| We have audited the accompanying financial statements of RAMMAICA
(INDIA) LIMITED("the Company") which comprise the Balance Sheet as at
March 31, 2015 and the Statement of Profit and Loss for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance of the Company in accordance with the accounting
standards notified under section 133 of the Companies Act, 2013, read
with rule 7 of the Companies (Accounts) Rules, 2014 and in accordance
with the accounting principles generally accepted in India. 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.
Auditor's Responsibility
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
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 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 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.
Opinion
In our opinion and to the best of our information and according to the
explanation given to us, the financial statements give the information
required by the Act in the manner so required and give true and fair
view in conformity with the accounting principles generally accepted in
India.
a. In the case of Balance Sheet, the state of affairs of the company
as at March 31, 2015 and,
b. In the case of statement of profit and loss, of the profit for the
year on that date;
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 ("the
order") issued by the Central Government of India in terms of Section
143(11) of the Companies Act,2013. We annex hereto a statement on the
matter specified in Paragraphs 3 and 4 of the said Order.
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
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 the
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 notified under Companies Act 2013;
(e) On the basis of the written representations received from the
Directors as on March 31, 2015 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2015 from being appointed as a director in terms of
sub-section (2) of section 164 of the Companies Act, 2013.
(f) With respect to the other matters included in the Auditor's Report
and to our 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 statements
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long term contracts including derivative contracts
iii. There were no amounts which were required to be transferred to
Investor Education and Protection Fund as on march31, 2015 by the
company.
Annexure to the Auditor's Report
(Referred to in Paragraph 2 of our report of even date)
Annexure referred to in paragraph 2 of our report to the members of
RAMMAICA INDIA LIMITED on the accounts for the year ended March 31,
2015.
1) In respect of Inventory:
a. The Inventory of the Company has been physically verified by the
management during the year. In our opinion frequency of verification is
reasonable in relation to the size of the company and nature of its
business.
b. In our opinion and according to the information and explanation
given to us the procedure of physical verification of inventory
followed by the management were found reasonable and adequate in
relation to the size of the company and the nature of its business.
c. According to the information and explanation given to us we are of
the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on physical stocks and the book
records were not material in relation to the operation of the company.
2) The company has not given any loans, secured or unsecured, to the
companies, firm or other parties covered in the register maintained
under section 189 of the Act. Hence clauses (iii) (b), (c) & (d) of the
Order are not applicable.
3) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and for sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls
The company does not have formal internal audit system. Internal audit
is carried out by in house staff. In our opinion, there is scope for
further improvement in the internal audit system
4) The Company has not accepted any deposit from public and
consequently the directives of Reserve Bank of India and the provisions
of Section 73 to 76 the Act and the Rules framed there under are not
applicable. As per the information and explanation given to us no order
under aforesaid sections has been passed by the Company Law Board on
the Company.
5) According to the information & explanation given to us, the company
is not required to maintain cost records under section 148(1) of the
Act.
6) a. According to the information and explanation given to us and the
records of the Company, the Company is generally regular in depositing
undisputed statutory dues including provident fund, income tax, sales
tax, wealth tax, custom duty, excise duty, service tax and other
statutory dues with the appropriate authorities as may be applicable to
it.
There are undisputed outstanding amounts payable in respect of TDS Rs
1456/- as at 31st March 2015 for a period of more than six months from
the date they became payable.
b. According to the information and explanation given to us, there are
no amount required to be transferred to Investor Education and
protection Fund in accordance with the relevant provisions of the Act
and rules there under.
7) The Company has neither accumulated losses as at 31st March 2015 nor
has it incurred any cash loss during the financial year ended on that
date or in the immediate preceding financial year.
8) According to the information and explanation given to us the Company
has not defaulted in repayment of its dues to any financial
institutions, bank or to debenture holders during the year. OR (The
company has no dues payable to a bank or a financial institution or a
debenture holder.)
9) According to the information and explanation given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, the terms and conditions whereof, in
our opinion, are prima facie prejudicial to the interest of the Company
10) In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
11) According to the information and explanation given to us no fraud
on or by the Company has been noticed or reported during the year
FOR: - SSRV & ASSOCIATES
CHARTERED ACCOUNTANTS
FIRM NO. - 135901W
Sd/-
Satyendra S Sahu
Partner
M.No:126823
PLACE: - MUMBAI
DATE: 30.05.2015
|