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Tulip Telecom Ltd.

BSE: 532691 | NSE: TULIP | Series: NA | ISIN: INE122H01027 | SECTOR: Telecommunications - Service

BSE Live

Mar 30, 16:00
1.53 0.00 (0.00%)
Volume
No Data Available
270,683
  • Prev. Close

    1.53

  • Open Price

    1.48

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Tulip Telecom is not traded on BSE in the last 30 days

NSE Live

Mar 30, 15:42
1.55 0.00 (0.00%)
Volume
No Data Available
93,984
  • Prev. Close

    1.55

  • Open Price

    1.55

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    1.55 (3000)

Tulip Telecom is not traded on NSE in the last 30 days

Annual Report

For Year :
2013 2012 2011 2010 2009 2008 2007 2006

Auditor's Report

1. We have audited the attached Balance Sheet of M/S TULIP TELECOM LIMITED as at 31st March, 2013, the Profit & Loss Account and also the Cash Flow statement on the date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 as amended by The Companies (Auditors Report) (Amendment) Order, 2004 issued by Central Government of the India in terms of section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to information and explanation given to us and books and records examined by us in the normal course of audit, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to above, 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 books of account of the Company. c. The Balance Sheet, Profit & Loss Account and Cash Flow statement dealt with the report are in agreement with the books of account of the company. d. In our opinion the Balance Sheet, Profit & Loss account and Cash Flow statement complies with the Mandatory Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956. e. On the basis of written representation received from the directors, as on 31st March, 2013 and taken on record by the Board of Directors, we report that none of the director is disqualified from being appointed as a director of the company, as on 31st March, 2013, under clause (g) of sub-section (1 )of section 274 of the Companies Act, 1956. f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon, give the information required by the Companies Act 1956 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 31st March, 2013. ii. In the case of the Profit & Loss Account, of the Loss of the company for the Six months period ended on that date; and iii. In the case of Cash Flow Statement, for the cash flow of the company for the Six months period ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBER OF M/s TULIP TELECOM LIMITED ON THE ACCOUNTS FOR THE PERIOD ENDED MARCH 31, 2013. 1) a. The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. b. The Fixed Assets have been physically verified by the management during the period, which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on physical verification. c. There was no substantial disposal of fixed assets during the period. 2) a. As informed to us by management, physical verification of inventory has been conducted at reasonable intervals during the period. b. The procedures followed by the management for physical verification of inventory 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 records of inventory, the company is maintaining proper records of 3) a. The company has not granted or taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956 other then disclosed in balance sheet. b. Accordingly, Clause 3(b), 3(c) & 3(d) of the order are not applicable. 4) In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure 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. 5) a. In our opinion and according to the information and explanations given to us the transactions that need to be entered in to the register maintained under section 301 of the Companies Act, 1956, have been so entered. b In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered into the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of Rs. Five Lakhs in respect of any party during the year have been made at prices, which are reasonable having regard to prevailing market price at relevant time. 6) The company has not accepted deposits from the public, hence the directives issued by the Reserve Bank of India and the provisions of section 58A & 58AA of the Act are not applicable. 7) In our opinion, the company has an internal audit system commensurate with its size and nature of business. 8) We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the Central Government for maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 in respect of corporate data connectivity business activities 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 the records. 9) a. The company is not regular in depositing undisputed statutory dues which are applicable to the company including Provident Fund, Employee''s State Insurance, Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess, Service Tax and anyotherstatutorydues with the appropriate authorities, b. According to the information and explanations given to us following amounts of undisputed statutory dues are outstanding as on 31st March, 2013 for a period exceeding six months: Name of Statute Nature of Dues Amount (Rs) which relate Income Tax TDS 136.02 Income Tax TDS 183.07 Income Tax TDS 337.72 Income Tax TDS 327.1 Income Tax TDS 318.58 Income Tax TDS 307.16 Sales Tax/VAT Sales Tax 14.22 Sales Tax/VAT Sales Tax 11.67 Name of Statute Period to Due date Date when paid Deposited Income Tax Apr''12 07-May-12 Income Tax May''12 07-Jun-12 Income Tax June''12 07-Jul-12 Income Tax July''12 07-Aug-12 Income Tax Aug''12 07-Sep-12 Income Tax Sept''12 07-0ct-12 Sales Tax/VAT June''12 25-Jul-12 Sales Tax/VAT Sept''12 25-0ct-12 c. According to the information and explanation given to us, the following are the disputed amount of Statutory dues outstanding as on March 31, 2013 for a period exceeding six months:- (Rs. In Lacs) Name of Period to Amount Statute which relate (Rs.) Sales Tax VAT 2007-08 75.90 Sales Tax VAT 2007-08 26.78 Sales Tax VAT 2008-09 39.98 Sales Tax VAT 2008-09 50.83 Total 193.49 Name of Statute Demand Description Forum where dispute is pending Sales Tax VAT VAT Plus Interest Special Comm. DVAT, New Delhi Sales Tax VAT Penalty Special Comm. DVAT, New Delhi Sales Tax VAT VAT Plus Interest Special Comm. DVAT, New Delhi Sales Tax VAT Penalty Special Comm. DVAT, New Delhi Nameof Period to Amount Demand Description Forum where dispute is Statute which relate (Rs.) pending Custom Duty 2004-05 23.36 Custom duty demand CESTAT- Mumbai Total 23.36 10) The company does not have any accumulated losses at the end of the financial period; however it has incurred cash losses ofRs. 16,088.79 Lacs in the current period. There are no accumulated losses or cash loses reported in the immediately preceding financial period. 11) Based on our audit procedures and as per the information and explanations given to us, the company has defaulted on redemption of Foreign currency convertible bonds aggregating to Rs. 78533.73 Lacs (USD 145 Millions) (including redemption premium). The bonds become due for redemption on 26th August, 2012 and have not been redeemed till the date of this report. The company during the period has also defaulted in repayment of dues to financial institutions and banks in respect of Letter of Credit/Bill discounting/ External Commercial Borrowings/ Non Convertible Debentures/ Term Loans Liabilities. Followinq are the details ofsuch defaults: (Rs. In Lacs) Particulars Delay upto Delay 91-180 Delay 181-250 Total 90 days days days Letter of Credit/ Bill Discounting/ 18,014.47 27,559.59 1,476.53 47,050.59 Bank Guarantees Term Loans 6,013.00 6,013.00 3,190.09 15,210.09 External Commercial Borrowings Nil 3,358.00 3,358.00 6,716.00 Non Convertible Debentures Nil 5,000.00 Nil 5,000.00 The CDR proposal of the company has been approved by the CDR empowered group in their meeting held on March 25, 2013 which cured all defaults during the period to financial institutions and banks except for dues to non CDR lenders amounting to Rs. 10,806.09 Lacs on account of Term Loans/ External Commercial Borrowings/ Non Convertible Debentures/ Interest, which continues postthe period-end. 12) The company has not granted loan & advance on the basis of security by way of pledge of shares, debentures & other securities; hence this point of order is not applicable. 13) The provisions of any special statute applicable to chit fund are not applicable to the company. 14) The company is not dealing in or trading in shares, securities, debenture & other investments. 15) According to the information and explanations given to us, the company has given guarantees for loans taken by others from banks or financial institutions, the term and conditions whereof in our opinion are not prime-facie prejudicial to the interest of the company. 16) In our opinion and according to the information and explanation given to us, the term loans were applied for the purpose for which obtained. 17) Based on the information and explanations given to us on an overall examination of the balance sheet of the company, in our opinion, there are no funds raised on short term basis which have been used for long term investment and vice versa. 18) According to the information and explanation given to us the company has not made preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Companies Act, 1956. 19) The company has not issued any debentures during the period under audit. 20) The company has not raised any money by way of public issues during the period. 21) According to the information and explanation given to us and to the best of our knowledge and belief, no fraud on or by the company has been noticed or reported during the course of our audit. For R. CHADHA & ASSOCIATES Chartered Accountants Firm Reg. No.: 004046N Place: New Delhi Date:May 30, 2013 Rakesh Chadha Partner Membership No. 83135