| 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
| 