Mar 31, 2023
TIME TECH NOPLAST LIMITED
Report on the Audit of Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of TIME TECHNOPLAST LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2023, the Statement of Profit and Loss (including other comprehensive Income) , the Cash Flow Statement and the statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.
2. 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 Companies Act , 2013 (the ''Act'') in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards (''Ind AS'') specified under section 133 of the Act , of the state of affairs (financial position) of the Company as at March 31, 2023, and its profit (financial performance including other comprehensive income), its cash flows and the change in equity for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act (SAs). Our responsibilities under those standards are further described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (''ICAI'') together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
5. We have determined the matters described below to be the key audit matters to be communicated in our report.
Sr No |
Key Audit Matter |
Auditor''s Response |
|
1. |
Accuracy, Completeness, and disclosure with reference to Ind AS 16 of Property, Plant and Equipment. Peculiarity and technical complexities of Property, Plant and Equipment used in the operations require more attention to ensure reasonable accurateness and completeness of financial reporting in respect of Property Plant and Equipment. |
Principal Audit Procedures Performed Our audit approach consisted of testing of the design and operating effectiveness of the internal controls and substantive testing as follows: a) We assessed the Company''s process regarding maintenance of records, Valuation and accounting of transactions relating to Property, Plant and Equipment as per the Ind AS 16. b) We have evaluated the design of Internal Controls relating to recording and valuation of Property, Plant and Equipment. c) We have carried out substantive audit procedures at financial and assertion level to verify the capitalization of asset as Property, Plant and Equipment. |
Sr No |
Key Audit Matter |
Auditor''s Response |
d) We have verified the maintenance of records and accounting of transactions regarding capital work in progress by carrying out substantive audit procedures at financial and assertion level. e) We have reviewed management judgement pertaining to estimation of useful life and depreciation of the Property, Plant and Equipment in accordance with Schedule II of Companies Act, 2013. |
Information other than the Standalone Financial Statements and Auditor''s Report thereon
6. The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the standalone financial statements and our auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
7. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Ind AS specified under Section 133 of the Act.
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.
8. In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
9. The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements
10. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
11. As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for explaining our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
12. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
13. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
14. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
15. As required by Section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act.
16. As required by the Companies (Auditor''s Report) Order, 2020 (the ''Order'') issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.
17. Further to our comments in Annexure A, as required by Section 143(3) of the Act, we report that:
i. 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;
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 standalone financial statements dealt with by this report are in agreement with the books of account;
iv. in our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under section 133 of the Act.
v. on the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of section 164(2) of the Act.
vi. we have also audited the internal financial controls over financial reporting (IFCoFR) of the Company as on 31 March 2023 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report as per Annexure B expressed an unmodified opinion;
vii. 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 (as amended), 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 on its financial position in the standalone financial statements;
ii) the Company has made provision , 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 31 March 2023;
iv) (a) The management has represented that, to the best of their knowledge and belief, no funds (which are
material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The management has represented, that, to the best of their knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend to or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representation under sub clause (i) and (ii) of Rule 11(e) of The Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above, contains any material misstatement.
v) (a) The final dividend paid by the Company during the year in respect of the previous year is in accordance
with Section 123 of the Act to the extent it applies to payment of dividend.
(b) The Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing annual general meeting. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to the declaration of dividend.
For Shah & Taparia For Shah Khandelwal Jain & Associates
Chartered Accountants Chartered Accountants
(Registration No. 109463W ) (Registration No. 142740W )
Ramesh Pipalawa Ashish Khandelwal
Partner Partner
Membership No. 103840 Membership No. 049278
UDIN: 23103840BGVICE4517 UDIN: 23049278BGVMVZ4232
Place: Mumbai Place: Pune
Date : May 29, 2023 Date : May 29, 2023
Mar 31, 2021
To The Members ofTIME TECHNOPLAST LIMITEDReport on the Audit of Standalone Financial StatementsOpinion
1. We have audited the accompanying standalone financial statements of TIME TECHNOPLAST LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2021, the Statement of Profit and Loss (including other comprehensive Income) , the Cash Flow Statement and the statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.
2. 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 Companies Act , 2013 (the ''Act'') in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards (''Ind AS'') specified under section 133 of the Act , of the state of affairs (financial position) of the Company as at March 31, 2021, and its profit (financial performance including other comprehensive income), its cash flows and the change in equity for the year ended on that date.
3. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act (SAs). Our responsibilities under those standards are further described in the Auditor''s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (''ICAI'') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
5. We have determined the matters described below to be the key audit matters to be communicated in our report.
Sr No |
Key Audit Matter |
Auditor''s Response |
||
1. |
Litigation, Claims and Contingent Liabilities: |
Principal Audit Procedures Performed |
||
(Refer Notes 1(n) and 30A, to the standalone |
⢠|
We understood the processes, evaluated the design and |
||
financial statements) |
implementation of controls and tested the operating |
|||
The Company is exposed to a variety of different laws, regulations and interpretations thereof which encompasses indirect taxation and legal matters. |
effectiveness of the Company''s controls over the recording and re-assessment of uncertain legal positions, claims and contingent liabilities. |
|||
In the normal course of business, provisions and |
⢠|
We held discussions with senior management including |
||
contingent liabilities may arise from legal |
the person responsible for legal and compliance to |
|||
proceedings, including regulatory and other |
obtain an understanding of the factors considered by |
|||
Governmental proceedings, constructive |
management in classification of the matter as ''probable'', |
|||
obligations as well as investigations by authorities |
''possible'' and ''remote''; |
|||
and commercial claims. |
⢠|
Examined the Company''s legal expenses on sample basis |
||
Based on the nature of regulatory and legal cases |
and read the minutes of the board meetings and the |
|||
management applies significant judgement when |
legal compliance committee in order to ensure |
|||
considering whether, and how much, to provide for the potential exposure of each matter. |
completeness. |
|||
Sr No |
Key Audit Matter |
Auditor''s Response |
These estimates could change substantially over time as new facts emerge as each legal case or matters progresses. Given the different views, possible basis the interpretations, complexity and the magnitude of the potential exposures, and the judgement necessary to determine required disclosures, this is a key audit matter |
⢠For those matters where Management concluded that no provision should be recorded, we also considered the adequacy and completeness of the Company''s disclosures made in relation to contingent liabilities. |
|
2. |
Income tax provision, (Refer Notes 1(t),14,20 and 29, to the standalone financial statements) This matter has been identified as a Key Audit Matter due to the significant level of management judgement required in the estimation of provision or income taxes including any write back of provisions, due to the following factors: ⢠Existence of multiple uncertain tax positions leading to multiple disputes / litigations ⢠Provision for tax involves interpretation of various rules and law thereof. It also involves consideration of on-going disputes and disclosures of related contingencies. |
Principal Audit Procedures Performed ⢠Our audit procedures to test uncertain tax positions included understanding processes, evaluation of design and implementation of controls and testing of operating effectiveness of the Company''s controls over provision for taxation, assessment of uncertain tax positions and disclosure of contingencies. ⢠Obtained details of completed tax assessments and demands as of March 31, 2021 from the management. ⢠We discussed with appropriate senior management personnel, independently assessed management''s estimate of the possible outcome of the disputed cases; and evaluated the Management''s underlying key assumptions in estimating the tax provision. ⢠We considered legal precedence and other rulings in evaluating management''s position on these uncertain tax positions, the provisions made, and/or write back of the provisions. ⢠We also involved our direct tax specialist in evaluating management''s assessment for the uncertain tax positions. ⢠For those matters where Management concluded that no provision should be recorded, we also considered the adequacy and completeness of the Company''s disclosures made in relation to contingent liabilities. |
Information other than the Financial Statements and Auditor''s Report thereon
6. The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor''s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
7. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Ind AS specified under Section 133 of the Act. 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.
8. In preparing the financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
9. Those Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Financial Statements
10. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
11. As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for explaining our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
12. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
13. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
14. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
15. As required by Section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act.
16. As required by the Companies (Auditor''s Report) Order, 2016 (the ''Order'') issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.
17. Further to our comments in Annexure A, 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 standalone financial statements 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 Ind AS specified under section 133 of the Act.
(e) on the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2021 from being appointed as a director in terms of section 164(2) of the Act.
(f) we have also audited the internal financial controls over financial reporting (IFCoFR) of the Company as on 31 March 2021 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report as per Annexure B expressed an unmodified opinion;
(g) 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 (as amended), 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 on its financial position in the standalone financial statements;
ii) the Company has made provision , 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 31 March 2021;
For Shah & Taparia For Shah Khandelwal Jain & Associates
Chartered Accountants Chartered Accountants
(Registration No. 109463W ) (Registration No. 142740W )
Ramesh Pipalawa Ashish Khandelwal
Partner Partner
Membership No. 103840 Membership No. 049278
UDIN: 21103840AAAALR2594 UDIN: 21049278AAAAHZ1423
Place: Mumbai Place: Pune
Date : May 28, 2021 Date : May 28, 2021
Mar 31, 2018
Report on the Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of TIME TECHNOPLAST LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including other comprehensive Income) , the Cash Flow Statement and the statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
2. The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act ,2013 (âthe Actâ) with respect to the preparation of these standalone financial statements to give true and fair view of the financial position, financial performance (including other comprehensive income) , cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act. 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.
Auditorsâ 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 thereunder including the accounting standards and matters which are required to be included in the audit report under the provision of the Act and the Rules made thereunder..
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 auditorâs 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 Companyâs 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 Companyâs 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, 2018, and its profit (including other comprehensive income), its cash flows and the change in equity for the year ended on that date.
Other Matter
9. The audited standalone financial statements for the year ended 31 March 2017, was carried out and reported by Raman S. Shah & Associates , vide their unmodified audit report dated 27 May 2017, whose report has been furnished to us by the management and which has been relied upon by us for the purpose of our audit of the standalone financial statements. Our audit report is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
10. As required by the Companies (Auditorâs Report) Order, 2016,(âthe orderâ) issued by the Central Government of India in terms of sub - section (11) of Section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.
11. 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 (including other comprehensive income), the Cash Flow Statement and the statement of change in equity 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.
(e) On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate Report in Annexure B.
(g) With respect to the other matters to be included in the Auditorâs 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, if any, of pending litigations as at March 31, 2018 on its financial position in its standalone financial statements.
ii) The Company has made provision as at March 31, 2018, 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, 2018
Referred to in paragraph 10 of the Independent Auditorsâ Report of even date to the members of Time Technoplast Limited on the Standalone financial statements as of and for the year ended March 31, 2018
i. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b) The fixed assets are physically verified by the management during the year and no material discrepancies have been noticed on such verification.
c) The tile deeds of Immovable property (which are included under Note 2 -âproperty, plant & Equipmentâ) are held in the name of the company.
ii. a) In our opinion , the management has conducted physical verification of inventory at reasonable intervals during the year except for goods in transit and stock lying with third parties . 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. No material discrepancies were noticed on the aforesaid verification.
iii. The Company has granted unsecured loans to companies covered in the register maintained under Section 189 of the Act.
a. In respect of aforesaid loan, the terms and conditions under which such loans were granted are not prejudicial to the Companyâs interest.
b. 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.
c. In respect of the aforesaid loans, there is no amount which is overdue for more than ninety days.
iv. In our opinion and according to the information and explanations given to us, the company has compiled with the provisions of Section 185 and 186 of the companies Act, 2013 in respect of the loans and investment made, and guarantees and security provided by it.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014(as amended). Accordingly, the provision of clause 3 (v) of the order are not applicable to the Company.
vi. 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.
vii. (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, employeesâ state insurance, income tax, sales tax, wealth tax, service tax, Goods and 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, service taxes, and duty of excise as at 31st March 2018 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 |
High Court, Hyderabad |
Sales tax |
2.95 |
2002-03 |
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 |
2004-05 To 2006-07 |
viii. 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 loans or borrowings to any financial institution or bank or government or dues to debenture holders as at the balance sheet date.
ix. In our opinion and according to the information and explanations given to us,the term loans have been applied, on an overall basis, for the purposes for which they were obtained
x. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements 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
xi. Managerial remuneration has been paid and provided by the company in accordance with the requisite approvals mandated by the provision of Section 197 read with Schedule V to the Act.
xii. In our opinion company is not a Nidhi Company. Therefore the provision of Clause 3 (xii) of the order are not applicable to the Company.
xiii. In our opinion all transactions with the related parties are in compliance with the provision of Sections 177 and 188 of the Act, where applicable, and the requisite details have been disclosed in the financial statements etc, as required by the applicable Ind AS .
xiv. During the year, the company has not made any preferential allotment or private placement of shares or fully or partly debentures.
xv. The Company has not entered into any non cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.
xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.
To the Independent Auditorsâ Report of even date to the members of Time Technoplast Limited on the standalone financial statements for the year ended March 31, 2018.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls over financial reporting of Time Technoplast Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
2. The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
6. A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Shah & Taparia For Shah Khandelwal Jain & Associates
Chartered Accountants Chartered Accountants
(Registration No. 109463W) (Registration No. 142740W)
Ramesh Pipalawa Ashish Khandelwal
Partner Partner
Membership No. 103840 Membership No. 049278
Place: Mumbai
Date : May 24, 2018
Mar 31, 2017
To,
The Members of
TIME TECHNOPLAST LIMITED
Report on the Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of TIME TECHNOPLAST LIMITED ("the Companyâ), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss (including other comprehensive Income) , the Cash Flow Statement and the statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Standalone 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 Actâ) with respect to the preparation of these standalone financial statements to give true and fair view of the financial position, financial performance (including other comprehensive income) , cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules , 2015 (as amended) under Section 133 of the Act. 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 under the provision of the Act and the Rules made there under..
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, 2017, and its profit (including other comprehensive income), its cash flows and the change in equity for the year ended on that date.
Other Matter
9. The financial information of the Company for the year ended March 31, 2016 and the transition date opening balance sheet as at April 1, 2015 included in these standalone financial statements, are based on the previously issued statutory financial statements for the years ended March 31, 2016 and March 31, 2015 prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were audited by us, on which we expressed an unmodified opinion dated May 28, 2016 and May 30, 2015 respectively. The adjustments to those financial statements for the differences in accounting principles adopted by the Company on transition have been audited by us.
Report on Other Legal and Regulatory Requirements
10. As required by the Companies (Auditor''s Report) Order, 2016, issued by the Central Government of India in terms of sub -section (11) of Section 143 of the Act (hereinafter referred to as the "Orderâ), 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 B a statement on the matters specified in paragraphs 3 and 4 of the Order.
11. 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 (including other comprehensive income), the Cash Flow Statement and the statement of change in equity 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.
(e) On the basis of the written representations received from the directors as on March 31, 2017 taken on record by the Board of Directors, none of the directors are disqualified as on March 31, 2017 from being appointed as a director in terms of section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate Report in Annexure A.
(g) 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, if any, of pending litigations as at March 31, 2017 on its financial position in its standalone financial statements.
ii) The Company has made provision as at March 31, 2017, 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, 2017
iv) The Company has provided requisite disclosures in the standalone financial statements as to holding as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016, on the basis of information available with the Company. Based on audit procedures, and relying on management''s representation, we report that disclosures are in accordance with the books of accounts maintained by the Company and as produced to us by the Management. - Refer Note 40
Referred to in paragraph 11(f) of the Independent Auditors'' Report of even date to the members of Time Technoplast
Limited on the standalone financial statements for the year ended March 31, 2017.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls over financial reporting of Time Technoplast Limited ("the Companyâ) as of March 31,2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
2. The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Noteâ) and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
6. A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Referred to in paragraph 10 of the Independent Auditors'' Report of even date to the members of Time Technoplast Limited on the Standalone financial statements as of and for the year ended March 31, 2017
i. 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 during the year and no material discrepancies have been noticed on such verification.
ii. 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.
iii. 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 /LLP/other parties covered in the register maintained under Section 189 of the Act.
a. In respect of aforesaid loan, the terms and conditions under which such loans were granted are not prejudicial to the Company''s interest.
b. 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.
c. In respect of the aforesaid loans, there is no amount which is overdue for more than ninety days.
iv. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of the loans and investment made, and guarantees and security provided by it.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 of the Act and the rules framed there under to the extent notified.
vi. 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.
vii. (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, and duty of excise as at 31st March 2017 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 |
58.29 |
2009-10 |
Commissioner of Income Tax Appeal - Mumbai |
Income Tax Act, 1961 |
78.42 |
2010-11 |
High Court, Hyderabad |
Sales tax |
2.95 |
2002-03 |
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 |
2004-05 To 2006-07 |
viii. 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 loans or borrowings to any financial institution or bank or government or dues to debenture holders as at the balance sheet date.
ix. 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
x. 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
xi. The Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provision of Section 197 read with Schedule V to the Act.
xii. As the company is not a Nidhi Company and the Nidhi Rules , 2014 are not applicable to it, the provision of Clause 3 (xii) of the order are not applicable to the Company.
xiii. The company has entered into transaction with related parties in compliance with the provision of Sections 177 and 188 of the Act. The details of such related party transaction have been disclosed in the financial statements as required under Accounting Standard (AS) 18, Related Party Disclosure specified under Section 133 of The Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
xiv. According to the information and explanation given to us and based on our examination of the records, the Company has made preferential allotment of the equity shares during the year under review, in accordance with the provisions of the Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended and Sections 42 and 62 of the Companies Act, 2013 & rules thereto and the amount raised have been used for the purpose for which the funds were raised.
xv. The Company has not entered into any non cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.
xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.
For RAMAN S. SHAH & ASSOCIATES
Chartered Accountants
(FRN No. 119891W)
Raman S. Shah
Place : Mumbai Partner
Date : May 27, 2017 Membership No. 33272
Mar 31, 2016
To,
The Members of
TIME TECHNOPLAST LIMITED
Report on the Standalone Financial Statements
(1) We have audited the accompanying standalone financial statements of TIME TECHNOPLAST LIMITED ("the Companyâ), which comprise the Balance Sheet as at 31st March, 2016, 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 Standalone 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 Actâ) with respect to the preparation of these standalone 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, 2016, 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, 2016, 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 B 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, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate Report in Annexure A.
(g) 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, if any, of pending litigations as at March 31, 2016 on its financial position in its standalone financial statements.
ii) The Company has made provision as at March 31, 2016, 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, 2016.
Referred to in paragraph 9 of the Independent Auditorsâ Report of even date to the members of Time Technoplast Limited on the Standalone financial statements as of and for the year ended March 31, 2016
i. a) 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 during the year and no material discrepancies have been noticed on such verification.
ii. 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.
iii. 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 aforesaid loan, the terms and conditions under which such loans were granted are not prejudicial to the Company''s interest.
b. 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.
c. In respect of the aforesaid loans, there is no amount which is overdue for more than ninety days.
iv. In our opinion and according to the information and explanations given to us, the company has compiled with the provisions of Section 185 and 186 of the companies Act, 2013 in respect of the loans and investment made, and guarantees and security provided by it.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 of the Act and the rules framed there under to the extent notified.
vi. 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.
vii. (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 2016 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 - Mumbai |
Income Tax Act 1961 |
39.01 |
2008-09 |
Commissioner of Income Tax Appeal - Mumbai |
Income Tax Act 1961 |
78.42 |
2010-11 |
Commissioner of Income Tax Appeal - Mumbai |
Income Tax Act 1961 |
122.30 |
2011-12 |
High Court, Hyderabad |
Sales tax |
2.95 |
2002-03 |
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 |
2004-05 To 2006-07 |
viii. 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 loans or borrowings to any financial institution or bank or government or dues to debenture holders as at the balance sheet date.
ix. 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.
x. 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.
xi. The Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provision of Section 197 read with Schedule V to the Act.
xii. As the company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the provision of Clause 3 (xii) of the order are not applicable to the Company.
xiii. The company has entered into transaction with related parties in compliance with the provision of Sections 177 and 188 of the Act. The details of such related party transaction have been disclosed in the financial statements as required under Accounting Standard (AS) 18, Related Party Disclosure specified under Section 133 of The Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
xiv. The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provision of Clause 3 ((xiv) of the Order are not applicable to the Company.
xv. The Company has not entered into any non cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.
xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.
Referred to in paragraph 10(f) of the Independent Auditors'' Report of even date to the members of Time Technoplast
Limited on the standalone financial statements for the year ended March 31, 2016
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls over financial reporting of Time Technoplast Limited ("the Companyâ) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
2. The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Noteâ) and the Standards on Auditing deemed to be prescribed under Section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
6. A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For RAMAN S. SHAH & ASSOCIATES.,
Chartered Accountants
(FRN No 119891W)
Raman S. Shah
Place : Mumbai Partner
Date : May 28, 2016 Membership No 33272
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
OrderÂ) 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 REQUIREMENTSÂ 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, 2012
1. We have audited the attached Balance Sheet of TIME TECHNOPLAST
LIMITED as at 31st March, 2012, The Statement of Profit and Loss and
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.
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 whether the
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 made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) (Amendment) Order,
2003, issued by the Central Government of India in terms of Sub-Section
(4A) of 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order to the extent applicable.
4. Further to our comments in the Annexure 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 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 the
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 Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with accounting standards referred
to in sub-section (3C) of Section 211 of the Companies Act, 1956.
e. On the basis of the written representation received from the
Directors of the Company as at 31st March, 2012, and taken on record by
the Board of Directors, we report that none of the Directors is
disqualified from being appointed as Directors 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 those appearing
elsewhere in the accounts, 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:- I. in the case
of the Balance Sheet of the state of affairs of the Company as at March
31, 2012;
ii. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and iii. in case of the Cash Flow
Statement, of the cash flows for the year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT ANNEXURE REFERRED TO IN PARAGRAPH 3 OF
THE AUDIT REPORT OF EVEN DATE TO THE MEMBERS OF TIME TECHNOPLAST
LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2012.
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 of the assets
which have been physically verified during the year.
(c) The Company has not disposed off substantial parts of fixed assets
during the year.
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 with in 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 Companies Act, 1956 ,Consequently , clauses
(iii) (a) to (iii) (g) of paragraph 4 of the order are 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 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 from the public within
the meaning of Section 58A and 58AA of Companies Act, 1956 and the
rules framed thereunder.
7. In our opinion, the Company has an adequate Internal audit system
commensurate with the size and nature of its business.
8. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they accurate or 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.
(b) According to the information and explanations given to us ,
particulars of outstanding dues of sales à tax, income à 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
Income Tax Appellate
Tribunal - Mumbai Income Tax Act 1961 2.58 2004-05
Commissioner of Income
Tax Appeal - Mumbai Income Tax Act 1961 3.06 2004-05
High Court, Hyderabad Sales Tax 2.95 2002-03
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 2004-05
To
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 4 (xiii) of
the Companies (Auditors Report) (Amendment) Order, 2003 are not
applicable to the Company.
14. 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 4
(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 our opinion and according to information and explanations given
to us, on an overall basis, the term loans have been applied for the
purposes for which they 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 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 parties
and companies covered in the register maintained under section 301 of
the Companies Act.
19. The Company has not issued debentures during the year.
20. The Company has allotted shares to employees under ESOP Scheme and
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 RAMAN S. SHAH & ASSOCIATES
Chartered Accountants
(Registration No. 119891W)
Bharat C. Bhandari
Place : Mumbai Partner
Date : 26th May, 2012 Membership No. 106122
Mar 31, 2011
1. We have audited the attached Balance Sheet of TIME TECHNOPLAST
LIMITED as at 31st March, 2011 and also the Profit and Loss Account and
the Cash Flow Statement of the Company 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.
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 whether the
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 made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides are as on able basis
for our opinion.
3. As required by the Companies (Auditors Report) (Amendment) Order,
2003, issued by the Central Government of India , in terms of
Sub-Section (4A) of 227 of the Companies Act, 1956, ween close in the
Annexure a statement on the matters specified in paragraph k and 5 of
the said order to the extent applicable.
4. Further to our comments in the Annexure 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 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 the
books.
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d. In our opinion, the Balance Sheet, 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 Companies Act, 1956.
e. On the basis of the written representation received from the
Directors of the Company as at 31 st March, 2011, and taken on record
by the Board of Directors, we report that none of the Directors is
disqualified from being appointed as Directors 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 fair
view in 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 31,2011;
ii. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
iii. Incase of the Cash Flow Statement. Of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDIT REPORT OF EVEN DATE TO
THE MEMBERS OF TIME TECHNOPLAST LIMITED ON THE ACCOUNTS FOR THE YEAR
ENDED 31st MARCH,2011.
1. In respect of it's 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 of the assets
which have been physically verified during the year.
(c) The Company has not disposed off substantial parts of fixed as sets
during the year.
2. In respect of it's 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 with in 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 Companies Act, 1956, Consequently, clauses
(iii) (a) to (iii) (g) of paragraph 4 of the order are 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 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 too the parties.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A and 58AA of Companies Act, 1956and the rules
framed the reunder.
7. 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, for the
products manufactured by the 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 financial 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 à Mumbai Income Tax Act
1961 9.19 2004-05
Income Tax Appellate
Tribunal à Mumbai Income Tax Act
1961 34.01 2006-07
Commissioned Income Tax
Appeat- Mumbai Income Tax Act
1961 8.89 2004-05
Commissioned Income Tax
Appeat- Mumbai Income Tax Act
1961 34.74 2007-08
High Court, Mumbai Income Tax Act 1961 8.19 2000-01
Higb Court, Hyderabad Sales Tax 2.95 2002-03
Commissioner of Central
Excise- Hosur Central Excise Act
1944 0.65 1999-2000
Centrat Excise and
Service Tax Appettate
Tribunat à Mumbai Central Excise Act
1944 4.57 2002-2003
Commissioner of Central
Excise- Daman Central Excise Act
1944 3.77 2004-05 To
2006-07
Central Excise and
Service Tax Appellate
Tribunal- Chennai Central Excise Act
1944 4.53 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 and 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 4 (xiii) of
the Companies (Auditors Report) (Amendment) Order, 2003 are not
applicable to the Company.
14. 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 4
(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 companies
from banks or financial Institutions are not prejudicial to the
interest of the Company.
16. In our opinion and according to information and explanation given
to us, on an overall basis, the term loans have been applied for the
purposes for which they 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 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 parties
and companies covered in the register maintained undersection301 of the
Companies Act.
19. The Company has not issued debentures during the year.
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
(Registration No. 119891W)
RAMAN S. SHAH
Place: Mumbai Partner
Date: 27 th May, 2011 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