Mar 31, 2014
We have audited the accompanying financial statements of Trinity League
India Limited [formerly known as Dr. Wellman''s Homeopathic
Laboratories Limited] ("the Company"), which comprise the Balance Sheet
as at 31st March , 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year ended and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards 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 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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of sub-
section (4A) of section 227 of the Act, is not applicable to the
company for the year under the report.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, dealt with by this
Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in sub- section (3C)
of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
Annexure to the Auditors'' Report
[Referred to in Paragraph (3) thereof]
1. The records maintained by the company showing full particulars
including quantitative details and situation of fixed assets. The fixed
assets have been physically verified by management during the year.
None of the fixed assets have been revalued during the year. There also
has been no significant disposal during the year.
2. The Company has not dealt with any inventory during the financial
year under audit and therefore this clause is not applicable.
3. The company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. The company has not
granted loans, unsecured, to companies which are related party within
the meaning of AS Â 18. However the Company has entered into
transaction with related parties, adequate disclosure of which has been
made in the notes to accounts.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal controls procedures
commensurate with size of the Company and the nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods. In our opinion and according to the information and explanation
given to us, there is no continuing failure to correct major weakness
in internal control.
5. As explained by the management, the Company has not entered into
contracts which need to be required to be entered in the register
maintained under section 301 of the Company Act, 1956.
6. In our opinion & according to information given to us by the
Company it has not accepted deposits from the public, which come under
the directives issued by the RBI & the provisions of section 58A,
section 58AA or any other relevant provisions of the Companies Act and
rules framed there under.
7. The company is not compulsorily under the obligation of an internal
audit.
8. According to the information and explanations given to us, the
company has deposited timely, the statutory dues payable in respect of
Income-Tax, Service Tax PF, ESI, and VAT & CST with the appropriate
authorities.
9. The Company has been in existence for a period of more than 5
years. However as at 31st March, 2014; the accumulated losses of the
Company exceeds 50% of the net worth by '' 1, 38, 38, 458/- 10. The
Company has not defaulted in repayment of dues to a Bank or Financial
institution. The Company has not issued any debentures; therefore the
question of repayment of interest to debenture holders does not arise.
11. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
12. The company is not a Chit fund, Nidhi or mutual benefit Society.
Hence the requirement of clause 4(xiii) of order is not applicable to
the company.
13. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investment. Accordingly, the
provisions of clause 4(xiv) of the Company (Auditor''s report) Order,
2003 are not applicable to the Company.
14. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
15. According to information and explanations given to us, no fund was
raised on short-term basis and/or long term basis so this Para does not
seem to be applicable to the Company.
16. According to information and explanations given to us, no
preferential allotment of shares have been made by the company to
companies, firms or other parties listed in the register maintained
under section 301of the Companies Act, 1956
17. The company has not issued any secured debentures during the
period covered under audit.
18. During the period covered by our audit report, the company has not
raised money by way of public issues.
19. In our opinion and according to the information and explanations
given to us and on overall examination of the Balance Sheet, we report
that funds raised on short term basis have not been used during the
year for long term investment.
20. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no significant
fraud on the Company has been noticed or reported during the year.
For and on behalf of
Sadana & Company
Chartered Accountants
Firm Regn. No. 011616N
Place: Noida (CA Amit Bansal)
Date: 22nd April, 2014 Partner
Membership No. 098966
Mar 31, 2012
1. We have audited the attached Balance Sheet of Dr. Wellman''s
Homeopathic Laboratories Limited ("the Company") as at 31 st march,
2012 and also the Statement of Profit and Loss and the cash flow
statement of the company for the year ended on that date, both annexed
thereto. These financial statements are the responsibility of the
Company''s Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurances about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the 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. ''
3. As required by the Companies (Auditor''s Report) Order, 2003
(CARO) issued by the Central Government of India in terms of Sub
Section 4A of Section 227 of the Companies Act, 1956, We give in the
annexure a statement on the matters specified in paragraphs 4 and 5 of
the said order.
4. Further to our comments in the annexure referred to in paragraph 3
above, we report as follows:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper, books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account; except in case of depreciation. According to the last
year balance sheet depreciation was under charged by '' 199,864.00/-.
This amount has been adjusted in the depreciation schedule and has been
provided for in the current year in the statement of profit and loss.
The company has been charging depreciation on straight line basis.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the cash flow statement dealt with by this report are in compliance
with the Accounting Standards referred to in section 211 (3C) of the
Companies Act, 1956;
e) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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:
i. In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012
ii. In the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
iii. In the case of Cash Flow Statement of the cash flows for the year
ended on that date.
5. On the basis of written representations received from the Directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31 st March,
2012 from being appointed as Director in terms of section 274( 1 )(g)
of the CompaniesAct, 1956.
Annexure to the Auditors'' Report
[Referred to in Paragraph (3) thereof]
1. The records maintained by the company showing full particulars
including quantitative details and situation of fixed assets. The fixed
assets have been physically verified by management during the year.
None of the fixed assets have been revalued during the year.
2. As explained to us, the inventories have been physically verified
by the management at reasonable intervals during the year. In our
opinion, the frequency of such verification is reasonable having the
regard to the size of the company and the nature of its business.
In our opinion and according to the information and explanation given
to us, the procedures of physical verification followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of the business.
In our opinion and according to the information and explanation given
to us, the company has maintained proper records of inventory. As
explained to us, there were no material discrepancies noticed on
physical verification of stocks, as compared to book records. At the
year ended 31 st March, 2012 there is no closing inventory.
3. The company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. The company has granted
loans, unsecured, to companies which are related party within the
meaning of AS - 18, However such advancement of loan is within the
limits prescribed under section 372Aof the Companies Act, 1956.
Interest has been charged on such advancement of loan to related
parties. The year end balances are as follows:
NAME OF THE PARTY AMOUNT [Rs.]
A. Trinity Global Enterprises Ltd. 305,099.00/-
B. Trinity Industries Limited 687,500.00/-
4. In our opinion and according to the information and explanation
given to us, there are adequate internal controls procedures
commensurate with size of the Company and the nature of its business
for the purchase of inventory and fixed assets and for the sale of
goods. In our opinion and according to the information and explanation
given to us, there is no continuing failure to correct major weakness
in internal control.
5. As explained by the management, the Company has entered into
contracts which need to be required to be entered in the register
maintained under section 301 of the Company Act, 1956.
6. In our opinion & according to information given to us by the
Company it has not accepted deposits from the public, which come under
the directives issued by the RBI & the provisions of section 58A,
section 58AAor any other relevant provisions of the Companies Act and
rules framed there under.
7. The company is not compulsorily under the obligation of an internal
audit.
8. According to the information and explanations given to us, the
central government has not prescribed under section 209(1) (d) of the
companies act, 1956 the maintenance of cost records.
9. According to the information and explanations given to us, the
company has deposited timely, the statutory dues payable in respect of
Income-Tax, Service Tax PF, ESI, and VAT & CST with the appropriate
authorities.
10. The Company has been in existence fora period of more than 5
years. However as at 31st March, 2012; the accumulated losses of the
Company exceeds 50% of the net worth by Rs. 1,16,27,3801-
11. The Company has not defaulted in repayment of dues to a Bank or
Financial institution. The Company has not issued any debentures;
therefore the question of repayment of interest to debenture holders
does not arise.
12. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The company is not a Chit fund, Nidhi or mutual benefit Society.
Hence the requirement of clause 4(xiii) of order is not applicable to
the company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investment. Accordingly, the
provisions of clause 4(xiv) of the Company (Auditor''s report) Order,
2003 are not applicable to the Company.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. According to information and explanations given to us, no fund was
raised on short-term basis and/or long term basis so this Para does not
seem to be applicable to the Company.
17. According to information and explanations given to us, no
preferential allotment of shares have been made by the company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956
18. The company has not issued any secured debentures during the
period covered under audit.
19. During the period covered by our audit report, the company has not
raised money by way of public issues.
20. In our opinion and according to the information and explanations
given to us and on overall examination of the Balance Sheet, we report
thatfunds raised on shortterm basis have not been used during the
yearfor long term investment.
21. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no significant
fraud on the Company has been noticed or reported during the year.
For Sadana & Co.
Chartered Accountants
Firm Regn. No. 011616N
Place: Noida (CA Amit Bansal)
Date: 31 st May, 2012 Partner
Membership No. 098966
Jun 30, 2010
1) We have audited the attached Balance Sheet of Dr. Wellmans
Homoeopathic Laboratory Limited as at 30th June , 2010 and also the
Profit and Loss Account and Cash Flow Statement 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.
2) We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3) As required by the company (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(1) a statement
on matters specified in paragraph 4 and 5 of the said order.
4) Further to our comments in the Annexure referred to 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 purposes of our
audit;
ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books.
iii) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section(3C) of section 211 of the Companies Act, 1956;
v) On the of written representations received from the directors, and
taken on record by the Board of Directors, we report that none of the
directors is disqualified as from being appointed as a director in
terms of clause (g) of sub-section (1) of section 274 of the Companies
Act, 195;
vi) In our opinion and to the best of our information an according to
the explanations given to us, the said accounts 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 30lh June 2010;
b) in the case of Profit and Loss Account, of the Loss for the year
ended on that date; and
c) in the case of Cash Flow Statement as at 30th June 2010
ANNEXURE TO AUDITORS REPORT
(Referred to in paragraph-1 of our report of even date on the accounts
for the year ended 30th June, 2010 of Dr. Wellmans Homoeopathic
Laboratory Limited)
1. The records maintained by the company showing full particulars
including quantitative details and situation of fixed assets are needs
to be made more adequate. The fixed assets have not been physically
verified by management during the year.
None of the fixed assets have been revalued during the year.
2. As explained to us, the inventories have been physically verified
by the management at reasonable intervals during the year. In our
opinion, the frequency of such verification is reasonable having the
regard to the size of the company and the nature of its business.
In our opinion and according to the information and explanation given
to us, the procedures of physical verification followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of the business.
In our opinion and according to the information and explanation given
to us, the company has maintained proper records of inventory. As
explained to us, there were no material discrepancies noticed on
physical verification of stocks, as compared to book records.
3. The company has not taken any loans, secured or unsecured, from
companies, firms or other parties listed in the register maintained
under Section 301 of the Companies Act, 1956. The company has not
granted any loans, secured or unsecured, from companies, firms or other
parties listed in the register maintained under Section 301 of the
Companies Act, 1956.
4. In our opinion and according to the information and explanation
given to us, having regard to the explanations that some of the items
purchased are of special nature and suitable alternative sources do not
exist for obtaining comparable quotations, there are adequate internal
controls procedures commensurate with size of the Company and the
nature of its business for the purchase of inventory and fixed assets
and for the sale of goods. In our opinion and according to the
information and explanation given to us, there is no continuing failure
to correct major weakness in internal control.
5. a) To the best of our knowledge and belief and according to the
information and explanation given to us, we are of the opinion that the
transactions that needs to be entered in to the register maintained
under section 301 of Companies Act 1956 have been so entered.
b) In our opinion and having regard to our comments in paragraph (iv)
above, and according to the information and explanations given to us,
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the companies act, 1956
and exceeding the value of Rs. 5, 00,000/- in respect of each party
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
6. The company does not required to have an internal audit.
7. According to the information and explanations given to us, the
central government has not prescribed under section 209(1)(d) of the
companies act, 1956 the maintenance of cost records.
8. According to the information and explanations given to us, the
company is not regular in depositing statutory dues payable in respect
of Provident Fund, Investor Education And Protection Fund, Employees
State Insurance, Income-Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
Duty, cess with the appropriate authorities. No provision for interest
on such delayed/non payment or penalty has been made in the books of
accounts. In view of inadequate records, we are unable to provide exact
amount of outstanding dues against the company as at 30th June, 2010.
9. The company has accumulated losses aggregating to Rs. 40442166 at
the end of the financial year. The company has suffered cash profit of
Rs. 2803318 during the year against the cash profit of Rs. 907065 in
the immediately preceding financial year.
10. According to the information and explanations given to us, the
company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
11. The company is not a Chit fund, Nidhi or mutual benefit Society.
Hence the requirement of clause 4(xiii) of order are not applicable to
the company.
12. Not Applicable
13. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
14. In our opinion and according to the information and explanation
given to us, subject to our comment in our audit report, the terms
loans have been applied for the purpose for which they were raised
other than amounts temporarily invested pending utilization of the
funds for the stated use.
15. According to information and explanations givei to us, no funds
raised on short-term basis have been used for long-term investment.
Similarly, no funds raised on long-term basis have been used for
short-term investment.
16. According to information and explanations given to us, no
preferential allotment of shares have been made by the company to
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956
17. The company has not issued any secured debentures during the
period covered under audit.
18. During the period covered by our audit report, the company has not
raised money by way of public issues.
19. According to information and explanations given to us, a fraud on
or by the company has not been noticed or reported during the year.
(Amish Ambani)
M.N.-95609
Partner,
Amish Ambani & Co.,
Chartered Accountants
Date : 04/12/2010
Place: Delhi
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