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Rose Investments Ltd.

BSE: 501154 Sector: Financials
NSE: N.A. ISIN Code: INE383D01016
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Rose Investments Ltd. (ROSEINVEST) - Auditors Report

Company auditors report

TO THE MEMBERS OF ROSE INVESTMENTS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of ROSE INVESTMENTSLIMITED ("the Company") which comprise of the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone 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 also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involvesperforming procedures to obtain audit evidenceabout the amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books (c) The Balance Sheet the Statement ofProfit and Loss and the Cash Flow Statement dealt with by this Report are in agreementwith the books of account (d) In our opinion the aforesaid standalone financialstatements comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014. (e) In our opinion there are nofinancial transactions or matters which have any adverse effect on the functioning of thecompany. (f) On the basis of the written representations received from the directors as on31st March 2017 taken on record by the Board of Directors none of the directorsisdisqualified as on 31st March 2017 from being appointed as a director in terms ofSection 164 (2) of the Act; (g) With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate report in Annexure B; (h) With respect to the othermatters to be included in the Auditor’s Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company does not haveany pending litigations which would impact its financial position; ii. The Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses. iii. There have been no amounts required to be transferredto the Investor Education and Protection Fund by the Company. iv. The company has providedthe disclosure regarding Specified Bank Notes (SBN) in Note 1.9 to the standalone Ind ASfinancial statements as per notification no. G.S.R. 308(E) dated 30th March 2017 issuedby the Ministry of Corporate Affairs and these are in accordance with the books of accountmaintained by the Company.

For M/S P. G. BHAGWAT

Chartered Accountants

Firm’s Registration Number 101118W

Shriniwas Shreeram Gadgil

Partner

Membership Number: 120570

Place: Mumbai
Date: 3rd May 2017

ANNEXURE A TO THE AUDITORS’ REPORT (Referred to in our above report of even date)

(i) As the company has no fixed assets the provisions of clause 3 (i) of the Orderare not applicable to the Company;

(ii) As the company has no manufacturing activity provisions of clause 3 (ii) of theOrder are not applicable to the Company;

(iii) The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013.

(iv) According to the information and explanations given to us the company has notgiven any loans or made investments or given any guarantee or security in respect of whichthe provisions of section 185 and 186 of the Companies Act 2013 were required to becomplied with.

(v) In our opinion and according to the information and explanations given to us thecompany has complied with the directives of the Reserve Bank of India and the provisionsof section 73 to 76 of the Companies Act 2013 and the rules framed there under whereverapplicable. As informed to us no order has been passed against the company by the CompanyLaw Board the

National Company Law Tribunal RBI or any court or any tribunal.

(vi) Being an investment company the provisions of clause 3 (vi) of the Order relatedto maintenance of cost records are not applicable to the company.

(vii) (a) According to the records of the company the company is regular in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added tax cessand any other statutory dues to the appropriate authorities and there were no arrears ofoutstanding statutory dues as on the last day of the financial year concerned for a periodof more than six months from the date they became payable;

(b) According to the records of the company there are no dues of income tax or salestax or service tax or duty of customs or excise duty or value added tax which have notbeen deposited on account of any dispute.

(viii) The company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year;

(ix) Based upon the audit procedures performed and information and explanations givenby the management we report that no fraud by the company or any fraud on the Company byits officers or employees has been noticed or reported during the year;

(x) The company is not a Nidhi Company;

(xi) The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review;

(xii) Based upon the audit procedures performed and information and explanations givenby the management the company has not entered into any non-cash transactions withdirectors or persons connected with them within the meaning of the provisions of section192 of Companies Act 2013; (xvi) The company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934.

For M/S P. G. BHAGWAT

Chartered Accountants

Firm’s Registration Number 101118W

Shriniwas Shreeram Gadgil

Partner

Membership Number: 120570

Place: Mumbai

Date: 3rd May 2017

Annexure B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") We have audited the internalfinancial controls over financial reporting of ROSE INVESTMENTS LIMITED ("theCompany") as of 31 March 2017 in conjunction with our audit of the standalonefinancial statements of the Company for the year ended on that date.

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 (‘ICAI’). 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 safeguardingof its 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 Companies Act 2013. 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 Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company’s internal financial controls system over financialreporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (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. InherentLimitations of Internal Financial Controls Over Financial Reporting Because of theinherent limitations of internal financial controls over financial reporting includingthe possibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting to futureperiods are subject to the risk that the internal financial control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate. Opinion In our opinion theCompany has in all material respects an adequate internal financial controls system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at 31 March 2017 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For M/S P. G. BHAGWAT

Chartered Accountants

Firm’s Registration Number 101118W

Shriniwas Shreeram Gadgil Partner Membership Number: 120570

Place: Mumbai
Date: 3rd May 2017