Mar 31, 2015
We have audited the accompanying financial Statements of M/s. TAAZA
INTERNATIONAL LIMITED which comprise the Balance Sheet as at 31st March
2015, the statement of Profit & Loss and Cash Flow Statement for the
year ended and a summary of the significant accounting policies and
other explanatory information.
Managements Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made 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 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 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 Board of Directors, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements
Opinion
In our opinion and to the best of our information and according to the
explanations given to us the said accounts read with other notes to
accounts and accounting policies give the information required by the
Companies Act 2013, in the manner so required and give a true and fair
view:-
i) In the case of Balance Sheet of the state of the affairs of the
Company as at 31st March 2015 and
ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended on that date.
iii) In the Cash Flow statement of the Cash Flow 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 in terms of Section 143(11) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion proper books of accounts as required by the law have
been kept by the company so far as appears from our examination of
these accounts.
c. The company's Balance Sheet and Statement of Profit & Loss and Cash
Flow Statement dealt with by the report are in agreement with the books
of accounts.
d. In our opinion the Balance Sheet and Statement of Profit & Loss and
Cash Flow Statement comply with the accounting standards referred to
section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e. On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
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 does not have any pending litigations
ii. The Company 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 Company
Annexure to the Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the Year ended 31
March 2015, we report that:
i. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets. b. The Company has a regular programme of physical verification
of its fixed assets by which fixed assets are verified in a phased
manner. In accordance with this programme, certain fixed assets were
verified during the year and no material discrepancies were noticed on
such verification. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and
the nature of its assets.
ii. a. According to the information and explanations given to us, the
management has conducted physical verification of inventories at
reasonable intervals during the year. In our opinion, the frequency of
verification is reasonable.
b. In our opinion and according to the information and explanations
given to us, the procedures followed by the management for physical
verification of inventories are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventories.
As per the information and explanation given to us, no material
discrepancies were noticed on physical verification.
iii. The Company has not granted any loans to bodies corporate covered
in the register maintained under section 189 of the Companies Act, 2013
('the Act').
iv. In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control system
commensurate with its size and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act, for any of the services
rendered by the Company.
vii. According to the information & explanations given to us in respect
of the statutory dues:
a) undisputed statutory dues including Investor Education and
Protection Fund, Employees' State Insurance, Sales Tax, Wealth Tax,
Customs Duty, Excise Duty, Cess, and any other material statutory dues
have been generally regularly deposited with the appropriate
authorities.
b) There were no undisputed amounts payable in respect of provident
fund, investor education and protection fund, employees' state
insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess and any other material statutory dues in
arrears as at March 31,2015 for a period of more than six months from
the date they became payable except the dividend and dividend
distributable tax payable for the F.Y.2010-11. The details are as
follows
S. Particulars Amount(Rs) Statute
No.
1 Dividend payable 5,123,047.00 Sec205 of companies
act
2 Dividend Distributable
tax payable 1,205,481.00 Sec115of Income Tax
act
c) According to the information and explanations given to us, there are
no material dues of sales tax, service tax and value added tax, wealth
tax, duty of customs and cess which have not been deposited with the
appropriate authorities on account of any dispute. However, according
to information and explanations given to us, the following dues of
income tax not been deposited by the Company on account of disputes:
Particulars Demand U/s Period to
which the
amount relates
Income Tax 143(3) A.Y.2012-13
Act, 1961
Particulars Forum where the Amount in Rs.
dispute is
pending
Income Tax Commissioner of 3,31,76,640
Act, 1961 income tax Appeals (3)
viii. The Company has no accumulated losses at the end of the financial
year and has not incurred cash losses in the financial year and in the
immediately preceding financial year.
ix. The Company has no outstanding dues to the banks and financial
institutions.
x. In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
xi. The Company has not availed the term loans from banks and
financial institutions.
xii. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For M M REDDY & CO.,
Chartered Accountants
Firm Registration No.010371S
Sd/-
Place : Hyderabad M. Madhudhana Reddy
Partner
Date : May 29th 2015 Membership No.213077
Mar 31, 2014
We have audited the accompanying financial Statements of M/s Taaza
International Limited which comprise the Balance Sheet as at 31st March
2014, The statement of Profit & Loss Account and the cash flow
Statement for the year ended, and a summary of the significant
accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companies management is responsible for 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 standards referred to in Sub-section (3C) of section 211
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 misstatements, whether
due to fraud or error.
Auditors Responsibility
We have audited the attached Balance Sheet of M/s Taaza International
Limited, Hyderabad as at 31st March 2014, the Profit & 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 conducted our audit in accordance with auditing standards generally
accepted in India. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. An audit includes
examining on 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 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 said accounts read with other notes to
accounts and accounting policies give the information required by the
Companies Act 2013, in the manner so required and give a true and fair
view:-
i) In the case of Balance Sheet of the state of the affairs of the
Company as at 31st March 2014 and
ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended on that date.
iii) In the Cash Flow statement of the Cash Flow for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order,2003 ("the
Order") issued by
the Central Government 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.
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, 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, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
ANNEXURE TO THE AUDITOR''S REPORT
Annexure to the Auditors'' Report (referred to in paragraph 3 of our
Report of even date to the Members of Taaza International Limited for
the year ended March 31, 2014)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Fixed Assets have been physically verified by the management and,
in our opinion, the verification is reasonable having regard to the
size of the company and the nature of its assets. There is no
discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
2. (a) The inventory excluding materials in transit, has been
physically verified by the management during the year. In our opinion,
the frequency of the verification is reasonable.
(b) In our opinion, procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. In our
opinion, the discrepancies noticed on physical verification of
inventory as compared to the book records were not material and have
been properly dealt with in the books of account.
3. (a) As informed the Company has neither granted nor taken any loans,
secured or unsecured to and from companies, firms or other parties
covered in the register maintained under Section 301 of the Companies
Act, 2013. Accordingly, clauses 4(III) (b) to (d) of the Order are not applicable.
(b) The company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the re register maintained
under Section 301 of the Companies Act, 2013. Accordingly, clauses
4(III) (f) and (g) of the Order are not applicable.
4. On the basis of checks carried out during the course of audit and as
per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fixed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
entered into the register maintained under Section 301 of the Companies
Act, 2013 have been so entered. Accordingly, clause (v)(b) of
paragraph 4 of the Order is not applicable to the company.
b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 2013 and exceeding the value of Rupees five lakhs
in respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of Sections 58A and 58AA of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 209 (i)
(d) of the of the Companies Act, 2013 in respect of the Company''s
nature of business.
9. According to the information & explanations given to us in respect
of the statutory dues:
a) undisputed statutory dues including Investor Education and
Protection Fund, Employees'' State Insurance, Sales Tax, Wealth Tax,
Customs Duty, Excise Duty, Cess, and any other material statutory dues
have been generally regularly deposited with the appropriate
authorities.
b) There were no undisputed amounts payable in respect of provident
fund, investor education and protection fund, employees'' state
insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty, Cess and any other material statutory dues in
arrears as at March 31,2014 for a period of more than six months from
the date they became payable except the dividend and dividend
distributable tax payable for the F.Y.2010-11. The details are as
follows
S.No. Particulars Amount(Rs) Statute
1 Dividend payable 5,123,047.00 Sec 205 of companies
act, 1956
2 Dividend
Distributable tax 1,205,481.00 Sec 115 of Income
payable Tax act, 1961
10. The company does not have the accumulated losses as at the end of
the financial year and it has not incurred any cash losses during the
current financial year covered by our audit and the immediately
preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of any outstanding dues to
financial Institutions, Banks or Debenture holders.
12. According to the information and expiations given to us, the
Company has not granted loans and advances 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 or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Order are not applicable to the Company.
14. The company is not in the business of dealing or trading in shares,
securities, debenture and other instruments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. The company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The company has not taken term loans from banks.
17. In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
company, we report that funds raised on short term basis have, prima
facie, not been used during the year for long term investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 2013.
19. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
20. During the year the company has not raised money through the Public
Issue, the utilization of funds does not arise.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For M M REDDY & CO.,
Chartered Accountants
Firm Registration No.010371S
Sd/-
M Madhusudhana Reddy
Partner
Place: Hyderabad Membership No.213077
Date : 30.05.2014
Mar 31, 2010
1. We have audited the attached Balance Sheet of ARUJYOTI ENTERPRISES
LIMITED, as at March 31, 2010, the Proft and Loss Account and also the
related Cash Flow Statement for the year ended on that date annexed
thereto. These fnancial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these fnancial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
fnancial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the fnancial statements. An audit also includes
assessing the accounting principles used and signifcant estimates made
by management, as well as evaluating the overall fnancial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended (Ãthe Order) issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Companies Act, 1956
(the Act), we enclose in the Annexure, a statement on the matters
specifed in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) 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;
(ii) 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;
(iii) The Balance Sheet, Proft and Loss Accounts and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Proft and Loss Accounts 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 Act.
(v) On the basis of written representations received from the
directors, as on March 31, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualifed as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Act.
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts together with the notes
thereon 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010;
(b) In the case of Proft and Loss Account, of the proft for the year
ended on that date; and
(c) In the case of the Pre-Operative Expenses Statement, the Expenses
for the year ended on that date;
Annexure to the Auditors Report (referred to in paragraph 3 of our
Report of even date to the Members of ARUJYOTI ENTERPRISES LIMITED for
the year ended March 31, 2010)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fxed assets.
(b) Fixed Assets have been physically verifed by the management and, in
our opinion, the verifcation is reasonable having regard to the size of
the company and the nature of its assets. There is no discrepancies
were noticed on such verifcation.
(c) No substantial part of fxed assets has been disposed off during the
year.
2. (a) The inventory excluding materials in transit, has been
physically verifed by the management during the year. In our opinion,
the frequency of the verifcation is reasonable.
(b) In our opinion, procedures of physical verifcation of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and nature of the its business.
(c) On the basis of our examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. In our
opinion, the discrepancies noticed on physical verifcation of inventory
as compared to the book records were not material and have been
properly dealt with in the books of account.
3. (a) As informed the Company has neither granted nor taken any
loans, secured or unsecured to and from companies, frms or other
parties covered in the register maintained under Section 301 of the
Companies Act, 1956. Accordingly, clauses 4(III) (b) to (d) of the
Order are not applicable.
(b) The company has not taken any loans, secured or unsecured, from
companies, frms or other parties covered in the re register maintained
under Section 301 of the Companies Act, 1956. Accordingly, clauses
4(III) (f) and (g) of the Order are not applicable.
4. On the basis of checks carried out during the course of audit and
as per explanations given to us, we are of the opinion that there are
adequate internal control procedures commensurate with the size of the
company and the nature of its business; for the purchases of inventory
and fxed assets and for the sale of goods. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, we are of the opinion that the transactions that need to
entered into the register maintained under Section 301 of the Companies
Act, 1956 have been so entered. Accordingly, clause (v)(b) of paragraph
4 of the Order is not applicable to the company.
b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees fve lakhs in
respect of each party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits within the
meaning of Sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. To the best our knowledge and as explained, the Central Government
has not prescribed maintenance of cost records under Section 209 (i)
(d) of the of the Companies Act, 1956 in respect of the Companys
nature of business.
9. (a) According to the records of the company, the company is regular
in depositing undisputed statutory dues including provident fund,
employees state insurance, Income Tax, Wealth Tax, Customs Duty,
Excise duty, cess and other material statutory dues applicable at the
end of the year for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there
are no income tax, wealth tax, sales tax, customs duty and excise duty,
which have not been deposited on account of any dispute. There were no
dues on account of cess under 441A of the Companies Act 1956, since the
date from which the aforesaid section comes into force has not yet been
notifed by the Central Government.
10. The company does not have the accumulated losses as at the end of
the fnancial year and it has not incurred any cash losses during the
current fnancial year covered by our audit and the immediately
preceding fnancial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company did not have any outstanding dues to fnancial Institutions,
Banks or Debenture holders.
12. According to the information and expiations given to us, the
Company has not granted loans and advances 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 or a nidhi / mutual
benefit fund / society.
Therefore, the provisions of clause 4(xiii) of the Order are not
applicable to the Company.
14. The company is not in the business of dealing or trading in
shares, securities, debenture and other instruments. Accordingly, the
provisions of clause 4(xiv) of the Order are not applicable to the
Company.
15. The company has not given any guarantee for loans taken by others
from banks or fnancial institutions.
16. The company has not taken term loans from banks.
17. Based on our examination of the balance sheet of the company as at
31.03.2010, since there is no loans availed by the company, the
utilization of funds does not arise.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. During the year covered by our audit report, the Company does not
have any outstanding debentures during the year.
20. During the year the company has not raised money through the
Public Issue, the utilization of funds does not arise.
21. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For M.M. REDDY & CO.,
Chartered Accountants
Firm Reg. No. 010371S
Sd/-
(M. Madhusudhan Reddy)
Proprietor
Membershipo no : 213077
Place : Secunderabad
Date : 14.06.2010