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Taneja Aerospace and Aviation Ltd.

BSE: 522229 | NSE: TANEJAERO | Series: | ISIN: INE692C01020 | SECTOR: Miscellaneous

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Apr 09, 16:00
17.80 1.55 (9.54%)
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8,791
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14,569
30-Day
15,080
9,194
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Taneja Aerospace and Aviation is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Taneja Aerospace and Aviation Limited (the company), which comprise the Balance Sheet as at March 31, 2013, the Statement of Profit and Loss and 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 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 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. Auditors'' 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 the 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 the 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 March 31, 2013; (b) in the case of the Statement of Profit and Loss, of the profit of the company for the year ended on that date, and (c) in the case of the Cash Flow Statement, of the cash flows of the company 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 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, 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, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act. (e) On the basis of the written representations received from the directors as on March 31, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. (Referred to in paragraph 3 of our report of even date) (i) a. The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. b. According to the information and explanations given to us, the physical verification of the fixed assets was undertaken by the management during the year and no material discrepancies were noticed on such verification as compared to the book records. c. According to the information and explanations given to us, the company has not disposed off substantial part of fixed assets during the year, which would affect the going concern of the company. (ii) a. As explained to us, inventories have been physically verified during the year 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 generally reasonable and adequate in relation to the size of the company and nature of its business. c. The company is maintaining proper records of inventory by way of manual bin cards, except in the case of work in progress. No material discrepancies were noticed on physical verification as compared to quantity as per manual records. The company is in the process of integrating its inventory with financial accounts. (iii) a. During the year under audit, the company has not granted any fresh loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Out of the advance granted in earlier years by way of Inter Corporate Deposit, the maximum amount outstanding during the year was Rs. 29 lakhs and the balance of such loan as at March 31, 2013 is Rs. nil (Previous Year Rs. 29 lakhs). b. In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which the Inter Corporate Deposit indicated in paragraph (iii) (a) above was granted is not, prima facie, prejudicial to the interest of the company. c. During the year, the company has taken unsecured loans aggregating to Rs. 1,645 lakhs from one of the companies covered in the register maintained under Section 301 of the Companies Act, 1956 (Previous year Rs. 1,674 lakhs). At the year end, the aggregate amount outstanding was Rs. 1,050 lakhs (Previous Year Rs. 1,340 lakhs). The maximum balance outstanding during the year was Rs. 2,250 lakhs (Previous Year Rs. 2,300 lakhs). d. As explained to us, the loan (indicated in paragraph (iii) (c) above) is repayable on demand any time on or after April 01, 2013. In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions of loan taken by the company, are prima facie, not prejudicial to the interest of the company. e. As the loan is repayable on demand, we are unable to comment on the regularity of repayment of principal amount and the interest thereon. (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, for purchase of fixed assets and for the sale of goods and services. However, the internal control procedure with regard to inventory control and reconciliation of Trade Receivables'' balances need to be strengthened considering the increasing sales volume of business and transactions. (v) a) According to the information and explanations given to us and to the best of our knowledge and belief, we are of the opinion that, the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to explanations given to us, transactions (other than secured/unsecured loans given/taken dealt with in paragraph (iii) above) made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rupees Five Lakhs have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. (vi) As per explanations given to us, the company has not accepted any deposits from public to which the provisions of section 58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 would apply. Therefore, the provisions of clause 4 (vi) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (vii) Internal audit is conducted by a Group Internal Audit Department headed by senior chartered accountant. In our opinion, the company has an internal audit system commensurate with the size and nature of its business. However in our opinion, the scope and coverage of internal audit needs to be strengthened especially as mentioned in clause (iv) above. (viii) As per MCA order dated November 6, 2012, the company cost records are liable for cost audit from April 01, 2013. (ix) a) According to the information and explanations given to us, the company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Education Cess, Higher Education Cess and any other material statutory dues with the appropriate authorities during the year. (x) The company has no accumulated losses as at March 31, 2013. The company has not incurred any cash losses during the period covered by our audit and in the immediately preceding financial year. (xi) According to the records of the company examined by us and the information and explanations given to us, the company has not defaulted in repayment of dues to any financial institution or bank. (xii) According to the 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. (xiii) In our opinion and according to the information and explanations given to us, the company is not a chit fund or a nidhi/ mutual benefit fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xiv) In our opinion and according to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xv) In our opinion and 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. Hence, the provisions of clause 4 (xv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xvi) As per the information and explanations given to us, the company has raised the Term Loan of Rs. 1,500 Lakhs during the period under audit. Also, Term Loan taken during year has been, on an overall basis, applied for the purpose for which the said loans were obtained. (xvii) According to the information and explanations given to us, and on an overall examination of the Balance Sheet and the Cash Flow of the company, we report that no funds raised on short-term basis has been used for long-term investment. (xviii) According to the information and explanations given to us, during the period covered by our audit report, the company has not made preferential allotment of equity shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956. (xix) In our opinion and according to the information and explanations given to us, the company has not issued any secured debentures during the period of our audit. Therefore, clause 4 (xix) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the company. (xx) The company has not raised any funds by way of public issue during the year. (xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. For Haresh Upendra & Co. Chartered Accountants Firm Reg. No.: 103513W Haresh B. Shah Partner Pune, August 05, 2013 Membership No.: 32208