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History of Roselabs Industries Ltd.

ROSELABS LTD. has taken over all the assets and liabilities at its depreciated value as per Income Tax, without any revaluation of assets of running unit of group viz. M/s. Roselabs w.e.f. 22.10.92, which was engaged in the manufacturing of vat paste. The whole consideration of Rs.3,36,181/- has been paid to Mrs. Rosy Agrawal in cash. At the time of takeover of firm, no litigation/contingent liabilities of firm was pending. As the whole firm was taken over by company, the firm was automatically dissolved on that date. The consent of Bankers of company, State Bank Of Saurastra, Bhadra Branch, Ahmedabad has obtained & all the credit facilities enjoyed by firm has been transferred by Bank on the same date to the company.

ROSELABS LIMITED was incorporated as a Public Ltd Comp. under the Companies Act, 1956 on 8th May, 1992 with a main object of manufacturing vat paste, vat powder, textile dyes, textile auxiliaries, intermediates etc.

Roselabs Limited is not facing any labour problems & had never faced such problems in its history even in the Proprietary concern M/s. Roselabs.

The Comp. doesn't have any outstanding litigation & disputed tax liability of any nature which can affect the operation & finance of Comp. as on date.

No criminal prosecution had been launched against the Comp. & Directors for alleged offenses under the enactments specified in paragraph i of Part i Schedule XIII of Companies Act, 1956.

The Comp. has not defaulted in any of statutory & institutional dues towards dues to the Deposit Holders or Debenture Holders. In all other sister concerns also where Directors are interested no such above referred defaults are made.

The Comp. had neither faced nor is facing any labour problems in its unit.

MAIN OBJECTS OF THE COMPANY

The main object of Comp. as set out in the Memorandum of Association, inter alia, including the following:

To carry on the business as manufacturer representatives, exporters, importers, dealers, traders, stockists, suppliers. consignors, consignees, factors, agents, purifiers, packers, repackers, of all classes & kinds of chemicals, including vat paste, vat powder, pigments, pigment binders, binding, wetting & whitening agents, soda, detergents, textile dyes textile auxiliaries, intermediates derivatives, compounds, colours, sizing & dyeing materials.

Important Notes On Accounts:

1. Inventories have been taken as physically verified & certified by management & valued at cost.

2. Balance of sundry creditors, debtors & loans & advances are subject to confirmation from the parties, & necessary adjustment, if any, will be made on its reconciliation.

3. Depreciation on Fixed Assets have been provided on the Straight Line Method as per rates prescribed in Schedule XIV of Companies Act, 1956.

2008

-Company name has been changed from Roselabs Ltd to Roselabs Industries Ltd.