Integrated Rubian Exports Ltd. இன் முடிவுகள்

Mar 31, 2010

1. I have audited the attached Balance Sheet of Integrated Rubian Exports Limited as at 31st March 2010 and also the Profit & Loss Account for the year ended on that date annexed there to. These financial statements are the responsibility of the Companys management. My responsibility is to express an opinion on these financial statements based on my audit.

2. I conducted out 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 financial statement presentation. I believe that our audit provides a reasonable basis for our opinion.

3. As required by The Companies Auditors Report Order 2003 (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, I enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to my comments in the Annexure referred to in Paragraph 3 above, we report that:

i) I have obtained, all the information and explanations, which to the best of my knowledge and belief were necessary for the purposes of my audit;

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

iii) The Balance sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts;

iv) In my opinion, the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting Standards .referred to in subsection (3C) of Section 211 of the Companies Act, 1956;

v) According to the information and explanations given to me and on the basis of written representations received from the Directors and taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March 2010 from being appointed as a Director within the meaning of Section 274 (1) (g) of the Companies Act. 1956.

vi) In my opinion and to the best of my information and according to the explanations given to me, the said accounts read with the notes thereto 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 principle generally accepted in India:

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2010;and

ii) In the case of the Profit & Loss accounts, of the loss of the Company for the year ended on that date.

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

1. The Company has maintained proper records showing full particulars, including quantitative details and location of fixed assets.

To the best of my knowledge and belief the fixed assets have been physically verified by the management in reasonable intervals been observed on such verification. The fixed assets have not been revalued during the year.

No substantial part of fixed Asset has been disposed off during the year.

2. As explained to me. the Company has no stock of finished goods, work-process, raw materials and stores and spares. Accordingly, the provisions of clause 4 (ii) of the Companies (Auditors Report) Order 2003 are not applicable to the Company.

3. The company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4(iii) (a), (b), (c) and (d) of the Companies (Auditors Report) Order 2003 are not applicable to the Company.

The company has taken an unsecured loan from a director, covered in the register maintained u/s 301 of the Companies Act, 1956 the maximum amount of which during the period was Rs.4,09,586/- and the year end balance of such loan is Rs.4,09,586/-.

In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of such deposit are not prima facie prejudicial to the interest of the Company.

In our opinion and according to the information and explanations given to us, there is no stipulation so far as to the repayment of principal and interest and hence clause 4(iii) (g) is not applicable.

4. In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods.

5. In our opinion and according to the explanations given to us, there are no transactions of purchase of goods and material, sale of goods, and services made in pursuance of contracts of arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and aggregating to Rs.5, 00,000/-or more.

6. The Company has not accepted any deposit from public.

7. In my opinion, the company has an internal audit system commensurate with its size and nature.

8. To the best of my knowledge and according to the information given to me, the Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 for the products of the Company.

9. In my opinion the Company is regular in depositing undisputed statutory dues.

In my opinion there are no dues of sales tax /Income tax /Custom tax/wealth tax/Exeise duty/Cess.

10. The Company has been registered for a period of more than five years. Its accumulated losses being Rs. 1477.30 iakhs, which is more than 50% of the net worth of the company. The accumulated losses in the previous financial year are also more than 50% of its net worth.

11. In my opinion and to the best of my knowledge the Company has defaulted in the repayment of dues to a financial institution or bank or debenture holder. The amount and period of defaults by the company at the balance sheet date is not quantifiable.

12. According to the information and explanation given to me the company has not granted loans or advance on the basis of security by way of pledge of shares debenture and other securities.

13. The Company is not a Chit Fund orNidhi/Mutual Benefit Fund/Society.

14. The company is not a dealer or trader in shares, debentures and other investments. Therefore, the provision of clause 4(xiv) of the companies (Auditors Report) Order, 2003 are not applicable to the company.

15. It is reported that, the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. It is reported that, no term loan has been taken by the Company during the financial year.

17. The company has not raised short-term funds for long term investment.

18. According to the information and explanations given to me, 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.

19. According to information given to me Company has not issued any debentures.

20. It is reported that the company has not raised any money by public issue. Therefore, the provision of clause 4(xx) of the companies (Auditors Report) Order, 2003 are not applicable to the company.

21. To the best of my knowledge and belief and according to the information and explanations given to me, no fraud on or by the company was noticed or reported during the year.

Place: Aroor

Date: 01.09.2010 Chartered Accountant