You are here » Home » Companies » Company Overview » Kerala Rubber & Reclaims Ltd

Kerala Rubber & Reclaims Ltd.

BSE: 509180 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high
52-Week low
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high
52-Week low
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Kerala Rubber & Reclaims Ltd. (KERALARUBBER) - Auditors Report

Company auditors report

KERALA RUBBER AND RECLAIMS LIMITED ANNUAL REPORT 2010-2011 AUDITORS' REPORT TO THE SHAREHOLDERS OF THE KERALA RUBBER AND RECLAIMS LIMITED, COCHIN. We have audited the attached Balance Sheet of KERALA RUBBER AND RECLAIMS LIMITED, COCHIN as at 31st March 2011 and the Profit and Loss account for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the 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 management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order 2003, issued by the Central Government in terms of section 227 (4A) of the Companies Act, 1956 we attach in Annexure a statement on the matters specified in paragraph 4 and 5 of the said Order. Further to our comments in Annexure referred to above, we report that: 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. 2. 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 such books. 3. The Balance Sheet and Profit and Loss Account dealt with by the report are in agreement with the books of account. 4. In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 except AS-15 regarding not ascertaining the leave encashment liability on actuarial basis. 5. On the basis of written representations received from the directors as on 31.03.2011 none of the directors is disqualified from being appointed as directors in terms of section 274(I)(g) of the Companies Act 1956. 6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the schedules and notes thereon, give the information required by the Companies Act, 1956 in the manner so required, 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, 2011 and b) in the case of Profit and Loss Account, of the PROFIT for the year ended on that date. For R G N PRICE and CO. Chartered Accountants Sd/- P.M. Veeramani Place: Cochin Partner Date : 02.09.2011 M.No.23933 FR. No.002785S ANNEXURE TO THE AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE 1. Fixed Assets The company has maintained proper records showing full particulars including quantitative details and location of fixed assets. The fixed assets have been physically verified by the management during the year and no material discrepancies have been noticed on such physical verification. According to the information and explanation given to us, the company has not disposed of substantial part of the fixed assets during the year. 2. Inventories The inventories have been physically verified by the management during the year (other than scrap rubber) at reasonable intervals. The procedures of physical verification of the inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company is maintaining proper records of inventories except for consumable stores, scrap rubber and customer materials received for processing. 3. Loans and Advances (a) The company had granted in the earlier years loans to two companies and a firm in which directors are interested. The balance outstanding as on 31st March 2011 from these companies/firms was Rs.14.89 lakhs (Rs. 17.36 lakhs). The maximum amount outstanding at any time during the year was Rs.17.36 lakshs (17.36 lakhs). There are no terms and conditions regarding repayment of loans and charging of interest. In the absence of terms and conditions we are unable to ascertain whether they are prima facie prejudicial to the interest of the company and whether they are overdue. (b) The company had taken further loan during the year from three directors covered in the register maintained under Sec.301 of the Companies Act, 1956. The amount outstanding as on 31st March 2011 including loan taken in earlier years amounted to Rs.30.94 lakhs (12.28 lakhs). There are no terms and conditions regarding repayment of the same and charging of interest. Hence we are unable to comment whether the terms and conditions are prejudicial to the interest of the company. 4. Internal Control System In our opinion and as per the information and explanations given to us, there are adequate internal control systems commensurate to the size of the company and nature of business with regard to purchase of inventories, fixed assets and for sale of goods and services. 6. Interested transactions a. The transactions that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into with parties listed in the register maintained under Section 301 of the Companies Act and exceeding in value of Rs.5,00,000/- in respect of each party have been made at prices which are reasonable, having regard to prevailing market prices at the relevant time. 6. Fixed Deposits The company has not accepted any deposits from the public to which the provisions of section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposit) Rules, 1975 apply. 7. Internal Audit The company has an internal audit system, which in our opinion is commensurate with size and nature of the business. 8. Cost Records As per the information and explanation given to us, the Central Government has not prescribed the maintenance of cost records, under section 209(1)(d) of the Act read with the Companies (Cost Accounting Records) Rules 2011, in respect to the company. 9. Statutory Dues (a) The company was regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax and Customs Duty. (b) According to the records of the Company, there are no disputed dues payable in respect of Income Tax, Wealth Tax, Customs Duty, ED and Cess outstanding at the close of the year. 10. Accumulated Losses The Company has no accumulated losses at the end of financial year.The company has not incurred any cash loss during the current financial year and the immediately preceding financial year. 11. Repayment of Loans In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of interest and principal to banks and financial institutions. 12. Others a) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other investments. b) The company is not a Chit Fund or a Nidhi/ Mutual Benefit Fund/Society. c) The company is not dealing in shares, securities, debentures and other investments. d) The company has not given guarantees for loans taken by others from banks or financial institutions. e) To the best of our information and according to the explanations given to us the company has not utilized any short-term funds for long-term investment. f) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act 1956 during the year. g) The Company had not issued debentures during the year. h) The Company has not made any public issues during the financial year. i) According to the information and explanations given to us, no fraud, on or by the Company, has been noticed or reported during the year. For R G N PRICE and CO. Chartered Accountants Sd/- P.M. Veeramani Place: Cochin Partner Date : 02.09.2011 M.No.23933 FR. No.002785S