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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 Financial Statements

We have audited the accompanying financial statements of TWIN ROSES TRADES &AGENCIES LIMITED ("the Company") which comprise the Balance Sheet as at March31 2017 the Statement of Profit and Loss and 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards 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 the assets of the Company and for preventingand detecting frauds and 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's 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 there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we 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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid 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 :

(i) in the case of the Balance sheet of the state of affairs of the company as atMarch 31 2017;and

(ii) in the case of the Statement of Profit and Loss of the profit for the year endedon that date.

(iii) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 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 and the Cash Flow Statementdealt with 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 2013 read with Rule 7 of the Companies(Accounts) Rules2014.

e. On the basis of written representations received from the directors as on March 312017 taken on record by the Board of Directors none of the directors is disqualified ason March 312017 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 and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 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 information and according to the explanations given to us:

(1) The company does not have any pending litigations which would impact the financialposition.

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

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

(4) The Company has not deposited specified bank notes during the period from 9thNovember 2016 to 30th December 2016.

/

For V. P. Mehta & Co

Chartered Accountants FRN.: 1Q6326W

Place : Mumbai Dated : 29.05.2017 Vipul R. Mehta

Proprietor

Membership number: 035722

"Annexure A" to the Independent Auditors' Report

The Annexure referred to in paragraph 1 under "Report on Other Legal andRegulatory Requirements" section of our report of even date

1. In respect of Fixed Assets :

Since the Company does not have any Fixed Assets the provision of Clause (i) ofParagraph 3 of the order are not applicable to the Company.

2. Since the Company does not have any inventories during the year under report theprovisions of clause (ii) of paragraph 3 of the Order are not applicable to the 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 firms Limited Liability Partnership or others parties covered in the register maintained undersection 189 of the Companies Act 2013.Accordingly the provisions of clause3(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 Act2013in respect of grant of loans making investments and providing guarantees and securities.

5. According to the information and explanations given to us the Company has notaccepted any deposits from the public. Therefore the provisions of Clause (v) of paragraph3 of the Order is 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 service tax duty of customsduty of excise value added tax cess and any other statutory dues wherever applicablewith the appropriate authorities. According to the information and explanations given tous no undisputed amounts payable in respect statutory dues were outstanding as at 31stMarch 2017 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding bn account of any dispute.

8. The Company has not raised loans from Financial Institutions or Banks or by issue ofdebentures and hence provisions of Clause (viii) of paragraph 3 of the Order are notapplicable to the Company.

9. Since the Company has not raised any monies by way of debt instruments and termloans 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 has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct 2013.

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 Act2013 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. In our opinion and according to the information and explanations given to usduring the year the company had not entered in to any non-cash transactions with thedirectors or persons connected with him and hence reporting under Clause(xv) of paragraph3 of the Order is not applicable to the Company.

16. In our opinion and according to the information and explanations given1to us the Company is not required to be registered under section 45-1A of Reserve Bank ofIndia Apt 1934.

For V. P. Mehta & Co.

Charterer Accountants FRN.: 106326W /&)-

*

Place: Mumbai Dated : 29.05.2017 Vipul P.lMenta

Proprietor

Membership number: 035722

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

Referred to in paragraph 2(f) of our Report of even date to the Members of TWIN ROSESTRADES & AGENCIES LIMITED for the year ended 31st March 2017.

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 TWIN ROSESTRADES & AGENCIES LIMITED as of 31st March 2017 in conjunction with our audit of thefinancial 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 2017 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 V. P. li/lehta & Co.

Chartered Accountants FRN.: 1QE326W /C

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Place : Mumbai Dateed : 29.05.2017 \ \ \c Vipul Pi Mehta \V

Proprietor

Membership number: 035722