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Rollatainers Ltd.

BSE: 502448 Sector: Industrials
NSE: ROLLT ISIN Code: INE927A01040
BSE 10:35 | 19 May 1.71 -0.02
(-1.16%)
OPEN

1.70

HIGH

1.74

LOW

1.68

NSE 10:19 | 19 May 1.75 0
(0.00%)
OPEN

1.70

HIGH

1.75

LOW

1.70

OPEN 1.70
PREVIOUS CLOSE 1.73
VOLUME 81799
52-Week high 4.61
52-Week low 1.54
P/E
Mkt Cap.(Rs cr) 43
Buy Price 1.70
Buy Qty 2023.00
Sell Price 1.71
Sell Qty 622.00
OPEN 1.70
CLOSE 1.73
VOLUME 81799
52-Week high 4.61
52-Week low 1.54
P/E
Mkt Cap.(Rs cr) 43
Buy Price 1.70
Buy Qty 2023.00
Sell Price 1.71
Sell Qty 622.00

Rollatainers Ltd. (ROLLT) - Auditors Report

Company auditors report

To

The Members of Rollatainers Limited

Report on the Audit of the Standalone Financial Statements

We have audited the standalone financial statements of Rollatainers Limited( theCompany ) which comprise the Balance Sheet as at March 31 2021 and the statement ofProfit and Loss (including other comprehensive income) statement of changes in equity andstatement of cash flows for the year then ended and notes to the standalone financialstatements including a summary of significant accounting policies and other explanatoryinformation. In our opinion and to the best of our information and according to theexplanations given to us the afore said standalone financial statements give theinformation required by the Companies Act 2013 ( the Act ) in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended and other accounting principles generally accepted in India of the stateof affairs of the Company as at March 31 2021 and profit and to talcomprehensive incomechanges in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor s Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India ( the ICAI )together with the ethical requirements that are relevant to our audit of the standalonefinancial statements under the provisions of the Actand the Rules the re under and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI s Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for ouropinion on the standalone financialstatements.

Emphasis of Matters

1. Trade Payables amounting to Rs. 86.10 Lacs(Net) and advance taken fromCustomers/Financial Liabilities amounting to Rs. 118.58 Lacs are subject toconfirmation.

2. We draw your attention to Note 3.19 of the financial statement related toExceptional Item which includes as follows:

S. No. Particulars Profit/(Loss) (In Lakhs)
1 Impairment of Investment in Oliver Engineering private limited (437)
2 Profit (Loss) on Sale of Fixed Assets (16)
3 Impairment Reversal of loan and investment in subsidiary (RT Packaging Private Limited) 5308
4 Fixed Assets (Salvage value) Impairment (51)
5 Miscellaneous Income- Related Party Balance written off (Barista Coffee Company Limited) 16

3. the Company s trade receivables as at 31 March 2021 amounts to Rs. 1737.43 Lakhs arelong outstanding receivables which as per the management are considered good andrecoverable by the management.

4. We draw your attention to Note 3.27 to the financial statement whichdescribes the economic and social consequences/disruption the Group is facing as a resultof COVID-19 which is impacting supply chains / consumer demand / financial markets /commodity prices / personnel available for work.

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Key Audit Matters Procedures Performed/Auditor s Response
Subsequent to the year end the board of directors of the Company in their meeting held on 23rd August 2021 have approved a proposal for disposal of its investment in Boutonniere Hospitality Private Limited (Associate Company). Minutes of Meeting was reviewed where the sale of Investment in associate company was proposed by the Directors of the company.In addition the copy of Board Resolution filed with SEBI was duly reviewed.
Contingent Liabilities
The contingent liabilities related to on going litigations and claims with various tax authorities. The computation of contingent liability requires significant judgement by the company because of the in herent complexity in estimating future costs. Obtained details of completed tax assessments and demands for the year ended March 31 2021 from management. We involved our internal experts to challenge the management s underlying assumptions in estimating the tax provision and the possible outcome of the disputes.
Refer Note No 3.18.2 to the Financials statements
Contingent Liabilities
The contingent liabilities related to Corporate Guarantee issued by Company amounting to Rs. 5500 Lakhs. The computation of contingent liability requires significant judgement by the company because of the inherent complexity in estimating future costs. Obtained Certificate from the principal debtor which shows that the principal security cover is sufficient to repay the obligation by the principal debtor.
Refer Note No 3.18.2 to the Financials statements
Receivable from revenue authorities
As at March 31 2021 current assets amounting to Rs. 69.66 lakhs which are pending from various statutory authorities. We have involved our internal experts to review the nature of the amountsrecoverable thesustainability and the likelihood of recoverability.
Refer Note No 3.7 and 3.8 to the Financial Statements

Information Other than the Financial Statements and Auditor s Report Thereon

The Company s Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe financial statements and our auditor s report thereon.

Our opinion on the financial statements does not cover the other information and wewill not express any form of assurance conclusion there on.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether such other information ismaterially inconsistent with the financial statements or our knowledge obtained inthe audit or otherwise appears to be materially misstated.If based on the workwe have performedwe conclude that there is a material misstatement of this other information we arerequired to report that fact. We have nothing to report in this regard.

Management s Responsibility for the Standalone Financial Statements

The Company s Management and Board of Directors is responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theIndian Accounting Standards specified under Section133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing anddetectingfraudsand other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error which have been used for the preparationof the standalone financialstatements by the Management and Directorsof the Company as aforesaid.

In preparing the standalone financial statements Management is responsible forassessing the Company s ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company s financialreporting process.

Auditor s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor s report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: l Identify and assess therisks of material misstatement of the standalone financial statements whether due tofraud or error design and perform audit procedures responsive to those risks and obtainaudit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control. l Obtain an understanding ofinternal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances. Under Section 143(3)(i) of the Act we are alsoresponsible for expressing our opinion on whether the Company has adequate internalfinancial controls system with reference to financial statements in place and theoperating effectiveness of such controls. l Evaluate the appropriateness of accountingpoliciesused and the reasonableness of accounting estimates and related disclosures madeby Management. l Conclude on the appropriateness of Management s use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor s report to therelated disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor s report. However future events or conditions maycause the Company to cease to continue as a going concern. l Evaluate the overallpresentation structure and content of the standalone financial statements including thedisclosures and whether the standalone financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor s Report) Order 2016 ( the Order )issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2) A. As required by Section 143(3) of the Act based on our auditwe report tothe extent applicable 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 including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flows dealt with by thisReport are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e. On the basis of the written representations received from the Directors as on March31 2021 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2021 from being appointed as a Director in terms of Section 164(2) of theAct.

f. With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in Annexure B .

B. With respect to the other matters to be included in the Auditor s Report inaccordance with Rule11 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:

a. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements Refer Note 3.18.2 to the standalonefinancial statements.

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

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

d. With respect to the other matters to be included in the Auditor s Report inaccordance with the requirements of Section 197(16) of the Act as amended: In our opinionand to the best of our information and according to the explanations given to us theremuneration paid by the Company to its Directors during the year is in accordance withthe provisions of Section 197 of the Act.

For Shukla Gupta & Arora

Chartered Accountants

Firm Registration No.: 027335N

Rajnish Kumar Shukla

Partner

Membership No.: 510965

UDIN: 21510965AAAABS4202

Place : New Delhi

Date : 04th September 2021

Annexure A to the Independent Auditor s Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirementssection of the Independent Auditor s Report of even date to the members of RollatainersLimited on the financial statements as of and for the year ended March 31 2021)

I) In respect of Fixed Assets

a) According to the information and explanation given to us and on the basis ofexamination of books and recordsthe management has impaired the full value of fixed assetsas on 31st March 2021.

b) Since as per the management no value or approximately NIL value exists in case ofthe assets reflectingin the books the management has accordingly charged the same toProfit & Loss Account whereby bring the assets value to zero as on 31stMarch 2021.

c) In view of the above no physical verification was considered necessary by theManagement during the year.

d) According to the information and explanations given to us no immovable property isheld in the name of company as on 31st March 2021

II) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification.

III) According to information and explanations given to us the Company has grantedloans secured or unsecured to companies firms or other parties covered in the Registermaintained under Section 189 of the Companies Act 2013 in respect of which:

a. The terms and conditions of the grant of such loans are in our opinion primafacie not prejudicial to the Company s interest.

b. The schedule of repayment of principal and payment of interest has been stipulatedand repayments or receipts of principal amounts and interest have been regular as perstipulations or as renegotiated.

c. There is no amount overdue for more than 90 days at the Balance Sheet date.

IV) According to the information and explanations given to us the Company has compliedwith provisions of section 185 and 186 of the Companies Act 2013 in respect of grant ofloans making investments and providing guarantees and securities as applicable.

V) According to the information and explanations given to us the Company has notaccepted any deposits during the year. In respect of unclaimed deposits the Company hascomplied with the provisions of section 73 to 76 of the Act and the rules framedthereunder.

VI) The Central Government has not prescribed the maintenance of cost records underSection 148 of the Act for Trading activity rendered by the Company.

VII) a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in thebooks of account in respect of undisputed statutory dues including Provident fundEmployees state insurance Income tax Duty of customs Goods and services tax and othermaterial statutory dues have generally been regularly deposited during the year by theCompany with the appropriate authorities except dues referred to in note 3.18.2 to thefinancial statements.

b. According to the information and explanations and as per the data on record thepending statutory dues are duly reported under Note 3.18.2 to the financial statement.

VIII) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans or borrowings to any bank or financialinstitution. The Company did not have any outstanding dues to government or debentureholders during the year.

IX) In our opinion and according to the information and explanations given to us theCompany has not raised money by way of initial public offer or further public offer(including debt instruments) hence reporting under clause (ix) is not applicable to theCompany and hence not commented upon.

X) To the best of our knowledge and according to the information and explanations givento us no fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the period covered by our audit.

XI) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid/provided by the Company in accordance with therequisite approvals mandated by the provisions of Section 197 of the Act read withSchedule V to the Act.

XII) The Company is not a Nidhi Company. Accordingly provisions of clause 3(xii) ofthe Order are not applicable.

XIII) In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with Sections 177 and 188 of Actwhere applicable and the requisite details have been disclosed in the standalonefinancial statements as required by the applicable accounting standards.

XIV) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures. Accordingly provisions ofclause 3(xiv) of the Order are not applicable.

XV) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with the Directors or personsconnected with them covered under Section 192 of the Act. Accordingly provisions ofclause 3(xv) of the Order are not applicable.

XVI) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

Accordingly provisions of clause 3(xvi) of the Order are not applicable.

For Shukla Gupta & Arora

Chartered Accountants

Firm Registration No.: 027335N

Rajnish Kumar Shukla

Partner

Membership No.: 510965

UDIN: 21510965AAAABS4202

Place : New Delhi

Date : 04th September 2021

Annexure B to the Independent Auditor s Report

(Referred to in paragraph 2(g) under Report on Other Legal and Regulatory Requirementssection of the Independent Auditor s Report of even date to the members of RollatainersLimited on the standalone financial statements as of and for the year ended March 312021) Independent Auditor s report on the Internal Financial Controls under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013 ( the Act )

Opinion

We have audited the internal financial controls with reference to standalone financialstatements of Rollatainers Limited ( the Company ) as of March31 2021 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

In our opinion the Company has in all material respectsadequate internal financialcontrols system withreference to financial statements and such internalfinancial controlswith reference to financial statementswere operating effectively as at March 31 2021basedon the internal financial control with reference tofinancial statements criteriaestablished by the Companyconsidering the essential components of internal controlstatedin the Guidance Note issued by the ICAI.

Management s Responsibility for Internal Financial Controls

The Company s management is responsible for establishing and maintaining internalfinancial controls based on the internal financial control with reference to financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the Guidance Note ) issued by the Institute of Chartered Accountantsof India ( ICAI ). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of the Company s business including adherenceto company s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Company s internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the Guidance Note ) and the Standards on Auditing issued by theInstitute of Chartered Accountants of India ( the ICAI ) and deemed to be prescribed undersection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe ICAI. 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 with reference to financial statements wereestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor sjudgement including the assessment of the risks of material misstatement of the financialstatements whether 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 overfinancial reporting.

Meaning of Internal Financial Controls with reference to Financial Statements

A company s internal financial controls with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company s internal financial controlswith reference to financial statements includes those policies and procedures that

1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of Management and Directors of the Company; and

3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company s assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial controls with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Chartered Accountants

Firm Registration No.: 027335N

Rajnish Kumar Shukla

Partner

Membership No.: 510965

UDIN: 21510965AAAABS4202

Place : New Delhi

Date : 04th September 2021

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