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Ramasigns Industries Ltd.

BSE: 515127 Sector: Others
NSE: N.A. ISIN Code: INE650D01026
BSE 00:00 | 19 Feb 2.80 0
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NSE 05:30 | 01 Jan Ramasigns Industries Ltd
OPEN 2.80
PREVIOUS CLOSE 2.80
VOLUME 1
52-Week high 9.90
52-Week low 2.57
P/E 8.48
Mkt Cap.(Rs cr) 8
Buy Price 2.68
Buy Qty 2.00
Sell Price 2.80
Sell Qty 305.00
OPEN 2.80
CLOSE 2.80
VOLUME 1
52-Week high 9.90
52-Week low 2.57
P/E 8.48
Mkt Cap.(Rs cr) 8
Buy Price 2.68
Buy Qty 2.00
Sell Price 2.80
Sell Qty 305.00

Ramasigns Industries Ltd. (RAMASIGNSINDUS) - Auditors Report

Company auditors report

To the Members of Ramasigns Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Ramasigns IndustriesLimited (Formerly Known as Rammaica India Limited) which comprise the BalanceSheet as at 31st March 2019 the Statement of Profit and Loss the Cash Flow Statement forthe year then ended 31st March 2019 and a summary of the significant accounting policiesand other explanatory information.

1) Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133of theAct read with Rule 7 of the Companies (Accounts)Rules 2014.This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safe guarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecordsrelevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

2) Auditor's Responsibility:

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 theprovision soft he Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection143(10) of the Income Tax Act 1961.Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and there as on ableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.

3) Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to usthe afore said 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 of the state of affairs of the Company as at 31stMarch 2019 and its Profit and its cash flows for the year ended on that date.

4) Report on Other Legal and Regulatory Requirements:

As required by Section143 (3) of the Actwere port 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 the Statement of Profit and Loss and the Cash Flow Statementdealt with by 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 the written representations received from the directors as on 31stMarch 2019taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2019 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule11 of the Companies (Audit and Auditors) Rules2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any material pending litigation which would impact itsfinancial position.

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

AS PER ATTACHED REPORT OF EVEN DATE

FOR A. D. SHETH & ASSOCIATES

FIRM REGISTRATION No.: 134274W

CHARTERED ACCOUNTANT

AMIT SHETH

PROPRIETOR

Membership No. 148106

Place : Mumbai

Date : 29th May 2019

ANNEXURE REFERRED TO IN PARAGRAPH I OF OUR REPORTONOTHER LEGALANDREGULATORYREQUIREMENTS OUR AUDITORS' REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS FOR THE YEARENDED 31st MARCH 2019 OFRAMASIGNS INDUSTRIES LIMITED

On the basis of such checks as we considered appropriate and in terms of theinformation and explanations given to us we state that: -

(i) Fixed Asset [Clause 3(i)]:

(a) the company is maintain proper records showing full particulars includingquantitative details and situation of fixed assetduring the financial year and as at thebalance sheet date;

(b) The fixed assets have been physically verified by management at reasonableinter-val.

(c) There are no material discrepancies were noticed on such verification and if sowhether the same have been properly dealt with in the books of account.

(ii) In respect of Inventory [Clause 3 (ii)]:

a. The Inventory of the Company has been physically verified by the management duringthe year. In our opinion frequency of verification is reasonable in relation to the sizeof the company and nature of its business.

b. In our opinion and according to the information and explanation given to us theprocedure of physically verification of inventory followed by the management were foundreasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c. According to the information and explanation given to us we are of the opinion thatthe company is maintaining proper records of inventory. The discrepancies noticed onphysical stocks and the book records were not material in relation to the operation of thecompany.

(iii) Loan given by Company [Clause 3 (iii)]

In our opinion and according to the information and explanations given to us theCompany has not granted any secured or unsecured loans to Companies firms or otherparties covered in the register maintained under Section 189 of the Companies Act 2013;

(iv) Loan to director and investment by the company [Clause 3 (iv)]

In our opinion and according to the information and explanations given to us thereare no loan investment guarantees and security provision of Sections 185 and 186 of theCompanies Act 2013

(v) Deposits [Clause 3 (v)]

The Company has not accepted any deposits from the public as mentioned in sections 73to 76 of the Act and the rules framed thereunder to the extend notified;

(vi) Cost Records [Clause 3 (vi)]

In our opinion and according to the information and explanation given to us thecompany deals in trading activities and not in manufacturing hence it is not applicablefor the company to maintain cost record as prescribed by the Central Government undersub-section (1) of section 148 of the Act.

(vii) Statutory Dues [Clause 3 (vii)]

(a) According to the records of the Company it has been generally regular inde-positing wherever applicable undisputed statutory dues including Investor Educationand Protection Fund Wealth Tax Custom Duty Cess and other statutory dues with theappropriate authorities.

(b) On the basis of our examination of documents and records of the Company andexplanation provided to us there were no disputed dues in respect of In-come Tax SalesTax Wealth Tax Service Tax Custom Duty Excise Duty or Cess GST;

(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company;

Repayment of Loan [Clause 3 (viii)]

On the basis of records examined by us and the information and explanations given tous the Company has accepted additional secured commercial vehicle loan from VariousBanks financed amount being Rs.2367000/- during the year at a fixed interest rate for aduration of 36 to 48 months and monthly EMI amounting to Rs.16326.00 to Rs. 34379.00which is paid duly. During the year Company has also Borrowed additional UnsecuredBusiness Loan to the tune of Rs. 25094000/- from various banks and other financialinstitution at various rate of interest range from 14.94-19.20% PA. and monthly EMIamounting to Rs. 86923/- to 375026/- Per Month.

(a) The company has also not defaulted in repayment of loans and borrowing to afi-nancial institution banks government or dues to debenture holders.

(b) According to the information and explanations given to us and the representationsmade by the management the Company has not given any guarantee for loans taken by othersfrom banks or financial institutions;

(c) On the basis of the records examined by us we have to state that the Company hasnot obtained short term borrowings during the year;

Utilisation of IPO and further public offer [Clause 3 (ix)]

According to the records there is no money raised by way of initial public offer orfurther public offer and the term loans were applied for the purpose for which those areraised.

Reporting of Fraud [Clause 3 (x)]

During the course of our examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations given to us we have neither come across any instanceof the material fraud on or by the Company has been noticed or reported by the Companyduring the year nor have we been informed any such case by the Company;

Approval of managerial remuneration [Clause 3 (xi)]

On examination and records there is no managerial remuneration paid or provided inaccordance with the requisite approvals mandated by the provision of Section 197 read withschedule 5 to the Companies Act 2013.

Nidhi Company [Clause 3 (xii)]

In our opinion and according to the information and explanation given to us theclause 3 (xii) is not applicable

Related Party Transaction [Clause 3 (xiii)]

The Company has entered into related party transactions as covered by the section 188of the Act. The details of related party transaction have been disclosed in the financialstate-ments as required under Accounting Standard (AS-18) "Related Party".Disclosers specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. Further the Company is required to constitute an Audit Committeeunder Section 177 of the Act and accordingly to this extent the provisions of Clause3(xiii) of the order are applicable to the Company.

Preferential Issues [Clause 3 (xiv)]

During the year the Company has alloted 1010000 Equity shares on Preferential basisarising out of exercise of conversion of 3800000 share warrants.

Non Cash Transaction [Clause 3 (xv)]

Based upon the audit procedures performed and the information and explanations given bythe management the company has not entered into any noncash transactions with directorsor persons connected with him. Accordingly the provisions of Section 192 of CompaniesAct 2013 clause 3(xv) of the Order are not applicable to the Company;

Register under RBI Act 1934 [Clause 3 (xvi)

The Company is not required to be registered under section 45 IA of the Reserve Bank ofIndia Act 1934 and accordingly the provisions of clause 3 (xvi) of the Order are notapplicable to the Company;

AS PER ATTACHED REPORT OF EVEN DATE

FOR A. D. SHETH & ASSOCIATES

FIRM REGISTRATION No.: 134274W

CHARTERED ACCOUNTANT

AMIT SHETH

PROPRIETOR

Membership No. 148106

Place: Mumbai

Date: 29th May 2019

ANNEXURE ‘A' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of RamasignsIndustries Limited ('the Company') as of March 31 2019 in conjunction with our auditof the standalone financial statements of the company for the year ended and as on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('the Guidance Note'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's Internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Standards on Auditing prescribed under Section 143(10) of the Act and GuidanceNote to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with the ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditors' judgment including theassessment of the risks of material misstatement of the standalone financial statementswhether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financials Reporting

A company's internal financial control over financial control over financial reportingis a process designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol over financial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting in-cluding the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policiesor procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2019 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

FOR A. D. SHETH & ASSOCIATES

FIRM REGISTRATION No.: 134274W

CHARTERED ACCOUNTANT

AMIT SHETH

PROPRIETOR

Membership No. 148106

Place : Mumbai

Date: 29th May 2019