Mar 31, 2015
We have audited the accompanying standalone financial statements of
Tentiwal Wire Products Limited ("the Company"], which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss
Statement, the Cash Flow Statement 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 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 and presentation of these financial statements that
give true and fair view of the financial position, financial
performance and cash flow of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Companies
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 provision 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 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
thereunder.
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 disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessments of
the risk 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 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 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 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 standalone 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 of the state of affairs of the Company as
at March31,2015, and its profit and its 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 the Government of India in terms of sub-
section (11)of Section 143 of the Act,we give in the annexure a
statement on the matters specified in the paragraphs 3 and 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 explanation
which to the best of our knowledge and beliefs 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, the Statement of Profit and Loss and 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 March 31, 2015,and taken on record by the Board of
directors, none of the directors is disqualified as on March 31,
2015,from being appointed as a director in terms of Sections 164(2) of
the Act.
(f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors)Rules,2014:
(i) The Company does not have any pending litigations which would
impact its financial position.
(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 required to be transferred by the
Company to the Investor Education and Protection Fund.
Annexure to the Auditor's Report
[Referred to in paragraph 1 under Report on Other Legal and Regulatory
Requirements of our Report of even date to the members of Tentiwal Wire
Products Limited on the accounts of the company for the year ended 31st
March, 2015)
On the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of
our audit, we report that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by
them during the year in accordance with the regular programme of
verification adopted by them which, in our opinion, provides for
physical verification of all the fixed assets at reasonable intervals.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(ii) In respect of its inventory:
(a) As explained to us, the inventories of finished goods,
semi-finished goods, stores, spare parts and raw materials were
physically verified at regular intervals by the Management.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the Management were 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 has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) In respect of loans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies Act,
2013:
According to the information and explanations given to us, the Company
has not granted any loans to companies, firms or other parties covered
in the Register maintained under Section 189 of the Companies Act,
2013.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory, 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 internal
control.
(v) The company has not received any public deposits during the year.
(vi) We have broadly reviewed the cost records maintained by the
Company pursuant to the Rules made by the Central Government under
Section 148 (1) of the Companies Act, 2013 and are of the opinion that
prima facie the prescribed cost records have not properly made and
maintained. We have, however, not made a detailed examination of these
records with a view to determining whether they are accurate or
complete.
(vii) In respect of statutory dues:
(a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
employees state insurance (ESI), Income-tax, Tax deducted at sources,
Tax collected at source, Professional Tax, Sales Tax, value added tax
(VAT), Service Tax, Excise Duty, Cess and other material statutory dues
applicable to it, with the appropriate authorities.
(b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Income-tax, Custom
Duty, Excise Duty, Sales-tax, VAT, Cess and other material statutory
dues in arrears/were outstanding as at 31 March, 2015 for a period of
more than six months from the date they became payable.
(c) There were no amounts which required to be transferred by the
company to the Investor Education and Protection Fund.
(viii) The company does not have the accumulated losses at the end of
financial year. The company has not incurred any Cash losses during the
financial covered by our Audit and the immediately preceding financial
year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(x) In our opinion, and according to the information and the
explanation given to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year;
(xi) The Term loans taken by the company have been applied for the
purpose for which they were raised.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For B. B. Agrawal & Co.
Chartered Accountants
(FRN.000597C)
Place : Mathura
Date : 30/05/2015 Sd/-
(B.B.Agrawal)
(Partner)
Membership No. 015698
Mar 31, 2014
We have audited the accompanying financial statements of M/s Tentiwal
Wire Products Limited , which comprise the Balance Sheet as at March
31, 2014 and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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, 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. 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 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 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 entity''s
internal control. 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 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit/loss for
the year ended on that date; and
c) 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, 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 purpose 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, Statement of Profit and Loss, and 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 Cash Flow Statement comply with the Accounting Standards notified
under the Companies Act, 1956 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 written representations received from the directors
as on March 31, 2014, and 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 clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
The Annexure referred to in paragraph 1 of Our Report on Other Legal
and Regulatory Requirements.
We report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, certain fixed asset has been disposed off during the year
however this does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) The Company has not granted any loans secured or unsecured to
company & firms listed in the register maintained U/s 301 of the
companies act.
(b) According to the information given to us unsecured loan of Rs.
46,50,000.00 has been taken by the company from ten parties covered in
the register maintained u/s 301 of the Act. The Loan is free of
Interest. The maximum Amount involved during the year and the year end
balance was Rs. 46,50,000.00 to the parties listed in the register
maintained under Section 301 of the Act are not, prima facie,
prejudicial to the interest of the Company. According to new companies
act, Company will refund the amount to these parties on or before due
date. These parties name as given below:-
Name Amount
(i) Deepti Tentiwala 6,00,000.00
(ii) Aushotosh Jaitly 9,00,000.00
(iii) Saurabh Agrawal 3,90,000.00
(iv) Meenu Jaitly 5,00,000.00
(v) Kamlesh Jaitly 5,00,000.00
(vi) Om Prakash Pachuri 1,50,000.00
(vii) Bharat Bhushan 2,00,000.00
(viii) Luceentt Metal Industries 10,80,000.00
(ix) Hariom Sharma 2,00,000.00
(x) Ashok Kumar Agrawal HUF 1,30,000.00
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have not been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956. However,
Unsecured Loan from shareholder has accepted by Company. So, decided by
the management will allot the share from before the due date.
7. In our opinion, the Company has an internal audit system
commensurate with its size and the nature of its business by internal
officer team to company.
8. As per information & explanation given by the management,
maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act. Requirement of company''s act, the Company will follow cost
compliance report.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 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 is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty, whichever applicable, which
have not been deposited on account of any disputes.
10. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given by the management, we are of the opinion that, the Company has
not defaulted in repayment of dues to a financial institution, bank or
debenture holders, as applicable to the company.
12. According to the information and explanations 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. The Company is not a chit fund or a nidhi/mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order is not applicable to the Company.
14. According to information and explanations given to us, the Company
is dealing or trading in Shares, securities, debentures and other
investments. The company is dealing in demate shares from which company
has got profit of Rs. 16,266.43/-.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, the term loans have been applied for the purpose for which
they were raised.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year to
parties and companies covered in the register maintained under section
301 of the Companies Act.
19. The Company has not issued any secured outstanding debentures
during the period.
20. The Company has issued 1630000 equity share of 10 Rs. each along
with 3 Rs. each security premium amounting to Rs. 2,11,90,000/- by
public issue during the year.
21. According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year, nor have we been informed of such case by the
management.
For Prakash Shri Krishan and Company
Chartered Accountants
FRN: 006182C
SD/-
Shri Krishan Verma
Date: 29th May, 2014 Partner
Place: Mathura Membership No. 074187
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