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Rossell India Ltd.

BSE: 533168 Sector: Agri and agri inputs
NSE: ROSSELLIND ISIN Code: INE847C01020
BSE 00:00 | 06 Dec 77.00 -1.90
(-2.41%)
OPEN

78.20

HIGH

78.60

LOW

75.30

NSE 00:00 | 06 Dec 76.80 -1.30
(-1.66%)
OPEN

77.55

HIGH

79.00

LOW

73.05

OPEN 78.20
PREVIOUS CLOSE 78.90
VOLUME 1196
52-Week high 91.15
52-Week low 33.40
P/E 12.56
Mkt Cap.(Rs cr) 283
Buy Price 76.15
Buy Qty 47.00
Sell Price 77.00
Sell Qty 300.00
OPEN 78.20
CLOSE 78.90
VOLUME 1196
52-Week high 91.15
52-Week low 33.40
P/E 12.56
Mkt Cap.(Rs cr) 283
Buy Price 76.15
Buy Qty 47.00
Sell Price 77.00
Sell Qty 300.00

Rossell India Ltd. (ROSSELLIND) - Auditors Report

Company auditors report

TO THE MEMBERS OF

ROSSELL INDIA LIMITED

REPORT ON THE STANDALONE IND AS FINANCIAL STATEMENTS

We have audited the accompanying Standalone Ind AS financial statements of RossellIndia Limited ("the Company") which comprise the Balance Sheet as at March 312018 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE IND AS 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 Ind AS financial statements to give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements 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 Ind AS 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 Standalone Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting and auditing standards and matters which are required to beincluded in the audit report.

We conducted our audit of the Standalone Ind ASfinancial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether the Standalone Ind ASfinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone Ind AS financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement in the Standalone Ind AS financial statements whether due to error or fraud.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS financial statements.

MATTER OF EMPHASIS

The Company has invested an amount of Rs 2011.49 lakhs in an Associate Company inSingapore. Due to continuing loss of the Associate Company the Investments in Shares inthe Associate Company has impaired and the Company has provided impairment lossascertained on the basis of Equity Method on its investment in Equity Shares in entiretyand on a part of investment in Preference Shares. As explained by the management furtherimpairment loss if any on the remaining part of investment in preferance shares in theAssociate Company will be ascertained at the end of the subsequent year on the basis ofperformance of the Associate Company. This is however not a qualification.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 March 31 2018 its Profit/(loss) including total comprehensive income its cashflows and the changes in equity 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 the CentralGovernment of India in terms of subsection (11) of section 143 of the Act (hereinafterreferred to as the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us 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. We have sought and obtained all the information and explanations which to the bestof our knowledge 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 including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

d. In our opinion the aforesaid Ind AS 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 2018 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2018 from being appointed as a Director in terms of Section 164(2) of theAct.

f. Our report on adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls has been stated inAnnexure B

g. 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 knowledge and belief and according to the information andexplanations given to us:

i) The Company has disclosed the impact if any of pending litigations as at March 312018 on its financial position in its Ind AS financial statements. Refer Note 39 in Notesto the Financial Statements.

ii) The Company has made provisions as at March 31 2018 as required under theapplicable law or Indian Accounting Standards for material foreseeable losses if any onlong term contracts including derivative contracts – Refer Note 34 in Notes to theFinancial Statements.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For KHANDELWAL RAY & CO.
Chartered Accountants
(Registration No.302035E)
Supriyo Raychaudhuri
Place : Kolkata Partner
Date : 24th May 2018 Membership No. 037202

As referred to in paragraph I of our Report on "Other Legal and RegulatoryRequirements" we state that:

i. (a) The Company has maintained proper records to show full particulars includingquantitative details and situation of its fixed assets.

(b) These fixed assets have been physically verified by the management at a reasonableinterval. No material discrepancies were noticed on such verification as compared to bookrecords.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of all the immovable propertiesare in the name of the Company except one Tea Estate which is in the name of theprevious owner and as represented by the Management the execution of Deed of Conveyancein respect thereof is pending sale permission from the concerned authorities of theGovernment of Assam. The immovable properties comprising six Tea Estates (havingRegistered Deed of Conveyance) are mortgaged with the Banks in connection with loan takenfor the purpose of business of the Company as confirmed by them. Additional land acquiredduring the year under report from Karnataka Industrial Development Board awaitsregistration of relevant lease deed.

ii. (a) The inventory excluding those lying with third parties have been physicallyverified by the management during the year at reasonable intervals.

(b) In our opinion the procedure of physical verification of inventories followed bythe management is reasonable and adequate in relation to the size of the Company andnature of its business.

(c) The discrepancies noticed on such verification of stocks as compared to bookrecords were not material and these have been properly dealt with in the books of account.

iii. The Company has not granted any loan secured or unsecured to Companies FirmsLimited Liability Partnership other parties or Subsidiaries covered in the Registermaintained under Section 189 of the Act.

Accordingly Clause 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the Order are not applicable.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of Companies Act withrespect to loans and investments made.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted Deposits within the meaning of Section 73 to Section 76 of theAct and the Rules framed thereunder.

vi. The Central Government has specified for the maintenance of cost records undersub-sec. (1) of Sec.148 of the Act. We have broadly reviewed the records and Accountsmaintained by the Company. We are of the opinion that prima facie the prescribed accountsand records have been maintained. We have not however made a detailed examination ofsuch records to determine whether records are accurate and complete.

vii. (a) According to the information and explanation given to us and on the basis ofrecords of the Company examined by us we are of the opinion that the Company is regularin depositing with appropriate authorities undisputed statutory dues including providentfund employees' state insurance income tax sales tax service tax goods and servicestax duty of custom duty of excise value added tax and cess and other material statutorydues applicable to it.

There is no arrears outstanding statutory dues as at the last day of the financial yearfor a period of more than 6 months from the date they became payable.

(b) According to the information and explanation given and records examined by usthere are no dues of Sales Tax or Service Tax or duty of Customs or value added tax whichhave not been deposited on account of any dispute.

viii. According to the information and explanations given and on the basis of recordsexamined by us we are of the opinion that the Company has not defaulted in repayment ofdues to any bank. The Company has not taken loan from any financial institution or raisedany money through issue of Debentures.

ix. According to information and explanations given to us in our opinion the termloans taken have been applied for the purpose for which they were obtained. During theyear Company has not raised money by way of initial Public Offer or further Public Offer.

x. During the course of examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and according tothe information and explanation given to us no fraud by the Company or any fraud on theCompany by its officers or employees has been noticed or reported during the course of ouraudit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in the accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For KHANDELWAL RAY & CO.
Chartered Accountants
(Registration No.302035E)
Supriyo Raychaudhuri
Place : Kolkata Partner
Date : 24th May 2018 Membership No. 037202