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Auditor Report of Time Technoplast Ltd.

Mar 31, 2015

(1) We have audited the accompanying standalone financial statements of TIME TECHNOPLAST LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information..

Management''s Responsibility for the Financial Statements

(2) 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 financial statements to give 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 provision 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 free from material misstatement , whether due to fraud and error.

Auditors'' Responsibility

(3) Our responsibility is to express an opinion on these standalone financial statements based on our audit.

(4) We have taken into account the provision of the Act and the Rules made there under including the accounting standards and matters which are required to be included in the audit report.

(5) We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncement issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

(6) 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 the 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 accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.

(7) 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

(8) 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, of the state of affairs of the Company as at March 31, 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

(9) As required by the Companies (Auditor''s Report) Order, 2015, issued by the Central Government of India in terms of sub – section (11) of Section 143 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

(10) As required by section 143(3) of the Act, we report that :

(a) we have sought and 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, 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 aforesaid standalone 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 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 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 knowledge and belief and according to the information and explanations given to us :

i) The Company has disclosed the impact of pending litigations as at March 31, 2015 on its financial position in its

financial statements. ii) The Company has made provision as at March 31, 2015, as required under the applicable law or accounting

standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts. iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by The Company during the year ended March 31, 2015.

ANNEXURE TO INDEPENDENT AUDITORS'' REPORT

Referred to in paragraph 9 of the Independent Auditors'' Report of even date to the members of Time Techno last Limited on the Standalone financial statements as of and for the year ended March 31, 2015

1. a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

b) The fixed assets are physically verified by the management at the end of the year and no material discrepancies have been noticed on such verification.

2. a) The inventory has been physically verified by the management at reasonable intervals during the year. Inventory lying with third parties and in transit have been verified by the management with reference to the confirmations received from them and/or subsequent receipt of goods.

b) In our opinion , the procedures for physical verification of inventories 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. No material discrepancies were noticed on physical verification of inventories as compared to book records.

3. The Company has granted unsecured loans to companies covered in the register maintained under Section 189 of the Act. The company has not granted any secured/unsecured loans to firms or other parties covered in the register maintained under Section 189 of the Act.

a. In respect of the aforesaid loans, the parties are repaying the principal amounts, as stipulated, and are also regular in payment of interest as applicable.

b. In respect of the aforesaid loans, there is no overdue amount more than Rupees One Lakh.

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor we have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. The Company has not accepted any deposits within the meaning of Sections 73 and 76 of the Act and the rules framed there under to the extent notified.

6. We have broadly reviewed the books of account maintained by the company in respect of products where, pursuant to the rules made by the Central Government of India, the maintenance of cost records has been specified under sub-section (1) of Section 148 of the Act, and are of opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

7. (a) According to the information and explanation given to us and the records of the Company examined by us , in our opinion, the Company is regular in depositing the undisputed statutory dues, including provident fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and other material statutory dues, as applicable, with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of sales tax including value added tax, Income tax, service tax, duty of customs and duty of excise as at 31st March 2015 which have not been deposited on account of a dispute ,are as follows::

Forum where the Dispute is pending Name of Statute (Rs,in Lacs) Financial Year to which amount relates

Income Tax Appellate Tribunal - Mumbai Income Tax Act 1961 1.95 2004-05

Income Tax Appellate Tribunal - Mumbai Income Tax Act 1961 58.29 2009-10

Commissioner of Income Tax Appeal Income Tax Act 1961 - Mumbai 39.01 2008-09

Commissioner of Income Tax Appeal Income Tax Act 1961 - Mumbai 78.42 2010-11

Commissioner of Income Tax Appeal Income Tax Act 1961 122.30 2011-12

High Court, Hyderabad Sales tax 2.95 2002-03

Central Excise and Central Excise Act Service Tax 1944 4.57 2002-2003 Appellate Tribunal - Mumbai

Commissioner of Central Excise - Central Excise Act 3.77 2004-05 To Daman 1944 2006-07

(c) There are no amounts that are due to be transferred to the Investor Education and Protection Fund.

8. The Company has no accumulated losses at the end of the financial year and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

9. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the balance sheet date.

10. In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the company for loan taken by subsidiaries and joint ventures company from banks or financial institutions are not prejudicial to the interest of the Company.

11. In our opinion and according to the information and explanations given to us, in our opinion, the term loans have been applied, on an overall basis, for the purposes for which they were obtained.

12. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the Management

For RAMAN S. SHAH & ASSOCIATES.,

Chartered Accountants

(FRN No 119891W)



Bharat C. Bhanderi

Place: Mumbai Partner

Date : May 30, 2015 Membership No 106122


Mar 31, 2014

We have audited the accompanying financial statements of TIME TECHNOPLAST LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement of the Company for the year ended and a summary of the significant accounting policies and other explanatory information, Which we have signed under reference to this report.

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 of India (the "Act") read with the General Circular No.15/2013 dated September 13, 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.

Auditors'' 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 and other applicable authoritative pronouncement issued by the Institute of Chartered Accountants of India. Those Standards require that we com ply with the 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 the 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 the 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 accompanying 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 31st March, 2014;

(b) in the case of the Statement of Profit and Loss, of the profit of the Company 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'', as amended by ''the Companies (Auditor''s Report) (Amendment) order, 2004'', issued by the Central Government of India in terms of sub - section (4A) of Section 227 of the Act (hereinafter referred to as the "Order"), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the nformation and explanations given to us, 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 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, 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this report comply with the Accounting Standards notified under the Act read with the General Circular No. 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies 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 clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE TIME TECHNOPLAST LIMITED

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

1. a] The Company has maintained proper records showing fuLL particulars including quantitative details and situation of fixed assets.

b] The fixed assets have been physically verified by the management at the end of the year and according to the information and explanations given to us, no discrepancies were noticed on such verification.

c] During the year, no substantial part of the fixed assets has been disposed off by the Company.

2. a] The inventory has been physically verified by the management at reasonable intervals during the year. Inventory lying with third parties and in transit have been verified by the management with reference to the confirmations received from them and/or subsequent receipt of goods.

b] Inouropinionand according to the information and explanations given to us, the procedures for physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c] The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verification of inventories as compared to book records.

3. The Company has not taken or granted any loans, secured or unsecured, from / to companies, firms or other parties covered in the register maintained under Section 301 of the Act.

k. In our opinion and according to the information and explanations given to us, having regard to the explanations that purchase & sale of certain items of fixed assets and inventory are of special nature for which suitable alternative sources do not exist for obtaining comparative quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor we have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. (a] According to the information and explanation given to us, the transactions that need to be entered in the register maintained undersection 301 of the Companies Act, 1956, have been so entered.

[b] According to the information and explanation given to us, the Company has purchased and sold goods & obtained service in excess of Rs. 5, 00,000 in value to companies in which Directors are interested as listed in the Register maintained undersection 301 of the Companies Act, 1956 and the prices received are reasonable as compared to the prices of similar items sold to other parties.

6. The Company has not accepted any deposits within the meaning of Sections 58A and 58AA or any other relevant provisions of the Act and rules framed thereunder.

7. In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of its business.

8. On the basis of records produced, we are of the opinion that prima-facie, cost records and accounts prescribed by the Central Government under Section 209 (1) (d] of the Act have been maintained . However, we are not required to and thus have not carried out any detailed examination of such accounts and records, with a view to ascertain whether these are accurate and complete .

9. (a] The Company is regular in depositing undisputed statutory dues including Provident Fund , Investor Education and Protection Fund, Employees'' State Insurance , Income Tax , Sales Tax , Service Tax , Customs Duty , Excise Duty Cess and other material statutory dues applicable to the Company with the appropriate authorities . No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financial year for a period of more than six months from the date they became payable.

[c] According to the information and explanations given to us , particulars of outstanding dues of sales - tax, income - tax, wealth tax, service tax, customs duty, excise duty and cess not deposited as they are disputed by the Company details are given below :

Forum where the Dispute is pending Name of Statute
Income Tax Appellate Tribunal - Mumbai Income Tax Act 1961 1.95 2004-05

Commissioner of Income Tax Appeal - Mumbai Income Tax Act 1961 58.29 2009-10

Commissioner of Income Tax Appeal - Mumbai Income Tax Act 1961 39.01 2008-09

Commissioner of Income Tax Appeal - Mumbai Income Tax Act 1961 19.82 2010-11

High Court, Hyderabad Sales tax 2.95 2002-03

Central Excise and Service Tax Appellate Tribunal- Central Excise Act 1944 4.57 2002-2003 Mumbai

Commissioner of Central Excise - Daman Central Excise Act 1944 3.77 2004-05 To 2006-07

10. The Company neither has any accumulated losses at the end of the financial year nor has it incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

11. The Company has not defaulted in repayment of dues to banks, financial institution.

12. According to the information and explanations given to us and based on documents produced to us, the Company has not granted any loans and advances on the basis of security byway of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a n id hi 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 a dealer or trader in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv] of the order are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the terms and conditions on which the Company has given guarantees for loans taken by subsidiaries and joint ventures company from banks or financial institutions are not prejudicial to the interest of the Company.

16. According to the information and explanations given to us, in our opinion, the term loans were used for the purpose for which the same were obtained.

17. According to the information and explanations given to us and on an overall examination of the cash flow statement and balance sheet of the Company, in our opinion, the funds raised on short term basis have not been used for long term investments.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered and recorded in the Register maintained under Section 301 of the Act .

19. The Company has not issued any debentures .

20. The Company has not raised any money byway of public issue during the year or in the recent past.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.

For RAMAN S. SHAH & ASSOCIATES.,

Chartered Accountants

IFRN No 119891W)

BHARAT C. BHANDARI Place: Mumbai Partner

Date : 29.05.2014 Membership No. 106122


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying fnancial statements of TIME TECHNOPLAST LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2013, the Statement of Proft and Loss and the Cash Flow Statement of the Company for the year then ended and a summary of the signifcant accounting policies and other explanatory information

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these fnancial statements that give a true and fair view of the fnancial position, fnancial performance and cash fows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the fnancial 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 fnancial 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 the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fnancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the fnancial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the fnancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control relevant to the Company''s preparation and fair presentation of the fnancial 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 the Management, as well as evaluating the overall presentation of the fnancial statements. We believe that the audit evidence we have obtained is suffcient 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 fnancial 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 31st March, 2013;

(b) in the case of the Statement of Proft and Loss, of the proft of the Company for the year ended on that date, and ( c) in the case of the Cash Flow Statement, of the cash fows 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 sub- section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specifed 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 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, Statement of Proft 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, Statement of Proft and Loss and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act.

(e) On the basis of the written representations received from the directors as on 31st March 2013 taken on record by the Board of Directors, none of the directors is disqualifed as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act.

ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE TIME TECHNOPLAST LIMITED

On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of audit, we state that:

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fxed assets.

b) The fxed assets have been physically verifed by the management at the end of the year and according to the information and explanations given to us, no discrepancies were noticed on such verifcation.

c) During the year, no substantial part of the fxed assets has been disposed off by the Company.

2. a) The inventory has been physically verifed by the management at reasonable intervals during the year. Inventory lying with third parties and in transit have been verifed by the management with reference to the confrmations received from them and/or subsequent receipt of goods.

b) In our opinion and according to the information and explanations given to us, the procedures for physical verifcation of inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business.

c) The Company is maintaining proper records of inventory. No material discrepancies were noticed on physical verifcation of inventories as compared to book records.

3. The Company has not taken or granted any loans, secured or unsecured, from / to companies, frms or other parties covered in the register maintained under Section 301 of the Act.

4. In our opinion and according to the information and explanations given to us, having regard to the explanations that purchase & sale of certain items of fxed assets and inventory are of special nature for which suitable alternative sources do not exist for obtaining comparative quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fxed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor we have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5. (a) According to the information and explanation given to us, the transactions that need to be entered in the register maintained under section 301 of the Companies Act, 1956, have been so entered.

(b) According to the information and explanation given to us, the Company has purchased and sold goods & obtained service in excess of Rs.5, 00,000 in value to companies in which Directors are interested as listed in the Register maintained under section 301 of the Companies Act, 1956 and the prices received are reasonable as compared to the prices of similar items sold to other parties.

6. The Company has not accepted any deposits within the meaning of Sections 58A and 58AA or any other relevant provisions of the Act and rules framed thereunder.

7. In our opinion, the Company has an internal audit system commensurate with the size of the Company and nature of its business.

8. On the basis of records produced, we are of the opinion that prima-facie, cost records and accounts prescribed by the Central Government under Section 209 (1) (d) of the Act have been maintained . However, we are not required to and thus have not carried out any detailed examination of such accounts and records, with a view to ascertain whether these are accurate and complete .

9. (a) The Company is regular in depositing undisputed statutory dues including provident Fund, Investor Education and protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to the Company with the appropriate authorities . No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the fnancial 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, particulars of outstanding dues of sales – tax, income – Tax, wealth tax, service tax, customs duty, excise duty and cess not deposited as they are disputed by the Company, details are given below :

Forum where the Dispute is pending Name of Statute (Rs. in Lacs) Financial Year to which amount relates

Income Tax Appellate Tribunal – Mumbai Income Tax Act 1961 1.95 2004-05

Commissioner of Income Tax Appeal - Mumbai Income Tax Act 1961 3.06 2004-05

Commissioner of Income Tax Appeal - Mumbai Income Tax Act 1961 58.29 2009-10

High Court, Hyderabad Sales tax 2.95 2002-03

Central Excise and Service Tax Appellate Tribunal- Central Excise Act 1944 4.57 2002-2003 Mumbai

Commissioner of Central Excise – Daman Central Excise Act 1944 3.77 2004-05 To 2006-07

10. The Company neither has any accumulated losses at the end of the fnancial year nor has it incurred any cash losses in the fnancial year ended on that date or in the immediately preceding fnancial year.

11. The Company has not defaulted in repayment of dues to banks, fnancial institution.

12. According to the information and explanations given to us and based on documents produced to us, the Company has not granted any 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 beneft fund/society. Therefore, the provisions of clause 4(xiii) of the Order are not applicable to the Company.

14. The Company is not a dealer or trader in shares, securities, debentures and other investments. Therefore, the provisions of clause 4 (xiv) of the order are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the terms and conditions on which the Company has given guarantees for loans taken by subsidiaries and joint ventures company from banks or fnancial institutions are not prejudicial to the interest of the Company.

16. According to the information and explanations given to us, in our opinion, the term loans were used for the purpose for which the same were obtained.

17. According to the information and explanations given to us and on an overall examination of the cash fow statement and balance sheet of the Company, in our opinion, the funds raised on short term basis have not been used for long term investments.

18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered and recorded in the Register maintained under Section 301 of the Act .

19. The Company has not issued any debentures.

20. The Company has not raised any money by way of public issue during the year or in the recent past.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management

For RAMAN S. SHAH & ASSOCIATES.,

Chartered Accountants

(FRN No 119891W)

RAMAN S. SHAH

Place: Mumbai Partner

Date : 28.05.2013 Membership No. 33272


Mar 31, 2010

1. We have audited the attached Balance Sheet of TIME TECHNOPLAST LIMITED as at 31st March, 2010 and also the Profit and LossAccount and the Cash FlowStatement of the Company fortheyearended on that dateannexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financialstatements based on ouraudit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of 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 madebymanagement, as well as evaluating the overall financial statement presentation. We believe thatouraudit providesareasonablebasisfor ouropinion.

3. As required by the Companies (Auditors Report) (Amendment) Order, 2003, issued by the Central Government of India

In terms ofSub-Section(4A)of227ofthe Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph k and 5 of the said orderto the extent applicable.

4. Further to our comments in theAnnexure referred to above, 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 ouraudit.

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 the books.

c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the booksof account.

d. In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement comply with accounting standards referred to in sub-section (3C) of Section 211 of the CompaniesAct, 1956.

e. On the basis of the written representation received from the Directors of the Company as at 31 st March, 2010, and taken on record by the Board of Directors, we report that none of the Directors is disqualified from being appointed as a Director under clause(g) of the Company sub-section(1) of Section 274 of the Companies Act, 1956.

f. In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with Significant Accounting Policies and Notes to Accounts in Schedule Q and those appearing elsewhere in the accounts, give the information required by the Act, in the manner so required and give a true and fairviewin 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, 2010;

ii. In the case of the Profit and Loss Account,of the profit for the year ended on that date and

iii. in the case of the Cash FlowStatement, of the cash flows fortheyearended on that date.

ANNEXURETO THE AUDITORS REPORT ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDIT REPORT OF EVEN DATE TO THE MEMBERS OF TIME TECHNO PLAST LIMITED ON THE ACCOUNTS FOR THEY EARENDED 31st MARCH, 2010.

1. In respect of its fixed assets:

(a) The company is maintaining proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) We were informed that during the year certain items of fixed assets have been physically verified by the Management and there is a regular programme of verification, which in our opinion, is reasonable, having regard to the size of the company and the nature of the fixed assets. No material discrepancies have been noticed in respect oftheassets which have been physicallyverified during theyear.

(c) The Company has not disposed off substantial parts of fixed assets during theyear.

2. In respect of its Inventories:

(a) Physical verification of the inventories of the Company except materials in transit and lying with third parties, has been conducted by the management at reasonable intervals during the year. Materials lying with third parties have been verified by the management with reference to certificates obtained from them and/or other relevant documents.

(b) The procedures of the physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The discrepancies between the physical stocks and book stocks which were not material have been properly dealt within the books of account.

3. According to the information and explanation given to us, the company has not taken or granted any loans secured or unsecured from or to companies, firms or other parties covered by the register maintained under section 301, of the CompaniesAct, 1956 .Consequently, clauses (iii) (a) to (iii) (g) of paragraphs theorderare not applicable.

4. In our opinion and according to the information and explanations given to us, having regard to the explanations that purchase of certain items of fixed assets and inventory are of special nature for which suitable alternative sources do not exist for obtaining comparative quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. Further, on the basis of our examination of the books and records of the Company and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failuretocorrect major weaknesses in the aforesaid internal control system.

(a) According to the information and explanation given to us, the transactions that need to be entered in the register maintained under section 301 of the CompaniesAct, 1956, have been so entered.

(b) According to the information and explanation given to us, the Company has purchased and sold goods & obtained service in excess of Rs.5,00,000 in value to companies in which Directors are interested as listed in the Register maintained undersection 301 of the CompaniesAct, 1956 and the prices received are reasonable as compared to the prices of similar items sold too their parties.

6. The Company has not accepted any deposits from the public within the meaning of Section 58A and 58AA of CompaniesAct, 1956 and the rules framed thereunder.

In our opinion, the Company has an adequate Internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956,forthe products manufactured bythe company.

9. (a) The Company is regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax , Sales Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues applicable to the Company with the appropriate authorities. No undisputed amounts payable in respect of the aforesaid statutory dues were outstanding as at the last day of the financialyearfora period of morethan six monthsfrom the date they became payable.

(b) According to the information and explanations given to us , particulars of outstanding dues of sales tax, income tax, wealth tax, service tax, customs duty, excise duty and cess not deposited as they are disputed by the Company, details are given below:

Forum where the Dispute is pending Name of Statute (Rs. in lacs) Financial year to which amount relates

Income Tax Appellate Tribunal-Mumbai Income Tax Act 1961 9.19 2004-05

IncomeTax Appellate Tribunal-Mumbai Income Tax Act 1961 34.01 2006-07

Commissioner of Income Tax Appeal-Mumbai Income TaxAct 1961 26.04 2003-04

Commissioner of Income Tax Appeal-Mumbai Income Tax Act 1961 138.12 2004-05

Commissioner of Income Tax Appeal-Mumbai Income TaxAct 1961 7.22 2007-08

High Court, Mumbai Income Tax Act 1961 8.19 2000-01

High Court, Hyderabad Sales Tax 2.95 2002-03

Commissioner of Central Excise-Hosur Central Excise Act 1944 0.65 1999-2000

Central Excise and Service Tax Appellate Tribunal-Mumbai Central Excise Act 1944 4.57 2002-2003

Commissioner of Central Excise-Daman Central Excise Act 1944 3.77 2004-05to 2006-07

Central Excise and Service TaxAppellate Tribunal-Chennai Central Excise Act 1944 4.63 2006-07

10. The Company does not have any accumulated losses at the end of the Financial Year and has not incurred cash losses during the Financial Year covered by our audit and the immediately preceding Financial Year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of the dues to financial institutions.banks.

12. Based on our examination of records and the information and explanations given to us, the Company has not granted any 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 Fund or Nidhi/Mutual Benefit Fund/Society. Therefore, the provisions of clause k (xiii) of the Companies (Auditors Report) (Amendment) Order, 2003 are not applicable to the Company.

U. In our opinion and according to information and explanation given to us, the Company is not dealing in or trading in shares, securities, debentures or other investments. Therefore, the provisions of clause k (xiv) of the Companies (Auditors Report) (Amendment) Order, 2003 are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the terms and conditions on which the Company has given guarantees for loans taken by subsidiaries and joint ventures company from banks or financial Institutions are not prejudicial to the interest of the Company.

16. In ouropinion and according to information and explanation given to us, on an overall basis, the term loans have been applied forthe purposes forwhich theywereobtained.

17. According to the information and explanations given to us and on an overall examination of the cash flow statement and Balance sheet of the company, in our opinion, the funds raised on short-term basis have not been applied for long-term purpose.

18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to partiesand companies covered in the register maintained undersection 301 of the Companies Act.

19. The Company has not issued debentures during theyear.

20. The Company has not raised any money by way of public issue during the year.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.

For RAMANS. SHAH & ASSOCIATES Chartered Accountants

RAMANS. SHAH Place: Mumbai Partner

Date : 25th May 2010 Membership No. 33272





 
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