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Auditor Report of Ruby Traders & Exporters Ltd.

Mar 31, 2013

We have audited the accompanying financial statements of Ruby Traders & Exporters Limited which comprise the Balance Sheet as at 31st March, 2013, the Statement of Profit and Loss and the Cash Flow Statement for the period then ended and a summary of the significant accounting policies and other explanatory information,

The Company's Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance 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.

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 the 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 the internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation ofthe 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 the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2013;

b) in the case of the Statement of Profit and Loss, of the profit of the Company for the period ended on that date.

c) in 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 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 it appears from our examination of those books.

c) The Balance Sheet and Statement of Profit and Loss dealt with by this Report are in agreement with the books of account.

d) In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the Accounting Standards referred to in sub-section (3C) of section 21.1 of the Act.

e) On the basis of the written representations received from the directors as on 31st March, 2013 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 Act.

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 Ruby Traders & Exporters 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 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 and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956, Thus sub clauses (f) & (g) are not applicable to 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 & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

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 fit explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

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, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub- section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State insurance, Income-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our 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 of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

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

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company,

14. According to information and explanations given to us, the Company is trading in Shares, Mutual funds & other Investments. Proper records & timely entries have been maintained in this regard & further investments specified are held in their own name.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. 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,

17. 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.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. 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 Bajoria Mayank & Associates Chartered Accountants FRN:327336E

Anish Kumar Banka Partner Membership No,: 412888 Place: Kolkata Date: May 30, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of Ruby Traders and Exporters Limited as at 31st March 2012 and also the Profit & Loss Account and the Cash Flow Statement for the year ended on that day annexed hereto. These financial statements are die 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 required that we plan and perform the audit to obtain reasonable assurance about whether the financial Statements art 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 included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentsrion. 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 Department of Company Affairs in terms of Section 227 (4A) of the Companies Act 1956, we enclose in the Annexure, a statement on the matter specified in lhe said Order to the extent applicable;

4. further to our comments in the annexure referred to in paragraph 1 above -

i. We have obtained all the information and explanations, which to the best ot our knowledge and belief were necessary'' for the purpose our audit;

ii. In our opinion, proper books of accounts as required by law have been kept by the Company so iar as appears from our examination of those books;

iii. Thc Balance Sheet, Profit & Loss Account and the Cash Plow Statement dealt with by this report arc- in agreement wiih the books of accounts''

iv. ln Our Opinion, the Balance Sheet. Profit & I mss Account and Gash. Flow Statement together with notes of accounts 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 written representations received from the Directors, as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 3lt March 2012 from being appointed as a Director in terms of clause ''(g)'' of sub section (1) of section 274 of the Companies Act S956;

vi.In our opinion and to the best of our in forma don and according to the explanations given to Us, [the said accounts,give the information required by tire Companies Act 1956, and give a true and fair view in conformity with the accounting principles generally accepted in India

1. in the case of the Balance Sheet, of the state of affairs of the Company as at 3P: March 2012;

2. in the case of the Profit and Loss Ac count, of the Profit for the year ended on th at date,

3. in the ease tif Cash Plow Statement, of the cash flows for the year ended on that date.

The Annexure referred to in paragraph 3 of the Our Report of even date to the members of Ruby Traders & Exporters Limited on the accounts of the company for the year ended 31st March, 2012.

1. (a) The Company has maintained proper book of records showing full particulars including quantitative details and situations of fixed assets.

(b) Fixed Assets have been physically verified by the management during the year.No material discrepancies were noticed on such verification.

(c) Tn our opinion anti according to the information and explanation given to us, the Company has not made any substantial disposal during the year.

2. The inventory has been physically verified during the year by the management. In our opinion, the frequency of vend cation is reasonable.

The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to die size of the Company and me nature of its business.

On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory, the discrepancies noticed on verification between the physical- stocks and the book records were not material.

3. (a) According to the information and explanation given to us and on the basis of records furnished before us, the Company has not granted any loans, secured or unsecured to Companies, firms or other parlies covered in ihe register maintained under secdon 301 of the Companies Act, 1956.

(b) In view of above, Clause 4(iii)(a),(b),(c) (d) of Companies (Auditors Report) Order, 2003 are not applicable.

(c) According to the information and explanation given to us and on the basis of records furnished before us for the verification, 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.

(d) In view of above, clause 4(iii)(e), (f) anti (g) of Companies (.Auditors Report) Order, 2003 are not applicable.

4. in our opinion and according the information & explanations given to us. there are adequate internal control procedures commensurate with the size of the Company and nature of business with regard to purchase and sales. During the course of our Audit, we have not observed any continuing failure to correct major weakness of internal audit.

5. (i) In our opinion, there are no contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(v)(b) of the Order is not applicable to the Company and hence not. commented upon.

(b) In respect of transactions entered exceeding the realise of five lac in the register maintained in pursuance of Section 301 of the Companies Ace 1956.according information and explanation given to us, none of the transactions madr in pursuance of such contracts or arrangements exceed the value of Rupees five lakh in respect of any one such party ill the financial year.

6 The Company lias not accepted any deposits from the public dining the year lienee Clause 4(vi) of Companies (Auditors'' Report) Order 2003 is not applicabie.

7. In our opinion, the Company has an interna] audit system commensurate with the size and nature or its business.

S. We are mformed that the Central Government has not prescribed maintenance of cost records under section 2(J9(l)(d) of die Companies Act 1956 in respect of products dealt with by the Company.

9. (a) In our opinion and according co the information and expla- nations given to us, undisputed statutory dues including Provident Fund, Investors'' Education fit Protection bund, employees State Insurance Scheme, Income Tax, Sales ''lax, Wealth 1''ax, Custom Duty, Excise Dutv, CP.S5 and any other statutory dues have been regularly deposited in time during the year with appropriate authorities and there are no undisputed Statutory dues payable for a period of six months from the date they became payable as at 317'' March 2012.

b) According to the information and explanation given to us there are- no disputes pending before the authorities in respect of Sales Tax, Income Tax, Custom Duty and CESS.

(c) According to the information and explanations given to us, there are no dues of income tax. sales-tax, wealth lax, service tax, customs duty, excise duty and cess which have not been deposited on account of any dispute.

10. The Company does out have accumulated losses as at the end of financial year but has incurred cash losses in the current financial year. There waa no cash loss in the immediate preceding financial year.

11. According to die records made available to us and information and explanation given to us by the management, the Company has not defaulted in repayment ot any dt)es to financial institnitons or banks.

12. According to the information anti explanations given co us, the Company has not granted any loans & advances on the basis of security by way of pledge ot shares debentures and urber secunries.

13. In our opinion, die Company is not chit fund, nidhi, mutual fund and societies and accordingly clause 4(xiii) of Companies (Auditors'' Report) Order, 200.3 is nor applicable.

14. In our opinion and according to the information and explanations given to us, the Company has maintained proper records of transactions and contracts relating to dealing in shares, securities and other investments during the year and timely entries have been there in. Further, such securities have been held by the Company in its own name or are in the process of transfer in its name, except to the extent ot die exemption granted section 49 of the Act.

15 in our opinion and according to the information and explanations given to us. the Company has nor given guarantees for loans taken by others from Banks & Financial Institutions- Accordingly Clause 4(xv) of Companies (Auditor''s Report) Order. 2003 is not applicable.

1 in our opinion and according to the information and explanations given to us, die Company has not obtained any Term Loan. Accordingly Clause 4(xvi) ot Companies (Auditors'' Report) Order, 2003 is not applicable-

17. According to the information and explanations given to us and on the basis of and overall examination of the Balance Sheet of the Company, no funds raised on short term basis have been utilized for long term investment and vice versa.

18. The company has not made preferential allotment of shares to parties and/or to the companies covered in the register maintained under section 301 of the Companies Ace 1956. Therefore, the pro visions of clause 4(xviii) of rite Companies (Auditors Report) Order. 2003 are not applicable to the Company.

19. During the period, the Company has not issued unsecured debentures on private placement basis and there fore, the provisions of clause 4(xix) oi the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

20. The Company has not raised any money tinough public issue during the year and therefore, the protTsions of clause 4(xx) of the Companies (Auditors Report) Order. 2003 are not applicable to the Company,

21. Daring Lite course of examination of the books and records of the Company, carried out in accordance with generallv accepted auditing practices in India, anti according to the information and explanation given us, we have neither come across any instance of fraud on or the Company noticed or reported during the period nor we have been informed of such instances by the management.

For Mayank Bajoria Chartered Accountant



Mayauk Bajoria Proprietor Membership No,: 300481

Place: Kolkata Date: May 23, 2012


Mar 31, 2011

We have audited the attached Balance Sheet of Ruby Traders & Exporters Limited, of 41, Burtolla street date Kolkata-700007. PAN AABCRI829G as at 31st March 2011 and also the Profit and Loss Account on (lull is to annexed thereto, These financial statements are the responsibility of the company's management. Our responsibility express an opinion on these financial statements based on our and it.

We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material the misstatement, An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements An audit also includes assessing the accounting principles used and significant estimates marde management. as well as evaluating the overall financial statement presentation. We believe that our audit provide reasonable basis for our opinion.

We report that:

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.

(a) In our opinion, the company has kept proper books of accounts as required by law so far as appears from examination of those books.

(b) The Balance Sheet and Profit & Loss Account are in agreement with the hooks of account.

(c) In our opinion, the Balance Sheet, Profit & Loss Account comply with the Accounting Standards referred Section 211 (3c) of the Companies Act. 1961.

(d) On the basis of written representations received from the directors of the company and taken on record by the B of Directors, we report that none of the directors arc disqualified as on 31st March 2011 from being appointed director in terms of clause (g) of sub-section (I) of Seelion 274 of the Companies Act, 1956,

(e) In our opinion and to the best of out information and according to the explanations given to us. the said accquired together with the notes thereon. give the informal ion required by 1 ho Companies Act, 1956, in the manner so required and give a true and lair view in conformity with the accounting principles generally accepted in India:

(i) In the case of the Balance Sheet of the Slate of Affairs of the Company as at 3 1st March, 2011

(ii) In the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that dale.

For M K GROSH & CO Chartered Accountants

Place: Kolkata (MK GHOSH) Dated :.26th September, 2011 Proprietor M No. 006643 PAN: ACXPG REGM NO:326 0221

 
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