Mar 31, 2011
1. We have audited the attached Balance Sheet of Tutis Technologies
Limited as at 31st March 2011 and the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
3. As required by the Companies (Auditor's Report) 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 and 5 of the said
order to the extent applicable.
4. Further to our comments in the Annexure referred to in paragraph
(3) above:
(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 Profit and Loss account and The Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet and the Profit and Loss Account
and the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
(f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts 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 the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
(ii) In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Annexure to the Auditors' Report
(Referred to in paragraph 3 of our report of even date to the Members
of Tutis Technologies Limited)
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets.
(b) As explained to us, some of the fixed assets were physically
verified during the year by the Management in accordance with a program
of verification in terms of which all the fixed assets are physically
verified over a period of three years, which in our opinion, is
reasonable having regard to the size of the company and nature of its
fixed assets. According to the information and explanations given to
us, no material discrepancies were noticed on such verification.
(c) No substantial part of fixed assets of the company has been
disposed off during the year.
(ii) In respect of Inventories:
(a) As explained to us, inventories were physically verified during the
year by the management at reasonable intervals
(b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of the inventories
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company has maintained proper records of its
inventories and material discrepancies noticed are properly accounted.
(iii) (a) According to information and explanations given to us, during
the year the company has granted interest free unsecured loan to two
companies and a party covered in the register maintained under section
301 of the Companies Act, 1956. The maximum amount involved during the
year was Rs. 163.18 lacs and the year end balance was Rs. 68.40 lacs.
(b) As informed by the management, the company has granted interest
free unsecured loans to two companies and a party is in the ordinary
course of the business. We are not in a position to comment whether the
terms and conditions of the loans and advances are prejudicial to the
interest of the company as there are no covenants with regard to the
repayment of the loan.
(c) According to information and explanations given to us, in respect
of such interest free loan given by the company, the same are repayable
on demand and no stipulations have been made regarding repayment of
principal amount.
(d) There is no overdue amount in respect of loan given to companies /
parties under register maintained under section 301 of the Companies
Act, 1956, as these are repayable on demand.
(e) According to the information and explanations given to us, the
Company has taken interest free unsecured loan from a company covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. 720.59 lacs
and the year end balance was Nil.
(f) As informed by the management, the company has taken interest free
unsecured loans from a company is in the ordinary course of the
business. We are not in a position to comment whether the terms and
conditions of the loans and advances are prejudicial to the interest of
the company as there are no covenants with regard to the repayment and
other terms and conditions of such loan.
(g) In our opinion and as per the records examined by us, the payment
of principal amount is regular.
(iv) In our opinion and according to the information and explanations
given to us, it appears that there is an adequate internal control
system commensurate with the size of the Company and the nature of its
business with regard to the purchase of inventory, fixed assets and for
the sale of goods. Further, on the basis of our examination of the
books and records of the company, and according to the information and
explanation give to us we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
afore said internal control system.
(v) (a) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in section 301 of the Act that need to be
entered into the register maintained under section 301 have been so
entered. (b) In our opinion and according to the information and
explanations given to us, transactions made in pursuance of such
contract or arrangement exceeding value of Rupees five lakhs have been
entered into during the financial year at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
(vii) In our opinion, the system of internal audit of the company needs
to be strengthened commensurate with the size and nature of its
business.
(viii) According to the information and explanation given to us, the
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Companies Act, 1956.
(ix) (a) As per the information and explanations given to us and
according to our examination of the records of the company, the Company
has generally been regular in depositing undisputed statutory dues on
account of provident fund, employees' state insurance, income-tax,
sales-tax, customs duty, excise duty, cess and other statutory dues as
applicable to the company with the appropriate authorities during the
year. There are no arrears of undisputed statutory dues outstanding for
a period of more than six months from the date on which they became
payable except for a sum of Rs. 92.55 lacs payable as penalty towards
Income tax which is not accounted for as the management is of the
opinion that it can invoke alternate remedial measures for mitigation
of penal liability. (b) According to the information and explanations
given to us and the records of the Company examined by us, there are no
disputed dues in respect of sales tax, wealth tax, service tax, custom
duty, excise duty or cess which have not been deposited on account of
any disputes.
The following are the particulars of Income tax dues not deposited by
the company on account of disputes.
A.Y. 1998-99 Rs. 30.26 lacs
A.Y. 1999-00 Rs. 176.25 lacs
A.Y. 2000-01 Rs. 496.80 lacs
A.Y. 2001-02 Rs. 30.46 lacs
A.Y. 2003-04 Rs. 158.95 lacs
All these disputes are on account of disallowance of Sec 80HHE claim
made by the company. Income tax Appellate Tribunal has passed
favourable order in all above cases which are pending for giving effect
by the Assessing Officer.
(x) The company does not have accumulated losses at the end of the
financial year. The company has not incurred any cash losses in the
current financial year nor in the immediately preceding financial year.
(xi) According to the information and explanations given to us and the
records of the Company examined by us, the company has not defaulted in
repayment of dues to any Financial Institution or Bank. The Company has
not raised any amount through debentures.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures and other securities.
(xiii) The provisions of any special statutes applicable to Chit Fund,
Nidhi or Mutual Benefit Fund / Societies are not applicable to the
company.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other Investments. Accordingly, the provisions of clause 4(xiv) of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
(xv) According to the information and explanations given to us, the
Company has given corporate guarantee to banks/ financial institutions
for loans taken by group concerns amounting to Rs. 10.70 Cr as stated
in note no. 9 of Schedule 17. The terms and conditions on which the
company has given guarantees for loans taken by others from bank are
not, prima facie, prejudicial to the interest of the Company.
(xvi) The company has not taken any term loans during the year.
(xvii)According to the Information and explanations given to us and on
an overall examination of the balance sheet of the Company, we report
that no funds raised on short term-basis have been used for long term
Investments.
(xviii)The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of companies Act, 1956
(xix)The Company has not issued any debentures and hence no securities
are charges are required to be created in respect thereof.
(xx) The Company did not raise any money through a public issue during
the year.
(xxi) On the basis of our examination and according to the information
and explanations given by the management, no fraud, on or by the
Company, has been noticed or reported during the year.
For Vijay R Tater & Co.,
Chartered Accountants
FRN No : 111426W
Sd/-
CA Suresh Kothari
Partner M.No : 047625
Place : Mumbai
Date : 31st August , 2011.
Mar 31, 2010
1. We have audited the attached Balance Sheet of Tutis Technologies
Limited as at 31st March 2010 and the Profit and Loss Account for the
year ended on that date. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on ouraudit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about 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 ouraudit provides a reasonable basis for
our opinion.
3. 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 and 5 of the said
order to the extent applicable.
4. Further to our comments in the Annexure referred to in paragraph
(3) above:
(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 lawhave been
kept by the Company so far as appears from our examination of those
books
(c) The Balance Sheet, the Profit and Loss account and The Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet and the Profit and Loss Account
and the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
(e) On the basis of written representations received from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
(f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts 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 the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010;
(ii) In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and (iii) In the case of the
Cash Flow Statement, of the cash flows of the Company for the year
ended on that date.
Annexure to Auditors Report (Referred to in paragraph (3) of our
report of even date)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) A major portion of the assets has been physically verified by the
management on an yearly basis. In our opinion, the frequency of
verification is reasonable having regard to the size of the Company and
the nature of its assets. To the best of our knowledge, no material
discrepancies have been noticed on such verification.
(ii) (a) The inventory of Biometric devices have been physically
verified during the year by the management. In our opinion, having
regard to the nature of such services, the frequency of verification is
reasonable.
(iii) (a)The Company has not granted any loans secured or unsecured to
any party covered in the register maintained under section 301 of the
Companies Act, 1956.
(b) The Company has not taken any loan from any party covered in the
register maintained under section 301 of the Companies Act, 1956.
(iv) 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 purchases of fixed assets and sale of services.
The activities of the company do not involve purchase of inventory and
the sale of goods. We have not observed any major weakness in the
internal control system during the course of the audit.
(v) In our opinion and according to the information and explanations
given to us, there are no transactions that need to be entered in to
the register in pursuance of Section 301 of the Companies Act, 1956.
(vi) The Company has not accepted any deposits from the public to which
the provisions of section 58A of the Companies Act, 1956 and the rules
framed hereunder are applicable.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
(viii) According to the information and explanation given to us,
maintenance of cost records has not been prescribed by the Central
Government under Section 209 (1) (d) of the Companies Act, 1956 for any
of the services rendered by the Company.
(ix) According to the information and explanations given to us, the
Company is regular in depositing with appropriate authorities statutory
dues including providend fund, income-tax, sales-tax and other
statutory dues applicable to it.
(x) The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial years.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions and banks.
(xii) 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. Therefore,
the provisions of clause 4(xii) of the Companies (Auditors Report)
Order, 2003 are not applicable to the Company.
(xiii) In our opinion, the Company is not a chit fund or a nidhi mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
(xiv) In our opinion, the Company is not dealing in or trading in
Shares, securities, debentures and other investments. Accordingly, the
provisions of clause 4 (xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to the Company.
(xv) In our opinion, the terms and conditions on which the Company has
given guarantees for loans taken by others from banks or financial
institutions are not prima facie prejudicial to the interest of the
Company.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, the term
loans raised were prima facie used for the purpose for which they were
raised.
(xvii) . According to the information and explanations given to us and
on an overall examination of the Balance Sheet of the Company, we
report that no funds raised on short-term basis have been used for long
term assets. No long-term funds have been used to finance short-term
assets.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) During the period covered under our Audit the company has not
issued any fresh shares.
(xxi) 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
has been noticed or reported during the course of our audit.
For K. P. Joshi & Co.
Chartered Accountant
Membership No. 034760
Sd/-
PLACE: Mumbai K. P. Joshi
DATE : May 31, 2010 Proprietor
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