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Titagarh Wagons
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« Mar 12
Auditor's Report (Titagarh Wagons) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Titagarh
 Wagons Limited (the Company), which comprise the Balance Sheet as at
 March 31, 2013, and 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 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 and cash flows of the Company in accordance with
 the accounting principles generally accepted in India, including the
 Accounting Standards referred to in sub-section (3C) of Section 211 of
 the Companies Act, 1956 (the Act). 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.
 
 Auditor''s 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 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 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. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by the management,
 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.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the 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 :
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31 st March, 2013;
 
 (b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 (c) in the case of the 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 (Auditor''s 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:
 
 a) 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;
 
 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 Balance Sheet, Statement of Profit and Loss, and
 Cash Flow Statement 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, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March, 2013, from
 being appointed as a director in terms of clause (g) of sub-section (1)
 of Section 274 of the Companies Act, 1956.
 
 Annexure to the Auditor''s Report
 
 Referred to in our report of even date to the members of Titagarh
 Wagons Limited as at and for the year ended March 31,2013
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) All fixed assets have not been physically verified by the
 management during the year but there is a regular programme of
 verifying the fixed assets over a period of three years which, in our
 opinion, is reasonable having regard to the size of the Company and the
 nature of its assets.  No material discrepancies were noticed on such
 verification.
 
 (c) There was no disposal of a substantial part of fixed assets during
 the year.
 
 (ii) (a) The management has conducted physical verification of
 inventory at reasonable intervals during the year.
 
 (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 the nature of its business.
 
 (c) The Company is maintaining proper records of inventory and no
 material discrepancies were noticed on physical verification.
 
 (iii) (a) According to the information and explanations given to us,
 the Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Companies Act, 1956. Accordingly, the
 provisions of clause 4(iii)(a) to (d) of the Order are not applicable
 to the Company and hence not commented upon.  (b) According to the
 information and explanations given to us, the Company has not taken any
 loans, secured or unsecured from companies, firms or other parties
 covered in the register maintained under Section 301 of the Companies
 Act, 1956. Accordingly, the provisions of clause 4 (iii)(e) to (g) of
 the Order are not applicable to the Company and hence not commented
 upon.  (iv) In our opinion and according to the information and
 explanations given to us, having regard to the explanation that some of
 the items purchased are of special nature and suitable alternative
 sources do not exist for obtaining comparable quotations thereof, 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.
 During the course of our audit, we have not observed any major weakness
 or continuing failure to correct any major weakness in the internal
 control system of the Company in respect of these areas.  (v) In our
 opinion, there are no contracts or arrangements that need to be entered
 in the register maintained under Section 301 of the Companies
 
 Act, 1956. Accordingly, the provisions of Clause 4(v)(b) of the Order
 are not applicable to the Company and hence not commented upon.  (vi)
 The Company has not accepted any deposit from the public within the
 purview of Section 58A, 58AA or any other relevant provisions of the
 Companies Act, 1956 and the rules framed there under.  (vii) In our
 opinion, the Company has an internal audit system commensurate with the
 size of the Company and nature of its business.  (viii) We have broadly
 reviewed the books of account maintained by the Company pursuant to the
 rules made by the Central Government for the maintenance of cost
 records under Section 209(1 )(d) of the Companies Act, 1956, related to
 the manufacture of wagons, coaches and engineering products and are of
 the opinion that prima facie, the prescribed accounts and records have
 been made and maintained. We have not, however, made a detailed
 examination of the same.  (ix) (a) Undisputed statutory dues including
 provident fund, investor education and protection fund, employees''state
 insurance, income-tax, sales- tax, wealth-tax, service tax, customs
 duty, excise duty, cess and other material statutory dues have
 generally been regularly deposited with the appropriate authorities
 though therehas been slight delay in a few cases.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, investor
 education and protection fund, employees''state insurance, income-tax,
 wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and
 other material statutory dues were outstanding, at the year end, for a
 period of more than six months from the date they became payable.
 
 (c) According to the records of the Company, the dues outstanding of
 income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
 duty and cess on account of any dispute, are as follows :
 
 Name of the        Nature of Dues              Amount 
 Statute                                       (Rs in Lacs)
 
 The Income Tax     Disallowance under           646.18 
 Act, 1961          Various sections 
 
 The West Bengal    Short payment of               5.24 
 Sales Tax Act, 
 1944               sales tax 
 
 The Central Sales  Short payment of sales tax,   29.50
 Tax Act, 1956      non submission of forms
                    and other documents 
 
                    Non submission of forms and  123.39 
                    others documents 
 
 The Value Added    Additional demand of 
                    sales tax                     42.00
 Tax Act, 2003      under various sections,
                    disallowance of
                    input tax credit, levy of 
                    purchase tax etc 
 
                    Disallowance of Input 
                    Tax Credit and                87.75 
                    levy of purchase tax due to
                    non submission of relevant
                    documents 
 
 The Central Excise Incorrect availment of 
                    cenvat credits,           10,176.04
 Act, 1944          short payment of duty 
                    including interest
                    Etc.
 
 Name               Period to which    Forum where
                    the amount relates dispute is pending
 
 The Income Tax     2002-2003         Deputy Commissioner/
                    to 2008-2009       Commissioner oflncomeTax
 
 The Income Tax     2004-2005         West Bengal Taxation Tribunal 
 
 The Income Tax     2005-2006         Joint Commissioner of
                    and                Commercial Taxes
                    2007-2008 
 
 The Income Tax     2008-2009         Senior Joint Commissioner and
 
                    2009-10 of         Commercial Taxes
 
                    2005-2006         Additional/Joint
                    and                Commissioner 
                    2007-2008
 
 The Income Tax     2007-08           Senior Joint
                    and                Commissioner of 
                    2009-10            Commercial Taxes 
 
 The Income Tax     1991-1992,
                    1996-1997,         Various Appellate 
                    2003-2004 to       Authorities
                    2009-2012  
 
 (x) The Company has no accumulated losses at the end of the financial
 year and it has not incurred cash losses in the current and immediately
 preceding financial year.  
 
 (xi) Based on our audit procedures and as per the information and
 explanations given by the management, we are of the opinion that the
 Company has not defaulted in repayment of dues to a bank. There are no
 dues to financial institution and debenture holders.
 
 (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 loans and advances on the basis of security by way of pledge of
 shares, debentures and other securities. 
 
 (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 Order are not applicable to the Company.
 
 (xiv) In our opinion, the Company is not dealing or trading in shares,
 securities, debentures and other investments. Accordingly, the
 provisions of Clause 4(xiv) of the Order are not applicable to the
 Company.
 
 (xv) According to the information and explanations given to us, the
 Company has given guarantee for loans taken by a Subsidiary Company
 from banks, the terms and conditions whereof, in our opinion, are not
 prima-facie prejudicial to the interest of the Company. According to
 the information and explanations given to us, the Company has not given
 any guarantee for loans taken by others from financial institutions.
 
 (xvi) The Company did not have any term loans outstanding 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
 investment.
 
 (xviii) The Company has not made any preferential allotment of shares
 during the year to parties or 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) The Company has not raised any money through public issue during
 the year.
 
 (xxi) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the information and explanations given by the management, we report
 that no fraud on or by the Company has been noticed or reported during
 the year.
 
                                       For S.R.BATLIBOI&CO.LLP
 
                                       Firm Registration Number: 301003E
 
                                       Chartered Accountants
 
                                       per RKAGRAWAL
 
 Place :Kolkata                        Partner
 
 Date: May 13, 2013                    Membership No, 16667
Source : Dion Global Solutions Limited
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