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
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
(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
(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
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
(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,
(vii) In our opinion the company has a proper and effective internal
audit system commensurating with the size and the nature of its
(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.