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રબ્બર પ્રોડક્ટ્સ

બીએસઈ: 526496  |  ઍનઍસઈ : N.A  |  ISIN: INE430C01017  |  Rubber

શોધો રબ્બર પ્રોડક્ટ્સ કનેક્શન � Mar 14
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '15
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 281 August 2015                                      (PARTNER)
                                                   Membership No.: 7293
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