| We have audited the accompanying standalone financial statements of
Tentiwal Wire Products Limited ("the Company"], which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss
Statement, the 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
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 and presentation of these financial statements that
give true and fair view of the financial position, financial
performance and cash flow of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under section 133 of the Companies
Act,read with Rule 7 of the Companies (Accounts) Rules,2014. This
responsibility also includes the maintenance of adequate accounting
records in accordance with the provision of the Act for safeguarding of
the assets of the Company and for preventing and detecting the 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 control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessments of
the risk of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers 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
controls system over financial reporting and 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 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 March31,2015, and its profit and its cash flow 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 the Government of India in terms of sub-
section (11)of Section 143 of the Act,we give in the annexure a
statement on the matters specified in the paragraphs 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 explanation
which to the best of our knowledge and beliefs were necessary for the
purpose of our audit:
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, the 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 aforesaid 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 the written representations received from the
directors as on March 31, 2015,and taken on record by the Board of
directors, none of the directors is disqualified as on March 31,
2015,from being appointed as a director in terms of Sections 164(2) of
the Act.
(f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors)Rules,2014:
(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
derivative contracts for which there were any material foreseeable
losses.
(iii) There were no Amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
Annexure to the Auditor's Report
[Referred to in paragraph 1 under Report on Other Legal and Regulatory
Requirements of our Report of even date to the members of Tentiwal Wire
Products Limited on the accounts of the company for the year ended 31st
March, 2015)
On the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of
our audit, we report that:
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the fixed assets.
(b) As explained to us, fixed assets have been physically verified by
them during the year in accordance with the regular programme of
verification adopted by them which, in our opinion, provides for
physical verification of all the fixed assets at reasonable intervals.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(ii) In respect of its inventory:
(a) As explained to us, the inventories of finished goods,
semi-finished goods, stores, spare parts and raw materials were
physically verified at regular intervals by the Management.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of 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 no material discrepancies were noticed on physical
verification.
(iii) In respect of loans, secured or unsecured, granted to the parties
covered in register maintained under section 189 of the Companies Act,
2013:
According to the information and explanations given to us, the Company
has not granted any loans to companies, firms or other parties covered
in the Register maintained under Section 189 of the Companies Act,
2013.
(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 for the purchase of inventory, fixed assets and for the sale
of goods and services, during the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control.
(v) The company has not received any public deposits during the year.
(vi) We have broadly reviewed the cost records maintained by the
Company pursuant to the Rules made by the Central Government under
Section 148 (1) of the Companies Act, 2013 and are of the opinion that
prima facie the prescribed cost records have not properly made and
maintained. We have, however, not made a detailed examination of these
records with a view to determining whether they are accurate or
complete.
(vii) In respect of statutory dues:
(a) According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
employees state insurance (ESI), Income-tax, Tax deducted at sources,
Tax collected at source, Professional Tax, Sales Tax, value added tax
(VAT), Service Tax, Excise Duty, Cess and other material statutory dues
applicable to it, with the appropriate authorities.
(b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Income-tax, Custom
Duty, Excise Duty, Sales-tax, VAT, Cess and other material statutory
dues in arrears/were outstanding as at 31 March, 2015 for a period of
more than six months from the date they became payable.
(c) There were no amounts which required to be transferred by the
company to the Investor Education and Protection Fund.
(viii) The company does not have the accumulated losses at the end of
financial year. The company has not incurred any Cash losses during the
financial covered by our Audit and the immediately preceding financial
year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(x) In our opinion, and according to the information and the
explanation given to us, the company has not given any guarantee for
loans taken by others from banks or financial institutions during the
year;
(xi) The Term loans taken by the company have been applied for the
purpose for which they were raised.
(xii) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For B. B. Agrawal & Co.
Chartered Accountants
(FRN.000597C)
Place : Mathura
Date : 30/05/2015 Sd/-
(B.B.Agrawal)
(Partner)
Membership No. 015698 | 