We have audited the accompanying financial statements of TRISHAKTI
ELECTRONICS & INDUSTRIES LIMITED which comprise the Balance Sheet as at
31st March, 2014, 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 of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 read with the general circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013. This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
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' 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 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 entity's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements subject to
significant accounting policies and other notes thereon 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 & Loss of the "Profit" of
the Company for the year ended 31st March, 2014 and
c. In the case of 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 (Auditors' Report) Order, 2003 ("the
Order") issued by the Central Government of India in 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:
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 account as required by law have
been kept by the Company so far as it appears from our examination of
the books;
iii) The Balance Sheet, statement of Profit & Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
iv) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 read with
the general circular 15/2013 dated 13th September, 2013 of the Ministry
of Corporate Affairs in respect of section 133 of the Companies Act,
2013.
v) On the basis of written representation received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of Clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
vii) 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 is to be paid, no cess is due
and payable by the Company
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
To the members of
TRISHAKTI ELECTRONICS & INDUSTRIES LIMITED
Referred to Para I of our Report on Other Legal and Regulatory
Requirements For the Year ended 31st March, 2014
1 a) The Company has maintained proper records showing full particulars
including Quantitative details and situation of its Fixed Assets.
b) During the year, the management has physically verified the fixed
assets of the company. The discrepancies noticed on such verification
were not material and have been properly dealt with in the books of
account.
c) Fixed Assets disposed off during the year were not substantial and
therefore it does not affect the company as a going concern.
2 a) The management has conducted physical verification of inventory at
the yearend/during the year. In our opinion, the frequency of
verification is reasonable
b) The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and nature of its business.
c) In our opinion and according to the information and explanations
given to us and on the basis of our examination of records of
inventory, the company is maintaining proper records of inventory
except stores & spare parts which have been issued to department as &
when purchased. The discrepancies noticed on physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
3 a) The company has not granted loan to any party covered in the
register maintained under section 301 of the Companies Act, 1956.
b) The company has taken advances from five parties covered in the
Register maintained under section 301 of the Companies Act, 1956
aggregating to Rs. 121.00 lakhs, maximum balance outstanding at any
time during the year and closing balance of such loan as on 31st March,
2014 was Rs. 83.00 lakhs and Rs. Nil respectively.
c) There is no overdue amount of advances taken from the companies,
firm and other parties listed in the register maintained under section
301 of the Companies Act, 1956.
d) The rate of interest and terms & conditions on which advances have
been taken from such parties are not primafacie prejudicial to the
interest of the company.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for purchase of inventory & fixed assets and for sale of fixed
assets, goods & services. Further on the basis of our examination of
the books and records of the company and according to the information
and explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weakness in the
aforesaid internal control procedures.
5 a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to the information & explanations given
to us, no transaction has been made in pursuance of contracts or
arrangements entered in to the register maintained under section 301 of
the Companies Act, 1956 exceeding the value of Rupees five lacs in
respect of any party during the year.
6 In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public and
therefore, the directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA of the Companies Act, 1956 and
Rules thereunder are not applicable to the company.
7 The Company does not have formal internal audit. However internal
check commensurates with its size and the nature of its business.
8 The Central Government has not prescribed the maintenance of Cost
Records under clause (d) of Sub-section (1) of Section 209 of the
Companies Act, 1956.
9 a) In our opinion and according to the information and explanations
given to us, the company is generally regular in depositing undisputed
statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Service Tax, Excise Duty, Cess and any other
statutory dues with the appropriate authorities where applicable. There
are no arrears of aforesaid statutory dues as at the last day of the
financial year and outstanding for a period of six months from the date
they became payable, except Service Tax Payable Rs. 1,80,352 and
Investor Education and Protection Fund Rs. 76,140.
b) There are no cases of non deposit with appropriate authorities of
disputed dues of Sales Tax, Income Tax, Custom Duty, Service Tax,
Wealth Tax, Excise Duty and Cess except:
Name of the Statute Nature of Dues Amount (Rs.) Period to which
amount is
related
Income Tax Short Term Capital 3,23,720 2008-09
Gains not allowed
Name of the Statute Forum where the
dispute is pending
Income Tax Pending with
Assessing Officer
10 The company has no accumulated losses at the end of the financial
year. It has neither incurred cash losses in the financial year under
report nor in the preceding financial year.
11 The company has not borrowed money from banks or financial
institutions or against debenture hence the question of default in
payment of dues 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 provisions of any Special Statute applicable to Chit Fund, Nidhi
or Mutual Benefit Fund / Societies are not applicable to the Company.
14 In respect of dealing or trading in shares, securities, debentures
and other investments, the company is maintaining proper records for
transactions and contracts and timely entries have been made therein.
The shares, Securities, Debentures and other investments are held by
the company in its own name.
15 According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks and financial institutions.
16 The company has not obtained term loans during the financial year.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, in our
opinion, fund raised on short term basis have prima facie, not been
used during the year for long term investments.
18 The company has not made any preferential allotment of shares to
parties and companies covered in the Registers maintained under Section
301 of the Companies Act, 1956.
19 No debentures have been issued by the Company hence the question of
creating security in respect thereof does not arise.
20 During the period, the Company has not raised money by Public Issue.
21 During the course of our examination of the books and records of the
company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come accross any instance of fraud on or
by the company, noticed or reported during the year, nor have we been
informed of such case by the management.
For Dangi Jain & Company
Chartered Accountants
Firm Registration No. 308108E
Kolkata (S.K. Dangi)
Dated : the 30th day of May, 2014 Partner
Membership No. 12529 |