1. We have audited the accompanying financial statements of Roxy
Exports 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
2. The management and Board of Directors of the Company are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013
('the act') with respect to the preparation of these financial
statements that give a true and lair 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 Companies (Accounts) Rules, 2014. This responsibility
includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding 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 arc reasonable and prudent; design,
implementation and maintenance of adequate internal financial controls,
that arc 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 and free from material misstatement, whether due to fraud or error
Auditor's Responsibility
3. Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act.
Those Standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether
the Financial statements are five from material misstatement
4, 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, but not tor the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, as well as evaluating the overall presentation of the
financial statements
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion
Opinion
6. In our opinion and to the best of" our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at 31 st March 2015, its profit/loss and its cash flows for the year
ended on that date
Report on Other Legal and Regulatory Requirements
7. 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.
S. As required by section 143(3) of the Act. we further 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, Statement of Profit and Loss, and Cash How
Statement dealt with by this Report are in agreement with the books of
account;
Annexure referred to in paragraph 7 Our Report of even date to the
members of Roxy Exports Limited on the accounts of the company for the
year ended 31 st 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 report that:
i, (a). The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(b). As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
ii, (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 milked un physical verification of stocks
by the management as compared to book records,
iii, The Company has granted loans to a body corporate covered in the
register maintained under section 189 of the Act, The maximum amount
outstanding during the year was Rs 1,22 ers and the year-end balance of
such loan amounted to Rs. 1.04 crs. Other than the above, the Company
has not granted any loans, secured or unsecured, to companies, firms or
parties covered in the register maintained under section 301 of the
Act.
a) In our opinion, the rate of interest and other terms and conditions
on which the loans had been granted to the bodies corporate listed in
the register maintained under Section 301 of the Act is less than
prevailing market rate.
(b) Accordingly, there arc no overdue amounts of more than rupees one
lakh in respect of the loan granted to a body corporate listed in the
register maintained under section 301 of the Act.
iv. in our opinion and according to the information and explanations
given to us. there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and lor the sale of goods, further, on the of
our examination of the books and records of the Company and according
to the information and explanations given to us, no major weakness has
been noticed or reported.
v. The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013
vi. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (I) of Section 148 of the
Act
vii. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including
Provident fund, Employees' Slate Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax. Custom Duty, Excise Duty and other material
statutory dues, as applicable, with the appropriate authorities in
India ;
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there arc no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise
viii. As at 31st March, 2015, the Company has not incurred any cash
losses during the current and previous year. Accumulated losses are not
more than 50% of total net worth of the company,
ix. 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, hank or debenture holders.
x. According to the information and explanations given to us, the
Company has given guarantee for loan taken by M/s Mishm International
from Indian Overseas Bank. Sunder Nagar branch, Ludhiana to the extent
of Rs. 2,50 crs a related party.
xi. According to information and explanations given to us. the term
loans were applied for the purpose for which the term loans were
obtained.
xii. During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
management
d) in our opinion, the aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules 2014
e) on the basts 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
t) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
II of the Companies (Audit and Auditors) Rules, 2014:;
i. The Company does not have any pending litigations which would impact
its financial position..
ii. The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise
iii. There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor education arid
Protection Fund. The question of delay in transferring such sums does
not arise
For Anup Kumar Jain & Co.
Chartered Accountants
Firm Registration No: 05731N
CA Raman Kumar
Partner
M.No.: 033478
Place: Ludhiana
Date: 13.08.2015
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