Mar 31, 2015
We have audited the accompanying financial statements of Roselabs
Limited which comprise the Balance Sheet as at March 31, 2015, and the
Statement of Profit and Loss for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management 'a Responsibility for the Financial Statements
The Company Board of Directors is responsible for the matters stated in
section 134(5) or the Companies Act, 2013 ("the Act") with respect to
the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows 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 ninth die 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 judgment 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, wither 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 die 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
hereunder,
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
tree from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The mead Ltd
res selected depend on the auditor's judgment including the assessment
of the risks of material] misplacement 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 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 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 onion and to the best of our information and according to the
explanations given to us, the 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 principle generally accepted in
India.
a) in the case of the Balance Sheet of the state of affairs of the
company as at March, 2015,
b) in the case of the profit and loss Account of the loss for the year
ended on that date;
Report on other legal and Regulatory requirements
1. As required by the companies (Auditors 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.
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 necessary for the purpose
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 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 director 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 teat of our information and according lu
the explanations given to such we report as under with respect to other
matters to be intruded in the Auditor's Report in accordance with Rule
11 of the Competes (Audit and Auditors) Rules; 2014:
Referred to in paragraph the under Report on Other Legal and Regulatory
Requirements* of our Report of even date to the members of Rose Jabs
Limited on the accounts of the company for the year ended 31st March,
2015.
On the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of
our audit we import that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars.
including quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management during die year in accordance with the phased program of
verification adopted by the management which, in our opinion, provides
for physical verification of all the fixed assets at reasonable
intervals. According to the information and explanations given to us
no material discrepancies were noticed on such verification.
(ii) In respect of its inventory:
a) As explained to us, the inventories of finalized goods,
semi-finished goods, stores, spare parts and raw materials were
physically verified at regular intervals by the Management. In case of
inventories lying with third parties, certificates of stocks holding
have been received.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business,
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of is
inventories and no material discrepancies were noticed on physical
verification of stocks as compared to book records.
(ii) In respect of bans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies Act
2013:
(a) According to the information and explanations given to us, the
Company has not granted unsecured loans to other parties covered in the
Register- maintained under Section 189 of the Companies Act, 2013.
b) The principal amounts and interest are being received regularly as
per stipulations.
c) In respect of the aforesaid loans there is no overdue amount more
than Rs, one Lakh;
iv) 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 inventory fixed assets and for the sale of
goods During the course of our Audit we have not observed any
continuing failure to correct weaknesses in internal control.
v) The company has not received any public deposits during the year.
vi) We have broadly reviewed the cost records maintained by the company
pursuant to The Rule made by the central Government under section
148(1) of the companies Act, 2013 and are of the opinion that prima
facie the prescribed cost records have been made and maintained we have
however not made a detailed examination of these records with a view to
determining whether they are accurate or complete.
vii) In respect of Statutory dues;
a) According to the records of the company and information and
explanations given to us, the company has generally been regular in
depositing undisputed at source professional Tax, sales Tax, value
added tax (VAT) Service Tax and other material statutory dues applicable
to it with the appropriate authorities.
b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Income - tax wealth
tax, custom Duty, Excise Duty sales tax VAT Cess and other material
statutory dues in arrears/were outstanding as at 31st March,2015 for a
period of more than six months from the date they became payable.
NATURE OF Nature of Amount in Period Forum
Statute Dues Rs,
Income Tax Income Tax 701810/- 2006-07 Appellate
Act Authority CIT
AHMEDBAD
C) According to the information and explanation given to us, the clause
for Transferring amount in Investor Education & Protection Fund is not
applicable to company.
(viii) The company have the accumulated losses at the end of financial
year. But The company has not incurred any cash losses during the
financial covered by our Audit and the immediately preceding financial
year.
(ix) In our opinion and according to the Information and emanations
given to us the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
ix) In our opinion and adding to the information and the explanation
given to us, the company ha. not given any finance for loans laken be
others from hanks ordinance institutional during the year:
{x) The company has not obtained any term to an during the year, so [his
Para of order is not applicable,
(xi) To the best of CM knowledge and according to the information and
explanations giver, to us, no fraud by the Company and no material
fraud on the Company has been noticed or reported during the year.
For Ashok R Shah & Associates.
Chartered Accountants
(Firm Registration No. 129423w)
CA Ashnk R Shah
Proprietor
(Membership No : 130417)
Place: Ahmadabad
Date: 05/09/2015
Mar 31, 2014
We have audited the accompanying financial statement Roselabs Limited,
which comprise the Balance sheet as at March, 31,2014 and 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 management is responsible for the preparation of these
financial statement that gives a fair and true view of the financial
position, financial performance and cash flow of the company is
accordance with the Accounting with the Accounting Standards referred
to in sub- section (3C) of section 211 of the companies Act, 196. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that gives a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
An audit involves performing procedures to obtain audit evidence about
the amount and disclosure in the financial statement. The procedure
selected depend on the auditors judgment, including the assessment of
the risk of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditors
considers internal control relevant to the company's preparation of the
financial statement in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statement.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date;
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. 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 Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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 account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
e) Since the Central Government has not issued any notification as to
the rate at which the cess is to be under section 441A of the Companies
Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
On the basis of such checks as we considered approve and according to
the information and explanation given to us during the course of our
audit, we report that: 1. In respect of its Fixed Assets:
a) The company has maintained proper records showing U particulars
including quantitative details and situation of its fixed assets.
b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals, no material discrepancies were
noticed on such verification
c) in our opinion and according to the information and explanations
given to us no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of its Inventories:
a) As explained to us, inventories have been physically verified during
the year by the management at reasonable intervals.
b) in our opinion and according to the information and explanations
given to us the procedures 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) In our opinion and on the basis of our examination of the records,
the company is generally maintaining proper records of its inventories,
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
granted loans, secured or unsecured, to Companies, firms or other
parties listed in the Register maintained under Section 301 of the
Companies Act, 1956. The details of parties and amount involved in the
transaction are as below: Number of Parties involved - 4
a. Loan granted -1351.97 lacs
b. Balance Sheet as on 31.03.2014 - 778.07 lacs
b) The loan granted are interest free, as per the information given by
the management and to the best of our knowledge and belief the terms
and conditions on which loans have been taken from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956 are not prima facie prejudicial to the interest
of the company.
c) In our opinion and as per the information given to us the payment of
the principal amount ,s payable on demand and the same is regular.
d) There is no overdue Principal amount during the year hence further
comment on this clause not given .
e)According to the information and explanation given to us and the
basis of our examination of the books of accounts, the company has
taken loans, secured or unsecured, from following Companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956. The details of parties and amount involved in
the transaction are below.
f) Number of parties involved -1
a. Loan taken - 25.00 lacs
b. Bal. o/s as on 31.03.2014 - 25.00 lacs
g) The loan taken are interest free as per the information given by the
management and to the best of our knowledge and belief the terms and
conditions on which loans have been taken from companies, firms or
other parties listed in the register maintained under section 301 of
the companies Act, 1956 are not prima facie prejudicial to the interest
of the company.
h) In our opinion and as per the information given to us, the payment
of the principal amount is on demand and the same is regular.
i) There is no overdue Principal amount during the year hence further
comment on this clause not given.
4. In our opinion and according to the Information and explanation
given to us there is, adequate internal, canto, procedure commensurate
with the size of the company and the nature of its business. for the
purchase of inventories & fixed assets and payment for expenses & for
sale of goods. During the course of our audit, no major instance of
continuing failure to correct any weaknesses in the internal controls
has been noticed.
5. In respect of contracts or arrangements referred to in section 301
of the companies Act, 1956:
a) Based on the audit procedures applied by us, and according to the
information and explanation provided by the management, the particulars
of contracts or arrangements referred to in section 301 of the Act have
been entered in the register required to be maintained under that
section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in purchase of contracts/
arrangements entered in the register maintained under section 301 of the
companies Act, 1956 exceeding the value of rupees five lacs in respect
of each party during the year has been made at a price which appear
reasonableness as per the information available with the company.
6. The Company has not accepted deposits from the public covered under
section 58A and 58AA of the Companies Act,1956.
7. As per information & explanation given by the management, the
company has an internal audit system commensurate with its size and the
nature of its business.
8.As per information & explanation given by the management, maintenance
of cost records has been prescribed by the Central Government under
Clause (d) of sub-section (1) of Section 209 of the Act and we are of
the opinion that prima facie the prescribed accounts and records have
been made and maintained
9. According to the records of the company. undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees state Insurance, Income- tax, Wealth tax, Service Tax, Custom
Duty with the appropriate authorities. According to the , Excise Duty,
cess to the extent applicable and any other statutory dues have
generally been regularly deposited with appropriate authorities
According to the information and explanation given to us there were no
outstanding statutory dues as on 31st of March, 2014 for a period of
more than six months from the date they became payable.
b. According to the information and explanations given to us, there is
no amounts payable in respect of wealth tax, service tax, custom duty
and excise duty which have not been deposited on account of any
dispute, On account of the following dispute is outstanding as on 30.03.2014.
10. The company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. Based on per audit procedures and on the informed and explanations
given by the management, we are of the opinion that. the Company has
not defaulted in repayment of dues to a financial institution, bank or
debenture holders.
12. According to the information and explanations given 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.
13. The Company is not a chit fund or a nidhi mutual benefit fund/
society Therefore the provision of this clause of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to the information & explanation given to us, the company
is trading in shares, Mutual Funds & other Investments. Proper records
& timely entries in this regard no applicable & further the investments
outstanding are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31s1
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year,
19- The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Ashok R Shah & Associates.
Chartered Accountants
Firm Reg, No 129423W
Place: Ahmedabad
Date : 10/06/2015 (Proprietor)
M. No.: 130417
Mar 31, 2013
REPORTONTHE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Roselabs
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, and 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 RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control 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 conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, 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.
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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 account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31,2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
e) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Roselabs Limited on the accounts of the company for
the year ended 31" March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of its Fixed Assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of its Inventories:
(a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures 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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3.
(a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
granted loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956. The details of parties and amount involved in the
transaction are as below:
Numberof parties involved - 6
Loan granted - 882.70 lacs
Bal.o/sason31.03.13 - 0
(b) The loan granted are interest free, as per the information given by
the management and to the best of our knowledge and belief the terms
and conditions on which loans have been taken from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956 are not prima facie prejudicial to the interest
of the company.
(c) In our opinion and as per the information given to us the payment
of the principal amount is payable on demand and the same is regular.
(d) There is no overdue Principal amount during the year hence further
comment on this clause not given.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. The
details of parties and amount involved in the transaction are below:
Numberof parties involved - 3
Loan taken - 2389.00 lacs
Bal.o/sason31.03.13 - 0
(f) The loan taken are interestfree, as perthe information given by the
management and to the best of our knowledge and belief the terms and
conditions on which loans have been taken from companies, firms or
other parties listed in the register maintained under section 301 of
the Companies Act, 1956 are not prima facie prejudicial to the interest
of the company.
(g) In our opinion and as per the information given to us the repayment
of the principal amount is on demand and the same is regular. (h)
There is no overdue Principal amount during the year hence further
comment on this clause not given.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. In respect of contracts or arrangements referred to in section 301
of the companies Act 1956:
(a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
(b) In our opinion and according to the informations explanations given
to us, the transactions made in pursuance of contracts/arrangements
entered in the register maintained under section 301 of the companies
Act, 1956 exceeding the value of rupees five lacs in respect of each
party during the year has been made at a price which appear
reasonableness as per the information available with the company.
6. The Company has not accepted any deposits from the public covered
under section 58Aand 58AAof the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. In respect of Statutory dues :
(a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31 st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of wealth tax, service tax, sales tax,
customs duty and excise duty which have not been deposited on account
of any disputes. On account of the Income tax the following dispute is
outstanding as on 31.03.2013
10. The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given 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.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is not trading in any Shares, Mutual funds & other Investments hence
Proper records & timely entries in this regard not applicable and
further the investments outstanding are held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31 st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has made preferential allotment of 1500000 Share warrants of Rs. 60/-
each allotted on 9.11.2012, called up Rs.15/- per share, convertible at
the option of the holder at any time with in 18 months from the date of
issue into one fully paid-up equity share of Rs. 10/- each at a price
of Rs. 60/- per share, to the parties/companies covered in the register
maintained under section 301 of the companies Act, 1956 the during the
year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For SUNIL PODDAR & CO.
Chartered Accountants
Firm Reg. No. 110603W
PLACE AHMEDABAD.
Date : 29.05.2013 [SUNILPODDAR]
Partner
M. No.41209