Time Technoplast

1.  We have audited the attached Balance Sheet of TIME TECHNOPLAST
 LIMITED as at 31st March, 2009 and also the Profit and Loss Account and
 the Cash Flow Statement of the Company for the year ended on that date
 annexed thereto. These financial statements a re 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 Companies (Auditors Report) (Amendment] Order,
 2003, issued by the Central Government of India in terms of Sub-Section
 (4-A) of 227 of the Companies Act, 1956, we enclose in the Annexure a
 statement on the matters specified in paragraph 4 and 5 of the said
 order to the extent applicable.
 
 4.  Further to our comments in the Annexure referred to above, we
 report that:
 
 a.  We have obtained a 11 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 the
 books.
 
 c.  The Balance Sheet, Profit and Loss Account and Cash Flow Statement
 dealt with by this report are in agreement with the booksof account.
 
 d.  In our opinion, the Balance Sheet, the Profit and Loss Account and
 the Cash Flow Statement comply with accounting standards referred to in
 sub-section (3C) of Section 211 of the Companies Act, 1956.
 
 e.  On the basis of the written representation received from the
 Directors of the Company as at 31st March, 2009, and taken on record by
 the Board of Directors, we report that none of the Directors is
 disqualified from being appointed as a Directors under clause (g) of
 the Company 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 explanation given to us, the said accounts read together with
 Significant Accounting Policies and Notes to Accounts in Schedule Q
 and those appearing elsewhere in the accounts, give the information
 required by the Act, in the manner so required and give a true and fair
 view in conformity with theaccounting principles generally accepted in
 India:-
 
 i.  in the case of the Balance Sheet of the state of affairs of the
 Company as at March 31,2009; ii.  in the case of the Profit and Loss
 Account, of the profit for the year ended on that date; and iii. in
 case of the Cash Flow Statement, of the cash flows for the year ended
 on that date.
 
 ANNEXURE TO THE AUDITORS REPORT
 
 ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDIT REPORT OF EVEN DATE TO
 THE MEMBERS OF TIME TECHNOPLAST LIMITED ON THE ACCOUNTS FOR THE YEAR
 ENDED 31st MARCH, 2009.
 
 1.  In respect of its fixed assets:
 
 (a) The company is maintaining proper records showing full particulars
 including quantitative details and situation of its fixed assets.
 
 (b) We were informed that during the year certain items of fixed assets
 have been physically verified by the Management and there is a regular
 programme of verification, which in our opinion, is reasonable, having
 regard to the size of the company and the nature of the fixed assets.
 No material discrepancies have been noticed in respect of the assets
 which have been physically verified during the year.
 
 (c) The Company has not disposed off substantiaI parts of fixed assets
 during the year.
 
 2.  In respect of its Inventories:
 
 (a) Physical verification of the inventories of the Company except
 materials in transit and lying with third parties, has been conducted
 by the management at reasonable intervals during the year. Materials
 lying with third parties have been verified by the management with
 reference to certificates obtained from them and/or other relevant
 documents.
 
 (b) The procedures of the physical verification of stocks followed by
 the management are reasonable and adequate in relation to the size of
 the company and the nature of its business.
 
 (c) The discrepancies between the physical stocks and book stocks which
 were rrot material have been properly dealt with in the booksof
 account.
 
 3.  According to the information and explanation given to us, the
 company has not taken or granted any loans secured or unsecured from or
 to companies, firms orother parties covered by the Register maintained
 under section 301, of the Companies Act, 1956, Consequently, clauses
 (iii) [alto [iiil(g) of paragraph 4 of the order are not applicable.
 
 4. In our opinion and according to the information and explanations
 given to us, having regard to the explanations that purchase of certain
 items of fixed assets and inventory are of special nature for which
 suitable alternative sources do not exist for obtaining comparative
 quotations, 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
 explanations 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.  (a) According to the information and explanation given to us, the
 transactions that need to be entered in the register maintained under
 section 301 of the Companies Act, 1956, have been so entered.
 
 (b) According to the information and explanation given to us, the
 Company has purchased and sold goods & obtained service in excess of
 Rs. 5,00,000 in value to companies in which Directors are interested as
 listed in the Register maintained under section 301 of the Companies
 Act, 1956 and the prices received are reasonable as compared to the
 prices of similar items sold tootherparties.
 
 6.  The Company has not accepted any deposits from the public within
 the meaning of Section 58A and 58AA of Companies Act, 1956andthe rules
 framed there under.
 
 7.  In our opinion, the Company has an adequate Internal audit system
 commensurate with the size and nature of its business.
 
 8.  The Central Government has not prescribed maintenance of cost
 records under section 209(1 )[d] of the Companies Act, 1956, for the
 products manufactured by the company.
 
 9.  (a) The Company is regular in depositing undisputed statutory dues
 including Provident Fund , Investor Education and Protection Fund,
 EmployeesState Insurance, Income Tax, Sales Tax, Service Tax, Customs
 Duty, Excise Duty, Cess and other material statutory dues applicable to
 the Company with the appropriate authorities . No undisputed amounts
 payable in respect of the aforesaid statutory dues were outstanding as
 at the last day of the financial year for a period of more than six
 months from the date they became payable.
 
 (b) According to the information and explanations given to us ,
 particulars of outstanding dues of sales tax, income tax, wealth tax,
 service tax, customs duty, excise duty and cess not deposited as they
 are disputed by the Company, details are given below:
 
 Forum where the 
 Dispute is pending  Name of Statute    (Rs.in lakhs)    Financial year
                                                               to which
                                                         amount relates
 
 Income Tax Appellate 
 Tribunal - Mumbai  Income Tax Act 1961    93.69  2002-2003 & 2003-2004
 
 Commissioner of 
 Income Tax 
 Appeal - Mumbai    Income Tax Act 1961    47.80  2003-2004
 
 Commissioner of 
 Income Tax 
 Appeal - Mumbai    Income Tax Act 1961   141.89  2004-2005
 
 Commissioner of 
 Income Tax 
 Appeal - Mumbai    Income Tax Act 1961   116.00  2005-2006
 
 Commissioner of 
 Income Tax 
 Appeal-Mumbai      Income Tax Act 1961     7.22  2007-2008
 
 High Court, 
 Hyderabad          Sales tax               2.95  2002-2003
 
 Commissioner of 
 Central 
 Excise- Hosur      Central Excise Act 1944 0.65  1999-2000
 
 Central Excise and 
 Service Tax 
 Appellate          Central Excise Act 1944 4.57  2002-2003
 Tribunal- Mumbai
 
 Commissioner of 
 Central 
 Excise-Daman       Central Excise Act 1944 3.77  2004-2005 To 2006-2007
 
 Central Excise and 
 Service Tax 
 Appellate          Central Excise Act 1944 4.53  2006-2007
 Tribunal-Chennai
 
 10.  The Company does not have any accumulated losses at the end of the
 financial year and has not incurred cash losses during the financial
 year covered by our audit and the immediately preceding financial year.
 
 11.  Inouropinionand according to the information and explanations
 given to us, the Company has not defaulted in repayment of the dues to
 financial institutions and banks.
 
 12.  Based on our examination of records and the information and
 explanations given -to us, the Company has not granted any loans and
 advances on the basis of security byway of pledge of shares, debentures
 and other securities.
 
 13.  In our opinion, the company is not a chit fund or n id hi/mutual
 benefit fund/society. Therefore, the provisions of clause 4 (xiii] of
 the Companies (Auditors Report] (Amendment) Order, 2003 are not
 applicable to the Company.
 
 14.  Inouropinionand according to information and explanation given to
 us, the Company is not dealing in or trading in shares, securities,
 debentures or other investments. Therefore, the provisions of clause 4
 (xiv) of the Companies (Auditors Report] (Amendment) Order, 2003 are
 not applicable to the Company.
 
 15.  In our opinion and according to the information and explanations
 given to us, the terms and conditions on which the Company has given
 guarantees for loans taken by subsidiaries and joint ventures company
 from banks or financial institutions are not prejudicial to the
 interest of the Company.
 
 16.  In our opinion and according to information and explanation given
 to us, on an overall basis, the term loans have been applied for the
 purposes for which they were obtained.
 
 17.  According to the information and explanations given to us and on
 an overall examination of the cash flow statement and Balance sheet of
 the company, in our opinion, the funds raised on short term basis have
 not been applied for long term purpose.
 
 18.  According to the information and explanations given to us, 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.
 
 19.  The Company has not issued debentures during the year.
 
 20.  The Company has not raised any money byway of public issue during
 the year.
 
 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
 explanation given to us, we have neither come across any instance of
 fraud on or by the Company, noticed or reported during the year, nor
 have we been informed of any such case by the Management.
 
 
                                        For RAMAN S. SHAH & ASSOCIATES
                                                 Chartered Accountants
 
                                                         RAMAN S. SHAH
 Place: Mumbai                                                 Partner
 Date : 30th June 2009                            Membership No. 33272