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Roselabs Finance Ltd.

BSE: 531324 Sector: Financials
NSE: N.A. ISIN Code: INE475C01012
BSE LIVE 12:22 | 20 Sep 22.55 1.05
(4.88%)
OPEN

20.45

HIGH

22.55

LOW

20.45

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 20.45
PREVIOUS CLOSE 21.50
VOLUME 1050
52-Week high 59.00
52-Week low 20.45
P/E
Mkt Cap.(Rs cr) 23
Buy Price 20.70
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00
OPEN 20.45
CLOSE 21.50
VOLUME 1050
52-Week high 59.00
52-Week low 20.45
P/E
Mkt Cap.(Rs cr) 23
Buy Price 20.70
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00

Roselabs Finance Ltd. (ROSELABSFIN) - Auditors Report

Company auditors report

TO THE MEMBERS OF M/s. ROSELABS FINANCE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements ofM/s. ROSELABS FINANCELIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting 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.

AUDITORS’ 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 theprovisions of the Act and the Rules made thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements.

The procedures selected depend on the auditor’s judgment including the assessmentof the risks of material misstatement of the financialstatements whether due to fraud orerror. In making those risk assessments the auditor considers internal control relevantto the Company’s preparation of financial statements that give a true and fair viewin order to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial control system over financial reporting and the operating effectivenessof the such controls.

An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Financial Statements.

OPINION:

In our opinion and to the best of our information and according to the explanationsgiven to us the a foresail 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 2015; its profit 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 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the said order.

2. As required by Section 143 (3) of the Act 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 it appears from our examination of those books;

c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow agreement withthe 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 of the Companyas on 31st March 2015 and taken on record by the Board of Directors none of theDirectors is disqualified as on 31st March 2015 from being appointed as a Director interms of sub - Section (2) of Section 164 of the Act; and

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

(i) The Company does not have any pending litigations having impact on its financialposition in its financial statements.

(ii) The Company does not have any Long-term contracts including derivative contractsfor which 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.

FOR SHANKER AND KAPANI
Chartered Accountants
(FIRM REGISTRATION NO.: 117761W)
S. SANKER
PLACE:- MUMBAI PARTNER
DATE:- 29TH APRIL2015 MEMBERSHIP NO: - 40476

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

(Referred to in Paragraph (1) of our report of even date)

(i) a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of the fixed assets. b) As informed to us all fixedassets have been physically verified by the management. No material discrepancies werenoticed on such physical verification.

(ii) a) The inventory (securities) which are held in dematerialized form has beenverified by the management with reference to D’mat statement. In our opinion thefrequency of verification is reasonable.

b) The procedures for verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory and no discrepancies werenoticed on verification of inventories in dematerialized form as compared to book records.

(iii) As the Company has not granted secured or unsecured loans to any party coveredin the register maintained under Section 189 of the Act the provision of clause (iii)(a)and (b) of paragraph 3 of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theinternal control system is commensurate with the size of the Company and the nature of itsbusiness with regard to purchase of inventory and for the sale of goods (securities) andservices (Advisory services). During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in the internal control system.

(v) The Company has not accepted any deposits from the public.

(vi) As informed to us the Central Government of India has not prescribed maintenanceof cost records under sub-section (1) of Section 148 of the Act for any of the products ofthe Company. Therefore the provision of clause (vi) of paragraph 4 of the Order is notapplicable to the Company.

(vii) a) According to the records of the Company the Company is regular in depositingthe undisputed statutory dues including Provident Fund Employees’ State InsuranceIncome Tax Sales Tax Wealth Tax Service Tax duty of Customs duty of excise Valueadded tax Cess and other material statutory dues applicable to it with appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the aforesaid statutory dues were outstanding as at the lastday of the financial year for a period of more than six months from the date they becamepayable.

b) According to the records of the Company there are no dues in respect of Sales TaxWealth Tax Service Tax duty of Customs duty of Excise Value Added Tax and Cess whichhave not been deposited on account of any dispute.

c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act1956 (1 of 1956) and rules made thereunder.

(viii) The Company’s accumulated losses as at 31st March 2015 exceeds fiftypercent of its net worth and has not incurred cash losses during the financial year endedon that date however the Company has incurred cash losses in the immediately precedingfinancial year.

(ix) As the Company has not borrowed money from bank or financial institution thequestion of dues payable to Bank or financial institution does not arise. As the Companyhas not issued any debentures debenture holders does not arise.

(x) As the Company has not given any guarantee / security as at 31st March 2015 forloan taken by others from banks or financial institutions the provision of clause (x) ofparagraph 4 of the Order is not applicable to the .

(xi) As the Company has not obtained any term loan the provision of clause (xi) ofparagraph 4 of the Order is not applicable to the Company.

(xii) Based upon the audit procedures performed and information and explanations givenby the management we report that no fraud on or by the Company has been noticed orreported during the course of our audit.

FOR SHANKER AND KAPANI
Chartered Accountants
(FIRM REGISTRATION NO.: 117761W)
S. SANKER
PLACE:- MUMBAI PARTNER
DATE:- 29TH APRIL 2015 MEMBERSHIP NO: - 40476