Home  »  Company  »  Tirupathi Indus  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Tirupati Industries (India) Ltd.

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

 
Subscribe now to get personal finance updates in your inbox!