Report on the Financial Statements
We have audited the accompanying financial statements of Tirupati Tyres
Limited (the Company) which comprise the Balance Sheet as at 31 March
2015, 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 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 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 the 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 the 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 control, 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.
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 there under.
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 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 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 control
system over financial reporting and operating effectiveness of such
control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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
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:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2015;
ii. In the case of the Statement of Profit and loss, of the profit for
the year ended on that date; and
iii. 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, 2015 (''the
order'') issued by the Central Government of India in terms of section
143 of the Companies Act, 2013, we give in the Annexure a statement on
the matters specified in paragraphs 3 and 4 of the Order.
2. 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
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
d. in our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. on the basis of written representations received from the directors
as on 31 March 2015, taken on record by the Board of Directors, none of
the directors is disqualified as on 31 March 2015, from being appointed
as a director in terms of Section 164(2) of the Act.
f. With respect to the other matters included in the Auditor''s Report
and to our best of our information and accounting 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
derivatives contracts for which there were any material foreseeable
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR''S REPORT
(Referred to in paragraph (1) under the heading ''Report on the Legal
and Regulatory Requirements'' of our Report of even date)
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
(b) As explained to us, all the fixed assets have been physically
verified by the management at regular intervals, as informed to us no
material discrepancies were noticed on such verification.
2. (a) The Inventories have been physically verified during the year
by the management. In our opinion the frequency of such verification is
(b) In our opinion and according to information and explanation given
to us, the procedure of physical verification of inventory followed by
the management are reasonable and adequate in relation to size of the
company and nature of it''s business.
( c) The company has maintained proper records of inventories. As per
the information & explanation given to us, no material discrepancies
were noticed on physical verification.
3. The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act.
4. 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 Inventories & fixed assets and for the sale of goods &
services. Further, on the basis our examination of the books and
records of the company and according to the information and
explanations given to us, no major weakness has not been noticed or
5. The company has not accepted any deposits from the public covered
under section 73 to 76 of the Companies Act, 2013.
6. According to the information and explanation given to us , the
Central Government has not prescribed maintenance of cost records under
sub-section (1) of Section 148 of the Act in respect of the any
activities of the Company.
7. (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues with the
appropriate authorities. According to the information and explanations
given to us and the records of the Company examined by us, investor
Education & protection Fund, Employees State Insurance, Custom Duty,
Excise Duty, Cess are not applicable to the Company.
(b) According to the information & explanation given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at 31st March, 2015 for a period of more than six months
from the date of becoming payable.
(c) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
(d) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
protection Fund. The question of reporting delay in transferring such
sums does not arise as at 31st March, 2015.
8. The accumulated losses of the Company have not exceeded fifty
percent of its net worth. The Company has not incurred cash loss
during the financial year covered by our audit and also in the
immediately preceding financial year.
9. According to the records of the company examined by us and as per
the information and explanations given to us, the company has not
availed of any loans from financial institutions or banks and has not
10. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year.
11. In our opinion, and according to the information and explanation
given to us, the company has not raised any term loans during the year.
12. During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither came across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
For S K Kumar & Co
CA Mani Kant Vashistha
M. No. 075198
Date: September 01, 2015
Place: Thane (Mumbai)