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Technocraft Industries (India)

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« Mar 14
Auditor's Report (Technocraft Industries (India)) Year End : Mar '15
1.  We have audited the accompanying Standalone financial statements of
 TECHNOCRAFT INDUSTRIES (INDIA) LIMITED, (the company), which comprise
 the Balance Sheet as at March 31, 2015, the Statement of Profit and
 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 Standalone Financial Statements
 
 2.  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, financial
 performance and cash flows 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 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 statement that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 3.  Our responsibility is to express an opinion on these Standalone
 financial statements based on our audit.
 
 4.  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.
 
 5.  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.
 
 6.  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
 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 financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances. An audit also includes evaluating the
 appropriateness of the accounting policies used and reasonableness of
 the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 7.  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
 
 8.  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 its Profit and its
 cash flows for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 9.  As required by the Companies (Auditor''s Report) Order, 2015 (the
 order) ; issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Companies Act, 2013, we give in
 the Annexure a statement on the matters specified in paragraphs 3 and 4
 of the Order to the extent applicable.
 
 10 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 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 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 the Written representations received from the
 directors as on 31st March, 2015 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 of section 164 (2) of the
 Act.
 
 (f) 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 explanations given to us:
 
 i.  The company has disclosed the impact of pending litigations on its
 financial position in its financial statements.  Refer note no. 2 (A)
 of note no. 28 of the notes to the Financial Statements in respect of
 contingent liability.
 
 ii.  The Company did not have any long term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii.  There has been no delay in transferring amounts required to be
 transferred, to the investor Education and Protection Fund by the
 Company.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
 
 The Annexure referred to in our Report of even date to the Members of
 TECHNOCRAFT INDUSTRIES (INDIA) LIMITED for the year ended March 31,
 2015. We report that:
 
 1 a The Company is maintaining proper records showing full particulars,
 including quantitative details and situation, of fixed assets.
 
 1 b As explained to us, the fixed assets of the company have been
 physically verified by the Management in a phased
 manner as per regular program of verification, which in our opinion is
 reasonable having regard to the size of the Company and nature of its
 assets. Pursuant to this program, some of the fixed assets have been
 physically verified by the management during the year, and no material
 discrepancies have been noticed on such verification.
 
 2 a The stock of Finished Goods, Goods-in-Process, Raw Materials and
 Stores & Spares parts have been physically verified during the year by the Management. In our opinion the
frequency of verification is reasonable. In respect of inventories lying with the third parties, these have 
 substantially been confirmed by them.
 
 2 b In our opinion, the procedure of physical verification of the above
 Inventories followed by the Management are reasonable and adequate in
 relation to the size of the Company and nature of its business.
 
 2 c On the basis of our examination of the Inventory records, in our
 opinion, the Company is maintaining proper records of the inventories. 
 The discrepancies noticed between the physical stock and book stocks 
 were not material and the same have been properly dealt with in the 
 Books of Account.
 
 3 a In our opinion and according to the information and explanations
 given to us, the company has granted unsecured loans to covered in the 
 Register maintained under Section 189 of the Companies Act, 2013. The 
 year ended balance of Loan granted to such parties was Rs. 757.01 Lakhs.
 
 3 b Payment of Principal amount and interest are regular wherever
 stipulated.
 
 3 c there is no overdue amount of loans granted to Companies, Firms or
 other parties listed in the register maintained under section 189 of
 the Companies Act, 2013.
 
 4.  In our opinion, and according to the information and explanations
 given to us, there is an adequate Internal Control system commensurate
 with the size of the Company and the nature of its business, for the
 purchase of Inventory and Fixed Assets and for the sale of goods and
 services. Further on the basis of our examination of the Books and
 records of the Company and according to the information and explanation
 given to us, we have neither come across, nor have been informed of,
 any continuing failure to correct major weaknesses in the aforesaid
 Internal control System.
 
 5.  The Company has not accepted any deposits from the public to which
 the directives issued by the Reserve Bank of India and the provisions
 of section 73 to 76 and any other relevant provision of the Companies
 Act, 2013 and the rules framed there under apply.
 
 6.  We have broadly reviewed the books of account and records
 maintained by the company in respect of the products where, pursuant to
 the Rules made by the Central Government of India, the maintenance of
 cost records has been specified under section 148 (1) of the Companies
 Act, 2013 is applicable to the company and are of opinion that prima
 facie the prescribed accounts and records have been made and
 maintained. We have however not made detailed examination of the
 records with view to determining whether they are accurate or complete.
 
 7 a According to the information and explanation given to us and the
 records of the Company examined by us, the Company is generally regular
 in depositing provident fund dues, employees state insurance, income
 tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess
 and any other statutory dues with the appropriate authorities and there
 are no undisputed amounts payable for the same were outstanding as at
 31st March, 2015 for a period exceeding six months from the date they
 became payable;
 
 7 b According to the information and explanation given to us and the
 records of the Company examined by us, the Particulars of disputed
 statutory dues under various Act, as at 31st March, 2015 which have not
 been deposited with the appropriate authorities are as under:-
 
 Name of the 
 Statute       Nature of dues     Amount    Forum where dispute is
                                            pending
                                  (in 
                                  Lakhs)
 
 The Central 
 Excise Act 
 1944          Excise Duty & 
               Penalty
 
               For F.Y 2005-06     38.73    Case pending with CESTAT 
                                            (Mumbai)
 
               For period Aug 06 
               - Feb 07.            3.67    Case pending with CESTAT 
                                            (Tribunal)
 
               For F.Y 1999-02 
               to Sept 2008      1115.67    Case pending with CESTAT 
                                            (Mumbai)
 
               For Period before 
               29-9-2008          195.61    Cases pending with CESTAT 
                                            (Mumbai)
 
               For Period before 
               29-1-2009          266.77    Cases pending with CESTAT 
                                            (Mumbai)
 
               For FY 2007-08      15.65    Case pending With High Court,
 
                                            Mumbai
 
               For period Oct 11 
               - Jan 12.            9.94    Case pending with CESTAT 
                                            (Tribunal)
 
               For period Oct 09 
               - Dec 10             6.08    Case pending with Additional
 
                                            Commissioner
 
               For period Jan to 
               Sept 12              1.04    Case pending with Asst.
 
                                            Commissioner (Central Excise)
 
                                            Service Tax & Penalty
 
               For period Apr 05 
               - Jun 09.           59.48    Case pending with CESTAT 
                                            (Mumbai)
 
               For F.Y. 2006-07 
               & F.Y. 2008-        10.94    Case pending with Additional
 
               09                           Commissioner (ST)
 
               For F.Y. 2006-07 
               & 2007-08            3.03    Case pending with Commissioner
 
                                            Appeal (ST)
 
               For period Apr 09 
               - Mar 13            43.31    Case pending with Additional
 
                                            Commissioner (ST)
 
               For F.Y. 2013-14    24.55    Case pending with Additional
 
                                            Commissioner (ST)
 
               For period Oct 08 
               - Oct 12            68.09    Case pending with Commissioner
 
                                            (Central Excise)
 
               For period Oct 09 
               - Mar 13            38.06    Case pending with Commissioner
 
                                            (Central Excise)
 
               For period Apr 13 
               - Dec 13             7.12    Case pending with Commissioner
 
                                            (Central Excise)
 
               For Period Jan 2014 
               to June              4.61    Case pending with Commissioner
 
               2014                         (Central Excise)
 
 The 
 Maharashtra 
 Land          For Payment of 
               Royalty on          82.48    Tahasildar, Tal.
 Murbad, Dist.                              Thane
 
 Revenue Act, 
 1966          extraction & 
               transportation
 
               of mud, stones 
               & sand issued
 
               by Tahasildar, 
               Tal.  Murbad,
 
               Dist. Thane
 
 The MRTU & 
 PULP Act,     For payment of 
               Variable            35.65    The Industrial
                                            Court, Maharashtra at
 
 1971          Dearness 
               Allowances                   Thane.
 
 7 c According to the information and explanation given to us and the
 records of the Company examined by us, The amount, which were required
 to be transferred, to the investor Education and Protection Fund by the
 Company has been transferred on time as per the provision of section
 125 of the companies Act, 2013 and rules made thereunder.
 
 8.  The Company has not incurred any cash losses during the current
 Financial Year as well as in the immediately preceding Financial Year
 and its accumulated losses are Nil at the end of the Current Financial
 Year.
 
 9.  According to information & explanations given to us and the books
 and records examined by us, the Company has not defaulted in repayment
 of dues to Banks as at the Balance sheet date. The company does not
 have any outstanding debentures.
 
 10.  In our opinion and according to the information and explanations
 given to us, the terms and conditions on which the company has given
 guarantee for cash credit & loan taken by its Subsidiaries (including
 step down Subsidiaries) from banks are not prima facial prejudicial to
 the interest of the company.
 
 11.  In our opinion and according to the information and explanations
 given to us, the term loans taken by the company have been applied for
 the purpose for which the term loans were obtained.
 
 12.  According to the information and explanations given to us by the
 management which has been relied upon by us, there were no frauds on or
 by the company were noticed or reported during the year.
 
                                               For M. L. SHARMA & CO.
 
                                                FIRM REG. NO. 109963W 
                                                CHARTERED ACCOUNTANTS
 
 Place: Mumbai                                  (C. H. BANDI) PARTNER
 
 Date : May 27, 2015                               Membership No.5385
Source : Dion Global Solutions Limited
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