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