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Auditor Report of Tamboli Industries Ltd.
Mar 31, 2025
TAMBOLI INDUSTRIES LIMITED
Report on the Audit of the Standalone Financial Statements
OPINION
We have audited the accompanying standalone financial statements of Tamboli Industries Limited
(âthe Companyâ) which comprise the balance sheet as at 31st March 2025, the statement of profit and loss including other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended and notes to the financial statements, including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as âthe standalone financial statementsâ).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (âInd ASâ) and the other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2025 and of the profit including total comprehensive income, changes in equity and its cash flows for the year ended on that date.
BASIS FOR OPINION
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIâs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in
the context of our audit of the standalone financial statements as a whole, and in our forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORâS REPORT THEREON
The Companyâs Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Boardâs Report including Annexures to Boardâs Report, Management Discussion and Analysis, Shareholderâs Information, but does not include the standalone financial statements and auditorâs report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
MANAGEMENTâS RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concerns and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Companyâs financial reporting process.
AUDITORSâ RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is high level of assurance, but is not a guarantee that audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatements of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of the internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosure, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ) issued by the Central Government of India terms of sub-section (11) of section 143 of the Act, we give in the Annexure - A, a statement on the matters specified in clause 3 and 4 of the Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and 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 it appears from our examination of those books;
(c) The balance sheet, the statement of profit and loss including other comprehensive income, statement of changes in equity and the cash flow statement dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015;
(e) On the basis of written representations received from the directors as on 31st March 2025, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2025, from being appointed as a director in terms section 164(2) of the Act;
(f) With respect to the adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, our separate report in annexure - B may be referred;
(g) In our opinion and to the best of our information and according to the explanations given to us, remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 read with schedule V of the Act.
(h) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us:
i The Company does not have any pending litigations which would impact its financial position;
ii The Company did not have any longterm contracts including derivatives contracts for which there were any material foreseeable losses;
iii There has been no delay in transferring the amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. a. The Management has represented that, to the best of its knowledge and belief, as disclosed in the note no. 27(i) to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities (âIntermediariesâ), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b. The Management has represented, that, to the best of its knowledge and belief, as disclosed in the note no. 27(j) to the accounts, no funds have been received by the Company from any person or entity, including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
c. Based on such audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) above, contain any material misstatement.
(i) The dividend declared or paid during the year by the Company is in compliance with section 123 of the Act.
(j) Based on our examination which included compliance test and test checks, the Company has during the year implemented the accounting software for maintaining books of account which has a feature of recording audit trail (edit log) facility and since implementation, the same has been operated throughout the period for all transactions recorded in the software. Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with.
For P A R K & COMPANY
Chartered Accountants FRN: 116825W
ASHISH DAVE
Partner
Place: Bhavnagar Membership No. 170275
Dated: May 15, 2025 UDIN: 25170275BMMLUP1831
Mar 31, 2024
TAMBOLI INDUSTRIES LIMITED (formerly known as TAMBOLI CAPITAL LIMITED)
Report on the Audit of the Standalone Financial Statements
OPINION
We have audited the accompanying standalone financial statements of Tamboli Industries Limited
(âthe Companyâ) (formerly known as âTamboli Capital Limitedâ) which comprise the balance sheet as at 31st March 2024, the statement of profit and loss including other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended and notes to the financial statements, including a summary of the significant accounting policies and other explanatory information (hereinafter referred to as âthe standalone financial statementsâ).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (''Ind ASâ) and the other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2024 and of the profit including total comprehensive income, changes in equity and its cash flows for the year ended on that date.
BASIS FOR OPINION
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed
in the context of our audit of the standalone financial statements as a whole, and in our forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITOR''S REPORT THEREON
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Board''s Report including Annexures to Board''s Report, Management Discussion and Analysis, Shareholder''s Information, but does not include the standalone financial statements and auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
MANAGEMENT''S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concerns and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company''s financial reporting process.
AUDITORS'' RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is high level of assurance, but is not a guarantee that audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatements of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of the internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosure, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India terms of sub-section (11) of Section 143 of the Act, we give in the Annexure - A, a statement on the matters specified in clause 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and 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 it appears from our examination of those books;
(c) The balance sheet, the statement of profit and loss including other comprehensive income, statement of changes in equity and the cash flow statement dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015;
(e) On the basis of written representations received from the directors as on 31st March 2024, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2024, from being appointed as a director in terms Section 164(2) of the Act;
(f) With respect to the adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, our separate report in Annexure - B may be referred;
(g) In ouropinion andtothe best ofourinformation and according to the explanations given to us, remuneration paid by the Company to its directors during the year is in accordance with the provisions of Section 197 read with schedule V of the Act;
(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us:
i. The Company does not have any pending litigations which would impact its financial position;
ii. The Company did not have any longterm contracts including derivatives contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring
the amounts, required to be transferred,
to the Investor Education and Protection
Fund by the Company;
iv. a. The Management has represented
that, to the best of its knowledge and belief, as disclosed in the note no. 29(i) to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b. The Management has represented, that, to the best of its knowledge and belief, as disclosed in the note no. 29(j) to the accounts, no funds have been received by the Company from any person or entity, including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
c. Based on such audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) above, contain any material misstatement.
(i) The dividend declared or paid during the year by the Company is in compliance with Section 123 of the Act;
(j) Based on our examination which included compliance test and test checks, the Company has used the accounting software for maintaining books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all transactions recorded in the software. However, the audit trail generated by the software does not give all the required information. The management of the Company is under the process of taking necessary steps to implement a complete audit trail.
For P A R K & COMPANY
Chartered Accountants FRN: 116825W
ASHISH DAVE
Partner
Place: Bhavnagar Membership No. 170275
Dated: May 28, 2024 UDIN: 24170275BKGFEZ2940
Mar 31, 2018
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Tamboli Capital Limited ("the Company") which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditors'' 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 consider internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2018 and of the profit and its 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, 2016 ("the Order") issued by the Central Government of India terms of sub-section (11) of section 143 of the Act, we give in the Annexure - A, a statement on the matters specified in clause 3 and 4 of the Order, to the extent possible.
2. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of written representations received from the directors as on 31st March 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018, from being appointed as a director in terms section 164(2) of the Act;
(f) With respect to the adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, our separate report in annexure - B may be referred;
(g) With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us:
i The Company does not have any pending litigations which would impact its financial position;
ii The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;
iii There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE - A TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:
1. In respect of fixed assets:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at reasonable intervals in a phased manner in accordance with a programme of physical verification. No discrepancies were noticed on such verification.
c. Since the Company does not have any immovable properties, the requirements of reporting on title deeds of immovable properties are not applicable.
2. Since no inventories are held by the Company during the year, provisions of clause 3(ii) of the Order are not applicable to the Company.
3. The Company has granted unsecured loans to the wholly-owned subsidiary company covered in the register maintained under section 189 of the Companies Act, 2013. Since no terms and conditions of these loans are stipulated, we cannot offer any comments as to the repayment of principal amount or overdue amounts, if any. The receipts of interest on these loans are regular.
4. The Company has complied with provisions of Section 185 and 186 of the Act in respect of loans, investments, guarantees and security, to the extent applicable.
5. The Company has not accepted any deposits within the meaning of the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
6. The Central Government has not prescribed maintenance of the cost records under section 148(1) of the Act.
7. In respect of statutory and other dues:
a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess, GST and other statutory dues, to the extent applicable, with the appropriate authorities during the year. There are no undisputed statutory dues outstanding for a period of more than six months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on account of dispute.
8. The Company has not obtained any borrowings from the banks or from the financial institutions or from the government or by way of debentures.
9. The Company has not raised any money, during the year, by way of public offer (including debt instruments) or term loans.
10. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company or on the Company by its officers or employees was noticed or reported during the year.
11. Since the Company has not paid any managerial remuneration during the year, the provisions of clause 3(xi) of the Order are not applicable to the Company.
12. Since the Company is not a Nidhi Company, the provisions of clause 3 (xii) of the Order are not applicable to the Company.
13. All transactions with the related parties are in compliance with Section 177 and 188 of the Act and the details have been disclosed in the financial statements as required by the applicable accounting standards.
14. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15. The Company has not entered into any non-cash transactions during the year with directors or persons concerned with him.
16. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE-B TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 2 (f) under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date) We have audited the internal financial controls over financial reporting of Tamboli Capital Limited ("the Company") as of 31st March, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors'' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that -
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For PARK & COMPANY
Chartered Accountants
FRN: 116825W
ASHISH DAVE
Place : Bhavnagar Partner
Date : May 15, 2018 Membership No. 170275
Mar 31, 2017
To
The Members of Tamboli Capital Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Tamboli Capital Limited (âthe Companyâ) which comprise the Balance Sheet as at 31st March 2017, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position and financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditors'' 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 consider internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2017 and of the profit and its 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, 2016 (âthe Orderâ) issued by the Central Government of India terms of sub-section (11) of section 143 of the Act, we give in the Annexure - A, a statement on the matters specified in clause 3 and 4 of the Order, to the extent possible.
2. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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 it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of written representations received from the directors as on 31st March 2017, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2017, from being appointed as a director in terms section 164(2) of the Act;
(f) With respect to the adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, our separate report in annexure - B may be referred;
(g) With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanation given to us:
i The Company does not have any pending litigations which would impact its financial position;
ii The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;
iii There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv The Company has provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified Bank Notes (SBNs) during the period from 8th November 2016 to 30th December 2016. In absence of any external evidences, based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the management (refer note no. 20).
ANNEXURE-A TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:
1. In respect of fixed assets:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at reasonable intervals in a phased manner in accordance with a programme of physical verification. No discrepancies were noticed on such verification.
c. Since the Company does not have any immovable properties, the requirements of reporting on title deeds of immovable properties are not applicable.
2. Since no inventories are held by the Company during the year, provisions of clause 3(ii) of the Order are not applicable to the Company.
3. The Company has granted unsecured loans to the wholly-owned subsidiary company covered in the register maintained under section 189 of the Companies Act, 2013. Since no terms and conditions of these loans are stipulated, we cannot offer any comments as to the repayment of principal amount or overdue amounts, if any. The receipts of interest on these loans are regular.
4. The Company has complied with provisions of Section 185 and 186 of the Act in respect of loans, investments, guarantees and security, to the extent applicable.
5. The Company has not accepted any deposits within the meaning of the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
6. The Central Government has not prescribed maintenance of the cost records under section 148(1) of the Act.
7. In respect of statutory and other dues:
a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other statutory dues, to the extent applicable, with the appropriate authorities during the year. There are no undisputed statutory dues outstanding for a period of more than six months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on account of dispute.
8. The Company has not obtained any borrowings from the banks or from the financial institutions or from the government or by way of debentures.
9. The Company has not raised any money, during the year, by way of public offer (including debt instruments) or term loans.
10. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company or on the Company by its officers or employees was noticed or reported during the year.
11. Since the Company has not paid any managerial remuneration during the year, the provisions of clause 3(xi) of the Order are not applicable to the Company.
12. Since the Company is not a Nidhi Company, the provisions of clause 3 (xii) of the Order are not applicable to the Company.
13. All transactions with the related parties are in compliance with Section 177 and 188 of the Act and the details have been disclosed in the financial statements as required by the applicable accounting standards.
14. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15. The Company has not entered into any non-cash transactions during the year with directors or persons concerned with him.
16. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE-B TO THE INDEPENDENT AUDITORS'' REPORT
(Referred to in paragraph 2 (f) under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
We have audited the internal financial controls over financial reporting of Tamboli Capital Limited ("the Company") as of 31st March, 2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors'' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that -
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
MANOJGANATRA
Place : Bhavnagar Partner
Date : May 18, 2017 Membership No. 043485
Mar 31, 2015
We have audited the accompanying financial statements of Tamboli
Capital Limited ("the Company") which comprise the Balance Sheet as
at 31st March 2015, the Statement of Profit and Loss, the cash flow
statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 ("the Act")
with respect to the preparation of these financial statements that give
a true and fair view of the financial position and financial
performance of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors' 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 consider internal financial control relevant
to the Company's preparation of the financial statements that give
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March 2015 and of the profit and its 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, 2015
("the Order') issued by the Central Government of India terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in clause 3 and 4 of the Order, to
the extent possible.
2. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 it appears from our examination of
those books;
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of written representations received from the directors
as on 31st March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2015, from being
appointed as a director in terms section 164(2) of the Act;
(f) With respect to the other matters to be included in the Auditors'
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanation given to us:
i The Company does not have any pending litigations which would impact
its financial position.
ii The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
iii There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO AUDITORS' REPORT
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' section of our report of even date)
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. In respect of fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at
reasonable intervals in a phased manner in accordance with a programme
of physical verification. No discrepancies were noticed on such
verification.
2. Since no inventories are held by the Company during the year,
provisions of clause 3(ii) of the Order are not applicable to the
Company
3. In respect of loans granted to companies, firms or other parties in
the register maintained under section 189 of the Companies Act, 2013,
since no terms and conditions of the loan granted are stipulated, we
can not offer any comments as to the repayment of principal amount or
overdue amounts, if any. The receipts of interest on the said loans are
regular.
4. There are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods and
services, to the extent applicable. During the course of our audit, no
major weakness has been noticed in the internal controls.
5. The company has not accepted any deposits within the meaning of
section 73 to 76 of the Companies Act, 2013 and the rules framed
thereunder.
6. The Central Government has not prescribed maintenance of cost
records under section 148(1) of the Companies Act, 2013.
7. In respect of statutory and other dues:
a. The company has been regular in depositing undisputed statutory
dues, including Provident Fund, Employees State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value
Added Tax, Cess and other statutory dues, to the extent applicable,
with the appropriate authorities during the year. There are no
undisputed statutory dues outstanding for a period of more than six
months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on
account of dispute.
c. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the company.
8. The Company does not have any accumulated losses as at the end of
the financial year. The company has incurred cash losses during the
current as well as in the immediately preceding financial year.
9. The Company has not obtained any borrowings from the banks or from
the financial institutions or by way of debentures.
10. The company has not given any guarantees for loans taken by others
from banks and financial institutions.
11. No term loans have been raised by the Company during the year.
12. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W MANOJ GANATRA
Place : Bhavnagar Partner
Date : May 20, 2015 Membership No. 043485
Mar 31, 2014
We have audited the accompanying financial statements of Tamboli
Capital Limited ("the Company"), which comprise the Balance Sheet as at
31st March 2014 and the statement of Profit & Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the recognition and measurement principles laid down in the Companies
(Accounting Standards) Rules, 2006 [which continue to be applicable in
respect of section 133 of the Companies Act, 2013 in terms of general
circular 15/2013 dated 13th September 2013 of the Ministry of Corporate
Affairs] as per Section 211 (3C) of the Companies Act, 1956 ("the
Act"). This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing 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 auditors'' judgement, 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
consider internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by the management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the State of affairs of the
company as at 31st March 2014;
(b) In the case of the Profit and Loss statement, 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 ("the
Order") issued by the Central Government of India terms of sub-section
(4A) of section 227 of the Act, we give in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion, proper books of account as required by the 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, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act 1956 [which
continue to be applicable in respect of section 133 of the Companies
Act, 2013 in terms of general circular 15/2013 dated 13th September
2013 of the Ministry of Corporate Affairs];
(e) On the basis of written representations received from the directors
as on 31st March 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2014 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956;
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS'' REPORT
(Referred to in paragraph 1 under "Report on Other and Requirements"
section of our report of even date) On the basis of such checks as we
considered appropriate and in terms of information and explanations
given to us, we state that:
1. In respect of fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. Fixed assets are physically verified by the management at
reasonable intervals in a phased manner in accordance with a programme
of physical verification. No material discrepancies were noticed on
physical verification.
c. There was no substantial disposal of fixed assets during the year.
2. The company has not held any inventory during the year, hence the
provisions of clause (ii) of para 4 of the Order are not applicable.
3. In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The Company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the companies Act, 1956.
The numbers of companies to which loans are granted, is one (a Wholly
Owned subsidiary company) and the amount involved in the transactions
and the year-end balance is Rs. Nil and Rs. 600.00 lacs respectively.
b. The rate of interest and other terms and conditions of loans given
by the company, are prima facie not prejudicial to the interest of the
company.
c. Since no terms and conditions of the loan granted are stipulated,
we can not offer any comments as to the repayment of principal amount
or overdue amounts, if any.
d. The Company has not taken any loans, secured or unsecured, from the
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
4. There are adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods and
services, to the extent applicable. During the course of our audit, no
major weakness has been noticed in the internal controls.
5. There are no contracts or arrangements in respect of transactions
required to be entered in the register maintained in pursuance of
section 301 of the Companies Act 1956.
6. The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed
thereunder.
7. The company has an internal audit system commensurate with its size
and the nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956.
9. In respect of statutory and other dues:
a. The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education & Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues, to the
extent applicable, with the appropriate authorities during the year.
There are no undisputed statutory dues outstanding for a period of more
than six months from the date they became payable.
b. There are no statutory dues, which have not been deposited on
account of any dispute.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or the immediately preceding financial year.
11. The company has not obtained any borrowings from any banks or
financial institutions or by way of debentures.
12. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) are
not applicable to the company.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16. The company has not obtained any term loans during the year.
17. The Company has not raised any funds raised on short-term basis.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money through a public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
MANOJ GANATRA
Bhavnagar Partner
May 13, 2014 Membership No. 043485
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Tamboli
Capital Limited ("the Company), which comprise the Balance Sheet as at
31st March 2013 and the statement of Profit & Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express and 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 auditors'' judgement, 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
consider internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the management,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the State of affairs of the
company as at 31st March 2013;
(b) In the case of the Profit and Loss statement, 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 ("the
Order") issued by the Central Government of India terms of sub-section
(4A) of section 227 of the Act, we give in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the said 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 the 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, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act 1956;
(e) On the basis of written representations received from the directors
as on 31 st March 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2013 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956;
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS'' REPORT
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of TAMBOLI CAPITAL LIMITED on the accounts for
the year ended 31st March 2013.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. In respect of fixed assets
a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) As explained to us, fixed assets are physically verified by the
management at reasonable intervals in a phased manner in accordance
with a programme of physical verification. No material discrepancies
were noticed on physical verification.
c) There was no substantial disposal of fixed assets during the year.
2. The company has not held any inventory during the year, hence the
provisions of clause (ii) of para 4 of the Order are not applicable.
3. In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The Company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the companies Act, 1956.
The numbers of companies to which loans are granted, is one (a Wholly
Owned subsidiary company) and the amount involved in the transactions
and the year-end balance is Rs. 64.00 Lacs and Rs. 600.00 lacs
respectively.
b. The rate of interest and other terms and conditions of loans given
by the company, are prima facie not prejudicial to the interest of the
company.
c. Since no terms and conditions of the loan granted are stipulated,
we can not offer any comments as to the repayment of principal amount
or overdue amounts, if any.
d. The Company has not taken any loans, secured or unsecured, from the
parties covered 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 with regard to purchase of inventory and fixed assets and for
the sale of goods and services, to the extent applicable. During the
course of our audit, no major weakness has been noticed in the internal
controls.
5. There are no contracts or arrangements in respect of transactions
required to be entered in the register maintained in pursuance of
section 301 of the Companies Act 1956.
6. The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed
thereunder.
7. In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
8. As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory and other dues:
a. The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education & Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues, to the
extent applicable, with the appropriate authorities during the year.
There are no undisputed statutory dues outstanding for a period of more
than six months from the date they became payable.
b. There are no statutory dues, which have not been deposited on
account of any dispute.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or the immediately preceding financial year.
11. The company has not obtained any borrowings from any banks or
financial institutions or by way of debentures.
12. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) are
not applicable to the company.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16. The company has not obtained any term loans during the year.
17. The Company has not raised any funds raised on short-term basis.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money through a public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Manoj Ganatra
Place : Bhavnagar Partner
Date : May 3, 2013 Membership No. 043485
Mar 31, 2012
We have audited the attached Balance Sheet of Tamboli Capital Limited
as at 31st March 2012 and also the Profit & Loss and the Cash Flow
Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
1. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) above, we report that:
(i) 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;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss and Cash Flow Statement dealt
with by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss and Cash Flow
Statements dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956, to the extent applicable;
(v) Based on the written representations made by the directors of the
company and according to the information and explanations given to us,
no director is disqualified as on 31st March 2012 from being appointed
as director under clause (g) of sub-section (1) of section 274 of the
Companies Act 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with all the 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 generally accepted in India:
(a) In the case of the Balance Sheet, of the State of affairs of the
company as at 31st March 2012;
(b) In the case of the Profit & Loss Statement, 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.
ANNEXURE TO AUDITORS' REPORT
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of TAMBOLI CAPITAL LIMITED on the accounts for
the year ended 31st March 2012.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. The company has not held any fixed assets during the year, hence
the provisions of clause 4(i) the Order are not applicable.
2. The company has not held any inventory during the year, hence the
provisions of clause (ii) of para 4 of the Order are not applicable.
3. In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The Company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the companies Act, 1956.
The numbers of companies to which loans are granted, is one (a Wholly
Owned subsidiary company) and the amount involved in the transactions
and the year-end balance is Rs. Nil and Rs. 536.00 lacs respectively.
b. The rate of interest and other terms and conditions of loans given
by the company, are prima facie not prejudicial to the interest of the
company.
c. Since no terms and conditions of the loan granted are stipulated,
we can not offer any comments as to the repayment of principal amount
or overdue amounts, if any.
d. The Company has not taken any loans, secured or unsecured, from the
parties covered 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 with regard to purchase of inventory and fixed assets and for
the sale of goods and services, to the extent applicable. During the
course of our audit, no major weakness has been noticed in the internal
controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transaction made in pursuance of such contract or arrangements have
been made at the prices which are prime facie reasonable having regard
to the prevailing market at the relevant time, wherever such comparison
is possible.
6. The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed
there under.
7. In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
8. As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory and other dues:
a. The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education & Protection Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues, to the
extent applicable, with the appropriate authorities during the year.
There are no undisputed statutory dues outstanding for a period of more
than six months from the date they became payable.
b. There are no statutory dues, which have not been deposited on
account of any dispute.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or the immediately preceding financial year.
11. The company has not obtained any borrowings from any banks or
financial institutions or by way of debentures.
12. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) are
not applicable to the company.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16. The company has not obtained any term loans during the year.
17. The Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money through a public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Manoj Ganatra
Partner
Membership No. 043485
Place : Bhavnagar
Date : May 12, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of Tamboli Capital Limited
as at 31st March 2011 and also the Profit & Loss Account and the Cash
Flow Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) above, we report that:
(i) 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;
(i) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(i) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
(i) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statements dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956, to the extent applicable;
(i) Based on the written representations made by the directors of the
company and according to the information and explanations given to us,
no director is disqualified as on 31st March 2011 from being appointed
as director under clause (g) of sub-section (1) of section 274 of the
Companies Act 1956;
(i) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with all the 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 generally accepted in India:
(a) In the case of the Balance Sheet, of the State of affairs of the
company as at 31st March 2011;
(b) In the case of the Profit & Loss Account, 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.
ANNEXURE TO AUDITORS' REPORT
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of TAMBOLI CAPITAL LIMITED on the accounts for
the year ended 31st March 2011.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. The company has not held any fixed assets during the year, hence
the provisions of clause 4(i) the Order are not applicable.
2. The company has not held any inventory during the year, hence the
provisions of clause (ii) of para 4 of the Order are not applicable.
3. In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The Company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the companies Act, 1956.
The numbers of companies to which loans are granted, is one (a Wholly
Owned subsidiary company) and the amount involved in the transactions
and the year-end balance is Nil Rs. 536.00 lacs respectively.
b. The rate of interest and other terms and conditions of loans given
by the company, are prima facie not prejudicial to the interest of the
company except that no interest is charged on such loans.
c. Since no terms and conditions of the loan granted are stipulated,
we can not offer any comments as to the repayment of principal amount
or overdue amounts, if any.
d. The Company has not taken any loans, secured or unsecured, from the
parties covered 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 with regard to purchase of inventory and fixed assets and for
the sale of goods and services, to the extent applicable. During the
course of our audit, no major weakness has been noticed in the internal
controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transaction made in pursuance of such contract or arrangements have
been made at the prices which are prime facie reasonable having regard
to the prevailing market at the relevant time, wherever such comparison
is possible.
6. The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed
there under.
7. In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
8. As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory and other dues:
a. The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education & Protection Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues, to the
extent applicable, with the appropriate authorities during the year.
There are no undisputed statutory dues outstanding for a period of more
than six months from the date they became payable.
b. There are no statutory dues, which have not been deposited on
account of any dispute.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or the immediately preceding financial year.
11. The company has not obtained any borrowings from any banks or
financial institutions or by way of debentures.
12. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) are
not applicable to the company.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16. The company has not obtained any term loans during the year.
17. The Company has not raised any funds on short-term basis.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money through a public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Manoj Ganatra
Partner
Membership No. 043485
Place : Bhavnagar
Date : May 14, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Tamboli Capital Limited
as at 31st March 2010 and also the Profit & Loss Account and the Cash
Flow Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) above, we report that:
(i) 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;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statements dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956, to the extent applicable;
(v) Based on the written representations made by the directors of the
company and according to the information and explanations given to us,
no director is disqualified as on 31st March 2010 from being appointed
as director under clause (g) of sub-section (1) of section 274 of the
Companies Act 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with all the 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 generally accepted in India:
(a) In the case of the Balance Sheet, of the State of affairs of the
company as at 31st March 2010;
(b) In the case of the Profit & Loss Account, 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.
ANNEXURE TO AUDITORS REPORT
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of TAMBOLI CAPITAL LIMITED on the accounts for
the year ended 31st March 2010.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. The company has not held any fixed assets during the year, hence
the provisions of clause 4(i) the Order are not applicable.
2. The company has not held any inventory during the year, hence the
provisions of clause (ii) of para 4 of the Order are not applicable.
3. In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The Company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the companies Act, 1956.
The numbers of companies to which loans are granted, is one (a Wholly
Owned subsidiary company) and the amount involved in the transactions
is Rs. 536.00 lacs.
b. The rate of interest and other terms and conditions of loans given
by the company, are prima facie not prejudicial to the interest of the
company except that no interest is charged on such loans.
c. Since no terms and conditions of the loan granted are stipulated,
we can not offer any comments as to the repayment of principal amount
or overdue amounts, if any.
d. The Company has not taken any loans, secured or unsecured, from the
parties covered 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 with regard to purchase of inventory and fixed assets and for
the sale of goods and services, to the extent applicable. During the
course of our audit, no major weakness has been noticed in the internal
controls.
5. In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act, 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transaction made in pursuance of such contract or arrangements have
been made at the prices which are prime facie reasonable having regard
to the prevailing market at the relevant time, wherever such comparison
is possible.
6. The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed
there under.
7. In our opinion, the company has an internal audit system
commensurate with its size and the nature of its business.
8. As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9. In respect of statutory and other dues:
a. The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education & Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues, to the
extent applicable, with the appropriate authorities during the year.
There are no undisputed statutory dues outstanding for a period of more
than six months from the date they became payable.
b. There are no statutory dues, which have not been deposited on
account of any dispute.
10. The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or the immediately preceding financial year.
11. The company has not obtained any borrowings from any banks or
financial institutions or by way of debentures.
12. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) are
not applicable to the company.
14. The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16. The company has not obtained any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, funds
raised on short-term basis, prima facie, have not been used during the
year for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money through a public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
MANOJ GANATRA
Partner
Place : Bhavnagar Membership No. 043485
Dated : April 29, 2010 FRN: 109099W
Mar 31, 2009
We have audited the attached Balance Sheet of Tamboli Capital Limited
as at 31st March 2009 and also the Profit & Loss Account and the Cash
Flow Statement of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
CompanyÃs management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with the 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 the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
1. As required by the Companies (Auditorsà Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the annexure a
statement on the matters specified in paragraphs 4 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) above, we report that:
(i) 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;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statements dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956, to the extent applicable;
(v) Based on the written representations made by the directors of the
company and according to the information and explanations given to us,
no director is disqualified as on 31st March 2009 from being appointed
as director under clause (g) of sub-section (1) of section 274 of the
Companies Act 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with all the 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 generally accepted in India:
(a) In the case of the Balance Sheet, of the State of affairs of the
company as at 31st March 2009;
(b) In the case of the Profit & Loss Account, 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.
ANNEXURE TO AUDITORSÃ REPORT Annexure referred to in paragraph 1 of the
report of even date of the Auditors to the members of TAMBOLI CAPITAL
LIMITED on the accounts for the year ended 31st March 2009.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 The company has not held any fixed assets during the year, hence the
provisions of clause 4(i) the Order are not applicable.
2 The company has not held any inventory during the year, hence the
provisions of clause (ii) of para 4 of the Order are not applicable.
3 In respect of loans granted or taken to/from companies, firms or
other parties in the register maintained under section 301 of the
Companies Act, 1956:
a. The Company has granted unsecured loans to the companies covered in
the register maintained under section 301 of the companies Act, 1956.
The numbers of companies to which loans are granted, is one (a
subsidiary company) and the amount involved in the transactions and the
year-end balance is Rs. 536.00 lacs.
b. The rate of interest and other terms and conditions of loans given
by the company, are prima facie not prejudicial to the interest of the
company except that no interest is charged on such loans.
c. Since no terms and conditions of the loan granted are stipulated,
we can not offer any comments as to the repayment of principal amount
or overdue amounts, if any.
d. The Company has not taken any loans, secured or unsecured, from the
parties covered 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 with regard to purchase of inventory and fixed assets and for
the sale of goods and services, to the extent applicable. During the
course of our audit, no major weakness has been noticed in the internal
controls.
5 According to the information and explanations given to us, there were
no transactions required to be entered in the register maintained in
pursuance of section 301 of the Companies Act 1956.
6 The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed
thereunder.
7 Since the paid up capital and reserves as at the commencement of the
financial year does not exceed Rs. 50 lacs, the provisions of internal
audit system do not apply.
8 As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9 In respect of statutory and other dues:
a. The Company has been regular in depositing undisputed statutory
dues, including Provident Fund, Investor Education & Protection Fund,
Employeesà State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues, to the
extent applicable, with the appropriate authorities during the year.
There are no undisputed statutory dues outstanding for a period of more
than six months from the date they became payable.
b. There are no statutory dues, which have not been deposited on
account of any dispute.
10 The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or the immediately preceding financial year.
11 The company has not obtained any borrowings from any banks or
financial institutions or by way of debentures.
12 The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) are
not applicable to the company.
14 The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15 According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16 The company has not obtained any terms loans during the year.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment.
18 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956 except for and to the extent of the
allotment of shares in accordance with the scheme of arrangement and
demerger as stated in note no. 3 to the Accounts.
19 The Company did not have any outstanding debentures during the year.
20 The Company has not raised any money through a public issue during
the year.
21 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
MANOJ GANATRA
Bhavnagar Partner
June 29, 2009 Membership No. 043485
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