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Auditor Report of Rubfila International Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Rubfila International Limited, which comprise Balance Sheet as at 31st March 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.

Managements Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 201 3 Cthe Act") with respect to 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 specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to (he preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these 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 the audit report under the provisions of the Act an d the R u les mad e the re u nder.

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 the 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 financial control relevant to the Company's preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit a I so includes valuating the appropriateness of a counting policies used and the reasonableness of the accounting estimates made by Company's Directors, 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 Balance Sheet of the state of affairs of the company as at 11th March 2015:

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

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

Report on other Legal and 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 (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable.

2. As required by section 143{3) of the Act, we report that:

a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 those books;

c, the Balance Sheet, the Statement of Profit arid Loss, and Cash Flow State mentdea11 with by this Report are in agreement with the books of account;

d, in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of The Act, read with Rule 7 of the Companies {Accounts) Rules, 2 014;

e. on the basis of written representations received from the directors as on 31 March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015, from being appointed as a director in terms of Section 164{2) of the Act; and

f. with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies {Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financial position in its financial statement

ii. the Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

In the Annexure referred to in our Independent Auditor's Report to the members of the Company on the financial statements for the year ended 31 March 201 5, we report that:

i. a. The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.

b. The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of year which, in our opinion, is reasonable having regard to the size of the Company an d the nature of its assets. Pursuant to the program me, the fixed assets have been phys cagily verified by the Management during the year and no material discrepancies have been noticed on such verification.

ii. a. The inventory, excluding stocks with third parties, has been physically verified by the Management during the year. In respect of inventory lying with third parties, these have substantially been confirmed by them. In our opinion, the frequency of verification is reasonable.

b. In our opinion, the procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Com pan y and the nature of its business.

c. On the bas is of our examination of the inventory records, in our opinion, the Company is maintaining p roper records of inventory. The discrepancies noticed on physical verification of inventory as compared to book records were not mated a L

iii. The Company has not grunted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 169 of the Act, Therefore, the provisions of Clause 3(iii)(a}and (iii](b)of the said Order are not applicable to the Company.

iv. In our opinion, and according to the information and explanations given (o us, 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 goods and services. Further, on the basis of our examination of the books and records of the Company, and according to the information and explanations given to us, we have neither come across, nor have been informed of, any continuing failure to correct major weaknesses in the aforesaid internal contra I system.

V The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the rules framed there under to the extent notified.

vi. We have broadly reviewed the books of account maintained by the Company in respect of products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been specified under subsection [1) of Section 148 of the Act, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

vii. a. According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, employees1 state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and other material statutory dues, as applicable, with the appropriate authorities.

b. According to the information and explanations given to us and the records of the Company examined by us, there are no dues of wealth-tax, service-tax, duty of customs and duty of excise which have not been deposited on account of any dispute. The particulars of dues of sales tax, and value added tax as at March 31, 2015 which have not been deposited on account of a dispute, are as follows:

Nature of Dues Forum Before which Period Demand Provision the dispute is Rs, Rs, pending In Lakhs In lakhs

Dy. Commissioner KGST (Appeals), Ernakuldm 2002-03 Rs. 395.37 Rs. 7.24

- do- 20O3-O4 Rs. 167.16 Rs. 0.81

-do- 2004-05 Rs. 173.31 RS. 0.46

CST -do- 20O2-O3 Rs. 125.75 Rs. 77.17

-do- 2003-04 Rs. 145.61 Rs. 44.26

-do- 2004-05 Rs. 108.30 Rs. 34.68

viii. The Company has no accumulated losses as at the end of the financial year and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. ix, As the Company does not have any borrowings from any financial institution or bank; nor has it issued any debentures as at the balance sheet dare, the provisions of Clause 3(ix) of the Order are not applicable to the Company.

x. In our opinion, and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions during the year. Accordingly; the provisions of Clause 3 (x) of the Order are not applicable to the Company,

xi. The Company has not raised any rearm loans. Accordingly, the provisions of Clause 3(xi) of The Order are not applicable to the Company.

Xii. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For MOHAN & MOHAN ASSOCIATES

Chartered Accountants

R.SURESH MOHAN

(Partner)

Mem No, 13398.

Place : Thiruvananthapuram Firm No. 02092 S

Date : 29-05-2015


Mar 31, 2012

1. We have audited the attached Balance Sheet of RUBFILA INTERNATIONAL LIMITED as at 31st March 2012 and also the statement of Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles applied and significant estimates made by the 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 Section 227 (4A) of the Companies Act, 1956, as amended ,we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order, to the extent applicable to the Company.

4. Further to our comments in the Annexure referred to in paragraph 3 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 purposes of our audit;

(ii) In our opinion, proper books of accounts as required by law have been kept by the

Company so far as it appears from our examination of the books;

(iii) The Balance Sheet, statement of Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts and comply with the Accounting standards referred to in sub section (3C) of section 211 of the Companies Act to the extent applicable.

(iv) On the basis of the written representations received from the Directors of the Company as on 31st March 2012 and taken on record by the Board of Directors we report that none of the Directors are disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act 1956 on the said date.

(v) Some of the balances of creditors, debtors, advance and deposits are subject to confirmation.

Subject to the above, In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read together with the significant accounting policies and notes appearing thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view, in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the State of affairs of the Company as at 31st March 2012.

(b) In the case of the statement of Profit and Loss Account, of the Profit of the Company for the year ended on that date.

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

1. The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. According to the information given to us ,these fixed assets have been physically verified by the management at reasonable intervals; and no material discrepancies were noticed on such verification, certain minor discrepancies which were noticed have been properly dealt with in the books of account.

2. According to the information given to us, we are of the opinion that the Company has not disposed off fixed assets during the year, which constitutes a major part of the plant and machinery or other fixed assets and thus such disposal has not affected the going concern concept of the Company.

3.

a. According the information given to us, the inventory has been physically verified by the management during the year and the procedures of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

b. In our opinion, the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification, certain minor discrepancies noticed during physical verification have been properly dealt with in the books of account.

4. According to the information and explanations given to us, the company has not granted secured or unsecured loans to companies, firms or other parties covered in the register maintained under section 301 of the Act.

5. We are of the opinion that there is an adequate internal control procedure 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 goods. During the year we have not observed any continuing failure to correct major weaknesses in internal control.

6. According to the information and explanations given to us, transactions that need to be entered into the register in pursuance of section 301 of the Act have been correctly entered and each of these transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

7. According to the information and explanations given to us, the Company has NOT accepted deposits from the public.

8. In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

9. Cost records relating to utilization of materials, lab our and other items of cost as applicable to production are maintained by the company, but no detailed examination of such records has been carried out by us.

10. The company has been regular in depositing undisputed statutory dues in respect of Provident Fund, Employees' State Insurance, and TDS dues with the appropriate authorities. According to the information and explanations given to us there are no outstanding statutory dues as at the last day of the financial year concerned for a period exceeding six months from the date they became payable.

11. The Company has no dues of sales tax/income tax/custom duty/wealth tax/excise duty/cess, which have not been deposited on account of any dispute with the Department

concerned except the following:- " Sales Tax Liability: (in Rs. Lakhs)

Natural Forum before which the of Period Demand Provision Dues dispute is pending

Dy. Commissioner 2002-03 395.37 5.73 (Appeals), Ernakulam

KGST - - do - 2003-04 167.16 0.63

- do - 2004-05 173.31 0.36

- do - 2002-03 125.75 61.06

CST - do - 2003-04 145.61 34.51

- do - 2004-05 108.30 27.08

In the opinion of the management, the provision made above is considered appropriate for the disputed amounts mentioned above on the grounds that there are reasonable chances of successful outcome of appeals filed by the company.

12. The Company has no accumulated loss as on 31.03.2012.The company has not incurred cash losses during the current year and in the immediately preceding year.

13. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

14. Provisions of any special statute applicable to chit fund/nidhi/ mutual benefit funds/societies are not applicable to the Company.

15. The company has traded in shares during the year .Proper records have been maintained for the transactions and contracts and timely entries have been made therein.

16. According to the information given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

17. According to the information given to us no term loan was availed by the company during the year.

18. According to the information given to us, and on the basis of an overall examination of the balance sheet of the company, we are of the opinion that the Company has not raised any funds on short-term basis for long-term investment. No long- term funds have been used to finance short-term assets, except for permanent working capital.

19. The company has made preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Act at the price which is not prejudicial to the interest of the company.

20. The Company has not issued any debenture during the year.

21. The Company has not raised any funds through public issue during the year.

22. According to the information given to us, no fraud on or by the company has been noticed or reported during the year.

For MOHAN & MOHAN ASSOCIATES Chartered Accountants

Place: Thiruvananthapuram

Date: 08/05/2012 R. SURESH MOHAN (Partner)

Membership No.:13398 Firm No.002092S


Mar 31, 2010

1. We have audited the attached Balance Sheet of RUBFILA INTERNATIONAL LIMITED as at 31 st March 2010 and also the Profit and Loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles applied and significant estimates made by the 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 Section 227 (4A) of the Companies Act, 1956, as amended ,we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order, to the extent applicable to the Company.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: -

(i) We have obtained all the information and explanations which to the best of our knowledge and bel ief were necessary for the purposes of our audit;

(ii) In our opinion, proper books of accounts as required by law have been kept by the Company so far as it appears from our examination of the books;

(iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of accounts and comply with the Accounting standards referred to in sub section (3C) of section 211 of the Companies Act to the extent applicable.

(iv) On the basis of the written representations received from the Directors of the Company as on 31 st March 2010 and taken on record by the Board of Directors we report that none of the Directors are disqualified as on 31 st March 2010 from being appointed as a director in terms of clause (g) of subsection (1) of section 274 of the Companies Act 1956 on the said date.

(v) Some of the balances of creditors, debtors, advance and deposits are subject to confirmation, including the amounts due to the Promoter and Collaborator Company towards Royalty and External Commercial Borrowing availed from them.

Subject to the above, In our opinion and to the best of our information and according to the explanations given to us, the said Accounts read together with the significant accounting policies and notes appearing thereon, give the information required by the1 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 the case of the Balance Sheet, of the State of affairs of the Company as at 31 st March 2010.

(b) In the case of the Profit and Loss Account, of the Profit of the Company for the year ended on that date.

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

ANNEXURE TO THE AUDITORS7 REPORT TO THE SHARE HOLDERS OF RUBFILA INTERNATIONAL LIMITED. ON THE ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH 2010.

1 The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. According to the information given to us ,these fixed assets have been physically verified by the management at reasonable intervals; and no material discrepancies were noticed on such verification, certain minor discrepancies which were noticed have been properly dealt with in the books of account.

2 According to the information given to us, we are of the opinion that the Company has not disposed off fixed assets during the year, which constitutes a major part of the plant and machinery or other fixed assets and thus such disposal has not affected the going concern concept of the Company.

3 (a) According to the information given to us, the inventory has been physically verified by the management during the year and the procedures of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the company and the nature of its business.

(b) In our opinion, the company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification, certain minor discrepancies noticed during physical verification have been properly dealt with in the books of account.

4. According to the information and explanations given to us, the company has not granted secured or unsecured loans to companies, firms or other parties covered in the register maintained under section 301 of the Act.

5. The company has taken Unsecured loans from 6 parties covered in the register maintained under section 301 of the Act as per details given below. The rate of interest and other terms and conditions of the loan taken by the company are prima facie not prejudicial to the interest of the company and the payment of the principal amount and interest are also regular as per the terms.of the agreement with the lenders. There is no overdue amount.

No. of patties Maximum amt. Balance as on duringtheyear On 31/03/2010

6 Rs. 2432.65 lacs Rs. 2432.65 lacs

6. We are of the opinion that there is an adequate internal control procedure 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 goods. During the year we have not observed any continuing failure to correct major weaknesses in internal control.

7. According to the information and explanations given to us, transactions that need to be entered into the register in pursuance of section 301 of the Act have been correctly entered and each of these transactions have been made at prices wh ich are reasonable having regard to the prevailing market prices at the relevant time.

8. According to the information and explanations given to us, the Company has NOT accepted deposits from the public.

9. In our opinion, the company has an internal audit system commensurate with its size and nature of its business.

10. Maintenance of cost records has NOT been prescribed for the Company

11. The company has been regular in depositing undisputed statutory dues in respect of Provident Fund, Employees State Insurance, and TDS dues with the appropriate authorities. According to the information and explanations given to us there are no outstanding statutory dues as at the last day of the financial year concerned for a period exceeding six months from the date they became payable.

12. The Company has no dues of sales tax/income tax/custom duty/wealth tax/excise duty/cess, which have not been deposited on account of any dispute with the Department concerned except the following:-

- Central Excise Duty : 1.70 Lacs appeal fi!-H before Commissioner of Central Excise, Palakkad

- Service Tax : Rs. 0.50 Lacs appeal pending v. bunal, Bangalore

- ESI: Rs. 3,50,000 appeal filed with Regional Director, ESIC

13. Since the Companys net worth is still negative, the company continues to remain as a Sick Industry as on 31/03/2010.

14. According to the information and explanations given to us, The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

15. Provisions of any special statute applicable to chit fund/nidhi/ mutual benefit funds/societies are not applicable to the Company.

16. In our opinion and according to the explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments.

17. According to the information given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.

18. According to the information given to us no term loan was availed by the company during the year other than the transaction referred under item No. 23(2) of the Notes to Accounts.

19. According to the information given to us, and on the basis of an overall examination of the balance sheet of the company, we are of the opinion that the Company has not raised any funds on short-term basis for long-term investment. No long-term funds have been used to finance short-term assets, except for permanent working capital.

20. 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.

21. The Company has not issued any debenture during the year.

22. The Company has not raised any funds through public issue during the year.

23. According to the information given to us, no fraud on or by the company has been noticed or reported during the year.

For MOHAN & MOHAN ASSOCIATES

Chartered Accountants

Place: Thiruvananthapuram R. SURESH MOHAN

Date: 20-07-2010 (Partner)

Membership No.:13398

Firm No. 002925





 
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