INTEGRATED RUBIAN EXPORTS LIMITED
ANNUAL REPORT 2010-2011
TO THE MEMBER OF
INTEGRATED RUBIAN EXPORTS LTD
1.1 have audited the attached Balance Sheet of Integrated Rubian Exports
Limited as at 31st March 2011 and also the Profit & Loss Account for the
year ended on that date annexed there to. These financial statements are
the responsibility of the Company's 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 Auditor's 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 sub-
section (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 2011 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 2011; and
ii) In the case of the Profit & Loss accounts, of the loss of the Company
for the year ended on that date.
Date : 01.09.2011 Chartered Accountant
ANNEXURE TO AUDITORS' REPORT
(Referred to in paragraph 3 of bur 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
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. In my opinion the company has neither granted nor taken to / from
companies, firms or other parties under section 301 of the Act.
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
In my opinion there are no dues of sales tax /Income tax /Custom tax/wealth
10. The Company has been registered for a period of more than five years.
Its accumulated losses being Rs.1482.31 lakhs, 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 or Nidhi/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 Other 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
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.
Date : 01.09.2011 Chartered Accountant