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Triton Valves
BSE: 505978|ISIN: INE440G01017|SECTOR: Auto Ancillaries
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« Mar 14
Auditor's Report (Triton Valves) Year End : Mar '15
We have audited the accompanying financial statements of Triton Valves
 Limited(the Company), which comprise the Balance Sheet as at
 March 31, 2015, the Statement of Profit and Loss, the Cash Flow
 Statement for the year then ended, and a summary of the 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 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
 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 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 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 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 misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the 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, 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 the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the 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 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 March 31, 2015, of its profit and its 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, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure I,
 a statement on the matters specified in paragraphs 3 and 4 of the
 Order, to the extent applicable.
 
 2. As required by Section143 (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
 purposes of our audit.
 
 b) In our opinion, proper books of account as required by law have been
 kept by the Company so far as it appears from our examination of those
 books.
 
 c) The Balance Sheet, the Statement of Profit and Loss, and the 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 Section133 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 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 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 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) In the current year there has been delay of 47 days in
 transferring amounts, required to be transferred, to the Investor
 Education and Protection Fund by the Company.
 
 Annexure I to Independent Auditors'' Report
 
 (i) In respect of the Company''s Fixed Assets:
 
 (a) As per the information and explanation provided to us, the Company
 has maintained proper records showing full Particulars including
 quantitative details and location of fixed assets.
 
 (b) Fixed assets have been physically verified by the management during
 the year and the discrepancies identified on such verification have
 been properly dealt with in the books of accounts.
 
 (ii) In respect of the Company''s inventories:
 
 (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) The Company has not granted any loans, secured or unsecured, to
 any company, firm or other parties listed in the Register maintained
 under Section 189 of the Act. Accordingly, clauses (iii) (a) & (iii)
 (b) of paragraph 3 of Order are not applicable for the year;
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is 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, during the course of our audit, we have not observed
 any major weakness or continuing failure to correct any major weakness
 in the aforesaid internal control system;
 
 (v) According to the information and explanations given to us, the
 Company has not accepted any deposits within the meaning of sections 73
 to 76 of the Act and the rules framed there under;
 
 (vi) To the best of our knowledge and as explained, the Central
 Government has not prescribed maintenance of cost records under of sub
 section (1), of Section 148 of the Act, for the Company;
 
 (vii) In respect of the Company''s Statutory dues:
 
 (a) According to the information and explanations given to us and
 according to the records as produced and examined by us, in our
 opinion, except slight delays in few cases, the Company is regular in
 depositing with appropriate authorities the undisputed statutory dues
 including Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty,
 Cess and other statutory dues to the extent applicable to it. There are
 no arrears of outstanding statutory dues as at March 31, 2015 for a
 period of more than six months from the date they became payable;
 
 (b) According to the information and explanations given to us, there
 are no dues in respect of Sales Tax, Income Tax, Customs Duty, Wealth
 Tax, Service Tax, Excise Duty, and Cess which have not been deposited
 on account of dispute;
 
 (c) Details of dues of, Income-tax, Sales tax, Wealth tax, Service Tax,
 Custom duty, Excise duty, Value Added Tax and Cess which have not been
 deposited as on March 31, 2015 on account of disputes are given below.
 
 Statute         Nature of Dues  Forum where   Period to  Period to 
                                 Dispute is    which the  which  the 
                                 pending       amount     amount 
                                               relates    relates 
 
 Income Tax Act   Income Tax     Income Tax   AY 2010-11  23,27,115
                                 apeallate 
                                 Tribunal 
                                (Bangalore)
 
 (d) There are no amounts that are due to be transferred to the Investor
 Education and Protection Fund in accordance with the relevant
 provisions of the Companies Act, 2013 and Rules made thereunder.
 
 (vii)The Company does not have accumulated losses at the end of the
 financial year and it has not incurred cash losses in the current and
 immediately preceding financial year;
 
 (ix) 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 financial
 institution or banks. The Company did not have any outstanding dues in
 respect of debenture holders during the year;
 
 (x) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or financial institutions;
 
 (xi) Based on the information and explanations given to us by the
 Management, term loans were applied for the purpose for which the loans
 were obtained;
 
 (xii) Based on 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 explanations
 given to us, we have not come across any instance of fraud on or by the
 Company, has been noticed or reported during course of our audit, nor
 we have been informed of any such case by the Management.
 
                                  For Brahmayya & Co.,
                                  Chartered Accountants
                                  ICAI Firm Registration No.000515S
 
 Place : Bangalore                G.Srinivas
 Date : 22nd May 2015             Partner
                                  Membership No.086761
Source : Dion Global Solutions Limited
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