Rollatainers Ltd. இன் முடிவுகள்
Mar 31, 2018
Report on the Standalone Ind AS financial statements
We have audited the accompanying Standalone Ind AS financial statements of ROLLATAINERS LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss (including other comprehensive income), Cash Flow Statement and the statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory information (herein after referred to as âstandalone Ind AS financial statementsâ).
Managementâs Responsibility for the Standalone Ind AS financial statements
The Management and board of directors of the company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe actâ) with respect to the preparation of these standalone Ind AS 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 Companies (Indian Accounting Standards) Rules, 2015.
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 are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit. We have considered 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 there under and the Order issued under section 143(11) of the Act.
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 standalone Ind AS financial statements are free from any material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements, that give a true and fair 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 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 Companyâs management and Board of Directors,as well as evaluating the overall presentation of the standalone Ind AS financial statements.
The financial statements for the year ended 31 March 2017 was carried out and reported by Manoj Mohan & Associates whose report has been furnished to us by the management and which has been relied upon by us for the purpose of our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for audit opinion on standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone IND AS 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 including the IND AS, of the state of affairs of the company as at March 31, 2018 and its Profit and loss account for the year ended March 31, 2018 , total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Emphasis of Matter
Notwithstanding anything contained in the standalone Ind AS financial statements of Rollatainers Limited as on 31.03.2018, affects the true & fair opinion over the same, but we draw your attention on the following:
Trade receivables/payables and loans and advances includes balances from related parties. All figures are subject to confirmation and reconciliation.
Fair value of Investments have not been considered in the books of account. The company has not shown the presentation as per Ind-AS 107. The company has not provided us the debtor aging for reference.
Since loans given to related parties are long outstanding and there is no stipulation of payment. Hence the impact of IND AS is not ascertainable.
The financial statements for the year ended 31 March 2017 was carried out and reported by Manoj Mohan & Associates whose report has been furnished to us by the management and which has been relied upon by us for the purpose of our audit.
Other Matters
We did not audit the financial statements of Jointly owned company i.e. Rollatainer Toyo Machines Pvt. Ltd. and one subsidiary Boutonniere Hospitality Pvt. Ltd.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in exercise of powers conferred by sub section (11) of section 143 of the act, we give in annexure A, a statement on the matters specified in paragraph 3 & 4 of the Order, to the extent applicable.
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 relating to preparation of aforesaid standalone financial statements have been kept so far as it appears from our examination of those books and the report of other auditors;
(c) The standalone balance sheet, the standalone statement of profit and loss [including other comprehensive income], the standalone cash flow statement and the standalone statement of changes in equity dealt with by this report are in agreement with the relevant books of account;
(d) In our opinion, Except for the matters described in the Basis for qualified opinion, the aforesaid Standalone IND AS financial statements comply with the Indian Accounting Standards specified under section 133 of the Act, read with the relevant rules there under;
(e) On the basis of the written representations received from the director of Holding company and taken on record by the board of directors of the Holding company and the report of other statutory auditors of its associate companies covered under the act , none of the directors are disqualified as on March 31, 2018, from being appointed as a director in terms of Section 164 (2) of the Act; and
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Holding company and its subsidiary and associate companies covered under the Act and the operating effectiveness of such controls, refer to our separate report in âAnnexure Aâ.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 as amended, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of other auditors on separate financial statements/standalone financial statements as also the other financial information of the associates:
i. The Standalone IND AS financial statements disclose the impact of pending litigations on standalone financial position of the Group, its associates [Refer Note no. 4 to the standalone financial statement].
ii. The Group did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Group.
Annexure - A to the Independent Auditorsâ Report
The Annexure referred to in Independent Auditorsâ Report to the members of the Company on the standalone IND AS financial statements for the year ended 31st March 2018.
I. In respect of fixed assets:
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, according to the practice of the company, have been physically verified by the management at reasonable intervals. According to the information and explanations given to us the frequency of physical verification of fixed assets is reasonable having regard to the size of the Company and nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such physical verification.
c. According to the information and explanations given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of the company. However, none is made available to us as they are pledged with the financial institutions.
II. In respect of inventories: We have been informed that the inventories are physically verified during the period by the Company at reasonable intervals. The frequency of physical verification, in our opinion, is reasonable having regard to the size of the company and nature of its business. The discrepancies noticed on verification between the physical inventories and the book records were not material in relation to the operation of the company and the same have been properly dealt with in the books of account.
III. The company, during the year, 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 (âthe Actâ). Accordingly, paragraph 3(iii) of the Order is not applicable to the company.
IV. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans, investments, guarantees and security.
V. Since the company has not accepted any deposit from public, the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under with regard to the deposits accepted from the public are not applicable.
VI. The Central Government has prescribed the maintenance of cost records under section (1) of section 148 of the Companies Act, and on the basis of records produced before us for our verification; we are of the opinion that, prima facie, the prescribed accounts and cost records have been maintained. However, we are neither required to carry out nor have carried out any detailed examination of such accounts & records.
VII. (a) According to the information and explanations given to us and on the basis of our examination of the records of the company, the company has been 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, Goods and Services Tax and other statutory dues with appropriate authorities during the year ended 31st March 2018. According to information and explanation given to us, there is no arrear of undisputed statutory dues outstanding for a period of more than 6 months as on March 31,2018.
(b) Dues of Sales Tax and Excise Duty not deposited on account of dispute are as follows:
|
Name of Statute |
Nature of |
Period the Dues |
Forum where dispute is pending |
Amount (Rs. in Lakhs) |
|
Central Excise Tax Act, 1944 |
Excise Duty and Service Tax |
FY 2013-14 |
Commissioner of Central Excise |
6.47 |
VIII. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to a banks and financial institution and also has not issued debentures during the year and has not taken any fresh loans or borrowings from Government.
IX. According to the information and explanations given to us, and as per our verification of the records of the company, the company, during the year, has not raised moneys by way of initial public offer or further public offer (Including debt instruments). The term loans availed by the company have been applied for the purpose for which the loans were obtained.
X. According to the information and explanations given to us, no fraud by the company or on the company by its officers or employees has been noticed or reported during the Year ended 31st March 2018.
XI. According to the information and explanations give to us and based on our examination of the records of the company, the company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
XII. In our opinion, and according to the information and explanations given to us, the company is not a Nidhi company. Therefore, the provisions of Clause 3 (xii) of the Order are not applicable to the company.
XIII. According to the information and explanations given to us and as per our verification of the records of the company all transactions with the related parties are in compliance with the Sections 177 and 188 of the Companies Act, 2013 where applicable and the details have been disclosed in the IND AS financial statements as required by the applicable accounting standards.
XIV. According to the information and explanations given to us and as per our verification of the records of the company, the company has not made any preferential allotment of shares.
XV. According to the information and explanations given to us, and as per our verification of the records of the company, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of Clause 3 (xv) of the order are not applicable to the company.
XVI. In our opinion, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3 (xvi) of the order are not applicable to the company.
Annexure - B to the Independent Auditorsâ Report
Report on the Internal Financial Controls over financial reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ) of Rollatainers Limited.
We have audited the internal financial controls over financial reporting of RollatainersLimited (âthe Companyâ) as of 31st March 2018 in conjunction with our audit of the standalone IND AS financial statements of the company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The management and companyâs board of directors are 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 (âthe Guidance Noteâ).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 companyâs 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.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the companyâs 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 âGuidance Noteâ) 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 auditorâs judgment, including the assessment of the risks of material misstatement of the standalone IND AS 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 companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs 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 companyâs 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 companyâs 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 to the best of our information and according to the explanations given to us, 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 31st March 2018, 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 RAJ GUPTA & Co.
Chartered Accountants
Firmâs registration number: 000203N
sd/-
Gunjandeep Singh
[Partner]
Membership number: 529555
New Delhi
June 13, 2018
Jun 30, 2015
We have audited the accompanying financial statements of Rollatainers
Limited ('the Company'), which comprise the Balance Sheet as at 30th
June 2015, the statement of Profit and Loss and 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 Financial Statements
The company's board of directors is responsible for the matters
specified 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 fair view of the financial position and financial performance
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 with the provisions 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 judgments 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, whether due to fraud or error.
Auditors' Responsibility
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 there under.
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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors' 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 for 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 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 financial
statements.
Opinion
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:
i. In the case of the Balance Sheet, of the State of affairs of the
Company as at 30th June 2015;
ii. In the case of the Statement of Profit and Loss Account, of the
Profit of the company for the year ende on that date; and
iii. 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, 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 annexure-1 , a
statement on the matters specified in paragraph 3 & 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
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 Profit and Loss Statement, 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 the written representations received from the
directors as on June 30, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on June 30, 2015,
from being appointed as a director in terms of Section 164 (2) of the
Act; and
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. The company has disclosed the impact of pending litigations on its
financial position in its financial statements  Refer Note 28 to the
financial statements;
ii. The company did not have any long-term contract including
derivatives contract, which require the company, under applicable laws
and accounting standards, to make a provision for any material
foreseeable losses; and
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure 1 referred to under paragraph 1 of the Report on Other Legal and
Regulatory Requirements of the Auditors' Report
Re: Rollatainers Limited ('the Company')
(i) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
& reconciled at such intervals, as considered appropriate by the
Management and no material discrepancy has been observed. In our
opinion, the frequency of physical verification of such assets is
reasonable having regard to the size of the company and nature of its
fixed assets. In case of other assets, we have been explained that the
management intends to carry out a thorough physical verification &
reconciliation thereof and to determine the impaired assets, if any.
The fixed assets disposed off during the year, in our opinion, do not
constitute a substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) a) We have been explained that the inventory has been physically
verified by the management at regular intervals during the year. In our
opinion, the frequency of physical verification is reasonable.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable in relation to the size of
the company and the nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of account.
(iii) According to the information and explanations given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013. Accordingly, the provisions of clause 3
(iii) (a) and (b) of the Order are not applicable to the company and
hence not commented upon.
(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 nature of its business, with regard to
the purchases of inventory, fixed assets and with regard to the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weakness in internal
control system of the company.
(v) Since the company has not accepted any deposit from public, the
provisions of section 73 to 76 and the rules framed there under with
regard to filing of statutory returns as required under these
provisions and the relevant rules are not applicable to the company.
(vi) We have broadly reviewed the cost records maintained by the
company and report that the directions specified by the Central
Government under sub-section (1) of section 148 of the Companies Act,
with regard to maintenance of cost records have been complied with.
(vii) (a) The company, during the year under review, has been regular
in depositing undisputed statutory dues including provident fund,
income tax, wealth tax, service tax, duty of custom, duty of excise,
value added tax, cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) According to information and explanations given to us and as per
our verification of records of the company, the company has some dues
that have not been deposited on account of dispute, the details of
which are given here under:
Name of Statute Nature of Amount Period to Forum where
the Dues (Rs. In
lacs) which amount dispute
relates pending
Central Sales
Tax Act, 1957 Sales Tax 40.88 2010-11 Excise &
Taxation
Officer
Central Excise
Tax Act, 1944 Excise
Duty & 8.13 2013, 20214 Commissioner
Service Tax Central Excise
Total 49.01
(c) As per the information and explanations given to us and based on
the records of the company produced to us, the company does not have
any amount that is required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the Act
and the rules made there under
(viii) Company has accumulated losses as on 30th June 2015, which are
not more than fifty percent of its net worth. The company, however, has
not incurred cash losses during the current Year as well as in the
immediately preceding year.
(ix) According to the information and explanations given to us and as
per our verification of the records of the company, the company has not
defaulted in repayment of dues to financial institutions, banks or
debenture holders.
(x) According to the information and explanations given to us, the
company has not given corporate guarantee for the loans availed by
others from banks and financial institutions.
(xi) According to the information and explanations given to us, the
company has not availed any term Loans from banks / financial
institutions.
(xii) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For Manoj Mohan & Associates
Chartered Accountants
Firm Regn No. 009195C
Sd/-
M. K. Aggarwal
Place : New Delhi (Partner)
Dated : 27th August 2015 Membership No. - 76980
Jun 30, 2014
We have audited the accompanying financial statements of Rollatainers
Limited (''the Company''), which comprise the Balance Sheet as at 30th
June 2014, the statement of Profit and Loss and 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 Financial Statements
The 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 Section 211(3C) of the
Companies Act, 1956 ("the Act'') read with the General Circular 15/2013
dated 13 September 2013 of the Ministry of Corporate Affairs in respect
of Section 133 of the Companies Act 2013. 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.
Auditors'' 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 the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgement, 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 Company''s internal control. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made By the 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 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:
i. In the case of the Balance Sheet, of the State of affairs of the
Company as at 30th June 2014;
ii. In the case of the Statement of Profit and Loss Account, of the
Profit of the company for the year ended on that date; and
iii. 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"), as amended, 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 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, Statement of Profit & Loss, and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, the Statement of Profit & Loss
and Cash Flow Statement comply with the accounting standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956 read
with the General Circular 15/2013 dated 13 September 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act 2013; and
(e) On the basis of written representations received from the directors
as on 30th June 2014, taken on record by the board or Directors, none
of the directors is disqualified as on 30th June 2014 from being
appointed as a director in terms of clause Section 274(1)(g) of the
Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Legal and Regulatory
Requirements'' section of our report of even date)
(i) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
& reconciled at such intervals, as considered appropriate by the
Management and no material discrepancy has been observed. In our
opinion, the frequency of physical verification of such assets is
reasonable having regard to the size of the company and nature of its
fixed assets. In case of other assets, we have been explained that the
management intends to carry out a thorough physical verification &
reconciliation thereof and to determine the impaired assets, if any.
The fixed assets disposed off during the year, in our opinion, do not
constitute a substantial part of the fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) a) We have been explained that the inventory has been physically
verified by the management at regular intervals during the year. In our
opinion, the frequency of physical verification is reasonable.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable in relation to the size of
the company and the nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of account.
(iii) According to the information and explanations given to us, the
company has not granted/taken any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Therefore, provisions of
clauses 4 (iii) (b), (c), (d), (e) and (f) of the Companies (Auditor''s
Report) Order 2003 (as amended) are not applicable to the Company.
(iv) On the basis of our evaluation of internal control system and
according to the information and explanation given to us, having regard
to the explanation that some of the item purchased are of a standard
product and alternative source do not exist for obtaining quotations
thereof, or items subject to Government price control where no
comparison is possible, it appears that there are reasonable internal
control procedures commensurate with the size of the company and nature
of its business, for the purchase of inventory and fixed assets and for
sale of goods and services. Further, on the basis of our examination
and according to the information and explanations given to us, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system.
(v) a) As per information and explanations given to us, all the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 that need to be entered in to the register
maintained under that section are being so entered. b) In our opinion
and according to the information & explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies act, 1956 in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) The Company, during the year under report, has not accepted any
deposits from the public under Section 58A and 58AA of the Companies
Act, 1956.
(vii) In our opinion the company has a proper and effective internal
audit system commensurating with the size and the nature of its
business.
(viii) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that, prima facie, the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
(ix) a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, the
company is generally regular in depositing the undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Sales Tax, Wealth Tax, Service Tax, Excise
Duty, Cess and other Statutory Dues with the appropriate authorities.
The outstanding statutory dues as at the last day of financial period
concerned for a period of more than six months from the date they
became payable are given below:
Nature of Dues Amount Period to Due Date
(Rs. In lacs) which amount
relates
Employee Providend Pension fund 2.50 March-2012 Over Due
Fund Act 1952
b) The details of Sales tax, Income tax, Customs duty, Wealth tax,
Service tax, Excise duty, Cess, which have not been deposited on
account of dispute are given here under:
Name of Statute Nature of Amount
the Dues (Rs. In lacs)
Delhi Sales Tax Act, 1975 Sales Tax 23.81
Delhi Sales Tax Act, 1975 Sales Tax 0.72
Central Sales Tax Act, 1957 Sales Tax 15.57
Name of Statute Period to Forum where
which amount dispute
relates pending
Delhi Sales Tax Act, 1975 1988-89 & 1996-97 Additional
Commissioner
(Appeals)
Delhi Sales Tax Act, 1975 2000-01 Sales Tax Officer,
Delhi
Central Sales Tax Act,
1957 2010-11 Excise & Taxation
Officer
Name of Statute Nature of Amount
the Dues (Rs. In lacs)
Central Excise Tax
Act, 1944 Excise Duty 33.74
Total 73.84
Name of Statute Period to Forum where
which amount dispute
relates pending
Central Excise Tax
Act, 1944 Commissioner
(x) Company has accumulated losses as at 30th June 2014, which are not
more than fifty percent of its net worth.
The company, however, has not incurred cash losses during the current
Year as well as in the immediately preceding year.
(xi) The company is not availing any loan from financial institution,
banks, or debenture-holders. Accordingly, paragraph 4(xi) of the order
is not applicable.
(xii) According to the information and explanation given to us, the
company has not granted any loans on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of Clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
(xvi) To the best of our information and the explanations given to us
and as per records verified by us, the company has neither received any
term loan during the year under report nor has any unutilised term loan
at the beginning of the current financial year. Hence, this clause is
not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Financial Statements of the company, we
report that the company has not availed any short term loan and
therefore using the same for long term investment does not arise.
(xviii) According to the information and explanations given to us, the
company, during the year under report, has not made preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
(xix) According to the information and explanations given to us and the
records examined by us, the Company has not issued any Secured
Debentures during the year.
(xx) The Company has not raised any money by public issue during the
year under report.
(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, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Manoj Mohan & Associates
Chartered Accountants
Firm Regn No. 0091913
Sd/-
M. K. Aggarwal
Place : New Delhi (Partner)
Dated : 28th August 2014 Membership No.- 76980
Jun 30, 2013
We have audited the attached Balance Sheet of Rollatainers Limited
(''the Company'') as at 30th June 2013 and the statement of Profit and
Loss Account and Cash Flow of the Company for the Nine Month 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.
We have conducted our audit in accordance with auditing standards
generally accepted in India (Indian GAAP). 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.
1. As required by the Companies (Auditor''s Report) Order, 2003 (CARO)
as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004,
issued by the Central Government 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 paragraphs 4 and 5 of the said
order.
Further to our comments in the Annexure referred to above, we report
that:
2. (a) 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.
(b) In our opinion, proper books of accounts 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 & Loss Account 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 & 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.
(e) On the basis of written representations received from the
directors, we report that none of the directors is disqualified as on
30th June 2013 from being appointed as director in terms of clause (g)
of sub- section (1) Section 274 of Companies Act 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts 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:
i. In case of Balance Sheet, of the State of affairs of the Company as
at 30th June 2013;
ii. In case of Statement of Profit and Loss Account, of the Profit of
the Company for the Nine Month period ended on that date; and
iii. In the case of cash flow statement, of the cash flows for the
Nine Month period ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
(As referred to in paragraph 1 of our report to The Members of
ROLLATAINERS LIMITED on the accounts for the Nine Month period ended
30th June 2013)
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
& reconciled at such intervals, as considered appropriate by the
Management and no material discrepancy has been observed. In our
opinion, the frequency of physical verification of such assets is
reasonable having regard to the size of the Company and nature of its
fixed assets. In case of other assets, we have been explained that the
management intends to carry out a thorough physical verification &
reconciliation thereof and to determine the impaired assets, if any.
The fixed assets disposed off during the period, in our opinion, do not
constitute a substantial part of the fixed assets of the Company.
(ii) a) We have been explained that the inventory has been physically
verified by the management at regular intervals during the period. In
our opinion, the frequency of physical verification is reasonable.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable in relation to the size of
the Company and the nature of its business.
c) The Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of account.
(iii) According to the information and explanations given to us, the
Company has not granted/taken any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Therefore, provisions of
clauses 4 (iii) (b), (c), (d), (e) and (f) of the Companies (Auditor''s
Report) Order 2003 (as amended) are not applicable to the Company.
(iv) On the basis of our evaluation of internal control system and
according to the information and explanation given to us, having regard
to the explanation that some of the item purchased are of a standard
product and alternative source do not exist for obtaining quotations
thereof, or items subject to Government price control where no
comparison is possible, it appears that there are reasonable internal
control procedures commensurate with the size of the Company and nature
of its business, for the purchase of inventory and fixed assets and for
sale of goods and services. Further, on the basis of our examination
and according to the information and explanations given to us, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system.
(v) a) As per information and explanations given to us, all the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 that need to be entered in to the register
maintained under that section are being so entered.
b) In our opinion and according to the information & explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
act, 1956 in respect of any party during the period have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time.
(vi) The Company, during the period under report, has not accepted any
deposits from the public under Section 58A and 58AA of the Companies
Act, 1956. However, in respect of outstanding fixed deposits accepted
in earlier Years and interest thereon, the Company has been sanctioned
re-schedulement by the Hon''ble Company Law Board through its order
passed on 24th November 2004 which inter-alia prescribed for repayment
of principal in 8 (eight) half yearly installments and payment of
interest @ 3.5% per annum from the date of maturity of respective fixed
deposit till the actual repayment. The above scheme was effective from
1st January 2005 and the Company is following up the repayment
schedule.
(vii) In our opinion the Company has a proper and effective internal
audit system commensurating with the size and the nature of its
business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1)(d) of the
Companies Act, 1956 for the period under review.
(ix) a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, the
Company is generally regular in depositing the undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Sales Tax, Wealth Tax, Service Tax, Excise
Duty, Cess and other Statutory Dues with the appropriate authorities.
The outstanding statutory dues as at the last day of financial period
concerned for a period of more than six months from the date they
became payable are given below:
Name of Statute Nature of Dues Amount Year to Due Date
(Rs. In
lacs) which
amount
relates
Haryana VAT Act
2003 Sales Tax 2.05 2011-12 Over due
Employee Provided Pension fund 2.50 March-2012 Over Due
Fund Act 1952
b) The details of Sales tax, Income tax, Customs duty, Wealth tax,
Service tax, Excise duty, Cess, which have not been deposited on
account of dispute are given here under:
Name of Statute Nature of Amount Period to Forum where
the Dues (Rs. In
lacs) which
amount dispute
relates pending
Delhi Sales Tax
Act, 1975 Sales Tax 23.81 1988-89 &
1996-97 Additional
Commissioner
(Appeals)
Delhi Sales Tax
Act, 1975 Sales Tax 0.72 2000-01 Sales Tax
Officer,
Delhi
Central Sales
Tax Act, 1957 Interest 29.02 2008-09 to
2009-10 Excise &
Taxation
Officer
Central Sales
Tax Act, 1957 Excise Duty 70.10 Commissioner
Service Tax 6.48 Central Excise
TOTAL 130.13
(x) Company has accumulated losses as on 30th June 2013, which are not
more than fifty percent of its net worth.
The Company, however, has not incurred cash losses during the current
Period but has incurred cash losses in the immediately preceding year.
(xi) The Company is not availing any loan from financial institution,
banks, or debenture-holders. Accordingly, paragraph 4(xi) of the order
is not applicable.
(xii) According to the information and explanation given to us, the
Company has not granted any loans on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of Clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
(xvi) To the best of our information and the explanations given to us
and as per records verified by us, the Company has neither received any
term loan during the Period under report nor has any unutilised term
loan at the beginning of the current financial Period. Hence, this
clause is not applicable to the Company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Financial Statements of the Company, we
report that the Company has not availed any short term loan and
therefore using the same for long term investment does not arise.
(xviii) According to the information and explanations given to us, the
Company, during the period under report, has made preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Act.
(xix) According to the information and explanations given to us and the
records examined by us, the Company has not issued any Secured
Debentures during the Period.
(xx) The Company has not raised any money by public issue during the
Period under report.
(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, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the Period,
nor have we been informed of such case by the management.
For & On behalf of
Manoj Mohan & Associates
Chartered Accountants
Firm Regn No. 009195C
Place:New Delhi (M. K. Agarwal)
Dated: 29th August 2013 Partner
Membership No. - 76980
Sep 30, 2012
We have audited the attached Balance Sheet of Rollatainers Limited
(''the Company'') as at 30th September 2012 and the statement of Profit
and Loss Account and Cash Flow of the company for the year 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.
We have conducted our audit in accordance with auditing standards
generally accepted in India (Indian GAAP). 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.
1. As required by the Companies (Auditor''s Report) Order, 2003 (CARO)
as amended by the Companies (Auditor''s Report) (Amendment) Order, 2004,
issued by the Central Government 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 paragraphs 4 and 5 of the said
order.
Further to our comments in the Annexure referred to above, we report
that:
2. (a) 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.
(b) In our opinion, proper books of accounts 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 & Loss Account 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 & 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.
(e) On the basis of written representations received from the
directors, we report that none of the directors is disqualified as on
30th September 2012 from being appointed as director in terms of clause
(g) of sub-section (1) Section 274 of Companies Act 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts 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:
i. In case of Balance Sheet, of the State of affairs of the Company as
at 30th September 2012;
ii. In case of Statement of Profit and Loss Account, of the loss of the
company for the year ended on that date; and
iii. In the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
(As referred to in paragraph 1 of our report to The Members of
ROLLATAINERS LIMITED on the accounts for the year ended 30th September
2012)
(i) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
& reconciled at such intervals, as considered appropriate by the
Management and no material discrepancy has been observed. In our
opinion, the frequency of physical verification of such assets is
reasonable having regard to the size of the company and nature of its
fixed assets. In case of other assets, we have been explained that the
management intends to carry out a thorough physical verification &
reconciliation thereof and to determine the impaired assets, if any.
The fixed assets disposed off during the year, in our opinion, do not
constitute a substantial part of the fixed assets of the Company.
(ii) a) We have been explained that the inventory has been physically
verified by the management at regular intervals during the year. In our
opinion, the frequency of physical verification is reasonable.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable in relation to the size of
the company and the nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of account.
(iii) According to the information and explanations given to us, the
company has not granted/taken any loans, secured or unsecured to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Therefore, provisions of
clauses 4 (iii) (b), (c), (d), (e) and (f) of the Companies (Auditor''s
Report) Order 2003 (as amended) are not applicable to the Company.
(iv) On the basis of our evaluation of internal control system and
according to the information and explanation given to us, having regard
to the explanation that some of the item purchased are of a standard
product and alternative source do not exist for obtaining quotations
thereof, or items subject to Government price control where no
comparison is possible, it appears that there are reasonable internal
control procedures commensurate with the size of the company and nature
of its business, for the purchase of inventory and fixed assets and for
sale of goods and services. Further, on the basis of our examination
and according to the information and explanations given to us, we have
neither come across nor have been informed of any continuing failure to
correct major weaknesses in the aforesaid internal control system.
(v) a) As per information and explanations given to us, all the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 that need to be entered in to the register
maintained under that section are being so entered.
b) In our opinion and according to the information & explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
act, 1956 in respect of any party during the year have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time.
(vi) The Company, during the year under report, has not accepted any
deposits from the public under Section 58A and 58AA of the Companies
Act, 1956. However, in respect of outstanding fixed deposits accepted
in earlier Years and interest thereon, the company has been sanctioned
re-schedulement by the Hon''ble Company Law Board through its order
passed on 24th November 2004 which inter-alia prescribed for repayment
of principal in 8 (eight) half yearly installments and payment of
interest @ 3.5% per annum from the date of maturity of respective fixed
deposit till the actual repayment. The above scheme was effective from
1st January 2005 and the company is following up the repayment
schedule.
(vii) In our opinion the company has a proper and effective internal
audit system commensurating with the size and the nature of its
business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1)(d) of the
Companies Act, 1956 for the year under review.
(ix) a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, the
company is generally regular in depositing the undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Sales Tax, Wealth Tax, Service Tax, Excise
Duty, Cess and other Statutory Dues with the appropriate authorities.
The outstanding statutory dues as at the last day of financial year
concerned for a year of more than six months from the date they became
payable are given below:
Name of Statute Nature of Dues Amount Year to Due Date
(Rs. In
lacs) which
amount
relates
Haryana VAT Act
2003 Sales Tax 9.70 2010-11 & Over due
2011-12
Employee
Providend Pension fund 2.50 March-2012 Over Due
Fund Act 1952
b) The details of Sales tax, Income tax, Customs duty, Wealth tax,
Service tax, Excise duty, Cess, which have not been deposited on
account of dispute are given here under:
Name of Statute Nature of Amount Period to Forum where
the Dues (Rs. In
lacs) which amount dispute
relates pending
Delhi Sales Tax
Act, 1975 Sales Tax 23.81 1988-89 &
1996-97 Additional
Commissioner
(Appeals)
Delhi Sales
Tax Act, 1975 Sales Tax 0.72 2000-01 Sales Tax
Officer, Delhi
Central Sales
Tax Act, 1957 Interest 19.01 1985-86 to
1988-89 Excise &
Taxation
Officer
Central Sales
Tax Act, 1957 Sales Tax 9.12 2005-06 &
2006-07 Excise &
Taxation
Officer
TOTAL 52.66
(x) Due to erosion of entire net worth, the company had been declared
sick company in terms of Section 3(1)(o) of Sick Industrial Companies
(Special Provisions) Act, 1985 (SICA) by the Board for Industrial and
Financial Reconstruction (BIFR) on 27th July 2006 and a rehabilitation
scheme was approved by Hon''ble BIFR wide its order dt. 15.05.2007. The
Net Worth of the company, however, has become positive due to fresh
allotment of Preference Share capital amounting to Rs. One Hundred
(100) Crores, allotted on 14.08.2012.
The company, however, has incurred cash losses during the current Year
as well as in the immediately preceding year.
(xi) The company is not availing any loan from financial institution,
banks, or debenture-holders. Accordingly, paragraph 4(xi) of the order
is not applicable.
(xii) According to the information and explanation given to us, the
company has not granted any loans on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provisions of Clause 4(xiii) of the
Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
(xvi) To the best of our information and the explanations given to us
and as per records verified by us, the company has neither received any
term loan during the Year under report nor has any unutilised term loan
at the beginning of the current financial Year. Hence, this clause is
not applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Financial Statements of the company, we
report that the company has not availed any short term loan and
therefore using the same for long term investment does not arise.
(xviii) According to the information and explanations given to us, the
company, during the year under report, has made preferential allotment
of shares to parties and companies covered in the register maintained
under section 301 of the Act.
(xix) According to the information and explanations given to us and the
records examined by us, the Company has not issued any Secured
Debentures during the Year.
(xx) The Company has not raised any money by public issue during the
Year under report.
(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, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the Year, nor
have we been informed of such case by the management.
For & On behalf of
Manoj Mohan & Associates
Chartered Accountants
Firm Regn No. 009195C
Place:New Delhi (M. K. Agarwal)
Dated: 23rd November 2012 Partner
Membership No. - 76980
Sep 30, 2011
We have audited the attached Balance Sheet of Rollatainers Limited as
at 30th September 2011, the Profit and Loss Account and also the Cash
Flow Statement for the year 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.
We have conducted our audit in accordance with auditing standards
generally accepted in India(Indian GAAP). 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.
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government in terms of Sub-section (4A) of Section 227
of the Companies Act, 1956, we enclose in the Annexure, a statement of
the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
2. (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 accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Profit & 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.
(e) On the basis of written representation received from the directors,
we report that none of the directors is disqualified as on 30th
September 2011 from being appointed as director in terms of clause (g)
of sub- section (1) Section 274 of Companies Act 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts 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:
i. In case of Balance Sheet, of the State of affairs of the Company as
at 30th September 2011;
ii. In case of Profit and Loss Account, of the loss of the company for
the Year ended on that date; and
iii. In the case of cash flow statement, of the cash flows for the
Year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
(As referred in paragraph 1 of our report to The Members of
ROLLATAINERS LIMITED on the accounts for the Year ended 30th September
2011
(i) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
& reconciled at such intervals, as considered appropriate by the
Management and no material discrepancy has been observed. In our
opinion, the frequency of physical verification of such assets is
reasonable having regard to the size of the company and nature of its
fixed assets. In case of other assets, we have been explained that the
management intends to carry out a thorough physical verification &
reconciliation thereof and to determine the impaired assets, if any.
c) In our opinion and as per information and explanations given to us,
the company has during the period under report disposed of certain
part of its fixed assets which were lying unused being technologically
obsolete. However going concern status of the company is not affected.
(ii) a) We have been explained that the inventory has been physically
verified by the management at regular intervals during the year. In our
opinion and frequency of physical verification is reasonable.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable in relation to the size of
the company and the nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of account.
(iii) According to the information and explanations given to us, the
company has not granted/taken any loans, secure or unsecured to/from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Therefore, provisions of
clauses 4 (iii) (b), (c), (d), (e) and (f) of the Companies (Auditor''s
Report) Order 2003 (as amended) are not applicable to the Company.
(iv) On the basis of our evaluation of internal control system and
according to the information and explanation given to us, having regard
to the explanation that some of the item purchased are of a standard
product and alternative source do not exist for obtaining quotations
thereof, or items subject to Government price control where no
comparison is possible, it appears that there are reasonable internal
control procedures commensurate with the size of the company and its
nature of business, for the purchase of inventory and fixed assets and
for sale of goods and Services. Further, on the basis of our
examination and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
(v) a) As per information and explanations given to us all the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 that need to be entered in to the register
maintained under that section are being so entered.
b) In our opinion and according to the information & explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
act, 1956 in respect of any party during the year have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time.
(vi) The Company has not accepted any deposits during the period under
report from the public under Section 58A and 58AA of the Companies Act,
1956.
(vii) In our opinion the company has a proper and effective internal
audit system commensuration with the size and the nature of its
business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1)(d) of the
Companies Act,1956 for the period under review.
(ix) a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, the
company is generally regular in depositing the undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Sales-tax, Wealth Tax, Service Tax, Excise
Duty, cess and other statutory dues with the appropriate authorities.
The outstanding statutory dues as at the last day of the financial year
concerned for a period of more than six months from the date they
became payable are given below:
Name of Statute Nature of Dues Amount Period to Due Date
(Rs. In
lacs) which
amount
relates
Haryana General Deferred Sales
Tax 7.48 2010-11 Over due
Sales Tax Act,
1973
b) The details of Sales tax, Income tax, Customs duty, Wealth tax,
Service tax, Excise duty, Cess, which have not been deposited on
account of dispute are given here under:
Name of Statute Nature of Amount Period to Forum where
the Dues (Rs. In
lacs) which amount dispute
relates pending
Central Excise
Act, 1944 Interest/ 1.74 1995-96 & CESTAT
Penalty 1999-2000
Delhi Sales Tax
Act, 1975 Sales Tax 23.81 1988-89 &
1996-97 Additional
Commissioner
(Appeals)
Delhi Sales Tax
Act, 1975 Sales Tax 0.72 2000-01 Sales Tax
Officer,
Delhi
Central Sales
Tax Act, 1957 Interest 19.01 1985-86 to
1988-89 Excise &
Taxation
Officer
Central Sales
Tax Act, 1957 Sales Tax 9.12 2005-06 &
2006-07, Excise &
Taxation
Officer
TOTAL 54.40
(x) Due to erosion of entire net worth, the company has already been
declared sick company in terms of Section 3(1)(o) of Sick Industrial
Companies (Special Provisions) Act, 1985 (SICA) by the Board for
Industrial and Financial Reconstruction (BIFR) on 27th July 2006 and a
rehabilitation scheme has been approved by Hon''ble BIFR wide its order
dt. 15.05.2007.
Further, company has incurred cash losses during the current financial
year as well as in the immediately preceding financial period.
(xi) The company does not have any outstanding dues to any financial
institution, banks, or debenture-holders during the year. Accordingly,
paragraph 4(xi) of the order is not applicable.
(xii) According to the information and explanation given to us, the
company has not granted any loans on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi/ mutual benefit fund/
society. Therefore, the provisions of Clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003 (as amended) are not applicable to the
company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
(xvi) To the best of our information and explanation given to us and as
per records verified by us, the company has neither received any term
loan during the year under report nor has any unutilised term loan at
the beginning of the current financial year. Hence, this clause is not
applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Financial Statements of the company, we
report that no funds raised on short-term basis have been used for
long-term investment.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
(xix) According to the information and explanations given to us and the
records examined by us, the Company has not issued any Secured
Debentures during the year.
(xx) The Company has not raised any money by public issue during the
year under report.
(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, we have neither come across any instance
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For Manoj Mohan & Associates
Chartered Accountants
Firm Registration No. 009195C
Sd/-
Place:New Delhi (Manoj Kr. Aggarwal)
Dated: 2nd December 2011 Partner
Membership No. - 76980
Sep 30, 2010
We have audited the attached Balance Sheet of Rollatainers Limited as
at 30th September 2010, the Profit and Loss Account and also the Cash
Flow Statement for the year ended on that date annexed thereto. 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.
We conducted our audit in accordance with the Auditing Standards
generally accepted in Indian(Indian GAAP). Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of 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 the management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government in terms of Sub-section (4A) of Section 227
of the Companies Act, 1956, we enclose in the Annexure, a statement of
the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
2. (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 accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Profit & 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.
(e) On the basis of written representation received from the directors,
we report that none of the directors is disqualified as on 30th
September 2010 from being appointed as Director in terms of Clause (g)
of Sub- Section (1) of Section 274 of the Companies Act 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said accounts 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:
i. In the case of Balance Sheet, of the State of affairs of the
Company as at 30* September 2010;
ii. In the case of Profit and Loss Account, of the loss of the company
for the Year ended on that date; and
iii. In the case of Cash Flow Statement, of the cash flows for the
Year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (As referred in paragraph 1 of our
report to the members of ROLLATAINERS LIMITED on the accounts for the
Year ended 30* September 2010
(i) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
& reconciled at such intervals, as considered appropriate by the
management and no material discrepancy has been observed. In our
opinion, the frequency of physical verification of such assets is
reasonable having regard to the si2e of the Company and nature of its
fixed assets. In case of other assets, we have been explained that the
Management intends to carry out a thorough physical verification &
reconciliation thereof and to determine the impaired assets, if any.
c) The company has not disposed off any substantial part of its fixed
assets during the period under report.
(ii) a) We have been explained that the inventory has been physically
verified by the management at regular intervals during the year.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable in relation to the size of
the company and the nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material and have been properly dealt with in
the books of account.
(iir) a) According to the information and explanations given to us, the
company has not granted loans, secure or unsecured to companies, firms
or other parties covered in the register maintained under section 301
of the Companies Act, 1956. Therefore, provisions of clauses 4 (iii)
(b), (c) and (d) of the Companies (Auditors Report) Order 2003 (as
amended) are not applicable to the Company.
b) As informed, the Company has not taken any loans, secured or
unsecured from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Therefore, provisions of clauses 4 (iii) (e) to (g) of the Companies
(Auditors Report) order, 2003 (as amended) are not applicable to the
Company.
(iv) On the basis of our evaluation of internal control system and
according to the information and explanation given to us, having regard
to the explanation that some of the items purchased are of a standard
product and alternative source do not exist for obtaining quotations
thereof, or items subject to Government price control where no
comparison is possible, it appears that there are reasonable internal
control procedures commensurate with the size of the company and its
nature of business, for the purchase of inventory and fixed assets and
for sale of goods and Services. Further, on the basis of our
examination and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
(v) a) As per information and explanations given to us all the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 that need to be entered in to the register
maintained under that section are being so entered.
b) In our opinion and according to the information & explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
act, 1956 in respect of any party during the year have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time.
(vi) The Company has not accepted any deposits during the period under
report from the public under Section 58A and 58AA of the Companies Act,
1956.
(vii) In our opinion the company has a proper and effective internal
audit system commensurating with the size and the nature of its
business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(l}(d) of the
Companies Act, 1956 for the period under review.
Name of Statute Nature of Dues Amount
(Rs. In lacs)
Haryana General Deferred Sales Tax 22.00
Sales Tax Act, 1973
Name of Statue Period to Due Date
which amount
relates
Haryana General
Sales Tax Act, 1973 1996-97 to 1997- 98 Over due
b) The details of Sales tax. Income tax, Customs duty, Wealth tax,
Service tax, Excise duty. Cess, which have not been deposited on
account of dispute are given here under:
Name of Statute Nature of Amount
the Dues (Rs. In lacs)
Central Excise Act, 1944 Interest/ 1.74
Penalty
Delhi Sales Tax Act, 1975 Sales Tax 23.81
Delhi Sales Tax Act, 1975 Sales Tax 0.72
Central Sales Tax Act, 1957 Interest 19.01
Central Sales Tax Act, 1957 Sales Tax 52.51
TOTAL 97.79
Name of Statue Period to Forum where
which amount dispute
relates pending
Central Excise Act, 1944 1995-96 & CESTAT
1999-2000
Delhi Sales Tax Act, 1975 1988-89 & 1996-97 Additional
Commissioner
(Appeals)
Delhi Sales Tax Act, 1975 2000-01 Sales Tax Officer,
Delhi
Central Sales Tax Act, 1957 1985-86 to 1988-89 Excise & Taxation
Officer
Central Sales Tax Act, 1957 2005-06 & 2006-07, Excise & Taxation
Officer
TOTAL
(x) Due to erosion of entire net worth, the company has already been
declared sick Company in terms of Section 3(l)(o) of Sick Industrial
Companies (Special Provisions) Act, 1985 (S1CA) by the Board for
Industrial and Financial Reconstruction (BIFR) on 27th July 2006 and a
rehabilitation scheme has been approved by Honble BIFR wide its order
dt. 15.05.2007.
Further, the Company has incurred cash losses during the current
financial year as well as in the immediately preceding financial
period.
(xi) The Company does not have any outstanding dues to any financial
institution, banks, or debenture-holders during the year. Accordingly,
paragraph 4(xi) of the order is not applicable.
(xii) According to the information and explanation given to us, the
Company has not granted any loans on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi/ mutual benefit fund/
society. Therefore, the provisions of Clause 4{xiii) of the Companies
(Auditors Report) Order, 2003 (as amended) are not applicable to the
Company.
(xiv) In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the Company.
(xv) According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
bank or financial institutions.
(xvi) To the best of our information and explanation given to us and as
per records verified by us, the company has neither received any term
loan during the year under report nor has any unutilised term loan at
the beginning of the current financial year. Hence, this clause is not
applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Financial Statements of the company, we
report that no funds raised on short-term basis have been used for
long- term investment
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
(xix) The company did not have any outstanding debentures during the
year.
(xx) The company has not raised money by public issues during the year
under report.
(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, we have neither come across any instance
of fraud on or by the Company, noticed and reported during the year,
nor have we been informed of such case by the management.
For Manoj Mohan & Associates
Chartered Accountants
Firm Registration No. 009195C
Sd/-
Place : New Delhi (Manoj Kr. Aggarwal)
Dated : 2nd December 2010 Partner
Membership No. - 76980
Sep 30, 2009
We have audited the attached Balance Sheet of Rollatainers Limited as
at 30th September 2009, the Profit and Loss Account and also the Cash
Flow Statement for the year ended on that date annexed thereto. 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.
We conducted our audit in accordance with auditing standards generally
accepted in India(Indian GAAP). 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.
1. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government in terms of Sub-section (4A) of Section 227
of the Companies Act, 1956, we enclose in the Annexure, a statement of
the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, we report
that:
2. (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 accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, Profit & 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.
(e) On the basis of written representation received from the directors,
we report that none of the directors is disqualified as on 30th
September 2009 from being appointed as director in terms of clause (g)
of sub- section (1) Section 274 of Companies Act 1956.
(f) Attention is invited to Note No. B-2 of Schedule 12 regarding
non-provision for diminution in the value of investments in two
subsidiary companies and towards doubtful recoverability of amount
receivable from a erstwhile wholly owned subsidiary company i.e. RT
Paper Board Limited in view of the reworked revised restructuring
package, fresh investment by strategic investor and proposed sale of
surplus assets lying in these companies. Amount unascertained.
Subject to (f) above, in our opinion and to the best of our information
and according to the explanations given to us, the said accounts 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:
i. In case of Balance Sheet, of the State of affairs of the Company as
at 30th September 2009;
ii. In case of Profit and Loss Account, of the loss of the company for
the Year ended on that date; and
iii. In the case of cash flow statement, of the cash flows for the
Year ended on that date.
(As referred in paragraph 1 of our report to The Members of
ROLLATAINERS LIMITED on the accounts for the Year ended 30th September
2009)
(i) a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
& reconciled at such intervals, as considered appropriate by the
Management and no material discrepancy has been observed. In our
opinion, the frequency of physical verification of such assets is
reasonable having regard to the size of the company and nature of its
fixed assets. In case of other assets, we have been explained that the
management intends to carry out a thorough physical verification &
reconciliation thereof and to determine the impaired assets, if any.
c) The company has not disposed off any substantial part of its fixed
assets during the period under report.
(ii) a) We have been explained that the inventory with the company
except those in transit and lying with the outside parties has been
physically verified by the management at reasonable intervals during
the year.
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable in relation to the size of
the company and the nature of its business. However, they need to be
strengthened further.
(iii) According to the information and explanations given to us, the
company has granted/taken loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956.
a) The company has granted loans to one subsidiary amounting to Rs.
3653.68 Lacs, the maximum amount involved during the year was Rs.
3653.68 Lacs.
b) In our opinion and according to the information and explanations
given to us, the rate of interest, where- ever applicable and other
terms and conditions are not prima-facie prejudicial to the interest of
the company.
c) In our opinion and according to the information and explanations
given to us, the loan is interest free and being repayable on demand
and is therefore is not overdue.
(iv) On the basis of our evaluation of internal control system and
according to the information and explanation given to us, having regard
to the explanation that some of the item purchased are of a standard
product and alternative source do not exist for obtaining quotations
thereof, or items subject to Government price control where no
comparison is possible, it appears that there are reasonable internal
control procedures commensurate with the size of the company and its
nature of business, for the purchase of inventory and fixed assets and
for sale of goods and Services. Further, on the basis of our
examination and according to the information and explanations given to
us, we have neither come across nor have been informed of any
continuing failure to correct major weaknesses in the aforesaid
internal control system.
(v) a) As per information and explanations given to us all the
particulars of contracts or arrangements referred to in Section 301 of
the Companies Act, 1956 that need to be entered in to the register
maintained under that section are being so entered.
b) In our opinion and according to the information & explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under section 301 of the Companies
act, 1956 in respect of any party during the year have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time.
(vi) The Company has not accepted any deposits during the period under
report from the public under Section 58A and 58AA of the Companies Act,
1956.
In respect of outstanding Fixed Deposits and interest thereon, the
company has repaid substantial part of Fixed Deposits in terms of the
order dated 24th November 2004 passed by the Honorable Company Law
Board.
(vii) In our opinion the company has a proper and effective internal
audit system commensurating with the size and the nature of its
business.
(viii) We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(l)(d) of the
Companies Act, 1956 for the period under review.
(ix) a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, the
company is not regular in depositing the undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Sales- tax, Wealth Tax, Service Tax, Excise
Duty, cess and other statutory dues except Custom Duty with the
appropriate authorities. The outstanding statutory dues as at the last
day of the financial year concerned for a period of more than six
months from the date they became payable are given below:
Name of Statute Nature of Dues Amount (Rs. In lacs)
Haryana General
Sales Tax Act,
1973 Deferred Sales Tax 22.00
Period to Due Dates
which amount
relates
1996-97 to 1997- 98 Over due
b) The details of Sales tax, Income tax, Customs duty, Wealth tax,
Service tax, Excise duty, Cess, which have not been deposited on
account of dispute are given here under:
Name of Statute Nature of the Dues Amount (Rs. In lacs)
Central Excise
Act, 1944 Interest / Penalty 1.74
EPF & MP Act 1952 Interest & Damages 180.81
Delhi Sales Tax
Act, 1975 Sales Tax 23.81
Delhi Sales Tax
Act, 1975 Sales Tax 0.72
Central Sales Tax
Act, 1957 Interest 19.01
Central Sales Tax
Act, 1957 Sales Tax 129.00
TOTAL 284.22*
Period to which amount relates Forum where
dispute
pending
1995-96 & 1999-2000 CESTAT
1998-99 to 2007-08 EPF Appealate tribunal
1988-89 & 1996-97 Additional
Commissioner
(Appeals)
2000-01 Sales Tax Officer, Delhi
1985-86 to 1988-89 Excise & Taxation Officer
1998-99, 2000-01, 2001-02, 2004-05 Excise & Taxation Officer
(x) Due to erosion of entire net worth, the company has already been
declared sick company in terms of Section 3(l)(o) of Sick Industrial
Companies (Special Provisions) Act, 1985 (SICA) by the Board for
Industrial and Financial Reconstruction (BIFR) on 27th July 2006 and a
rehabilitation scheme has been approved by Honble BIFR wide its order
dt. 15.05.2007.
Further, company has incurred cash losses during the current financial
year as well as in the immediately preceding financial period.
(xi) The company has completely paid off all the outstanding dues to
Financial Institutions except OIC and UIIC. The Company is in the
final stages of negotiation with these two institutions for an One Time
Settlement.
(xii) According to the information and explanation given to us, the
company has not granted any loans on the basis of security by way of
pledge of shares, debentures and other securities.
(xiii) The company is not a chit fund or a nidhi / mutual benefit fund
/ society. Therefore, the provisions of Clause 4(xiii) of the Companies
(Auditors Report) Order, 2003 (as amended) are not applicable to the
company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the company.
(xv) In our opinion, the terms and conditions of the corporate
guarantees given by the company to the financial institutions and
others for the loans availed by its one of the subsidiary companies are
not prejudicial to the interest of the company.
(xvi) To the best of our information and explanation given to us and as
per records verified by us, the company has neither received any term
loan during the year under report nor has any unutilised term loan at
the beginning of the current financial year. Hence, this clause is not
applicable to the company.
(xvii) According to the information and explanations given to us and on
an overall examination of the Financial Statements of the company, we
report that no funds raised on short-term basis have been used for
long-term investment.
(xviii) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Act.
(xix) In respect of privately placed debentures issued in earlier
years, securities have been created, as specified in Schedule - 3 of
Loan Funds to the Balance Sheet referred in our report.
(xx) The company has not raised money by public issues during the year
under report.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For Manoj Mohan & Associates
Chartered Accountants
Sd/-
Place : Faridabad (Manoj Kr. Aggarwal)
Dated : 3rd December 2009 Partner
Membership No. - 76980
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Rollatainers Ltd. குறித்த கூடுதல் தகவல்களை
-
Rollatainers Ltd. டூல்ஸ்
- பல்க் டீல்ஸ்
-
Rollatainers Ltd. நிறுவன தகவல்கள்
- நிறுவன சுயவிவரம்
- நிறுவன வரலாறு
- நிர்வாக குழு
- மூலதன வடிவம்
- புராடெக்ட் மிக்ஸ்
- வங்கியாளர்/தணிக்கையாளர்/பதிவாளர்
-
நிறுவன வரலாறு
- போனஸ்
- உரிமை
- மும்பை பங்குச் சந்தையில் விலை வரலாறு
- என்எஸ்இ விலை வரலாறு
-
Rollatainers Ltd. முக்கிய நிதியில் விகிதங்கள்
- விகிதங்கள்
-
Rollatainers Ltd. முடிவுகள்
- காலாண்டு முடிவுகள்
- அரையாண்டு முடிவுகள்
- 9 மாத முடிவுகள்
- வருடாந்திர முடிவுகள்
-
Rollatainers Ltd. நிதியியல் தகவல்கள்
- தணிக்கை முடிவுகள்
- பணப்பாய்வு
- இருப்பு நிலைக்குறிப்பு
-
Rollatainers Ltd. அறிக்கை
- கணக்கியல் கோட்பாடுகள்
- தணிக்கையாளர்கள் அறிக்கை
- இயக்குநர்கள் அறிக்கை
- கணக்கு குறிப்புகள்
-
Rollatainers Ltd. கார்ப்பரேட் அறிவிப்புகள்
- புத்தக முடிவு
- ஈவுத்தொகை
- நிர்வாகக் குழுக் கூட்டங்கள்
