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Titagarh Wagons
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« Mar 13
Auditor's Report (Titagarh Wagons) Year End : Mar '14
We have audited the accompanying financial statements of Titagarh
 Wagons Limited (the Company), which comprise the Balance Sheet as at
 March 31,2014, and the Statement ofProfit and Loss and Cash Flow
 Statement for theyear then ended, and a summaryofsignificant accounting
 policies and other explanatory information.
 
 Management''s Responsibilityforthe Financial Statements
 
 Management is responsible forthe preparation ofthesefinancial
 statements that give a true and fairview ofthefinancial
 position,financial performance and cash flows oftheCompany in
 accordance with accounting principles generallyaccepted in India,
 including theAccounting Standards notified under the Companies Act,
 1956, read with General Circular 8/2014dated 4th April 2014 issued by
 the MinistryofCorporate Affairs. 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 ofChartered
 Accountants of India. Those Standards require that we complywith
 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
 ofthe risks ofmaterial misstatement ofthe 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 ofthefinancial 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 ofthe entity''s
 internal control. An audit also includes evaluating theappropriateness
 ofaccounting policies used and the reasonableness ofthe accounting
 estimates made by management, as well as evaluating the overall
 presentation ofthe 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 ofour information and according to the
 explanations given to us, thefinancial statements give the information
 required by the Companies Act, 1956 (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 ofthe BalanceSheet, ofthe state ofaffairs ofthe Company
 as at31st March, 2014;
 
 (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) ofSection 227 ofthe Act, we give in theAnnexure a
 statement on the matters specified in paragraphs 4 and 5 oftheOrder.
 
 2. As required by Section 227(3) ofthe Act, we report that:
 
 a) We have obtained all the information and explanations which to the
 best ofour knowledge and belief were necessary for the purpose ofour
 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 BalanceSheet, Statementof Profitand Loss, and Cash
 FlowStatementdealt with by this Report are in agreement with the books
 ofaccount;
 
 d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
 Cash Flow Statement comply with the Accounting Standards notified under
 the Companies Act, 1956, read with General Circular 8/2014dated 4th
 April 2014 issued by the MinistryofCorporateAffairs;
 
 e) On the basis ofwritten representations received from thedirectors as
 on31st March 2014, and taken on record bythe Board ofDirectors, none
 ofthe directors is disqualified as on 31st March 2014, from being
 appointed as a director in terms ofclause (g) ofsub-section (1)
 ofSection 274 of the Companies Act, 1956.
            
 Referred toinour report of even date to the members of Titagarh Wagons
 Limited as at and for the year ended March 31,2014
 
 (i) (a) TheCompany has maintained proper records showing full
 particulars, including quantitative details and situation offixed
 assets.
 
 (b) All fixed assets have not been physicallyverified by the management
 during theyear but there is a regular programmeofverifying thefixed
 assets over a period ofthreeyears which, in our opinion, is reasonable
 having regard to the sizeofthe Companyand the nature ofits assets.  No
 material discrepancies were noticed on such verification.
 
 (c) There was no disposal ofa substantial part offixed assets during
 theyear.
 
 (ii) (a) The management has conducted physical verification ofinventory
 at reasonable intervals during theyear.
 
 (b) The procedures ofphysical verification ofinventory followed by the
 management are reasonable and adequate in relation to the size ofthe
 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 ofthe Companies Act, 1956. Accordingly,the provisions
 ofclause 4(iii)(a) to (d) ofthe 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 ofthe Companies Act, 1956. Accordingly,the provisions ofclause 4
 (iii)(e) to (g) ofthe 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 ofthe 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 thesize oftheCompany and the
 nature ofits business, for the purchase ofinventory 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 ofthe Company
 in respect ofthese areas.
 
 (v) In our opinion, there are no contracts or arrangements that need to
 be entered in the register maintained under Section 301 ofthe Companies
 Act, 1956. Accordingly, the provisions ofclause 4(v)(b) ofthe Order are
 not applicable to theCompany 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 ofthe Company and nature ofits 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 ofcost records under Section 209(1)(d) oftheCompanies Act,
 1956, related to the manufactureofwagons, coaches and engineering
 products and are ofthe opinion that prima facie, the prescribed
 accounts and records have been made and maintained. We have not,
 however, made a detailed examination ofthe 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.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respectofprovident 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 ofthe Company, the dues outstanding
 ofincome-tax, sales-tax, wealth-tax, service tax, customs duty, excise
 duty and cess on account ofany dispute, areas follows :
 
 Name of the       Nature of Dues            Amount
 Statute                                  (Rs in Lacs)
 
 The Income Tax    Disallowanceunder         593.82
 Act, 1961         various sections
 
 The WestBengal    Short payment of sales      5.24
 Sales Tax Act, 
 1944              tax
 
 The Central 
 Sales             Short payment of sales    148.42
 Tax Act, 1956     tax, non submission of
                   C forms.
 
 The Central Sales Non submission of C forms  29.61
 Tax Act, 1956
 
 The Value Added   Additional demand of sales
                   tax                       109.36
 Tax Act, 2003     under various sections, 
                   disallowance of input tax 
                   credit, levy of purchase
                   tax etc
 
 The Value Added   Input Tax credit          116.65
 Tax Act, 2003     disallowed and
                   interest levied
 
 
 
 Name of the Statute          Period to which     Forum where
                              the amount relates  dispute is pending
 
 The Income Tax
 Act, 1961                    2002-2003           Deputy
                                to               Commissioner/
                              2010-2011         Commissionerof
                                                 Income Tax
 
 The West Bengal
 Sales TaxAct, 1944           2004- 2005         West Bengal
                                                 Taxation Tribunal
 
 The Central Sales
 Tax Act, 1956                2005- 2006         West Bengal
                                to                Appellate&
                              2009-2010          Revisional Board
 
 The Central Sales
 Tax Act, 1956                2010-11            Additional
                                                 Commissioner
                                                 Commercial Taxes
 
 TheValueAdded
 Tax Act, 2003                2005-2006,         West Bengal
 
                              2007-2008and       Appellate&
                              2008-2009          Revisional Board
 
 The Value Added
 Tax Act, 2003                2010-11            Senior Joint
                                                 Commissioner of
                                                 Commercial Tax
 
 Name of the        Nature  of  Dues            Amount
 Statute                                      (Rs in Lacs)
 
 The West Bengal    Intereston                  42.40
 Sales Tax Act,1944 deferment of payment
                    of tax for purchase of
                    fixed capital assests
 
 The Central Excise Incorrect availment of    10885.53
 Act, 1944           cenvat credits, short
                    payment ofduty
                    including interest etc
 
 The Customs Act,   Non-fulfilment of          1341.92
 1962               Export Obligation
 
 Foreign Trade      Terminal excise duty        693.20
 Development and    for sale of wagons
 Regulation Act,    under EPCG scheme,
 1992               earlier refunded
 
 
 Name of the Statute          Period to which     Forum where
                              the amount relates  dispute is pending
 
 
 The West Bengal
 Sales TaxAct,1944            2004-2005          Additional Commissioner,
                                                 Commercial Taxes
 
 The Central Excise
 Act, 1944                    Various            Various Appellate
                                                 Authorities
 
 The Customs Act,
 1962                         2006-2008          CESTAT, Kolkata
 
 Foreign Trade
 Development and
 Regulation Act,
 1992                         2008-2010          DGFT, Kolkata
 
 (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 ofdues 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 onthebasisof security by way of pledge
 ofshares, 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) ofthe 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 ofclause 4(xiv) oftheOrder are not applicableto 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 oftheCompany. 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) TheCompany has not made any preferential allotment ofshares
 during theyear 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) TheCompany has not raised any money through public issue during
 theyear.
 
 (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 Bhaswar Sarkar
 
 Place: Kolkata                                           Partner
 
 Date : May 29, 2014                        Membership No.: 55596
 
 
Source : Dion Global Solutions Limited
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