Mar 31, 2014
Report on the Financial Statements: We have audited the accompanying
financial statements of Tirupati Industries (India) Limited ("the
Company"), which comprise the Balance Sheet as at March 31,2014, and
the Statement of profit and loss and Cash Flow Statement for the year
the ended, and a summary of 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 ("the
Act") read with the General Circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility: Our responsibility is to express an opinion
on these financial statements based on our audit. We conducted our
audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditors''
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion: In our opinion and to the best of our information and
according to the explanations given to us, the 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 March 31,2014;
(b) in the case of the Statement of Profit and Loss, of the Profit 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 information 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 purpose of
our audit;
b. ) In our opinion proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. ) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. ) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. ) On the basis of written representations received from the
directors as on March 31,2014, and taken on record by the Board of
directors, none of the directors is disqualified as on March 31,2014,
from being appointed as director in terms of clause (g) of sub-section
(1) of section 274 of the Act.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
(REFERRED TO REPORT OF EVEN DATE)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year, which, in our opinion, is reasonable, having regard to the size
of the Company and nature of the assets. According to the information
and explanations given to us, no material discrepancies were noticed on
such verification.
(c) During the year, the company has not disposed off a substantial
part of fixed assets.
2. (a) As explained to us, inventories have been physically verified
by the management at regular intervals during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and as per the information and explanation provided
to us, the Company has maintained proper records of inventories and
there were no material discrepancies noticed on physical verification
of inventory as compared to the book records.
3. We are informed that Company has not granted or taken any loans,
secured or unsecured, to Companies. Firms or other parties listed in
the register maintained under section 301 of the Companies Act, 1956.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of goods, fixed assets and also for the sale of goods and
services. During the course of our audit, we have not observed any
major weaknesses in such internal control systems considering the size
of the Company and nature of its business.
5. As per the information and explanation given to us, the
transactions which are required to be entered in the register
maintained under section 301 of the Companies Act 1956 have been so
entered. In our opinion and according to the information explanation
given to us, the transactions made in pursuance of the contracts and
exceeding during the year to Rs.5,00,000 or more in respect of such
party have been made at prices which appear prima facie reasonable
having regard to prevailing market prices at relevant times.
6. The Company has not accepted any deposits from the public in terms
of provisions of Section 58A and 58AA and other relevant provisions of
the Companies Act, 1956.
7. The Company does not have an Internal Audit System commensurate
with its size and nature of business.
8. We have broadly reviewed the books of accounts maintained by the
Company pursuant to the Rules made by the Central Government for
maintenance of cost records under section 209 ( I ) ( d ) of the
Companies Act, 1956, and are of the opinion that prima facie, the
prescribed accounts & records have been made & maintained. However, we
have not made a detailed examination of the records.
9. (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
payable in respect of Provident Fund, Investor Education and Protection
Fund, Employees State Insurance, Income tax, Sales tax, Wealth tax,
Custom Duty, Excise Duty, Service Tax and any other material statutory
dues applicable to it with the appropriate authorities. There are no
undisputed statutory dues payable in respect of such statutory dues in
arrears as on 31st March, 2014, for a period of more than six months
from the date they became payable. (b) According to the information
and explanations given to us, there are no disputed statutory dues
payable in respect of Income - tax, wealth - Tax, Custom Duty, Excise
Duty, Service Tax & Sales Tax.
10. The Company has not incurred cash losses during the current
financial year or during the immediately preceding financial year. It
has no accumulated losses as on 31st March, 2014
11. According to the information and explanations given to us, the
company has not defaulted in repayment of dues to the Financial
Institutions / Bank during the year.
12. In our opinion and according to the information & explanation
given to us, no loans and advances have been granted by way of pledge
of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. The company is not dealing or trading in shares, securities,
debentures and other securities.
15. According to information and explanations given to us, the company
has not given any guarantee for loan taken by others from banks and
financial institutions.
16. According to the information and explanations given to us, the
term loans have been applied for the purpose of which it was raised.
17. According to the information and explanations given to us, fund
raised on short-term basis has not been used for long- term investment
by the Company.
18. During the year, the Company has not made any preferential
allotment of shares to a party covered in the Register maintained under
Section 301 of the Companies Act 1956.
19. The Company has not issued any debentures, hence the requirements
of clause ( xix ) of paragraph 4 of the Order is not applicable to the
Company.
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 of accounts 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 instances
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of any such cases by the management.
For R. P. Trivedi & Associates
Chartered Accountants
Firm''s Registration Number: 111066W
Sd/-
R. P. Trivedi - Proprietor (M. No. 033885)
Mumbai, Dated 30th May, 2014
Mar 31, 2012
1. We have audited the annexed Balance Sheet of M/s TIRUPATI
INDUSTRIES (INDIA) LIMITED as at 31st March, 2012 and also the Profit
and Loss Account for the year ended on that date attached thereto and
Cash Flow Statement for the year ended on that date. 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) Order 2003 issued
by the Government of India in terms of sub -section (4A) of section 227
of the Companies Act, 1 956, we enclose in the Annexure below a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
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
ke pt by the company so far as appears from our examination of those
books
c) The Balance Sheet, the Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In Our opinion, the Balance Sheet, the Profit & Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 except as stated in Clause f
e) On the basis of written representations received from the directors,
as on 31st March, 2012 and taken on record by the Board of directors,
We report that none of the directors disqualified as on 31st March,
2012 from being appointed as a director in item of clause (g) of 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 explanations given to us, the said accounts, Subject to:
(i) Non provision of Retirement benefits expenses in respect of
temporary staff. The effect on profit and liabilities is not
ascertained.
5) Read with other notes thereon give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the Accounting principles accepted in India:
(i) in case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012 ; and
(ii) in the case of the Profit and Loss Account, of the profit for the
year ended on that date
(iii) In case of Cash Flow statement of the Cash flow for the year
ended on that date.
REFERRED TO IN PARAGRAPH (3) OF OUR REPORT OF EVEN DATE:
1) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) According to the information and explanations given to us, the fixed
assets have been physically verified by the management during the year
which, in our opinion , is reasonable , having regard to the size of
the Company and nature of the assets. According to the information and
explanations given to us, no material discrepancies were noticed on
such verification.
c) During the year, the company has not disposed off a substantial part
of fixed assets.
2) a) As explained to us, inventories have been physically verified by
the management at regular intervals durin g the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and as per the information and explanation provided
to us, the Company has maintained proper records of inventories and
there were no material discrepancies noticed on physical verification
of inventory as compared to the book records.
3) We are informed that Company has not granted or taken any loans ,
secured or unsecured , to Companies . Firms or other parties listed in
the register maintained under section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of goods, fixed assets and also for the sale of goods and
services. During the course of our audit, we have not observed any
major weaknesses in such internal control systems considering the size
of the Company and nature of its business.
5) As per the information and explanation given to us, the transactions
which are required to be entered in the register maintained under
section 301 of the Companies Act 1956 have been so entered. We are
unable to comment whether transactions made in pursuance of the
contracts and exceeding during the year to Rs.5,00,000 or more in
respect of such party in absence of comparable prices. However, to the
best of our knowledge & belief and according to the information
explanation given to us, they have been made at prices which appear
prima facie reasonable having regard to prevailing market prices at
relevant times.
6) The Company has not accepted any deposits from the public in terms
of provisions of Section 58A and 58AA and other relevant provisions of
the Companies Act, 1956.
7) The Company does not have an Internal Audit System c ommensurate
with its size and nature of business.
8) According to information & explanation given to us the Central
Government has prescribed maintenance of cost records under section 209
(I ) ( d ) of the Companies Act, 1956, for the Soap Division Of the
Company. However the company has leased out its soap plant is not
carrying out production by itself.
9) a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
payable in respect of Provident Fund , Investor Education and
Protection Fund, Employees State Insurance, . Income tax, Sales tax,
Wealth tax, Custom Duty , Excise Duty, Service Tax and any other
material statutory dues applicable to it with the appropriate
authorities. There are no undisputed statutory dues payable in respect
of such statutory dues in arrears as on 31st March, 2012, for a period
of more than six months from the date they became payable. As per the
explanation given to us, during the year the company has reconciled its
service tax liability of the earlier years, has paid off the liability
payable and has accounted accordingly.
b) According to the information and explanations given to us, there are
no disputed statutory dues payable in respect of Income - tax, wealth -
Tax, Custom Duty, Excise Duty, Service Tax & Sales Tax.
10) The Company has not incurred cash losses during the current
financial year or during the immediately preceding financial year. It
has no accumulated losses as on 31st March, 2012.
11) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to the Bank during the
year.
12) In our opinion and according to the information & explanation given
to us, no loans and advances hav e been granted by way of pledge of
shares, debentures and other securities.
13) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicab le to the Company.
14) The company is not dealing or trading in shares, securities,
debentures and other securities.
15) According to information and explanations given to us, the company
has not given any guarantee for loan taken by others from banks and
financial institutions.
16) According to the information and explanations given to us, the term
loans have been applied for the purpose of which it was raised.
17) According to the information and explanations given to us, fund
raised on short term b asis has not been used for long term investment
by the Company.
18) During the year, the Company has not made any preferential
allotment of shares to a party covered in the Register maintained under
Section 301 of the Companies Act 1956.
19) The Company has not issued any debentures, Hence the requirements
of clause (xix) of paragraph 4 of the Order is not applicable to the
Company.
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 of accounts 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 instances
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of any such cases by the management.
FOR R. P. TRIVEDI & ASSOCIATES - CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO 111066W
Sd/-
CA R. P. TRIVEDI (PROPRIETOR)
M.NO.: 33885
PLACE: MUMBAI
DATE: 25.08.2012
Mar 31, 2011
1) We have audited the annexed Balance Sheet of M/s TIRUPATI INDUSTRIES
( INDIA ) LTD.as at 31st March .2011 and also the Profit and Loss
Account for the year ended on that date attached thereto and Cash Flow
Statement for the year ended on that date. 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) Order 2003 issued by
the Government of India in terms of sub-section (4A) of section 227 of
the Companies Act, 1 956, we enclose in the Annexure below a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
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 exemination of
those books
c- The Balance Sheet,the Profit <5t Loss Account dealt with by this
report are in agreement with the books of account.
d. In Our opinion ,the Balance Sheet, the Profit <5t Loss Account and
the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub -section ( 3 C ) of section 211
of the Companies Act, 1956 excpt as stated in Clause f.
e. On the basis of written representaions received from the directors
, as on 31st March , 2011 and teken on record by the Board of directors
We report that none of the directors disqualified as on 31st March,
2011 from being appointed as a director in item of clause ( g ) of sub-
section (1) of section 274 of the Comapnies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts, Subject to :
i) Note No. 3 of Schedule 13 Regarding receipt of Show Cause Notice For
Violation Of Provision of Sec.13 of the Companies Act 1956. From
Registrar of Companies , Maharashtra for carrying on the business of
Diamonds as objects ultravires to the Memorandaum of Association of the
Company.
ii) Note No.4 of Schedule 13 for non provision of Rs.10 Lakhs regarding
penalty imposed by the Office of the Special Director of Enforcement
under Foreign Exchange Regulation Act,1973.
iii) Note No.18 of Schedule 13 non provision for impairment of asset,
if any, on shifting of asset from Taloja to Khopoli. In absence of any
valuation report we are unable to comment whether there was any
impairment of asset requiring provision in accounts.
iv) No provision has been made in respect of debts amounting to
Rs.461,760/- considered doubtful.
v) Non provision of Retirement benefits expenses in respect of
temporary staff. The effect on profit and liabilities is not
ascertained.
vi) Non provision of Service tax liability on applicable income. The
effect on profit <5t liabilities is not ascertained.
5) Read with other notes thereon give the information required by the
Companies Act , 1956 in the manner so requried and give a true and fair
view in conf irmity with the Accounting principles accepted In India :
i) in case of the Balance Sheet, of the state of affairs of the Company
as at 31st March , 2011; and ii) in the case of the Profit and Loss
Account , of the Profit for the year ended on that date, iii) In case
of Cash Flow statement of the Cash flow for the year ended on that
date.
(a) The Company has maintained records showing full particulars
including quantitative details and situation fixed assets
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year which , in our opinion , is reasonable , having regard to the size
of the Company and nature of the assets. According to the information
and explanations given to us, no material descripancies were noticed on
such verification.
(c) During the year the company has not disposed off a substantial Part
of fixed assets
2) (a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and as per the information and explanation porovided
to us, the Company has maintained proper records of inventories and
there were no material discrepancies noticed on physical verification
of inventory as compared to the book records.
3) We are informed that Company had taken interest free unsecured loan
from a director. The outstanding loan of Rs.41,00,000/- has been repaid
during the year. According to the information and explanation given to
us the terms on which this loan has been obtained and rate of interest
are not prejudicial to the interest of the company.
We are informed that Company has not granted any loans , secured or
unsecurd , to Companies . Firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory, fixed assets and also for the
sale of goods and services . During the course of our audit, we have
not observed any major weaknesses in such internal controls systems
considering the size of the Company and nature of its business
5) As per the information and explaination given to us, the
transactions which are required to be entered in the register
maintained under section 301 of the Companies Act 1956 have been so
entered. To teh best of our knowledge <5t belief and according to the
information explanation given to us, transactions made in pursuance of
the contracts and exceeding during the year to Rs.5,00,000 or more in
respect of each such party have been made at prices which are prima
facie reasonable having regard to prevailing market prises at relevant
times.
6) The Company has not accepted any deposits from the public in terms
of provisions of Section 58 A and 58 A A and other relevant provisions
of the Companies Act, 1956..
7) The Company does not have an Internal Audit System commensurate with
its size and nature of business.
8) According to information & explanation gven to us the Central
Sovernement has prescribed maintenance of cost records under section
209 (I) ( d ) of the Companies Act, 1956, for the Soap Division Of the
Company. However the company has been exempted from the same as it is
a BIFR Company as per order no. 52/234/CAB-9 Dated 04.08.1998 of the
Department Of Company Affairs.
9) (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
payable in respect of Provident Fund , Investor Education and
Protection Fund, Employees State Insurance,. Income - tax, Sales -
tax, Wealth - Tax, Custom Duty <5t Excise Duty or any other material
statutory dues applicable to it with the appropriate authorities except
service tax. There are no undisputed statutory dues payable in respect
such statutory dues in arrears as on 31st March, 2011, for a period of
more than six months from the date they became payable except service
tax liability, which till the date of Balance Sheet has not been
ascertained.
(b) According to the information and explanations given to us, there
are no disputed statutory dues payable in respect of Income - tax,
weallth - Tax, Custom Duty, Excise Duty, Service Tax <5t Sales Tax.
10) The Company has not incurred cash losses during the current
financial year or during the immediately preceding financial year. It
has no accumulated losses as on 31st March, 2011.
11) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to the Bank during the
year.
12) In our opinion and according to the information <5t explanation
given to us, no loans and advances have been granted by way of pledge
of shares , debentures and other securities.
13) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14) The company is not dealing or trading in shares, securities,
debentures and other securities.
15) According to information and explanations given to us, the company
had given guarantee and mortgaged its property for loans taken by an
associate concern during the year from banks which has since been
discharged. The terms and conditions of the said guarantee are not
prejudicial to the interest of the company
16) According to the information and explanations given to us, the
Company has not raised / availed any Term Loans during the year, hence
the provisions of clause 4(xvi) of the Order are not applicable to the
company.
17) According to the information and explanations given to us, fund
raised on short term basis has not been used for long term investment
by the Company .
18) During the year, the Company has made preferential allotment of
shares to a company covered in the Register maintained under Section
301 of the Companies Act 1956. According to information and
explanations given to us, the price at which the said shares have been
issued is not prejudicial to the interest of the company.
19) The Company has not issued any debentures , Hence the requirements
of claiuse ( xix ) of paragraph 4 of the Order is not applicable to the
Company.
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 of accounts and
records of the company, carried out in accordance with the generally
accepted auditing practices in India, and according to theinformation
and explanation given to us, we haveneither come across any instances
of fraud on or by the Company, noticed or reported during the year, nor
have we been informed of any such cases by the management.
For R.P.TRIVEDI t& ASSOCIATES
Chartered Accountants
FIRM REGISTRATION NO 111066W
sd/-
CA R.P.TRIVEDI
(Proprietor)
M.No. : 33885
PLACE : MUMBAI
DATE : 26.08.2011
Mar 31, 2010
1) We have audited the annexed Balance Sheet of M/s TIRUPATI INDUSTRIES
(INDIA) LTD. as at 31st March 2010 and also the Profit and Loss
Account for the year ended on that date attached thereto and Cash Flow
Statement for the year ended on that date. 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) Order 2003 issued by
the Government of India in terms of sub-section (4A) of section 227 of
the Companies Act, 1 956, we enclose in the Annexure below a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
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
those books
c. The Balance Sheet and Profit & Loss Account 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 and Profit and Loss Account and
the cash flow statement dealt with by this report comply with the
accounting standards referred to in sub -section ( 3 C ) of section 211
of the Companies Act, 1956 except as stated in Point f.
e. On the basis of written representations received from the directors
, as on 31st March , 2010 and taken on record by the Board of directors
We report that none of the directors disqualified as on 31st March,
2010 from being appointed as a director in item of clause ( g ) of 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 explanations given to us, the said accounts, Subject to :
I) Note No.4 of schedule 13 Regarding receipt of show Cause Notice for
Violation of Provision of Sec.13 of the Companies Act 1956. from
Registrar of Companies, Maharashtra for carrying on the business of
Diamonds as Objects Ultravires to the Memorandum of Association of the
Company.
ii) Note No.5 of Schedule 13 for non provision of Rs.10 Lakhs regarding
penalty imposed by the office of the special director of the
Enforcement under Foreign Exchange Regulation Act,1973.
iii) Note No. 18 of Schedule 13 non provision for impairment of asset,
if any, on shifting of asset from Taloja to Khopoli. In absence of any
valuation report we are unable to comment whether there was any
impairment of asset requiring provision in accounts.
iv) No provision has been made in respect of debts amounting to
Rs.461,760/- considered doubtful .
v) Non Provision of Retirement benefits expenses in respect of
temporary staff. The effect on Profit is not ascertained.
5) Read with other notes thereon give the information required by the
Companies Act , 1956 in the manner so required and give a true and fair
view in conformity with the Accounting principles accepted In India :
i) in case of the Balance Sheet, of the state of affairs of the Company
as at 31st March , 2010 ; and
ii) in the case of the Profit and Loss Account , of the Profit for the
year ended on that date.
iii) In case of Cash Flow statement of the Cash flow for the year ended
on that date.
Annexure to the Auditor's Report REFERRED TO IN PARAGRAPH (3) OF OUR
REPORT OF EVEN DATE :
1) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) According to the information and explanations given to us, the
fixed assets have been physically verified by the management during the
year after they were shifted to the new factory at Khopoli which ,in our
opinion, is reasonable, having regard to the size of the Company and
nature of the assets. According to the information & explanations given
to us, know material discrepancies were noticed on such verification. We
are unable to comment on discrepancies in respect of uninstalled
plants.
- During the year the company has not disposed off substantial assets.
2) (a) As explained to us, inventories have been physically verified by
the management at regular intervals during the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3) We are informed that Company has taken interest free unsecured loan
from a director. According to the information and explanation given to
us the terms on which this loan has been obtained and rate of interest
are not prejudicial to the interest of the company.
We are informed that Company has not granted any loans , secured or
unsecure , to Companies . Firms or other parties listed in the register
maintained under section 301 of the Companies Act, 1956.
4) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and also for the sale of goods and
services . During the course of our audit, we have not observed any
major weaknesses in such internal controls systems.
5) As per the information and explanation given to us, the
transactions which are required to be entered in the register
maintained under section 301 of the Companies Act 1956 have been so
entered. In our opinion and as per the information explanation given to
us, transactions made in pursuance of the contracts and exceeding
during the year to Rs.5,00,000 or more in respect of each such party
have been made at prices which are reasonable having regard to
prevailing market prices at relevant times.
6) The Company has not accepted any deposits from the public in terms
of provisions of Section 58A and 58AA and other relevant provisions of
the companies Act 1956.
7) The Company does not have an Internal Audit System commensurate with
its size and nature of business.
8) According to information & explanation given to us the Central
Government has prescribed maintenance of cost records under section
209 (I) (d) of the Companies Act, 1956, for the Soap Division Of the
Company. However the company has been exempted from the same as it is
a BIFR Company as per order no. 52/234/CAB-9 Dated 04.08.1998 of the
Department Of Company Affairs.
9) (a) According to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues
payable in respect of Provident Fund , Investor education and
Protection Fund, Employees State Insurance, Income - tax, Sales - tax,
Wealth - Tax, Custom Duty & Excise Duty or any other material statutory
dues applicable to it with the appropriate authorities except service
tax. There are no undisputed statutory dues payable in respect such
statutory dues its in arrears as on 31st March 2010, for a period of
more than six months from the date they became payable expect service
tax payable Rs. 4,11,908.62
(b) According to the information and explanations given to us, there
are no disputed statutory dues payable in respect of Income - tax,
wealth - Tax, Custom Duty, Excise Duty & Sales Tax.
10) The Company has not incurred cash losses during the current
financial year, however it had incurred cash loss during the
immediately preceding financial year. However there is no accumulated
loss as on 31st March 2010.
11) According to the information and explanations given to us the
company has not defaulted in repayment of dues to the Bank during the
year.
12) In our opinion and according to the information & explanation given
to us, no loans and advances have been granted by way of pledge of
shares , debentures and other securities.
13) In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Order 2003 is not applicable to the Company.
14) The company is not dealing or trading in shares, securities,
debentures and other securities.
15) According to information and explanations given to us, the company
has given guarantee and mortgaged its property for loans taken by an
associate concern during the year from banks or financial institutions.
16) According to the information and explanations given to us, the
Company has availed of Term Loans in the name of Director for Purchase
of car during the year & the same has been applied for the purpose for
which it was taken.
17) According to the information and explanations given to us, fund
raised on short term basis has not been used for long term investment
by the Company .
18) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act 1956, However it has
received share Application Money for the same.
19) The Company has not issued any debentures , Hence the requirements
of clause ( xix ) of paragraph 4 of the Order is not applicable to the
Company.
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 of accounts 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 instances
of fraud on or by the Company, notice or reported during the year, nor
have we been informed of any such cases by the management.
For R.P.TRIVEDI & ASSOCIATES
Chartered Accountants
(FIRM REGISTRATION NO 111066W)
sd/-
CA R.P.TRIVEDI
(Proprietor)
M.No. : 33885
PLACE : MUMBAI
DATE : 16-02-2011
Mar 31, 2001
We have audited the attached Balance Sheet of TIRUPATI INDUSTRIES
(INDIA) LIMITED as at 31st March, 2001 and also the Profit and Loss
Account of the Company for the year ended on that date annexed thereto.
1) We have audited the accompanying Balance Sheet of TIRUPATI
INDUSTRIES (INDIA) LIMITED ("the Company" ) at 31st March, 2001 and the
statements of Profit and Loss Account and Cash Flows for the year the
ended, prepared in conformity with accounting principles generally
accepted in India. These financial statements are the responsibility of
The Companys 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 responsible 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) We have obtained ail the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
4) 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 of the Company.
5) The Balance Sheet and Profit and Loss Account dealt with by the
report are in agreement with Books of Account of the Company;
6) In our opinion and to the best of our knowledge and belief the
Balance Sheet and Profit and Loss Account comply with the accounting
standards referred in Section 211 (3C) of the Companies Act, 1956
except for non provision of gratuity and accounting of leave encashment
on cash basis which should have been provided as per the
recommendations of Accounting Standard 15. The amount of liability is
unascertained.
7) On the basis of information and explanations given to us, and
representations obtained by the Company and taken on record by the
Board of Directors, as on 31st March, 2001 none of the directors, are
disqualified from being appointed as directors in terms of Section 274
(1 )(g) of the Act.
8) As required by Manufacturing and Other Companies (Auditors Report)
Order, 1988, issued by the Company Law Board in terms of Section 227
(4A) of the Companies Act, 1956, and on the basis of the checks as we
considered appropriate and in terms of information and explanation
given to us we report that;
(i) The Company has maintained records showing particulars including
quantitative details of Fixed Assets. As explained to us, all the Fixed
Assets have been physically verified by the management, at reasonable
intervals. According to the information and explanation given to us,
there were no significant discrepancies noticed on physical
verification of the Fixed assets.
(ii) None of the other assets have been revalued during
the year.
(iii) The stock of finished goods, stores, spare parts and raw
materials have been physically verified by the Management at reasonable
intervals.
(iv) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of the stock
allowed by the management were found reasonable and adequate in
relation to the size of the Company and nature of its business.
(v) The discrepancies noticed on verification of Physical stocks and
book records were not material in relation to the operations of the
Company and the same have been properly dealt with in the books of
accounts.
(vi) On basis of our examination of stock records, we are of the
opinion that the valuation of stock is fair and proper in accordance
with normally accepted accounting principles. The basis of valuation of
stock is the same as in the proceeding year.
(vii) The Company has during the period not taken any loan from
Companies and other parties listed in the register maintained under
Section 301 of the Companies Act, 1956. As explained to us, there no
Companies, under the same Management as this Company within the meaning
of Section 370(1B) of the Companies Act, 1956.
(viii) The Company has not granted during the period any loan, secured
and unsecured, to companies, firms or other parties listed in the
registered maintained under Section 301 of the Companies Act, 1956. As
explained to us, there no Companies, under the same Management as this
Company within the meaning of Section 370(1B) of the Companies
Act,1956.
(ix) The Company has not given any loans or advances in the nature of
loans.
(x) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of the
business with regard to purchase of stores, raw materials including
components, plant and machinery, equipment and other assets and also
for sale of goods.
(xi) According to the information and explanation given to us, there
are no transactions of purchase of goods and materials and services,
made in pursuance of contracts or arrangement entered in the register
maintained under Section 301 of the Companies Act, 1956.
(xii) As explained to us, the Company has a regular procedure for the
determination of unserviceable or damaged stores, raw materials and
finished goods. Adequate provision has been made in the accounts for
the loss arising on the items so determined.
(xiii) According to the information and explanation given to us , the
Company has not accepted any deposits as defined under section 58 A of
the Companies Act, 1956.
(xiv) In our opinion the Company has maintained reasonable records for
the sale ad disposal of realizable by-products. (xv) In our opinion
the Company has no formal internal audit system commensurate with the
size and nature of its business.
(xvi) According to information and explanation given to us the Central
Government has prescribed maintenance of cost records under section
209(I)(d) of the Companies Act, 1956, for the Soap Division of the
Company. The Company has been exempted from the same as it is a BIFR
Company as per order no. 52/234/CAB-9 dated 4.8.98 of the Department
of Company Affairs.
(xvii) According to information and explanation given to us the Company
is regular in depositing Provident fund due with the appropriate
authorities during the year. As indicated in Note 3 of Schedule 12, the
provision of Employees State Insurance Act, 1946 are not applicable to
the Company.
(xviii) According to the books and records examined by us and the
information and explanation given to us, there were no undisputed
amounts payable in respect of income tax, wealth tax, customs duty and
excise duty which have remained outstanding as at 31st March 2001, for
a period exceeding six months from the they date they became payable
except sales tax liability of Rs.18,10,552.
(xix) According to the information and explanation given to us, no
personal expenses have been charged to revenue account other than those
payable under contractual obligations or in accordance with generally
accepted business practices.
(xx) The Company is a Sick Industrial Company within the meaning of
clause(0) of the Section 3 of the Sick Industrial Companies (Special
Provisions) Act, 1985 and a reference had been made to the board for
Industrial and Financial Reconstruction under Section 15 of that Act.
The rehabilitation scheme had sanctioned by BIFR on 4th December 1995.
Refer note no 20 of Notes on Accounts
(xxi) In respect of trading activities of the Company, adequate
provision has been made for loss in respect of damaged goods determined
by the Company.
In our opinion and to the best of our information and according to the
explanations given to us, the accounts subject to:
1) Note No. 2, relating to writing back of the secured loan including
interest accrued thereon from Dena Bank amounting to 5.90 crore for
which fixed assets are still charged in favour of the Bank.
2) Note No. 4(a) relating to non-provision of the Interest & liquidated
charges to Bharat Petroleum Corporation resulting into over statement
of profit for the year by Rs. 1,62,640/- and under statement of
accumulated losses and current liability by Rs. 1,010,125/-.
3) Note No. 4(b) regarding to non-provision of the Interest on Deposits
from Soap customers resulting into over statement of profit for the
year by Rs. 18,919/- and under statement of the accumulated losses and
current liability by Rs. 1,40,565/-.
4) Note No. 5 relating to receipt of gold by the Company.
5) Note No. 6 relating to receipt of Show Cause Notice for Violation of
provision of sec. 13 of The Companies act 1956, from Registrar of
companies, Maharashtra for carrying on the business of diamonds as
objects ultravires to the memorandum of association of the Company.
6) Note No. 7 for non-provision of Rs. 10 Lakhs regarding penalty
imposed by the Special Director, In the Office of the Special Director
of Enforcement under Foreign Exchange Regulation Act, 1973.
7) Non-provision of gratuity liability and leave encashment liability,
The amount of which is unascertained.
8) Note No. 13 regarding non-confirmation of balance and transactions
with Dena Bank.
9) Note No. 20 regarding order of BIFR recommending winding up of the
Company
Read with other notes there on give the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2001, and
b) In the case of the Profit and Loss Account, Of the profit for the
year ended on that date.
c) In the case of Cash flow statement of the cash flows for the year
ended on that date.
For R. P. TRIVEDI & ASSOCIATES
CHARTERED ACCOUNTANTS
(R. P. TRIVEDI)
PROPRIETOR
PLACE : MUMBAI
Date : 31stJuly 2003