Mar 31, 2015
We have audited the accompanying standalone financial statements of
Rose Investments Limited, ("the Company") which comprise the Balance
Sheet as at March 31, 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 standalone 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 includes This
responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting 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
internal control that were operating effectively for ensuring 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 standalone
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 a
true and fair view 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 the 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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 profit and its
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, 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
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, the Statement of Profit and Loss, and the 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 March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. Company does not have any pending litigations which would impact
its financial position
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company {or, following are the instances of delay in transferring
amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company or there were no amounts which were
required to be transferred to the Investor Education and Protection
Fund by the Company10}.
ANNEXURE
Referred to in paragraph 1 of our Report on Other Legal and Regulatory
Requirements of even date
(i) As the company has no fixed assets, the provisions of clause 3 (i)
of the Order, are not applicable to the Company.
(ii) (a) As the company has no manufacturing activity, provisions of
clause 3 (ii) of the
Order are not applicable to the Company.
(iii) (a) The Company has not granted any loans secured or unsecured
to companies, firms or other parties covered in the register
maintained as per section 189 of the Companies Act, 2013. Accordingly,
the provisions of clause 3 (iii) (b) (c) and (d) are not applicable to
the company.
(b) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
as per section 301 of the Companies Act, 1956. Accordingly, the
provisions of clause 3 (iii) (f) and (g) are not applicable to the
company.
(iv) 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. During
the course of our audit, we have not observed any continuing failure
to correct major weaknesses in internal controls.
(v) As informed to us, the Company has not accepted any deposit from
public. Accordingly, the provision of clause 3 (v) is not applicable
to the company.
(vi) Being an investment company, the provisions of clause 3 (vi) of
the Order related to maintenance of cost records are not applicable to
the company.
(vii) (a) According to the information and explanations given to us
and the records of the company examined by us, the company is
generally regular in depositing with appropriate authorities
undisputed statutory dues including income tax, sales tax, wealth tax,
service tax, cess and other material statutory dues applicable with
appropriate authorities. The provision relating to custom duty and
excise duty are not applicable to the company.
(b) According to information and explanations given to us, there were
no undisputed amount payable in respect of provident fund, investor
education and protection fund, employees state insurance, income tax,
sales tax, wealth tax, service tax, cess and other statutory dues
outstanding as on 31st, March, 2015 for a period more than six months
from the date they become payable to the company.
(c) According to information and explanation given to us, there are no
dues of income tax, sales tax, wealth tax, service tax, and cess as at
31st March, 2015 which have not been deposited on account of a
dispute.
(viii) The Company has no accumulated losses as at 31st March,2015.
The Company has not incurred cash losses during the financial year and
in immediately preceding financial year
(ix) In our opinion and according to information and explanation given
to us, the Company has not availed any loan facility from financial
institution or bank. Accordingly, the provision of clause 3 (ix) of
the Order is not applicable to the Company.
(x) According to information and explanation given to us, the Company
has not given any guarantee for loans taken by others from banks and
financial institutions, the terms and conditions whereof are
prejudicial to the interest of the Company. Accordingly, the provision
of clause 3 (x) of the Order is not applicable to the Company.
(xi) According to the information and explanation given to us the
company has not availed any term loan during the year. Accordingly,
the provisions of clause 3 (xi) of the Order are not applicable the
company.
(xii) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instances of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by management.
FOR M/S p. G. BHAGWAT
Chartered Accountants
Firm Registration Number101118W
Sd/-
Shriniwas Shreeram Gadgil
Partner
Membership No.: 120570
Mumbai
Date: 30th April, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Rose
Investments Limited, ("the Company") which comprise the Balance Sheet
as at March 31, 2014, 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
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, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. 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.
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 Statement of Profit and Loss, 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 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.
f. 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 the cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE
Referred to in paragraph 1 of our Report on Other Legal and Regulatory
Requirements of even date
(i) As the company has no fixed assets, the provisions of clause 4 (i)
of the order, 2003 are not applicable to the company.
(ii) (a) As the company has no manufacturing activity, provisions of
clause 4 (ii) of the order, 2003 are not applicable to the company.
(iii) (a) The Company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register maintained as
per section 301 of the Companies Act, 1956. Accordingly, the provisions
of clause 4 (iii) (b) (c) and (d) are not applicable to the company.
(b) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per section 301 of the Companies Act, 1956. Accordingly, the provisions
of clause 4 (iii) (f) and (g) are not applicable to the company.
(iv) 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. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
(v) (a) According to the information and explanations given to us,
there were no contracts or arrangements referred to in section 301 of
the Companies Act,1956.Accordingly,the provisions of clause 4 (v) (b)
of the Order are not applicable to the company.
(vi) As informed to us the company has not accepted any deposit from
public. Accordingly, the provision of clause 4 (vi) is not applicable
to the company.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
(viii) Being an investment company, the provisions of clause 4 (viii)
of the Order,2003 related to maintenance of cost records are not
applicable to the company.
(ix) (a) According to the information and explanations given to us and
the records of the company examined by us, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including income tax, sales tax, wealth tax, service tax, cess and
other material statutory dues applicable with appropriate authorities.
The provision relating to custom duty and excise duty are not
applicable to the company.
(b) According to information and explanations given to us, there were
no undisputed amount payable in respect of provident fund, investor
education and protection fund, employees state insurance, income tax,
sales tax, wealth tax, service tax, cess and other statutory dues
outstanding as on 31st, March, 2014 for a period more than six months
from the date they become payable to the company.
(c) According to information and explanation given to us, there are no
dues of income tax, sales tax, wealth tax, service tax, and cess as at
31st March, 2014 which have not been deposited on account of a dispute.
(x) The company has no accumulated losses as at 31st March,2014.The
company has not incurred cash losses during the financial year and in
immediately preceding financial year
(xi) In our opinion and according to information and explanation given
to us, the Company has not availed any loan facility from financial
institution or bank. Accordingly, the provision of clause 4 (xi) of
the Companies (Auditor''s Report) Order, 2003 is not applicable to the
company.
(xii) According to information and explanation 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. Accordingly, the
provision of clause 4 (xii) of the Companies (Auditor''s Report) Order,
2003 is not applicable to the company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Accordingly, the provisions of clause 4 (xiii)
of the Companies (Auditor''s Report) Order, 2003 are not applicable to
the company.
(xiv) In our opinion and according to the information and explanations
given to us, the company is dealing in, but not trading in shares,
securities, debentures and other investments.Accordingly, proper
records have been maintained of the transactions and contracts, and
timely entries have been made therein. Further, such investments have
been held by the company in its own name except to the extent of the
exemption granted under sec. 49 of the Act.
(xv) According to the information and explanation given to us, the
company has not given guarantees for loans taken by others from banks
or financial institutions.
(xvi) According to the information and explanation given to us the
company has not availed any term loan during the year. Accordingly, the
provisions of clause 4 (xvi) of the Companies (Auditor''s Report) Order,
2003 are not applicable the company.
(xvii) In our opinion and according to information and explanation
given to us, we report that no funds raised on short-term basis have
been used for long-term investment.
(xviii) According to information and explanation given to us, the
company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the company
has not issued any debentures. Accordingly, the provisions of clause 4
(xix) of the Companies (Auditor''s Report) Order, 2003 are not
applicable the company.
(xx) According to information and explanation given to us, the company
has not made any public issue to raise money during the year.
Accordingly, the provisions of clause 4 (xx) of the Companies
(Auditor''s Report) Order, 2003 are not applicable the company.
(xxi) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instances of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by management.
FOR M/S P. G. BHAGWAT
Chartered Accountants
Firm Registration Number101118W
Sd/-
Nachiket Deo
Partner
Membership No.: 117695
Pune
Date: 28th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Rose
Investments Limited, ("the Company") which comprise the Balance Sheet
as at March 31, 2013, 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
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 Cojnpany''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.
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 Statement of Profit and Loss, 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 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 How
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.
f. 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 the cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE
Referred to in paragraph 1 of our Report on Other Legal and Regulatory
Requirements of even date
(i) As the company has no fixed assets, the provisions of clause 4 (i)
of the order, 2003 are not applicable to the company.
(ii) (a) As the company has no manufacturing activity, provisions of
clause 4 (ii) of the order, 2003 are not applicable to the company.
(iii) (a) The Company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register maintained as
per section 301 of the Companies Act, 1956. Accordingly, the provisions
of clause 4 (iii) (b) (c) and (d) are not applicable to the company.
(b) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per section 301 of the Companies Act, 1956. Accordingly, the provisions
of clause 4 (iii) (f) and (g) are not applicable to the company.
(iv) 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. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal controls.
(v) (a) According to the information and explanations given to us,
there were no contracts or arrangements referred to in section 301 of
the Companies Act,l956.Accordingly,the provisions of clause 4 (v) (b)
of the Order are not applicable to the company.
(vi) As informed to us the company has not accepted any deposit from
public. Accordingly, the provision of clause 4 (vi) is not applicable
to the company.
(vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
(viii) Being an investment company, the provisions of clause 4 (viii)
of the Order, 2003 related to maintenance of cost records are not
applicable to the company.
(ix) (a) According to the information and explanations given to us and
the records of the company examined by us, the company is generally
regular in depositing with appropriate authorities undisputed statutory
dues including income tax, sales tax, wealth tax, service tax, cess and
other material statutory dues applicable with appropriate authorities.
The provision relating to custom duty and excise duty are not
applicable to the company.
(b) According to information and explanations given to us, there were
no undisputed amount payable in respect of provident fund, investor
education and protection fund, employees state insurance, income tax,
sales tax, wealth tax, service tax, cess and other statutory dues
outstanding as on 31st, March, 2013 for a period more than six months
from the date they become payable to the company.
(c) According to information and explanation given to us, there are no
dues of income tax, sales tax, wealth tax, service tax, and cess as at
31st March, 2013 which have not been deposited on account of a dispute.
(x) The company has no accumulated losses as at 31st March,2013.The
company has not incurred cash losses during the financial year and in
immediately preceding financial year
(xi) In our opinion and according to information and explanation given
to us, the Company has not availed any loan facility from financial
institution or bank. Accordingly, the provision of clause 4 (xi) of
the Companies (Auditor''s Report) Order, 2003 is not applicable to the
company.
(xii) According to information and explanation 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. Accordingly, the
provision of clause 4 (xii) of the Companies (Auditor''s Report) Order,
2003 is not applicable to the company.
(xiii) In our opinion, the Company is not a chit fund or a
nidhi/mutual''benefit fund/society. Accordingly, the provisions of
clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion and according to the information and explanations
given to us, the company is dealing in, but not trading in shares,
securities, debentures and other investments. Accordingly, proper
records have been maintained of the transactions and contracts, and
timely entries have been made therein. Further, such investments have
been held by the company in its own name except to the extent of the
exemption granted under sec. 49 of the Act.
(xv) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by
company, for loans taken by others from banks or financial institutions
during the year, are not prejudicial to the interest of the company.
(xvi) According to the information and explanation given to us the
company has not availed any term loan during the year. Accordingly, the
provisions of clause 4 (xvi) of the Companies (Auditor''s Report) Order,
2003 are not applicable the company.
(xvii) In our opinion and according to information and explanation
given to us, we report that no funds raised on short-term basis have
been used for long-term investment.
(xviii) According to information and explanation given to us, the
company has not made any preferential allotment of any shares to
parties and companies covered under Section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the company
has not issued any debentures. Accordingly, the provisions of clause 4
(xix) of the Companies (Auditor''s Report) Order, 2003 are not
applicable the company.
(xx) According to information and explanation given to us, the company
has not made any public issue to raise money during the year.
Accordingly, the provisions of clause 4 (xx) of the Companies
(Auditor''s Report) Order, 2003 are not applicable the company.
(xxi) During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instances of
fraud on or by the company, noticed or reported during the year, nor
have we been informed of such case by management.
FOR M/S P. G. BHAGWAT
Chartered Accountants
Firm Registration Number 101118W
Sd/
Nachiket Deo
Partner
Membership No.: 117695
Pune
Date: 27th May, 2013.
Mar 31, 2012
1. We have audited the attached balance sheet of Rose Investments
Limited as at 31st March 2012, the profit and loss account and the cash
flow statement of the company for the period ended 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 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 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 [as
amended by Companies (Auditor's Report) (Amendment) Order, 2004]
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 paragraph 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) 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;
(iii) the balance sheet, the profit and loss account and cash flow
statement dealt with by this report are in agreement with the books of
account;
(iv) in our opinion, the balance sheet, 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;
(v) on the basis of the 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 3 lsl March 2012 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 explanations given to us, the 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:
(a) in the case of the balance sheet, of the state of affairs of the
company as at 31st March, 2012;
(b) in the case of the profit and loss account of the profit for the
period ended on that date; and
(c) in the case of the cash flow statement, of the cash flows for the
period ended on that date.
Referred to in paragraph 3 of our report of even date
(i) As the company has no fixed assets, the provisions of clause 4(i)
of the Order, 2003 are not applicable to the company
(ii) As the company has no manufacturing activity, the provisions of
clause 4 (ii) of the Order, 2003 are not applicable to the company.
(iii) (a) The company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register maintained as
per section 301 of the Companies Act, 1956. Accordingly, the provisions
of clause 4 (iii) (b) (c) and (d) of the Order are not applicable to
the company.
(e) The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained as
per section 301 of the Companies Act, 1956. Accordingly, the provisions
of clause 4 (iii) (f) and (g) of the Order are not applicable to the
company.
(iv) Being an investment company, in our opinion and according to the
information and explanations given to us, there is an adequate internal
control system commensurate with the size of the company and the nature
of its business with regard to the purchase of fixed assets. During
the course of audit we have not observed any continuing failure or
continuing failure to correct major weaknesses in internal control
system.
(v) (a) According to the information and explanations given to us,
there were no contracts or arrangements referred to in section 301 of
the Companies Act, 1956. Accordingly, the provisions of clause 4 (v)
(b) of the Order are not applicable to the company.
(vi) According to information and explanations given to us, the company
has not accepted any deposits from public.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) Being an investment company, the provisions of clause 4 (viii)
of the Order, 2003 related to maintenance of cost records are not
applicable to the company.
(ix) (a) The company is regular in depositing with appropriate
authorities 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 and other material statutory dues applicable to it.
According to information and explanation given to us, no undisputed
amounts payable in respect of statutory dues were in arrears, as at
31st March, 2012 for a period of more than six months from the date
they became payable.
(b) According to information and explanation given to us, there are no
dues of income tax, sales tax, wealth tax, service tax, custom duty,
excise duty and cess which have not been deposited on account of any
dispute other than those mentioned in the Appendix to this report.
(x) The company has no accumulated losses as at 31st March, 2012. The
company has not incurred cash losses during the financial year and in
the immediately preceding financial year.
(xi) According to information and explanations given to us, the company
has no dues to any financial institution, bank or debenture holders.
Accordingly, the provisions of clause 4 (xi) of the Order, 2003 are not
applicable to the company.
(xii) According to information and explanation 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. Accordingly, the
provisions of clause 4 (xii) of the Order, 2003 are not applicable to
the company.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Accordingly, the provisions of clause 4 (xiii)
of the Report) Order, 2003 are not applicable to the company.
(xiv) According to information and explanation given to us, the company
is dealing in, but not trading in, shares, securities, debentures and
other investments. Accordingly, proper records have been maintained of
the transactions and contracts and timely entries have been made
therein. Also the shares, securities, debentures and other investments
have been held by the company, in its own name.
(xv) According to information and explanation given to us, the company
has not given guarantees for loans taken by others from banks or
financial institutions.
(xvi) According to information and explanation given to us, the company
does not have any term loans.
(xvii) According to information and explanation given to us, we report
that no funds raised on short- term basis have been used for long-term
investment.
(xviii) According to information and explanation given to us, the
company has not made any preferential allotment of any shares to
parties and companies covered under section 301 of the Companies Act,
1956.
(xix) According to information and explanation given to us, the company
has not issued any debentures'. Accordingly, the provisions of clause 4
(xix) of the Order, 2003 are not applicable to the company.
(xx) According to information and explanation given to us, the company
has not made any public issue to raise money. Accordingly, the
provisions of clause 4 (xx) of the Order, 2003 are not applicable to
the company.
(xxi) According to information and explanation given to us, no fraud on
or by the company has been noticed or reported during the course of our
audit.
FOR M/s P. G. BHAGWAT
Chartered Accountants
Firm's Registration no.: 101118W
Sd/-
Sameer Karyekar
Partner
Membership No.: 108854
Place : Mumbai
Dated: 9th July 2012
Mar 31, 2010
We have audited the attached Balance Sheet of ROSE INVESTMENTS LIMITED
as at 31st March, 2010 and also the annexed Profit and Loss Account and
the Cash Flow Statement for the year ended on that date . These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conducted our audit in accordance with the 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 from any 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 management, as well as evaluating the overall presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956 (the Act), we annex hereto a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the annexure referred to above, we
report that:
i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
ii) 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.
iii) The Balance Sheet and the Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the Books of
Account.
iv) 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 Act.
v) Based on representations made by all the Directors of the Company to
the Board and the information and explanations as made available to us
by the Company, none of the Directors of the Company prima-facie have
any disqualifications as referred to in Clause (g) of sub-section (1)
of Section 274 of the Act.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the notes
thereon 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 31st March, 2010,
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 Cash Flow Statement of the cash flows for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS REPORT OF EVEN
DATE ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2010 OF ROSE
INVESTMENTS LIMITED.
On the basis of such checks as we considered appropriate and in terms
of the information and explanations given to us, we state that:
i. The Company has neither granted nor taken any loans, secured or
unsecured, to /from companies, firms or other parties covered in the
register maintained under Section 301 of the Act.
ii. In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business for purchase of inventories and fixed assets and for the sale
of goods.
iii. a) In our opinion the transactions that need to be entered in the
register maintained under Section 301 of the Act have been so entered.
b) There are no transactions of purchase and sale of goods, materials
and services made in pursuance of contracts or arrangements entered in
the register maintained under Section 301 of the Act aggregating during
the year to Rs. 5,00,000/- or more in respect of each party.
iv. The Company has not accepted any deposits from the public.
v. In our opinion, the Companys present internal audit system is
commensurate with its size and nature of its business.
vi. a) The Company has been regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales tax, Wealth-tax, Service
Tax, Customs Duty, Excise Duty, Cess and other statutory dues with the
appropriate authorities applicable to it.
b)At the end of the financial year there were no dues of Sales Tax,
Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty and Cess
which have not been deposited on account of any dispute,
vii. The Company did not have any accumulated losses at the end of the
financial year, nor had it incurred any cash loss during the financial
year or in the immediately preceding financial year.
viii. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
ix. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
x. There were no term loans obtained by the Company during the year.
xi. 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 Act.
xii. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have not come across any instance of fraud on or
by the company nor have we been informed by the management of any such
instance being noticed or reported during the year.
xiii. Clauses (i) (ii) (viii) (xi) (xiii) (xiv) (xvii) (xix) and (xx)
of paragraph 4 A of the aforesaid order are not considered applicable
to the Company.
For R.V. SHAH&CO.
Chartered Accountants
ICAI Registration No. 109765 W
Sd/-
(R.V. SHAH)
Proprietor
Membership No 016097
Place : Mumbai
Dated: 1st September 2010