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Triton Valves
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« Mar 13
Auditor's Report (Triton Valves) Year End : Mar '14
1.  We have audited the accompanying financial statements of Triton
 Valves Limited (''the Company'') which comprise the Balance Sheet as at
 March 31, 2014, 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
 
 2. 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 notified under the Companies Act, 1956 (''the Act'')
 read with General Circular 8/2014 dated April 04, 2014, issued by the
 Ministry of Corporate 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.
 
 Auditors'' Responsibility
 
 3.  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.
 
 4.  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 management, as well as evaluating the overall
 presentation of the financial statements.
 
 5.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 6.  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 March 31, 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
 
 7.  As required by the Companies (Auditor''s Report) Order, 2003 (as
 amended) (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.
 
 8.  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, 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 Balance Sheet, the Statement of the Profit and
 Loss and the Cash Flow Statement comply with the Accounting Standards
 notified under the Companies Act, 1956 read with General Circular
 8/2014 dated April 04, 2014, issued by the Ministry of Corporate
 Affairs; and
 
 (e) On the basis of written representations received from the Directors
 as on March 31, 2014, and taken on record by the Board of Directors,
 None of the Directors is disqualified as on March 31, 2014, 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 Independent Auditors'' report Referred to in paragraph 7
 of our report of even date to the Members of Triton Valves Limited
 (''the Company'') for the year ended March 31, 2014
 
 i) (a) As per the information and explanation provided to us the
 Company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets.
 
 (b) The fixed assets are physically verified by the management
 according to a phased programme designed to cover all the items 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.
 Pursuant to the programme, portion of the fixed assets has been
 physically verified by the management during the year and no material
 discrepancies between the book records and the physical inventory have
 been noticed.
 
 (.c) During the year, the Company has not disposed off its substantial
 part of fixed assets.
 
 ii) (a) The inventory has been physically verified by the management.
 In our opinion, the frequency of verification is reasonable.
 
 (b) The procedures of physical verification of inventories followed by
 the management are reasonable and adequate in relation to the size of
 the Company and the nature of its business.
 
 (c) On the basis of our examination of the records of inventory, we are
 of the opinion that the Company is maintaining proper records of
 inventory. The discrepancies noticed on verification between the
 physical stocks and the book records were not material and have been
 properly dealt within the books of accounts.
 
 iii) (a) 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 Act. Accordingly, clauses (iii)(b) to
 
 (iii)(d) of paragraph 4 of the order are not applicable to the Company.
 
 (b) The Company has taken loans from Companies, Firms or other parties
 listed in the Register maintained under Section 301 of the Act and the
 terms at which the loans were taken are prima facie not prejudicial to
 the interest of the Company. No stipulations for repayment have been
 prescribed and as such no comments regarding regularity of payments are
 being made:
 
 Details of Unsecured Loans taken from Parties Listed in the Register
 Maintained U/s 301:
 
 Sl.                      Loan Accepted 
                           during         Maximum amount   Balance as at
      Name of the Party
 No.                      the year        outstanding 
                                          during the year 31st March,2014
 
 1    Aditya M Gokarn     10,00,000         10,00,000        10,00,000
 
 2    Anuradha M Gokarn   60,00,000       3,10,00,000      3,10,00,000
 
 iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business with regard to purchases of inventory, fixed assets and with
 regard to the sale of goods. Further, on the basis of our examination,
 and according to the information and explanations given to us, we have
 neither come across nor have we been informed of any instance of major
 weakness in the aforesaid internal control systems.
 
 v) (a) Based on the provided by the management, we are of the opinion
 that the transactions that need to be entered into the register
 maintained under Section 301 of the Act, have been so entered.
 
 vi) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the Register maintained under Section 301 of
 the Act, exceeding the value of rupees five lakh in respect of each
 party during the year have been made at prices which are reasonable
 having regard to prevailing market prices at the relevant time.
 
 vii) (a) Based on the audit procedures applied by us and according to
 the information and explanations provided by the management, we are of
 the opinion that the transactions that need to be entered into the
 register maintained under Section 301 of the Act, have been so entered.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the Register maintained under Section 301 of
 the Act, exceeding the value of rupees five lakh in respect of each
 party during the year have been made at prices which are reasonable
 having regard to prevailing market prices at the relevant time.
 
 viii) According to the information and explanations given to us, the
 Company has not accepted any deposits from the public; as such the
 provisions of sections 58A and 58AA of the Act, 1956 and the rules
 framed there under.
 
 ix) In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 x) We have broadly reviewed the books of accounts maintained by the
 Company in respect of products where, pursuant to the rules made by the
 Central Government of India, the maintenance of Cost records has been
 prescribed under clause (d) of sub section (1) of Section 209 of the
 Act, and are of the opinion that prima facie, the prescribed accounts
 and records have been made and maintained. However, we have not made a
 detailed examination of records with a view to determine whether they
 are accurate or complete.
 
 xi) (a) According to the information and explanations given to us and
 records of the Company examined by us, in our opinion, the Company is
 generally regular in depositing with appropriate authorities the
 undisputed statutory dues including Provident fund, Investor Education
 and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax,
 Wealth 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, 2014 for a period of more
 than six months from the date they become payable.
 
 (b) According to the records of the Company and 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, Cess
 which have not been deposited on account of dispute except the
 following:
 
 Name of the 
 Statue         Nature of 
                the dues   Amount in (Rs.)  Period to which  Forum where 
                                                             dispute
                                            the amount 
                                            relates          is pending
 
                                                             Commission
                                                             -er of
 Income tax 
 Act, 1961    Income-tax   23,27,115/-      2010-11          Income Tax
                                                         – Appeals (III)
 
 xii) The Company does not have accumulated losses as at March 31, 2014
 and has not incurred any cash losses during the financial year covered
 by our Audit or in the immediately preceding financial year.
 
 xiii) According to the information and explanations given to us, the
 Company has not defaulted in repayment of dues to banks. The Company
 has no dues to Financial Institutions at the balance sheet date and the
 Company has not issued any Debentures.
 
 xiv) According to the information and explanations given 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. Accordingly
 clause (xii) of Paragraph 4 of the Order is not applicable to the
 Company.
 
 xv) In our opinion, the Company is not a Chit Fund / Nidhi / Mutual
 Benefit Fund / Society. Accordingly Clause (xiii) of Paragraph 4 of the
 Order is not applicable to the Company.
 
 xvi) In our opinion and according to explanations given to us, the
 Company is not a dealer or a trader in Securities. Accordingly Clause
 (xiv) of the Paragraph 4 of the Order is not applicable to the Company.
 
 xvii) 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. Accordingly Clause (xv) of Paragraph 4 of
 the Order is not applicable to the Company.
 
 xviii) According to the information and explanations given to us, the
 term loans have been applied for the purpose for which they were
 obtained.
 
 xix) Based on the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company, we report that
 fund raised on short-term basis have prima facie not been used during
 the year for long-term investment.
 
 xx) The Company has not made any preferential allotment of shares to
 parties and companies covered in the Register maintained under Section
 301 of the Act, during the year.  Accordingly clause (xviii) of the
 paragraph 4 of the order is not applicable.
 
 xxi) The Company has not issued debentures during the year. Accordingly
 Clause (xix) of Paragraph 4 of the Order is not applicable to the
 Company.
 
 xxii) During the year the Company has not raised any money by Public
 issue during the period. Accordingly clause (xx) of the paragraph 4 of
 the order is not applicable
 
 xxiii) 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, no material fraud on or by the Company has been noticed or
 reported during course of our audit.
 
 For Brahmayya & Co.,
 
 Chartered AccountantsICAI Firm''s
 
 Registration No.000515S
 
 G. Srinivas
 
 Partner
 Membership No.086761
 
 
 Place : Bengaluru
 
 Date  : May 30, 2014
Source : Dion Global Solutions Limited
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