To The Members
Rubra Medicaments Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Rubra Medicaments Limitedwhich comprise the Balance Sheet as at 31 March 2015 & the Statement of Profit andLoss the Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the company in accordance with accounting principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the company has in place an adequate internal financialcontrol system over financial reporting and operating effectiveness of such control. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Companys Directors as well asevaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
i. In the case of the Balance Sheet of the state of affairs of the Company as at 31March 2015
ii. In the case of the Statement of Profit and loss of the loss for the year ended onthat date;
iii. In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 (theorder) issued by the Central Government of India in terms of section 143 of theCompanies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.
2. 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 bestof 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 theCompany so far as it appears from our examination of those books;
c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;
d. in our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;
e. on the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct;
f. With respect to the other matters included in the Auditors Report and to ourbest of our information and accounting to the explanations given to us:
i. The company does not have any pending litigations which would impact its financialposition;
ii. The company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses;
iii. There were no amounts which required to be transferred to the Investor Educationand Protection Fund by the Company
For Prakash Modi & Associates
M. No. 101463
Date: September 04 2015
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph (1) under the heading Report on the Legal andRegulatory Requirements of our Report of even date)
1. The Company does not have inventory and thus Clause 1(a) and (b) of Companies(Auditors Report) Order is not applicable to the Company.
2. The company does not have any inventory and thus clause 3 (ii) of the companies(Auditors Report) Order 2015 is not applicable to the Company.
3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Act.
4. In our opinion and according to the information and explanations given to us; thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of fixed assets and for the sale of services.Further on the basis our examination of the books and records of the company andaccording to the information and explanations given to us no major weakness has not beennoticed or reported.
5. The company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act 2013
6. According to the information and explanation given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of Section 148 of theAct in respect of the any activities of the Company.
7. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues with the appropriate authorities. According to the information andexplanations given to us and the records of the Company examined by us investor Educationprotection Fund Employees State Insurance Custom Duty Excise Duty Cess are notapplicable to the Company.
(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.
(c) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and protection Fund. The question ofreporting delay in transferring such sums does not arise as at 31st March2015.
8. The accumulated losses of the Company have exceeded fifty percent of its net worth.The Company has incurred cash loss during the financial year covered by our audit and alsoin the immediately preceding financial year.
9. According to the records of the company examined by us and as per the informationand explanations given to us the company has not availed of any loans from financialinstitutions or banks and has not issued debentures.
10. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution during the year.
11. In our opinion and according to the information and explanation given to us thecompany has not raised any term loans during the year.
12. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management.
For Prakash Modi & Associates
M. No. 101463
Date: September 04 2015