 2010
(ii) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date;
(iii) in the case of cash flow statement of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
1. (a) The Company has maintained proper records to show full
particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets of the Company have been physically verified
during the year, by the Management, and no material discrepancies
between the book records and the physical inventory have been noticed.
(c) The Company has not disposed off substantial part of its fixed
assets during the year. Fixed assets disposed off during the year were
not substantial, and therefore, do not affect the going concern
assumption.
2. (a) The inventory has been physically verified during the year by
the Management. In our opinion, the frequency of verification is
reasonable.
(b) The procedure of physical verification of stocks followed by the
Management is reasonable and adequate in relation to the size of the
Company and nature of its business.
(c) The Company maintains proper records of inventory and no material
discrepancy was noticed on physical verification thereof.
3. (a) The Company has taken loan from Companies, firms or other
parties listed in the register maintained under section 301 of the
Companies Act, 1956. However terms and conditions of loans are not
prima facie, prejudicial to the interest of the Company. (b) The
Company had granted Loan to a company where the revival scheme as
sanctioned by the Board for Industrial & Financial Reconstruction
(BIFR) is under implementation. It is explained that having regard to
the specific objects of revival and implementation of BIFR approved
scheme, the terms and conditions of the said loan are, prima facie, not
prejudicial to the interest of the Company. Reference is invited to
Note 7 Schedule N.
4. In our opinion the Company is having adequate internal control
procedures commensurate with the size of the Company and the nature of
its business for making purchases of inventory and fixed assets and for
the sale of goods. No instance of major weakness in internal control
has come to our notice.
5. The Company has complied with the directions issued by the Reserve
Bank of India and the provisions of Section 58A of the Companies Act,
1956 and the rules framed there under, to the extent applicable, in
relation to the deposits accepted. There is no default in repayment of
deposit and therefore section 58AA is not attracted.
6. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
7. The Central Government has not prescribed maintenance of cost
records under Section 209(1)(d) of the Companies Act, 1956 for the
products of the Company.
8. (a) Based on the Companys records, the Company is regular in
depositing undisputed statutory dues including (as applicable)
provident funds, Investor Education and Protection Fund, Employees
State Insurance, Income Tax Sales Tax, Wealth Tax, Customs duty, Excise
duty, Cess except in case of Sales tax where there are outstanding dues
exceeding six months of Rs.43,84,549/ - (VAT Rs.14,72,463/- TNGST
Rs.73,386.67, Service Tax Rs.33,787.35 and CST Rs.28,04,912/-) previous
year Rs.20,77,515/- (VAT Rs.5,44,815/- and CST Rs. 15,32,700/-) with
the appropriate authorities and no such dues are in arrears for a
period exceeding 6 months from the respective due dates as on the last
day of the financial year. (b) Excise duty demand of Rs.64,588/- is
disputed in the appeal before the Tribunal, ( CEGAT-W2) and payment of
Rs.32,294/- has been made. Excise department has made demand of
Rs.18,83,152/- on account of interest while company has paid
Rs.12,62,851/- against the same and balance amount of Rs.5,52,012/- is
disputed by the company due to difference in calculation and therefore
company has not made any provision for the same in the books of
accounts.
9. The accumulated losses of the Company are not more than fifty
percent of its net worth at the end of financial year.
10. The Company has not defaulted in repayment of dues to financial
institution, or bank. The company has not issued any debentures.
11. According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
12. The term loans have been applied for the purpose for which the
loans were obtained.
13. The funds raised on short term basis have not been used for long
term investments and vice-versa during the year.
14. No fraud on or by the company has been noticed or reported during
the year.
15. Having regard to the companys activities during the year, in our
view; para (v), para (xii), para (xiii), para (xiv), para (xviii), para
(xix) and para (xx) of the order are not applicable.
For J. R. Jain & Co.
Chartered Accountants
J. P. Jain
Partner
M. N. 7293
Thane, 26th May, 2010