TO THE MEMBERS OF ROSE INVESTMENTS LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of ROSE INVESTMENTS
LIMITED ("the Company"), which comprise of the Balance Sheet as at 31st March,
2017, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended,
and a summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these 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 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 adequate internal
financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these 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 involvesperforming procedures to obtain audit evidence
about the amounts and the 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 the 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, 2017, and its loss 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, 2016 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, 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 were necessary for the purposes of our audit. (b) In our
opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books (c) The Balance Sheet, 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 standalone 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) In our opinion there are no
financial transactions or matters which have any adverse effect on the functioning of the
company. (f) On the basis of the written representations received from the directors as on
31st March, 2017 taken on record by the Board of Directors, none of the directors
isdisqualified as on 31st March, 2017 from being appointed as a director in terms of
Section 164 (2) of the Act; (g) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and the operating effectiveness of such
controls, refer to our separate report in Annexure B; (h) 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. 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 for which there were any
material foreseeable losses. iii. There have been no amounts, required to be transferred,
to the Investor Education and Protection Fund by the Company. iv. The company has provided
the disclosure regarding Specified Bank Notes (SBN) in Note 1.9 to the standalone Ind AS
financial statements as per notification no. G.S.R. 308(E), dated 30th March 2017 issued
by the Ministry of Corporate Affairs and these are in accordance with the books of account
maintained by the Company.
For M/S P. G. BHAGWAT
Chartered Accountants
Firm’s Registration Number 101118W
Shriniwas Shreeram Gadgil
Partner
Membership Number: 120570
| Place: |
Mumbai |
| Date: |
3rd May 2017 |
ANNEXURE A TO THE AUDITORS’ REPORT (Referred to in our above report 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) As the company has no manufacturing activity, provisions of clause 3 (ii) of the
Order are not applicable to the Company;
(iii) The company has not granted any loans, secured or unsecured to companies, firms,
Limited Liability Partnerships or other parties covered in the register maintained under
section 189 of the Companies Act, 2013.
(iv) According to the information and explanations given to us, the company has not
given any loans or made investments or given any guarantee or security in respect of which
the provisions of section 185 and 186 of the Companies Act, 2013 were required to be
complied with.
(v) In our opinion and according to the information and explanations given to us, the
company has complied with the directives of the Reserve Bank of India and the provisions
of section 73 to 76 of the Companies Act 2013, and the rules framed there under, wherever
applicable. As informed to us, no order has been passed against the company by the Company
Law Board, the
National Company Law Tribunal, RBI, or any court or any tribunal.
(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 records of the company, the company is regular in depositing
undisputed statutory dues including provident fund, employees state insurance,
income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess
and any other statutory dues to the appropriate authorities and there were no arrears of
outstanding statutory dues as on the last day of the financial year concerned for a period
of more than six months from the date they became payable;
(b) According to the records of the company, there are no dues of income tax or sales
tax or service tax or duty of customs or excise duty or value added tax which have not
been deposited on account of any dispute.
(viii) The company has not raised any moneys by way of initial public offer or further
public offer (including debt instruments) and term loans during the year;
(ix) Based upon the audit procedures performed and information and explanations given
by the management, we report that no fraud by the company or any fraud on the Company by
its officers or employees has been noticed or reported during the year;
(x) The company is not a Nidhi Company;
(xi) The company has not made any preferential allotment or private placement of shares
or fully or partly convertible debentures during the year under review;
(xii) Based upon the audit procedures performed and information and explanations given
by the management, the company has not entered into any non-cash transactions with
directors or persons connected with them within the meaning of the provisions of section
192 of Companies Act, 2013; (xvi) The company is not required to be registered under
section 45-IA of the Reserve Bank of India Act, 1934.
For M/S P. G. BHAGWAT
Chartered Accountants
Firm’s Registration Number 101118W
Shriniwas Shreeram Gadgil
Partner
Membership Number: 120570
Place: Mumbai
Date: 3rd May 2017
Annexure B to the Auditors’ Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act") We have audited the internal
financial controls over financial reporting of ROSE INVESTMENTS LIMITED ("the
Company") as of 31 March 2017 in conjunction with our audit of the standalone
financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (‘ICAI’). These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to company’s policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013. Auditors’ Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects. Our audit
involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls system over financial reporting and their operating effectiveness. Our
audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. 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. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Company’s internal financial controls system over financial
reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements. Inherent
Limitations of Internal Financial Controls Over Financial Reporting Because of the
inherent limitations of internal financial controls over financial reporting, including
the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of
any evaluation of the internal financial controls over financial reporting to future
periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate. Opinion In our opinion, the
Company has, in all material respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over financial reporting were
operating effectively as at 31 March 2017, based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India.
For M/S P. G. BHAGWAT
Chartered Accountants
Firm’s Registration Number 101118W
Shriniwas Shreeram Gadgil Partner Membership Number: 120570
| Place: |
Mumbai |
| Date: |
3rd May 2017 |
+91-9892691696
