We have audited the accompanying financial statements of Twin Roses
Trades & Agencies Limited, ("the Company") which comprise the Balance
Sheet as at March 31, 2014, and the Statement of Profit and Loss and
Cash Flow Statements for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's 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 notified under the Companies
Act, 1956 (the Act), read with the General Circular 15/2013 dated 13th
September,2013 of the ministry of corporate affairs in respect of
Section 133 of the Companies Act,2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.We conducted our audit in accordance with
the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 March 31, 2014;
(li) in the case of the Statement of Profit and Loss, of the Profit 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") issued by the Central Government of India in terms of Section
227(4A) 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 sub-section (3) of section 227 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 appears from our examination of
those books;
c. The Balance Sheet and the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d. In our opinion, the Balance Sheet and the Statement of Profit and
Loss and the Cash Flow Statements comply with the Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013;
e. On the basis of the written representations received from the
directors as on March 31. 2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014
from being appointed as a director in terms of section 274 (1) (g) of
the Act.
ANNEXURE TO AUDITORS' REPORT
(Referred to in paragraph 1 under the "Report on other Legal and
Regulatory Requirements" section of Our report of even date of Twin
Roses Trades & Agencies Limited for the year ended March 31, 2014)
1. In respect of its 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, the fixed assets have been physically verified
by the management during the year.
c) As per the information and explanations given to us, during the
year, the Company has not disposed off any substantial part of fixed
assets that would affect the going concern.
2 Since the Company does not have any inventories during the year under
report, clause (ii) of the Paragraph 4 of Order is not applicable.
3 (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Therefore, the
provisions of clause (lii) (a),(b), (c) & (d) of paragraph 4 of the
Order is not applicable to the Company.
(b) The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Therefore, the
provisions of clause (iii) (e), (f) and (g) of paragraph 4 of the Order
is not applicable to the Company.
4 In our opinion and according to the information and explanations
given to us, there is adequate internal control procedure commensurate
with the size of the Company and nature of its business. During the
course of audit, we have not observed any major weaknesses in internal
controls. However during the year there is no purchase of Inventories
and Fixed Assets and sales of goods and services.
5 According to the information and explanations given to us, there are
no contracts or arrangements that need to be entered in the register
maintained under section 301of the Companies Act, 1956
6 The company has not accepted any deposits from the public and
consequently the provisions of section 58A and 58AA or any other
relevant provisions of the Act and the rules framed there under and the
directives issued by the Reserve Bank of India are not applicable.
7 In our opinion, the Company has an internal audit system commensurate
with the size and nature of its business.
8 To the best of our knowledge and according to the information and
explanations given to us Central Government has not prescribed
maintenance of Cost records under section 209 (1) (d) of the Companies
Act, 1956.
9 (i) According to records of the Company undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Saies-Tax, Wealth-Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other statutory dues,
wherever applicable, have been regularly deposited with the appropriate
authorities. According to the information and explanations given to
us , no undisputed amounts payable in respect of the aforesaid dues as
at 31st March,2014 for a period of more than six months from the date
the became panable
(ii) According to the information and explanation given to us, there
are no dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service
Tax, Excise Duty and Cess, which have not been deposited on account of
dispute.
10 The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11 The Company has not borrowed any amounts from financial
institutions, banks or by way of debentures during the year under
audit.
12 In our opinion and according to the explanations given to us and
based on the information available no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
13 In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund / society. Therefore, clause (xiii) of paragraph 4 of the
Companies (Auditor's Report) Order 2003 is not applicable to the
Company.
14 The Company has maintained proper records of transaction and
contracts and made timely entries therein in respects of investments
made by the Company. The Company's investments are held in its own
name.
15 The Company has not given any guarantees for loans taken by others
from banks or financial institutions.
16 The Company has not taken any term loans during the year.
17 According to information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
the Company has not raised short-term funds during the year.
18 During the year, the Company has not made any preferential allotment
of shares to a parties and companies covered in the register maintained
under section 301 of the Companies Act, 1956.
19 The Company has not raised any monies by way of debentures during
the year.
20 The Company has not raised any monies by way of public issue during
the year.
21 As per the information and explanation given to us, no fraud on or
by the Company has been noticed or reported during the year.
For N.B.Thakore & Co.
chartered Accountant
(Registration No.110929W)
NMISH B. THAKORE
Proprietor
PLACE : MUMBAI Membership No.34767
DATED: 30.05.2014 |