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Remsons Industries Ltd.

BSE: 530919 Sector: Auto
NSE: REMSONSIND ISIN Code: INE474C01015
BSE 15:55 | 27 Mar 2018 Remsons Industries Ltd
NSE 05:30 | 01 Jan 1970 Remsons Industries Ltd
OPEN 70.15
PREVIOUS CLOSE 72.55
VOLUME 240
52-Week high 147.00
52-Week low 48.30
P/E 125.98
Mkt Cap.(Rs cr) 40
Buy Price 70.55
Buy Qty 800.00
Sell Price 0.00
Sell Qty 0.00
OPEN 70.15
CLOSE 72.55
VOLUME 240
52-Week high 147.00
52-Week low 48.30
P/E 125.98
Mkt Cap.(Rs cr) 40
Buy Price 70.55
Buy Qty 800.00
Sell Price 0.00
Sell Qty 0.00

Remsons Industries Ltd. (REMSONSIND) - Auditors Report

Company auditors report

To The Members of

REMSONS INDUSTRIES LIMITED

Report on the Financial Statements

We have audited accompanying financial statements of REMSONS INDUSTRIES LIMITED("the Company") which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management' Responsibility for the Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of CompaniesAct 2013 ("the Act") with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theAccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

This responsibility includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the provisions of the Act the Accountingand Auditing standards and the matters which are required to be included in the auditreport under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on

Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such internal controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's Board of Directors aswell as evaluating 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on otherLegal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015("the order")issued by the central Government of India in terms of sub-section (11) of 143 of the Actwe give in theAnnexure a statement on the matters specified in the paragraph 3 and 4 ofthe order to the extent applicable.

2. As required by section 143(3) of theAct we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books and proper returns adequatefor the purpose of our audit have been received from the Gurgaon branch audited by otherauditors.

c) The Branch Auditors' report of the Gurgaon branch has been forwarded to us and thesame has been appropriately dealt with in the preparation of this report.

d) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account.

e) 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.

f) On the basis of the written representations received from the directors as on March31 2015 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31 2015 from being appointed as a director in termsof Section 164 (2) of theAct; and

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014; in our opinionand to the best of our information and according to the explanations given to us:

1. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements – Refer Note 26( c ) to the financialstatements;

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

3. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For Kanu Doshi Associates
Chartered Accountants
Firm Registration Number: 104746W
JYOTI KAWA
Place: Mumbai Partner
Date: May 27 2015 Membership No. 105654

ANNEXURE TO THE AUDITOR'S REPORT

Referred to in Paragraph 1 of "Report on OtherLegal and RegulatoryRequirements" in our report of even date on the accounts of REMSONS INDUSTRIESLIMITED for the year ended March 31 2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

i. (a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) All the fixed assets have not been physically verified by the Management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. As informed nomaterial discrepancies were noticed on such verification.

ii. (a) As explained to us the inventory has been physically verified by theManagement during the year. In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of inventory followed by the Management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) On the basis of our examination of the inventory records in our opinion theCompany is maintaining proper records of inventory and no material discrepancies werenoticed on physical verification carried out at the end of the year.

iii. The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under Section 189 of the CompaniesAct 2013. Accordingly the subclause (a) and (b) of clause (iii) are not applicable tothe Company.

iv. In our opinion and according to the information and explanations given to us thereexists an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventory fixed assets and sale ofgoods. Further on the basis of our examination of the books and records of the Companyand according to the information and explanations given to us we have neither comeacross nor have been informed of any continuing failure to correct major weaknesses inthe aforesaid internal control system.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 and 76 of the Act and the rules framed there under to the extent notified.

vi. We have been informed that the Central Government has not prescribed maintainanceof cost records under section 148(1) of the CompaniesAct 2013.

vii. (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues barring delays in certain months including provident fundinvestor education and protection fund employees' state insurance income-tax sales-taxwealth-tax service tax customs duty excise duty cess and other material statutory duesapplicable to it.

According to the information and explanations given to us no undisputed arrears ofstatutory dues were outstanding as at March 31 2015 for a period of more than six monthsfrom the date they became payable.

(b) According to the records of the Company examined by us the dues outstanding ofincome-tax sales-tax service tax customs duty excise duty entry tax value added taxand cess on account of any dispute are as follows:

c) There are no amounts required to be transferred by the Company to the InvestorEducation and Protection Fund in accordance with the provisions of the CompaniesAct 2013and the rules made thereunder.

Name of the Statute Income Tax Act Nature of Dues Income Tax Matters Amount (Rs Lacs) Period to which the amount relates Forum where dispute is pending
1961 10.08 A.Y. 2009-10 Commissioner of Income Tax (Appeals)

viii The Company does not have accumulated losses at the end of the financial year andit has not incurred cash losses in the current financial year as well as in immediatelypreceding financial year.

ix According to the records of the Company examined by us and information andexplanation given to us the company has not defaulted in the repayment of dues to anyfinancial institution or bank or debenture holders as at the balance sheet date. x In ouropinion and according to the information and explanations given to us the Company has notgiven any guarantees for loans taken by others from banks or financial institutionsduring the year.

xi In our opinion and according to the information and explanations given to us theterm loans availed by the Company were prima facie applied for the purpose forwhich the loans were raised other than temporary deployment in deposits with bankspending application of those loans.

xii During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud on or by the Company noticed or reported during the year norhave we been informed of any such case by the Management.

For Kanu Doshi Associates
Chartered Accountants
Firm Registration Number: 104746W
JYOTI KAWA
Place: Mumbai Partner
Date: May 27 2015 Membership No. 105654