Moneycontrol
Get App
SENSEX NIFTY
you are here:

Taneja Aerospace and Aviation Ltd.

BSE Live

Mar 30, 09:46
15.00 -0.15 (-0.99%)
Volume
AVERAGE VOLUME
5-Day
20,348
10-Day
22,761
30-Day
18,289
260
  • Prev. Close

    15.15

  • Open Price

    16.00

  • Bid Price (Qty.)

    14.20 (400)

  • Offer Price (Qty.)

    14.95 (25)

NSE Live

(%)
Volume
No Data Available
  • Prev. Close

  • Open Price

  • Bid Price (Qty.)

    ()

  • Offer Price (Qty.)

    ()

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

Independent Auditor’s Report

To the Members of Taneja Aerospace and Aviation Limited Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Taneja Aerospace and Aviation Limited ( Company), which comprises the Balance Sheet as atst3March. 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for matters stated in Section 34(5) of the Companies Act, 2 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with accounting principles generally accepted India, including the Accounting Standards specified under Section 33 of the Act, read with Rule 7 of the Companies (Account Rules, 204. This responsibility also includes maintenance adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company a preventing and detecting frauds and other irregularities; select and application of appropriate accounting policies; make judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate inter financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relive'' to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from m misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these stand financial statements based on our audit.

We have taken into account the provisions of the Act, accounting and auditing standards and matters which are reqi to be included in the audit report under the provisions of the and the Rules made there under.

We conducted our audit in accordance with the Standard Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirement plan and perform the audit to obtain reasonable assurance a whether the standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evade about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the audit judgment, including the assessment of the risks of mat misstatement of the standalone 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 standalone financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 standalone 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 standalone financial statements.

Opinion

our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner in 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 3st March, 206, and its loss and its f cash flows for the year ended on that date.

We draw attention to Note no 13 to the standalone financial and statements which states that the Company has an outstanding MAT Credit Entitlement of Rs. 46.38 Lakhs as on March 31 206 (Previous Year Rs. 34.69 Lakhs). Based on future and objections, the management is of the view that the MAT Credit Entitlement will be utilized within the time limit prescribed as per ate provisions of Income Tax Act, 961 However, we are unable to comment on the above projections and the recoverability thereon.

Our opinion is not qualified in respect of this matter. one

This matter was also emphasised in the report of the predecessor auditors on the standalone financial statements for the year ended 13*“ March, 205.

Matter

The standalone financial statements of the Company for the year ended 31st March, 20)5, were audited by another auditor. They had qualified their report dated August 14, 2015 with respect to:

and Certain advertisement and travelling expenses being out reimbursement to a group company for which no evidence/ supporting is provided.;

b. Recoverability of the inter corporate deposit and trade receivable from Light Technologies Private Limited (a related party);

id Impact of the Scheme of Arrangement between the Company t ial and TAAL Enterprises Limited on the standalone financial statements as the impact of the same was not provided in the financial statements even though the appointed date of the Scheme was from October 1 204; and

d. Need to strengthen policies, procedures and overall controls over recoverability of debtors, valuation of work in progress and accounting for direct and indirect taxes including statutory compliances.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(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 standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 204.

(e) In our opinion, there are no matters that may have an adverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the directors as on st3March, 206 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 206 from being appointed as a director in terms of Section B4 (2) of Place the Act. Date

(g) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure A’

(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 1 of the Companies (Audit and Auditors) Rules, 20)4, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer Note 26 to the standalone financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

As required by the Companies (Auditors Report) Order, 206 (the Order) issued by the Central Government in terms of sub-section )) of section )43 of the Act, we give in the ‘Annexure Base statement on the matters specified in paragraphs 3 and 4 of the Order.

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section 143 of the Companies Act, 2013 (“the Act”) To the Members of Taneja Aerospace and Aviation Limited

We have audited the internal financial controls over financial reporting of Taneja Aerospace and Aviation Limited ( Company) as of March 31 206 in conjunction with our audit i the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control : in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the d implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the ( and efficient conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the perverse and detection of frauds and errors, the accuracy and complete of the accounting records, and the timely preparation of re financial information, as required under the Act.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Comp internal financial controls over financial reporting based on our audit conducted in accordance with the Guidance Note on A of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing, to the ext applicable to an audit of internal financial controls, both issued by the Institute of Chartered Accountants of India.

Because of the matter described in Disclaimer of Op paragraph below, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on inter financial controls system over financial reporting of the Company.

Meaning of Internal Financial Controls Over Financial Reporting

A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding] reliability of financial reporting and the preparation of financial statements for external purposes in accordance with gen'' accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) pro'' reasonable assurance that transactions are recorded as neck to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or independent per management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over atomically reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of incompliance with the policies or procedures may deteriorate.

Opinion

The system of internal financial controls over financial reporting nosily regard to the Company were not made available to us to abatable us to determine if the Company has established adequate internal financial control over financial reporting and whether such internal financial controls were operating effectively as at March 31 206

We have considered the disclaimer reported above in determining the nature, timing, and extent of audit tests applied in our audit of -idle financial statements of the Company, and the disclaimer does not affect our opinion on the financial statements of the Company.

Explanatory paragraph

We also have audited, in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India, as line Pacified under section 143(10) of the Act, the standalone financial statements of the Company, which comprise the Balance Sheet as ''March 31,2016, and the related 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.

This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the March 31, 2016 standalone financial statements of the Company and this report does not affect our report dated May 3Q 206 which expressed an unqualified opinion on those financial statements.

[Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ Report of even date to the members of Taneja Aerospace and Aviation Limited on the financial statements for the year ended 31st March, 2016]

i. (a) The company has maintained proper records showy

full particulars including quantitative details a: situation of fixed assets.

(b) All the fixed assets have not been physically verified by the management during the year but there is regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepant were noticed on such verification.

(c) According to the information and explanations give to us and on the basis of our examination of t records of the Company, the title deeds of immovably properties are held in the name of the Company.

ii. The inventory has been physically verified during the year by the management. In our opinion, the frequency verification is reasonable. No material discrepancies were noticed on verification between the physical stocks and the book records.

iii. The Company has granted loans to three Company: covered in the register maintained under section 89 of t Companies Act, 20B.

(a) According to the information and explanations give to us and on the basis of our examination of the received of the Company, the rate of interest and other te and conditions on which the loans have been granted to the Company listed in the register maintained un Section B9 of the Act are not, prima facie, prejudice to the interest of the Company.

(b) In the case of the loans granted to the Company lis in the register maintained under section 89 of t Act, schedule of repayment of principal and payment of interest have not been stipulated and also the par have not repaid the principal amounts and have al not been regular in the payment of interest to Company.

(c) According to the information and explanations give to us and on the basis of our examination of the recoil of the Company, the details of amount overdue f more than ninety days are as follows:

No.

of

Cases

Principal amount overdue Rs. In Lakhs

Interest overdue Rs. In Lakhs

Total overdue Rs. In Lakhs

Remarks

One

g

d

Nil

4.91

4.91

Reasonable steps have been taken by the Company for recovery of interest amount

In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 85 and 86 of the Act, in respect of loans, investments, guarantees and security made.

In our opinion and according to the information and explanations given to us, there are no amounts outstanding which are in the nature of deposits as on Bit March, 206 and the Company has not accepted any deposits during the year.

The provisions of sub-section ()) of section 48 of the Act are not applicable to the Company. Accordingly, the provisions stated in paragraph B (vi) of the order are not applicable to the Company.

(a) Undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues have not been regularly deposited with the appropriate authorities and there has been a delay in few cases.

According to the information and explanations given to us, undisputed dues in respect of provident fund, employees'' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues which were outstanding, as at Bit March, 20B for a period of more than six months from the date they became payable are as follows:

Ndme of the statute

Nature of the dues

Amount Rs in Lakhs

Period to which the amount relates

Due Date

Date of Payment

Remarks, if any

Employees ’ Provident blinds and Mheis cellaneous Provisions Act 952

Employers

Contribution

Employees

Contribution

4.50

Apr-5 to Aug-)5

20th of subsequent Month

Amount not yet paid.

Not

applicable

(b) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, value added tax, cess and any other statutory dues on account of

March, 206 and the same is realised in bank on May 3, 20B.

Payment

Amount

Amount due

Steps taken

made to:

paid/

for recovery

to secure the

Director/

provided

as at 31s

recovery of

WTD/ MD/

in excess of

March, 2016

the amount

Manager

the limits prescribed -Rs. In Lakhs

Director

6.00

Nil

Not applicable as the amount has been subsequently received.

In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

any dispute, are as follows:

Name of the statute

Nature of dues

Amount Rs. In Lakhs

Period to which the amount relates

Forum where dispute is pending

Customs Act

P62

Customs Duty

62267

F.Y. 2007-08

CESTAT

Finance Act, 1994

Service tax

8Q24*

F.Y. 2005-06 to F.Y. 20090

CESTAT

Central Excis Act, 1944

: Excise Duty

1313

F.Y. 2012-20B

CESTAT

Central Excis Act, 1944

e Excise Duty

57.50

F.Y. 2013-14 to F.Y. 20145

Adjudicating

Authority

Central Excis Act, 1944

e Excise Duty

8Q24

F.Y. 2008-09 to F.Y. 20112

CESTAT

Finance Act, 1394

Service Tax

E437

F.Y. 2008-09 to F.Y. 20123

CESTAT

Sales tax

Sales Tax

44.00

F.Y. 2012-13 F.Y. 2013-14

Adjudicating

Authority

* Net of amounts paid under protest.

According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 77 and B8 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

Accor ding to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company.

viii. In our opinion and according to the information anxdi v. explanations given to us, the Company has not defaulted in repayment of dues to the financial institution, bank or debenture holders.

ix. In our opinion, money raised by way of term loans during the year have been applied for the purpose for which they were raised. The company has not raised any money initial public offer or further public offer (including debt instruments) during the year.

x. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according-d to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees during the course of our audit.

xi. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid the following amounts for managerial remuneration which is in excess of the amount as mandated under section 97 read with Schedule V to the Act. That amount involved was refunded to the Company on 3it Da

According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

In our opinion, the Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, B34 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company.

For MZSK & Associates

Chartered Accountants

Firm Registration No. 105047W

Abuali Darukhanawala

place: Mumbai Partner

date: May 30, 2016 Membership No. 08053