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Twin Roses Trades & Agencies Ltd.

BSE: 512117 Sector: Others
NSE: N.A. ISIN Code: INE436U01016
BSE 05:30 | 01 Jan Twin Roses Trades & Agencies Ltd
NSE 05:30 | 01 Jan Twin Roses Trades & Agencies Ltd

Twin Roses Trades & Agencies Ltd. (TWINROSESTRADE) - Auditors Report

Company auditors report

To

The Members of

Twin Roses Trades & Agencies Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS OPINION

We have audited the accompanying Standalone Financial Statements of Twin Roses Trades& Agencies Limited ("the Company") which comprise the Balance sheet as atMarch 31 2020 the Statement of Profit and Loss including the Statement of otherComprehensive Income the cash flow statement and the statement of Changes in Equity forthe year then ended and notes to the financial statement including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationgiven to us the aforesaid Standalone Financial Statement give the information required bythe Companies Act2013 as amended (‘the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2020 its loss includingother comprehensive income its cash flows and the changes in equity for the year ended onthat date.

BASIS FOR OPINION

We conducted our audit of the Standalone Financial Statements in accordance with theStandard on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Standalone Financial Statements' section of ourreport. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirement that are relevant to our audit of the financial statement under the provisionsof the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Standalone Financial Statements.

KEY AUDIT MATTERS

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone Financial Statement for the financial yearended March 31 2020. These matters were addressed in the context of our audit of theStandalone Financial Statements as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters.

We have fulfilled the responsibilities described in the Auditor's responsibilities forthe audit of the Standalone Financial Statements section of our report. Accordingly ouraudit included the performance of procedures designed to respond to our assessment of therisks of material misstatement of the Standalone Financial Statements. The results of ouraudit procedures including the procedures performed provide the basis for our auditopinion on the accompanying Standalone Financial Statements.

Emphasis of Matter

Effects of COVID-19

The novel coronavirus (COVID-19) pandemic continues to spread rapidly across the globeincluding India. The COVID-19 outbreak was declared a global pandemic by the World HealthOrganization. The Indian government had announced countrywide lockdown from 24th March2020 which is continued at present. In this nation-wide lock-down period though all theservices across the nation were suspended some essential services establishments couldoperate and were exempted from the lock-down. The management has assessed the potentialimpact of the COVID-19 on the Company. Based on the current assessment the management isof the view that impact of COVID-19 on the operations of the Company and the carryingvalue of its assets and liabilities is not likely to be material for and up to March 312020 and there has been no material change in the controls or processes followed in theclosing of the financial statements and hence the necessary effects have been captured inthe financial statements for the year 2019-2020. Since the situation is rapidly evolvingits effect on the operations of the Company may be different from that estimated as at thedate of these financial results. The Company will continue to closely monitor materialchanges in markets and future economic conditions.

Our opinion is not modified in respect of the matters described under paragraph above.

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 Standalone Financial Statements and our auditors' report thereon.

Our opinion on the Standalone Financial Statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other Information and in doing so consider whether such other Informationis materially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Standalone Financial Statementsthat give a true and fair view of the financial position financial performance includingother comprehensive income cash flows and changes in equity of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and the designimplementation 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.

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.

Those 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 StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis 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: • Identify and assessthe risks 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.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in Place and the operating effectiveness ofsuch controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists elated to events or conditions that may cast significant doubt tithe Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the StandaloneFinancial Statements including the disclosures and whether the Standalone FinancialStatements represent the underlying transactions and events in a manner that achieves fairpresentation.

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Financial Statementsfor the financial year ended March 31 2020 and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 1" 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 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 the Statement ofOther Comprehensive Income the Cash Flow Statement and Statement of Changes in Equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Standalone Financial Statements comply with theAccounting Standards specified under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 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 over financialreporting of the Company with reference to these Standalone Financial Statements and theoperating effectiveness of such controls refer to our separate Report in "Annexure2" to this report;

(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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) The company does not have any pending litigations which would impact on its Ind Asfinancial position in its financial statements.

ii) The company did not have any long-term contract including derivative contracts forwhich there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the investor'seducation and protection fund by the company.

For PRITI V. MEHTA & COMPANY.

Chartered Accountants

Firm Registration. No. 129568W

PRITI V.MEHTA

Proprietor Membership. No. : 130514

UDIN: 20130514AAAABD4453

PLACE: MUMBAI

DATED: 25.06.2020

"ANNEXURE" to the Independent Auditors' Report on the FinancialStatements of Twin Roses Trades & Agencies Limited.

(Referred to in Paragraph 1 under the heading of 'Report on Other Legal andRegulatory Requirements' of our report of even date)

1. In respect of Fixed Assets :

a) The Company has maintained proper records showing full particulars Includingquantitative details and situation of fixed assets.

b) As per the information and explanations given to us Fixed Assets were Physicallyverified during the year by the management as per its programme. The frequency ofverification is Reasonable and no material discrepancies have been noticed on suchverification.

c) Since the Company does not have immovable property the provision of clause 3 (i)(c) are not applicable.

2. Since the Company does not have any inventories during the year accordingly underreport the provisions of clause (ii) of paragraph 3 of the Order are not applicable tothe Company.

3. As per information and explanation given to us and on the basis of our examinationof the books of account the Company has not granted any loans to companies firmsLimited Liability Partnership or others parties covered in the register maintained undersection 189 of the Companies Act 2013. Accordingly the provisions of clause 3(iii)(a) to(c) of the order are not applicable to company.

4. 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 the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities.

5. The Company has not accepted any deposits within the meaning of Sections 73 to 76 ofthe Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended). Accordinglythe provisions of clause 3(v) of the Order are not applicable to the Company.

6. In our opinion and according to the information and explanations given to us theCompanies (Cost Records and Audit) Rules 2014 specified by the Central Government underSection 148 of the Companies Act 2013 are not applicable to the Company.

7. In respect of Statutory Dues :

(a) According to the records of the Company the Company is by and large regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees' state insurance income tax sales tax Goods & service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues whereverapplicable with the appropriate authorities. According to the information and explanationsgiven to us no undisputed amounts payable in respect statutory dues were outstanding asat 31st March 2020 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations provided to us no undisputed amountspayable in respect of Provident fund Employees' State Insurance Income-tax Sales TaxGoods and Service tax Service tax Duty of custom Duty of excise Value added tax Cessand Other Statutory Dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

8. According to the records examined by us and on the information and explanationsgiven by the management the Company was not having any loans or borrowings from financialInstitutions banks government or by way of debentures during the year. Therefore theprovisions of clause viii of the Companies (Audit Report) Order 2016 are not applicable.

9. Since the Company has not raised any monies by way of debt instruments and termsloans the provision of Clause(ix) of Paragraph 3 of the order are not applicable to theCompany.

10. In our opinion and according to the information and explanation given to us nomaterial fraud by the Company or on the Company by it's officer or employees has beennoticed or reported during the year.

11. In our opinion and according to the information and explanations given to us thecompany had not paid any managerial remuneration during the year covered by audit. Hencereporting under clause 3(xi) of the Order is not applicable for the Company.

12. The company is not a Nidhi Company and hence reporting under clause (xii) ofParagraph 3 of the Order is not applicable.

13. In our opinion and according to the information and explanations given to us theCompany's transaction with its related party are in compliance with Section 177 and 188 ofthe Companies Act 2103 where applicable and details of related party transactions havebeen disclosed in the financial statements etc. as required by the accounting standards.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Hence clause 3(xiv) of the Company's (Auditor's Report) Order 2016 is not applicable.

15. According to the information and explanations provided by the management theCompany has not entered into any non-cash transactions with directors or persons connectedwith him as referred to in section 192 of Companies Act 2013.

16. In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-IA of Reserve Bank of India Act1934.

For PRITI V. MEHTA & COMPANY.

Chartered Accountants

Firm Registration. No. 129568W

PRITI V.MEHTA

Proprietor Membership. No. : 130514

UDIN No : 20130514AAAABD4453

PLACE : MUMBAI

DATED : 25.06.2020

ANNEXURE "2" TO THE INDEPENDENT AUDITORS REPORT

Referred to in paragraph 2(f) of our Report of even date to the Members of TWINROSES TRADES & AGENCIES LIMITED for the year ended 31st March 2020.

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 internal financial controls over financial reporting of TWINROSES TRADES & AGENCIES LIMITED as of 31st March 2020 in conjunction with ouraudit of the financial 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements 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 systemover financial reporting.

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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For PRITI V. MEHTA & COMPANY.

Chartered Accountants

Firm Registration. No. 129568W

PRITI V.MEHTA

Proprietor Membership. No. : 130514

UDIN No : 20130514AAAABD4453

PLACE : MUMBAI

DATED : 25.06.2020