Auditor Report of Kriptol Industries Ltd.
Mar 31, 2015
We have audited the accompanying financial statements of KRIPTOL
INDUSTRIES LTD ("the company"), which comprise the Balance Sheet as at
31 March 2015, the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, 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 section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position and financial performance of the
Company in accordance with the accounting principles generally accepted
in India, including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes the maintenance of adequate
accounting records in accordance with the provision of the Act for
safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial control, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company''s
preparation of the financial statements that give true and fair view, in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial controls
system over financial reporting and operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company''s Directors, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide 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
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31st March 2015, and its loss and its cash flow for the year ended
on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
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 best of 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 the Company so far as it appears from our examination of those
books.
c) the Balance Sheet and the Statement of Profit and Loss, and Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor''s Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our report of even date)
1. a) The company has maintained requisite records showing required
particulars including quantitative details and situation of its fixed
assets.
b) According to the information and explanation given to us by the
management of the company, most of the fixed assets of the company have
been physically verified by the management during the year and the
intervals of such verification had also been reasonable.
2. The provisions of Clause 2(a), 2(b) & 2(c) are not applicable since
there is no activity and inventory during the year.
3. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the Register maintained
under Section 189 of the Act.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and its nature of business.
During our course of audit, no major weakness was noticed by us in the
existing internal control system in procedure.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits during the year and
does not have any unclaimed deposits. Therefore, the provisions of the
clause 3 (v) of the Order are not applicable to the Company.
6. The provisions of clause 3 (vi) of the Order are not applicable to
the Company as the Company is not covered by the Companies (Cost
Records and Audit) Rules, 2014.
7. a) According to the books and records as produced and examined by us
in accordance with Generally Accepted Auditing Practices in India and
also based on management representations, undisputed statutory dues in
respect of provident fund, employee state insurance, income tax, wealth
tax, service tax, sales tax, value added tax, excise duty, cess and
other material statutory dues have generally been regularly deposited by
the company during the year with the appropriate authorities in India.
b) According to information and explanations given to us, no undisputed
amounts payable in respect of income tax, service tax and excise duty
were outstanding as on 31st March, 2015 for a period more than six
months from the date the same became payable.
c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
8. The Company does not have accumulated losses at the end of the
financial years but has incurred cash losses during the financial year
covered by our audit but not in the immediately preceding financial
year.
9. As observed by us and as per the information and explanations given
by the management, we are of the opinion that the company has not
defaulted in repayment of dues to its financial institution or bank
during the year under audit.
10. As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from any bank or
financial institutions. Hence, reporting on terms and conditions of any
such guarantee is irrelevant to our reporting.
11. According to the information and explanations given to us, the
Company did not avail any term loan during the year
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year under audit
and even upto the date of our audit.
For MOTILAL & ASSOCIATES,
Chartered Accountants
Sd/-
MOTILAL JAIN
Proprietor
MEM. NO. 36811
Place: MUMBAI
Date: 29/08/2015
Mar 31, 2014
We have audited the attached Balance Sheet of M/s. KRIPTOP INDUSTRIES
LTD., as at 31st March, 2014 and the annexed Profit and Loss Account
and cash flow statement for the year ended on that date. These
financial statements are the responsibility of the Company''s
Management. Our responsibility is to express an opinion on these
financial statements bases on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) Order 2003 issued by
the central Government of India in terms of section 227 (4A) of the
Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) In our opinion and to the best of our information the said Balance
Sheet and Profit & Loss Account and cash flow statement comply with the
Accounting standard referred to in section 211(3c) of the companies
act, 1956.
(e) On the basis of written representations received from the
directors, as on 31st, March, 2013 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2014 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India:-
i. In so far as it relates to the Balance Sheet, of the state of
affairs of the Company as at 31st March, 2014 and
ii. In so far as it relates to the Profit & Loss Account of the Profit
of the company for the year ended on that date.
iii. In the case of the cash flow statement, of the cash flow for the
year ended on that date.
i) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets.
ii) The fixed assets have been physically verified by the management at
reasonable intervals during the year and no material discrepancies were
noticed on such verification as compared with the available records.
iii) None of the Fixed Assets of the company have been disposed off
during the year .
iv) The stock of finished goods, and raw materials have been physically
verified by the management during the year. In our opinion, the
frequency of verification is reasonable.
v) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
vi) On our basis of examination of stock records, we are of the opinion
that the record of stocks is fair and proper in accordance with the
normally accepted accounting principle and no material discrepancies
were noticed on physical verification.
vii) There is no loans, secured and unsecured, taken by the company
to/from companies, firm or other parties covered in the register
maintained u/s. 301 of the Co. Act, 1956.
viii) Interest free Loans and Advances in the nature of loans have been
given to employees and other parties who were generally regular in
repaying the principal as stipulated. Where there is delay in
repayment, the company has taken reasonable steps to recover the same.
ix) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business for financial
activities.
x) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Act that need to be
entered into the register maintained under section 301 have been so
entered.
xi) In our opinion and according to the information and explanations
given to us, the provisions of section 58-A of the Companies Act, 1956
and Companies (acceptance of deposits) Rules, 1957 are not applicable
as the company has not accepted and deposits from the public.
xii) The company does not have any formal system of internal audit.
However in our opinion and according to information and explanations
given to us, the internal control procedures are adequate. Considering
the size and nature of business of the Company.
xiii) The Provisions of section 209(1)(d) of the Companies Act, 1956
regarding the maintenance of cost records are not applicable to the
company.
xiv) As informed to us the provision of Provident Fund Act, Employees
State Insurance Act provisions of investor education and protection
fund, customs duty, excise duty and cess are not applicable to the
Company during the year under review.
xv) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including Income-Tax, Wealth Tax, Service Tax
and other material statutory dues applicable to it.
xvi) According to the information and explanations given to us no
disputed amounts in respect of Income-Tax, Wealth-tax, Sales-Tax,
Customs-Duty and Excise-Duty were outstanding as at 31st, March, 2014
for a period of more than six months from the date they become payable.
(xvii) According to the information and explanations given to us and
based on the generally accepted audit procedures carried out by us no
personal expenses of employees or directors have been charged to
Revenue Account, other than those payable under contractual obligations
or in accordance with generally accepted business practice.
xvii) The Company has accumulated losses at the end of the financial
year and it has incurred losses in the current and immediately
preceding financial year.
xviii) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, banks or debenture holders.
xix) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xx) The provisions of any special statute applicable to Chit Funds,
Nidhi, or Mutual Benefit Society/fund do not apply to the Company.
Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s
Report) Order, 2003 (as amended) are not applicable to the Company.
xxi) The Shares and other securities have been held by the Company, in
its own name as explained to us and proper records in respect thereof
have been maintained.
xxii) According to the information and explanation given to us, the
Company has not given counter guarantee for loans taken by anybody.
xxiii) According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short-term basis have
been used for long-term investment.
xxiv) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained u/s 301 of the
Co. Act, 1956.
xxv) The Company did not have any outstanding secured debentures during
the year.
xxvi) The Company has not raised any money through a public issue
during the year under review.
(xxviii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
(xxix) The Company is not a sick Company as per the provisions of SICA,
1985.
PLACE: MUMBAI FOR MOTILAL & ASSOCIATES,
DATE : 01/08/2014 CHARTERED ACCOUNTANTS
SD/-
(MOTILAL JAIN)
PROPRIETOR
MEM. NO. 036811
Mar 31, 2013
We have audited the attached Balance Sheet of M/s. KRIPTOL INDUSTRIES
LTD., as at 31st March, 2013 and the annexed Profit and Loss Account
and cash flow statement for the year ended on that date. These
financial statements are the responsibility of the Company''s
Management. Our responsibility is to express an opinion on these
financial statements bases on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor''s Report) Order 2003 issued by
the central Government of India in terms of section 227 (4A) of the
Companies Act, 1956 we enclose in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of such
books.
(c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account.
(d) In our opinion and to the best of our information the said Balance
Sheet and Profit & Loss Account and cash flow statement comply with the
Accounting standard referred to in section 211(3c) of the companies
act, 1956.
(e) On the basis of written representations received from the
directors, as on 31st, March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2013 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and
gives a true and fair view in conformity with the accounting principles
generally accepted in India:- i. In so far as it relates to the
Balance Sheet, of the state of affairs of the Company as at 31st March,
2013 and
ii. In so far as it relates to the Profit & Loss Account of the Profit
of the company for the year ended on that date.
iii. In the case of the cash flow statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT FOR THE YEAR ENDED ON 31ST MARCH, 2013
i) The Company has maintained proper records to show full particulars
including quantitative details and situation of fixed assets.
ii) The fixed assets have been physically verified by the management at
reasonable intervals during the year and no material discrepancies were
noticed on such verification as compared with the available records.
iii) None of the Fixed Assets of the company have been disposed off
during the year .
iv) The stock of finished goods, and raw materials have been physically
verified by the management during the year. In our opinion, the
frequency of verification is reasonable.
v) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
vi) On our basis of examination of stock records, we are of the opinion
that the record of stocks is fair and proper in accordance with the
normally accepted accounting principle and no material discrepancies
were noticed on physical verification.
vii) There is no loans, secured and unsecured, taken by the company
to/from companies, firm or other parties covered in the register
maintained u/s. 301 of the Co. Act, 1956.
viii) Interest free Loans and Advances in the nature of loans have been
given to employees and other parties who were generally regular in
repaying the principal as stipulated. Where there is delay in
repayment, the company has taken reasonable steps to recover the same.
ix) In our opinion and according to information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business for financial
activities.
x) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Act that need to be
entered into the register maintained under section 301 have been so
entered.
xi) In our opinion and according to the information and explanations
given to us, the provisions of section 58-A of the Companies Act, 1956
and Companies (acceptance of deposits) Rules, 1957 are not applicable
as the company has not accepted and deposits from the public.
xii) The company does not have any formal system of internal audit.
However in our opinion and according to information and explanations
given to us, the internal control procedures are adequate. Considering
the size and nature of business of the Company. xiii) The Provisions
of section 209(1)(d) of the Companies Act, 1956 regarding the
maintenance of cost records are not applicable to the company.
xiv) As informed to us the provision of Provident Fund Act, Employees
State Insurance Act provisions of investor education and protection
fund, customs duty, excise duty and cess are not applicable to the
Company during the year under review.
xv) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including Income-Tax, Wealth Tax, Service Tax
and other material statutory dues applicable to it.
xvi) According to the information and explanations given to us no
disputed amounts in respect of Income-Tax, Wealth-tax, Sales-Tax,
Customs-Duty and Excise-Duty were outstanding as at 31st, March, 2013
for a period of more than six months from the date they become payable.
(xvii) According to the information and explanations given to us and
based on the generally accepted audit procedures carried out by us no
personal expenses of employees or directors have been charged to
Revenue Account, other than those payable under contractual obligations
or in accordance with generally accepted business practice.
xvii) The Company has accumulated losses at the end of the financial
year and it has incurred losses in the current and immediately
preceding financial year.
xviii) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institution, banks or debenture holders.
xix) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
xx) The provisions of any special statute applicable to Chit Funds,
Nidhi, or Mutual Benefit Society/fund do not apply to the Company.
Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s
Report) Order, 2003 (as amended) are not applicable to the Company.
xxi) The Shares and other securities have been held by the Company, in
its own name as explained to us and proper records in respect thereof
have been maintained.
xxii) According to the information and explanation given to us, the
Company has not given counter guarantee for loans taken by anybody.
xxiii) According to the information and explanations given to us and on
an overall examination of the balance sheet and cash flow statement of
the Company, we report that no funds raised on short-term basis have
been used for long-term investment.
xxiv) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained u/s 301 of the
Co. Act, 1956.
xxv) The Company did not have any outstanding secured debentures during
the year.
xxvi) The Company has not raised any money through a public issue
during the year under review.
(xxviii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given by the management, we report
that no fraud on or by the Company has been noticed or reported during
the course of our audit.
(xxix) The Company is not a sick Company as per the provisions of SICA,
1985.
PLACE: MUMBAI FOR MOTILAL & ASSOCIATES,
DATE : 01/08/2013 CHARTERED ACCOUNTANTS
SD/-
(MOTILAL JAIN)
PROPRIETOR MEM. NO. 036811
Mar 31, 2011
1. We have audited the attached Balance Sheet of Roselabs Industries
Limited as at 31st March, 2011 and the related Profit and Loss Account
and Cash Flow Statement for the year ended on that date, which we have
signed under reference to this report. These financial statements are
the responsibility of the Company's Management. Our responsibility is
to express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of "The Companies Act, 1956' of India and on the basis of such checks as we considered appropriate and according to the infofmation and explanations given to us, we set out in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order to the extent applicable.
4. Further to our comments in the Annexure referred in paragraph (3) above, we report that :
a) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purpose of our audit;
b) In our opinion, proper Books of Accounts as required by law, have been kept by the Company so far as appears from our examination of those Books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the Books of Account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956, to the extent applicable.
e) On the basis of confirmations received from the Directors of the Company and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 from being appointed as a Director of the Company in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956 and
f) Subject to the matters reported above. In our opinion, and to the best of our information and according to the explanations given to us, the said accounts read together with the Notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :
i) in the case of Balance Sheet, of the state of the affairs of the Company as at 31st March, 2011, ii) in the case of the Profit and Loss Account, of the Loss for the year ended on that date. iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT (Referred to in Paragraph (3) of our Report of even date)
(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) All Fixed Assets have been disposed off during the year.
(ii) (a) As explained to us, the stocks of finished and semi-finished goods and raw materials of the Company have been physically verified by the Management at reasonable intervals during the year. In respect of Stock lying with third parties, these have substantially been confirmed by them.
(b) In our opinion and according to the information and explanations given to us the procedure of physical verification of stocks followed by the Management are reasonable and adequate in relation to Size of the c ¯npany and nature of its business.
(c) In our opinion and according to the information and explanations given to us, the company is maintaining proper records of inventory. The discrepancies noticed between the physical stocks as verified by the Management and the Book records were not material having regard to the size of the operations of the company.
(iii) (a) In our opinion the company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956.Consequently requirement of clauses (iii b), (iii c), (iii d) of paragraph 4 of the order are not applicable.
(iv) In our opinion and according to information and explanations given to us, during the course of our audit there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchases of inventory, and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.
(v) According to the information and explanations given to us, that no transactions need to be entered into the register maintained under section of 301 of the Companies Act 1956. Consequently requirement of clause (v,b) of paragraph 4 of the Order is not applicable.
(vi) In our opinion the company has not accepted any deposits from the public, within the meaning of Section 58A and 58AA of the Companies Act, 1956.
(vii) The company has an internal audit system which in our opinion is commensurate with the size and nature of business.
(viii) To the best of our knowledge and according to explanations given to us the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for any of the products manufactured by the Company.
(ix) (a) According to information and explanations given to us. The company is regular in depositing with Appropriate Authorities undisputed statutory dues including Provident fund, Sales tax, Excise-duty, cess and other material statutory dues applicable to it. We are informed that employees state insurance act, 1948 is not applicable to the company.
(b) According to the information and explanations given to us, there were no undisputed amounts payable in respect of dues as referred to (ix)(a) above, which were outstanding as on 31st March, 2011 for a period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, entire sales tax outstanding amount has been paid by company.
(x) The company has accumulated losses as at the end of the Financial year 31sl March, 2011 although non exceeding its networth and the company has also incurred cash losses at the current financial year, 31st March 2011 as well as in the immediately preceding financial year also.
(xi) In our opinion and according to the information and explanations given to us, the company has settled and paid all secured loans fully.
(xii) In our opinion the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.
(xiii) In our opinion and according to information and explanation given to us. the company is not a chitfund, nidhi / mutual benefit fund/society therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.
(xiv) According to the information and explanations given to us, the company has been dealing or trading in shares, securities, debentures and other investments.
(xv) In our opinion and according to the information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions. Accordingly provisions of clause 4 (xv) of the Companies (Auditors Report) Order,2003 are not applicable to the company.
(xvi) In our opinion and information and explanations given to us, the company had not raised any term loan during the year under review.
(xvii) In our opinion and according to the information and explanations given to us, and according to Cash flow statement, on an overall examinations of the Balance Sheet of the Company we report that no funds raised on short term basis have been utilized for long term investment and vice-versa.
(xviii) According to information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.
(xix) In our opinion and according to information and explanations given to us, the Company has not issued any secured debentures during the period covered by the report. Accordingh the provisions of clause 4 (xix) of the Companies (Auditors Report) Order, 2003 are noi applicable to the company.
(xx) During the period covered by our audit report, the Company has not raised any money by public issues.
(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.
Place : Mumbai For Motilal & Associates
Date :01-09-2011 Chartered Accountants
Sd/- Motilal Jain (Proprietor) M. Ship No. 36811
Mar 31, 2010
Not Available
Mar 31, 2009
1. We have audited the attached Balance Sheet of ROSELABS INDUSTRIES
LIMITED as at 31st March. 2009 and the Profit and Loss Account of the
Company for the year ended as on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to expresss an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order. 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act. 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above we report that:
(i) We have obtained all the informations and explanations which to the best of our knowledge and belief were necessary for the purpose of audit.
(ii) In our opinion proper books of accounts as required by law have been kept by the Company so far as appears from our examination of the books.
(iii) The Balance-sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.
(iv) In our opinion the Balance sheet. Profit and Loss account dealt with by this report comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 except in respect of gratuity liabilities as stated in Note no. A(11)
(v) On the basis of written representations received from the directors, as on 31st March, 2009 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2009 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to the explanation given to us. the accounts read with notes thereon give the information required by the Companies Act. 1956 in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-
(a) In the case of Balance Sheet of the state of affairs of the company as at 31 st March. 2009.
(b) In the case of Profit and Loss Account of the profti/loss for the year ended on that date.
6 The Company has not accepted any deposits from the public.
7. In our opinion, the Company has an internal audit system commensurate with the size of the Company and the nature of its business.
8.- We have been informed by the management that the Central Government has not prescribed maintainance of Cost Records under section 209 (1) (d) of the Companies Act. 1956 in respect of products manufactured by the Company
9 In respect of statutory dues .
a According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including providond fund, investor education protection fund, employees state insurance, income tax. sales tax. wealth tax. service tax, custom duty. excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us. no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March. 2009 tor a period of more than six months from the date they become payable.
b. The disputed statutory dues aggregating to Rs. 12.15 lacs, that have not been deposited on account of matters pending before appropriate authorities are as under :
Nature of the Statue Nature of the Dues Forum where dispute is pending Amount
Income Tax Act Income Tax I.T.A.T. 12,14,834
10. In our opinion, the accumulated losses of the Company are not more than fifty percent of its net worth The Company has incurred cash loss of Rs. 75 80 lacs during the financial year covered by our audit There was no cash loss in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and explanations given to us. we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.
12. In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Hence clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable to the Company.
14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments Hence clause 4(xiv) of the Companies (Auditors Report) Order 2003 is not applicable to the Company
15. According to the information and explanations given to us, the Company has not given any guarantee lor loans taken by others from bank or financial institutions.
16. The Company has not raised any new term loan during the year. The term loans outstanding at the beginning of the year were applied for the purpose for which they were raised.
17. According to the information and explanations given to us and on an overall examination of the Balance sheet of the Company, we are of the opinion that no funds raised on short term basis have been usea for long term investment.
18 According to the information and explanations given to us, the Company has not made any preferential allotment of shares, during the year, to parties and companies covered in the register maintained under section 301 of the Companies Act. 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by way of public issue during the year.
21. In our opinion and according to tho information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.
ANNEXURE TO THE AUDITORS REPORT
Refered to in Paragraph (3) of our report of even date 1. In respect of fixed assets Ã
a. The Company has maintained proper records showing lull particulars including quantitative .
details and situation of fixed assets on the basis of information available b All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is resonable having regard to the size of the Company and the nature of its assets No material discrepancies were noticed on such verification. c. During the year, as the Company has closed down the manufacturing unit of dyes, the company has disposed off a major part of the plant & machinery and building used for manufacture of dyes.
Based on the information and explanation given by the management and on the basis of audit procedures performed by us we are of the opinion that the sale of the said part of assets has not affected the going concern.
2. In respect of its inventories
a. The inventory has been physically verified during the year by the management In our opinion, the frequency of verification is reasonable.
b In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.
c. The Company is maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to book records.
3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956:
a. The Company has not granted loan to any parties covered in the register maintained under Section 301 of the Companies Act. 1956.
b. in our opinion, and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions of loans given are not prima facie prejudicial to the interest of the Company.
c. The parties have repaid the principal amounts as stipulated and have been regular in the payment of interest wherever applicable.
d There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.
e The company has taken loan from four parties covered in the register maintained under section 301 of the Companies Act. 1956. The maximum amount involved during the year was Rs. 92.51 lacs and the year-end balance of loans taken from such parties was Rs. Nil.
f. In our opinion, and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions of loans taken are not prima facie prejudicial to the interest of the company.
g. The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.
4. In our opinion and according to the information and explanations given to us. there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also with the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls system.
5. In respect of transactions covered under section 301 of the Companies Act, 1956 :
a. According to the information and explanations given to us. we are of the opinion that the particulars of contracts or arrangements that need to bo entered into the register maintained under section 301 of the Companies Act. 1956 have been so entered.
b. In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which arc reasonable having regard to prevailing market prices at the relevant time.
For A. L. THAKKAR&CO. Chartered Accountants
Place Ahmedabad (SANJIV V. SHAH)
Date : 17th July. 2009 Partner
Mar 31, 2007
1. We have audited the attached Balance Sheet of ROSELABS LIMITED as
at 31st March, 2007 and the Profit and Loss Account of the company for
the year ended as on that date annexed thereto. These financial
statements are the responsibility of the companys management. Our
responsibility is to expresss an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. Those s*andards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above we report that:
(i) We have obtained all the informations and explanations which to the best of our knowledge and belief were necessary for the purpose of audit.
(ii) In our opinion proper books of accounts are required by law have been kept by the Company so far as appears from our examination of the books.
(iii) The Balance-sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.
(iv) In our opinion the Balance sheet, Profit and Loss account dealt with by this report comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 except in respect of gratuity liabilities as stated in Note no. A(11)
(v) On the basis of written representations received from the directors, as on 31st March, 2006 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2007 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to the explanation given to us, the accounts read with notes thereon give the information required by the Companies Act, 1956 in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:-
(a) In the case of balance sheet of the state of affairs of the company as at 31 st March, 2007.
(b) In the case of Profit and Loss Account of the profti/loss for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in Paragraph (3) of our report of even date.
1. In respect of fixed assets :
a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of information available.
b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is resonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.
c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.
2. In respect of its inventories :
a. The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable,
b. In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business,
c. The company is maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to book records.
3. In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.
a. The company has granted loan to four parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 64.86 lacs and the year-end balance of loans granted to such parties was Rs. 7.58 lacs,
b. In our opinion, and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions of loans given are not prima facie prejudicial to the interest of the company,
c. The parties have repaid the principal amounts as stipulated and have been regular in the payment of interest wherever applicable,
d. There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.
e. The company has taken loans from one parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 21.35 lacs and the year-end balance of loans taken from such parties was Rs. Nil.
f. In our opinion, and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions of loans taken are not prima facie prejudicial to the interest of the company,
g. The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.
4. In our opinion and according to the information and explanations given to us, there are adequate internal control system* commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also with the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls system.
5. In respect of transactions covered under section 301 of the Companies Act, 1956 :
a. According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regards to prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public.
7. In our opinion, the company has an internal audit system commensurate with the size of the company and the nature of its business.
8. We have been informed by the management that the Central Government has not prescribed maintainance of Cost Records under section 209 (1) (d) of the Companies Act, 1956 in respect of products manufactured by the company.
9. In rescect of statutory dues :
a. According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including providend fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues were outstanding as at 31st March, 2007 for a period of more that six months from the date they become payable.
b. The disputed statutory dues aggregating to Rs. 12.15 lacs, that have not been deposited on account of matters pending before appropriate authorities are as under:
Nature of the Statue Nature of the Dues Income Tax Act Income Tax
Forum where dispute is pending Amount
I.T.A.T. 12,14,834
10. In our opinion, the accumulated losses of the Company are not more than fifty percent of its net worth. The Company has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.
12. In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund / society. Hence clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable of the company.
14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Hence clause 4(xiv) of the Companies (Auditors Report) Order 2003 is not applicable to the company.
15. According to the information and explanations given to us, the company has not given any gurantee for loans taken by others from bank or financial institurions.
16. The company has not raised any new term loan during the year. The term loans outstanding at the begning of the year were applied for the purpose for which they were raised.
17. According to the information and explanations given to us and on an overall examination of the Balance sheet of the company, we are of the opinion that no funds raised on short term basis have been used for long term investment.
18. According to the information and explanations given to us, the company has not made any preferential allotment of shares, during the year, to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year.
20. The company has not raised any money by way of public issue during the year.
21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.
For A. L. THAKKAR & CO. Chartered Accountants
Place : Ahmedabad (SANJIV V. SHAH) Date : 13.09.2007 Partner
Mar 31, 2006
ANNUAL REPORT 2005-2006
AUDITORS' REPORT
To The Members of ROSELABS LIMITED Ahmedabad
1. We have audited the attached Balance Sheet of ROSELABS LIMITED as at 31st March, 2006 and, the Profit and Loss Account of the company for the year ended as on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
2, We conducted our audit In accordance wit h auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material. misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the, financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluation the overall financial statements presentation, We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above we report that:
(i) We have obtained all the informations and explanations which to the best of our knowledge and belief were necessary for the purpose of audit.
(ii) In our opinion proper books of accounts are required by law have been kept by Company so far as appears from our examination of the books,
(iii) The Balance sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.
(iv) In our opinion the Balance sheet, Profit and Loss account dealt with by this report comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 except in respect of gratuity liabilities as stated in Note no. A(11)
(v) On the basis of written representations received from the directors, as on 31st March, 2006 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2006 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to the explanation given to us, the accounts read with notes thereon give the information required in the Companies Act, 1956 in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) In the case of balance sheet of the state of affairs of the company as at 31st March, 2006,
(b) In the case of Profit and Loss Account of the profit/loss for the year ended on that date.
For A.L. THAKKAR & CO. Chartered Accountants
Place : Ahmedabad (SANJIV V. SHAH) Date : 09.08.2006 Partner
ANNEXURE TO THE AUDITORS' REPORT:
Referred to in Paragraph (3) of our report of even date:
1. In respect of fixed assets:
a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets Tot the basis of information available.
b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which in our opinion, is reasonable haying regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.
c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.
2. In respect of its inventories:
a. The inventory has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations given to us. the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.
c. The company is maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as compared to book records,
3. In respect of loans, secured or unsecured, granted or taken by the company to/from companies firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.
a. The company has granted loan to four parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.48.22 lacs and the year-end balance of loans granted to such parties was Rs.0.44 lacs.
b. In our opinion, and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions of loans given are not prima facie prejudicial to the interest of the company.
c. The parties have repaid the principal amounts as stipulated and have been regular in the payment of interest wherever applicable.
d. There is no overdue amount of loans granted to companies firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.
e. The company has taken loans from one parties covered in the register maintainer under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.10.14 lacs and the year-end balance of loans taken from such parties was Rs. Nil.
f. In our opinion, and according to the information and explanations given to us, tie rate of interest, wherever applicable and other terms and conditions of loans taken are not prima facie prejudicial to the interest of the company.
g. The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.
4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also with the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls system.
5. In respect of transactions covered under section 301 of the Companies Act, 1956:
a. According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations given to us, the transaction, made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regards to prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public.
7. In our opinion the company has an internal audit system commensurate with the size of the company and the nature of its business.
8. We have been informed by the management that the Central Government has not prescribed maintenance of Cost Records under section 209(1)(d) of the Companies Act, 1956 in respect of products manufactured by the company.
9. In respect of statutory dues:
a. According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including providend fund, investor education protection fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues were outstanding as at 31st March, 2006 for a period of more that six months from the date they become payable.
b. The disputed statutory dues aggregating to Rs.12.15 lacs, that have not been deposited on account of matters pending before appropriate authorities are as under:
Nature of the Statue Nature of the Forum where dispute Amount Dues is pending
Income Tax Act Income Tax I.T.A.T. 12,14,834
10. In our opinion, the accumulated losses of the Company are not more than fifty percent of its net worth. The Company has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.
12. In our opinion and according to the information and explanations given to us, to loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / Mutual benefit fund / society. Hence clause 4 (xiii) of the Companies (Auditor's Report) Order 2003 is not applicable of the company.
14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Hence clause 4(xiv) of the Companies (Auditor's Report) Order 2003 is not applicable to the company.
15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions.
16. The company has not raised any new term loan during the year. The term loans outstanding at the beginning of the year were applied for the purpose for which they were raised.
17. According to the information and explanations given to us and on an overall examination of the Balance sheet of the company, we are of the opinion that no funds raised on short term basis have been used for long term investment.
18. According to the information and explanations given to us, the company has not made any preferential allotment of shares, during the year, to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 except shares issued to shareholders of Sadiram Industries Pvt. Ltd. pursuant to Scheme of Amalgamation u/s. 394(1) of the Companies Act, 1956, vide order of High Court of Gujarat dated 31.3.2006.
19. The company has not issued any debentures during the year.
20. The company has not raised any money by way of public issue during the year.
21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year.
For A. L. THAKKAR & CO. Chartered Accountants
Place : Ahmedabad (SANJIV V. SHAH) Date : 09.03.2006 Partner
Jun 30, 2005
1. We have audited the attached Balance Sheet of ROSELABS LIMITED as
at 30th June, 2005 and the Profit and Loss Account of the company for
the year ended as on that date annexed thereto. These financial
statements are the responsibility of the companys management. Our
responsibility is to expresss an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order. 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above we report that:
(i) We have obtained all the informations and explanations which to the best of our knowledge and belief were necessary for the purpose of audit.
(ii) In our opinion proper books of accounts are required by law have been kept by the Company so far as appears from our examination of the books.
(iii) The Balance-sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts.
(iv) In our opinion the Balance sheet, Profit and Loss account dealt with by this report comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 except in respect of gratuity liabilities as stated in Note no. A(11)
(v) On the basis of written representations received from the directors, as on 30th June, 2005 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 30th June, 2005 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to the explanation given to us, the accounts read with notes thereon give the information required by the Companies Act, 1956 in the matter so required and give a true and fair view in conformity with the accounting principles generally accepted in India.
(a) In the case of balance sheet of the state of affairs of the company as at 30th June, 2005.
(b) In the case of Profit and Loss Account of the profti/loss for the year ended on that date.
For A. L. THAKKAR & CO. Chartered Accountants Place : Ahmedabad (SANJIV V. SHAH) Date : 28.11.2005 Partner
1. In respect of fixed assets :
a. The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of information available.
b. All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is resonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.
c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected.
2. In respect of its inventories :
a. The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.
b. In our opinion and according to the information and explanations given to us, the procedure of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.
c. The company is maintaining proper records of inventory. As explained to us, there were no material discrepancies noticed on physical verification of inventory as conpared to book records.
3. In respect of loans, secured or unsecured, granted or taken by the company to/from comapanies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.
a. The company has granted loan to six parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 178.52 lacs and the year end balance of loans granted from such parties was Rs. 67.79 lacs.
b. In our opinion, and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions of loans given are not prima facie prejudicial to the interest of the company.
c. The parties have repaid the principal amounts as stipulated and have been regular in the payment of interest wherever applicable.
d. There is no overdue amount of loans granted to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.
e. The company has taken loans from two parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 9.40 lacs and the year-end balance of loans taken from such parties was Rs. 2.00 lacs.
f. In our opinion, and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions of loans taken are not prima facie prejudicial to the interest of the company.
g. The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.
4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business for the purchase of inventory fixed assets and also with the sale of goods & services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls system.
5. In respect of transactions covered under section 301 of the Companies Act, 1956 :
a. According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.
b. In our opinion and according to the information and explanations given to us, the transaction made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lacs in respect of any party during the year have been made at prices which are reasonable having regards to prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public.
7. In our opinion, the company has an internal audit system commensurate with the size of the company and the nature of its business.
8. We have been informed by the management that the Central Government has not prescribed maintainance of Cost Records under section 209 (1) (d) of the Companies Act, 1956 in respect of products manufactured by the company.
9. In rescect of statutory dues :
a. According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including providend fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax. service tax, custom duty, excise duty, cess and other material statutory dues were outstanding as at 30th June, 2005 for a period of more that six months from the date they become payable.
b. According to the information and explanations given to us. there are no dues of sales tax, income tax, custom duty, wealth tax, service tax, excise duty and cess which have not been deposited on account of any dispute.
10. The company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit or in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.
12. In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Hence clause 4 (xiii) of the Companies (Auditors Report) Order 2003 is not applicable of the company.
14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Hence clause 4(xiv) of the Companies (Auditors Report) Order 2003 is not applicable to the company.
15. According to the information and explanations given to us, the company has not given any gurantee for loans taken by others from bank or financial institurions.
16. The company has not raised any new term loan during the year. The term loans outstanding at the begning of the year were applied for the purpose for which they were raised.
17. According to the information and explanations given to us and on an overall examination of the Balance sheet of the company, we are of the opinion that no funds raised on short term basis have been used for long term investment.
18. According to the information and explanations given to us, the company has not made any preferential allotment of shares, during the year, to parties and companies covered In the register maintained under section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year.
20. The company has not raised any money by way of public issue during the year.
21. In our opinion and according to the information and explanations given to us. no fraud on or by the company has been noticed or reported during the year.
For A. L. THAKKAR & CO. Chartered Accountants Place : Ahmedabad (SANJIV V. SHAH) Date : 28.11.2005 Partner
Jun 30, 2003
We have audited the attached Balance sheet of ROSELABS LIMITED as at
30th June, 2003 and the Profit and Loss Account of the company for the
year ended as on that date annexed thereto. These financial statements
are the responsibility of the company's management. Our responsibility
of to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. We report that:-
a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.
b. In our opinion, proper Books of accounts as required by law have been kept by the Company so far as appears from our examination of these books.
c. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the above Books of accounts.
d. In our opinion the Profit and Loss account and the Balance Sheet comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 except in respect of gratuity liabilities as stated in Note No. A(12)
e. On the basis of our review of the confirmation made available and explanation and information given to us none of the Directors of the company are primafacie disqualified from being appointed as Director of the Company U/s. 274(1)(g) of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to explanations given to us, the said Balance Sheet and Profit & Loss Account read together with the notes and schedules appearing thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view :
1. In the case of the Balance Sheet, of the state of affairs of the Company as at 30th June, 2003.
2. In the case of the Profit & Loss Account of the Profit for the period ended as at 30th June, 2003.
g. As required by the Manufacturing and Other Companies (Auditor's Report) Order, 1988 issued in terms of section 227 (4A) of the Companies Act, 1956 we give in the Annexure a Statement on matters specified in paragraphs 4 and 5 of the said order.
For A. L. THAKKAR & CO. Chartered Accountants
PLACE : Ahmedabad (SANJIV SHAH) DATE : 15.11.2003 PARTNER
Annexure to the Auditors' Report referred to in paragraph 1 of our report of even date :
1. The Company has maintained proper records to show full particulars including quantitative details and situations of its fixed assets. Fixed assets have been physically verified by the management during the period and no discrepancy was noticed on such verification.
2. None of the fixed assets has been revalued during the period.
3. The stock of finished goods, raw material, stores & spares have been physically verified during the period by the Management at reasonable intervals during the year.
4. In our opinion, the procedures of physical verification of stock followed, by the Management are reasonable and adequate in relation to the size of the Company and the nature of the business.
5. The discrepancies noticed on such physical verification between the physical stocks, and the book records were not material.
6. On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair & proper in accordance with normally accepted accounting principles and is on the same basis as in the preceding year.
7. The Company has taken unsecured loans from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and the Companies under the same management as defined under subsection (1B) of section 370 of the Companies Act, 1956. The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the Company.
8. The Company has given loans to Companies, firms or other parties listed in the register maintained under section 301 and to Companies under the same management. The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the Company.
9. Parties (including employees) to whom loans or advances given by the Company are repaying the principal amount as stipulated and are also regular in payment of interest wherever applicable.
10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of stores, raw materials including components, plant & machinery, equipment and other assets and for the sale of goods.
11. During the period, the Company has purchased & sold raw materials & goods exceedings Rs.50000/- in value from a company and firm in pursuance of contracts or arrangements with party as listed in registers maintained under section 301 of Companies Act, 1956. In our opinion and according to the information and explanation given to us the prices are reasonable having regards the prevailing market prices. There are no transaction for sale of services exceeding Rs. 50000/-.
12. As explained to us, the Company has regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods and adequate provisions for loss has been made in the accounts.
13. The Company has not accepted any deposits from the public u/s. 58A of the Companies Act, 1956.
14. In our opinion and according to the information and explanations given to us, the company does not have any by-products. However, the value of realisable scraps being insignificant no quantitative records are maintained.
15. In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.
16. The maintainance of cost records prescribed by Central Government under section 209(1)(d) of the Companies Act, 1956 in respect of this Company for the year under review is not applicable.
17. According to the records of the company, Providend fund and Employees' State Insurance dues have been regularly deposited with the appropriate authorities.
18. According to the information and explanations given to us no undisputed amounts payable in respect of income tax, sales tax, customs duty and excise duty as at 30th June, 2003 were outstanding for a period exceeding six months from the date they become payable.
19. According to the information and explanations given to us, no personal expenses of employees or directors have been debited to profits and loss Account other than those payable under contractual obligations or in accordance with generally accepted business practices.
20. The Company is not a sick industrial company within the meaning of clause (O) of sub- section (1) of section (3) of the Sick Industrial Companies (Special Provisions) Act, 1985.
For A.L.THAKKAR & CO. Chartered Accountants
PLACE : Ahmedabad (SANJIV SHAH) DATE : 15.11.2003 PARTNER
Jun 30, 2002
We have audited the attached Balance sheet of ROSELABS LIMITED as at
30th June, 2002 and the Profit and Loss Account of the company for the
year ended as on that date annexed thereto. These financial statements
are the responsibility of the companys management. Our responsibility
of to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We belive that our audit provides a reasonable basis for our opinion. We report that:-
a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.
b. In our opinion, proper Books of accounts as required by law have been kept by the Company so far as appears from our examination of these books.
c. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the above Books of accounts.
d. In our opinion the Profit and loss account and the Balance sheet comply with the accounting standards referred to in sub section (3C) of section 211 of the Companies Act, 1956 except in respect of gratuity liabilities as stated in Note No. A(12)
e. On the basis of our review of the confirmation made available and explanation and information given to us none of the Directors of the company are primafacie disqualified from being appointed as Director of the Company U/s. 274(1)(g) of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to explanations given to us, the said Balance Sheet and Profit & Loss Account read together with the notes and schedules appearing thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:
1. In the case of the Balance Sheet, of the state of affairs of the Company as at 30th June, 2002.
2. In the case of the Profit & Loss Account of the Profit for the period ended as at 30th June, 2002.
g. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued in terms of section 227 (4A) of the Companies Act, 1956 we give in the Annexure a Statement on matters specified in paragraphs 4 and 5 of the said order.
Annexure to the Auditors Report reffered to in paragraph 1 of our report of even date:
1. The Company has maintained proper records to show full particulars including quantitative details and situations of its fixed assets. Fixed assets have been physically verified by the management during the period and no discrepancy was noticed on such verification.
2. None of the fixed assets has been revalued during the period.
3. The stock of finished goods, raw material, stores & spares have been physically verified during the period by the Management at reasonable intervals during the year.
4. In our opinion, the procedures of physical verification of stock followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of the business.
5. The discrepancies noticed on such physical verification between the physical stocks and the book records were not material.
6. On the basis of our examination of stock records, we are of the opinion that the valuation of stocks is fair & proper in accordance with normally accepted accounting principles and is on the same basis as in the preceding year.
7. The Company has taken unsecured loans from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and the Companies under the same management as defined under subsection (1 B) of section 370 of the Companies Act, 1956. The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the Company.
8. The Company has given loans to Companies, firms or other parties listed in the register maintained under section 301 and to Companies under the same management. The rate of interest and other terms and conditions of such loans are prima facie not prejudicial to the interest of the Company.
9. Parties (including employees) to whom loans or advances given by the Company are repaying the principal amount as stipulated and are also regular in payment of interest wherever applicable.
10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of stores, raw materials including components, plant & machinery, equipment and other assets and for the sale of goods.
11. During the period, the Company has purchased & sold raw materials & goods exceedings Rs. 50000/- in value from a company and firm in pursuance of contracts or arrangements with party as listed in registers maintained under section 301 of Companies Act, 1956. In our opinion and according to the information and explanation given to us the prices are reasonable having regards the prevailing market prices. There are no transaction for sale of services exceeding Rs. 50000/-.
12. As explained to us, the Company has regular procedure for the determination of unserviceable or damaged stores, raw materials and finished goods and adequate provisions for loss has been made in the accounts.
13. The Company has not accepted any deposits from the public u/s. 58A of the Companies Act, 1956.
14. In our opinion and according to the information and explanations given to us, the company does not have any by-products. However, the value of realisable scraps being insignificant no quantitative records are maintained.
15. In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business.
16. The maintainance of cost records prescribed by Central Government under section 209 (1) (d) of the Companies Act, 1956 in respect of this Company for the year under review is not applicable.
17. According to the records of the company, Providend fund and Employees State Insurance dues have been regularly deposited with the appropriate authorities.
18. According to the information and explanations given to us no undisputed amounts payable in respect of income tax, sales tax, customs duty and excise duty as at 30th June, 2002 were outstanding for a period exceeding six months from the date they become payable.
19. According to the information and explanations given to us, no personal expenses of employees or directors have been debited to profits and loss Account other than those payable under contractual obligations or in accordance with generally accepted business practices.
20. The Company is not a sick industrial company within the meaning of clause (O) of sub-section (1) of section (3) of the Sick Industrial Companies (Special Provisions) Act, 1985.
For A. L. THAKKAR & CO. Chartered Accountants
PLACE: AHMEDABAD (SANJIV SHAH) DATE: 15.11.2002 PARTNER
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