Rose labs Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Roselabs Limited whichcomprise the Balance Sheet as at March 31 2015 and the Statement of Profit and Loss forthe year then ended and a summary of significant accounting policies and otherexplanatory information.
Managements Responsibility for the Financial Statements
The Companys 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 Hows 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 the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control 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.
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 arc required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that wc comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making the risk assessmentsthe auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give true and fair view in order to designaudit procedures that arc appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and operating effectiveness of such controls. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Companys Directors as well asevaluating 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 on the financial statements.
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 Profit and Loss Account of the loss for the year ended on thatdate;
Report on Ollier Legal and Regulator)' Requirements
1. As required by the Companies (Auditors Report) Order. 20l5CtheOrder") 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 Order.
2. As required by section 143(3) of the Act we report that:
a) Wc 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 Cash Flow Statement dealtwith 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.
c) On the basis of written representations received from the directors as on 31 March.2015. taken on record hv the Board of Directors none of the directors is disqualified ason 31 March. 2015 from being appointed as a director in terms of Section 164(2) of theAct.
0 In our opinion and to the best of our information and according to the explanationsgiven to us. we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules.2014:
|For Ashok R Shah & Associates. |
|Chartered Accounts |
|(Finn Registration No 129423 W) |
|Ashok R Shah |
|(Membership No.: 130417) |
|Place: Ahmcdabad |
|Date: 05/09/2015 |
Annexure to the Auditors' Report
[Referred to in paragraph 1 under 'Report on Other Legal and Regulator)Requirements of our Report of even date to the members of Roselabs Limited on theaccounts of the company for the year ended 31 st March 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) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.
(b) As explained to us. fixed assets have been physically verified by the managementduring the year in accordance with the phased program of verification adopted by themanagement which in our opinion provides for physical verification of all the fixedassets at reasonable intervals. According to the information and explanations given to usno material discrepancies were noticed on such verification.
(ii) In respect of its inventory:
a) As explained to us the inventories of finished goods semi-finished goods storesspare parts and raw materials were physically verified at regular intervals by theManagement. In case of inventories lying with third parties certificates of stocksholding have been received.
b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification of stocks as compared to book records.
(iii) In respect of loans secured or unsecured granted to the parties covered inregister maintained under section 189 of the Companies Act 2013:
(a) According to the information and explanations given to us. the Company has notgranted unsecured loans to other parties covered in the Register maintained under Section189 of the Companies Act 2013.
a. Balance o/s as on 31.03.2015 665.10 lacs
(b) The principal amounts and interest arc being received regularly as per stipulations;
(c) In respect of the aforesaid loans there is no overdue amount more than Rs. onelakh;
(iv) In our opinion and according to the information and explanations given to us.there arc adequate internal control procedures commensurate with the size of the companyand the nature of its business for the purchase of inventory fixed assets and for thesale of goods. During the course of our Audit we have not observed any continuing failureto correct major weaknesses in internal control.
(v) The company has not received any public deposits during the year.
(vi) We have broadly reviewed the cost records maintained by the Company pursuant toThe Rules made by the Central Government under Section 148(1) of the Companies Act 2013and arc of the opinion that prima facie the prescribed cost records have been made andmaintained. We have however not made a detailed examination of these records with a viewto determining whether they are accurate or complete.
(vii) In respect of statutory dues:
(a) According to the records of the company and information and explanations given tous the Company has generally been regular in depositing undisputed statutory duesincluding Income-tax Tax deducted at sources fax collected at source. Professional TaxSales Tax value added tax (VAT) Service Tax and other material statutory dues applicableto it with the appropriate authorities.
(b) According to the information and explanations given to us there were no undisputedamounts payable in respect of Income-tax Wealth Tax Custom Duty Excise Duty sales taxVAT Cess and other material statutory dues in arrears /were outstanding as at 31st March.2015 for a period of more than six months from the date they became payable.
|Nature of Statute ||Nature of Dues ||Amount in Rs. ||Period ||Forum |
|Income Tax Act ||Income Tax ||701810/- ||2006-07 ||Appellate Authority CIT Ahmedbad |
(c) According to the information and explanations given to us the clause forTransferring amount to Investor Education & Protection Fund is not applicable toCompany.
(vili) The company have the accumulated losses at the end of financial year. But TheCompany has not incurred any Cash losses during the financial covered by our Audit and theimmediately preceding financial year.
(ix) In our opinion and according to the information and explanations given to us. theCompany has not defaulted in the repayment of dues to financial institutions hanks anddebenture holders.
(x) In our opinion and according to the information and the explanation given to asthe company has not given any guarantee for loans taken by others from banks or financialinstitutions during the year;
(xi) The company has not obtained any term loan during the year so this para of orderis not applicable.
(xii) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company lias beennoticed or reported during the year.
|For Ashok R Shah & Associates. |
|Chartered Accountants |
|(Firm Registration No. 129423W) |
|CA Ashok R Sliair |
|(Membership No.: 130417) |
|Place: Alunedabad |
|Date: 05/09/2015 |