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Tulive Developers

BSE: 505285|ISIN: INE637D01015|SECTOR: Machine Tools
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Mar 16
Auditor's Report (Tulive Developers) Year End : Mar '18

1. REPORT ON THE FINANCIAL STATEM ENTS:

We have audited the accompanying financial statements of TULIVE DEVELOPERS LIM ITED, M UM BAI - 400 009 (“the Company “)which comprise the Balance Sheet as at 31st March 2018 , the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the Significant Accounting Policies and other explanatory information.

2. M ANAGEM ENT’S RESPONSIBILITY FOR THE FINANCIAL STATEM ENTS:

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 the Accounting Principles Generally Accepted in India, including the Accounting Standards specified under Section 133 of the Act read with Rule7ofthe Companies (Accounts) Rules ,2014 .This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities, selection and application of the appropriate Accounting Policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate Internal Financial Controls, 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.

3. AUDITOR’S RESPONSIBILITY:

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 thereunder.

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 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 internal financial control relevant to the Company’s preparation of the 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 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 statements.

4. OPINION:

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, of the state of affairs of the Company as at 31 March 2018 and its profit and its cash flows for the year ended on that date.

5. EM PHASEIS OF M ATTERS: - NIL -

6. REPORT ON OTHER LEGAL AND REGULATORY REQUIREM ENTS :

(i) As required by the Companies (Auditor’s Report) Order, (S No. 122 8(E)) dated 29.03.2016 issued by the Central Government in terms of Section 143(11) of the Act, we give in the “Annexure-I” a statement on the matters specified under paragraphs 3 and 4 of the Order, to the extent applicable.

(ii) As required under Section and 143 (3)(5) of the Act, we give in Annexure-ll report on the INTERNAL FINANCIAL CONTROL SYTEMS in place and the Operating effectiveness of such Controls

(iii) OTHER M ATTERS :

(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 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 the written representations received from the Directors as on 31 March 2018 and taken on record by the Board of Directors, none of the directors is disqualified from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,2014 in our opinion and to the best of our information and according to the explanation given to us .

i. The Company has disclosed the impact of pending litigations on the financial position in its financial statements - (Refer Note No 18-B3).

ii. The Company did NOT have any long term contracts including derivative contracts during the year.

iii. There were NO amounts which were required to be transferred to Investor Education and Protection Fund by the company during year.

ANNEXURE-I

Referred to in paragraph 6 of our Report of even date to the members of Tulive Developers Ltd, Mumbai -400009 regarding the accounts of the Company for the year ended 31st March 2018

COMPANIES (AUDITORS REPORT) ORDER 2016 (S.O.NO.122 8(E) dated 29.03.2016.

On the basis of such checks, as we considered as applicable to the company and according to information and explanations given to us during the course of our Audit , we state that :

(i) (a) The Company is maintaining proper records showing full particulars , including quantitative details and situation of Fixed Assets;

(b) These Fixed Assets have been physically verified by the management at reasonable intervals during the year and , no material discrepancies were noticed on such verifications;

(c) The TITLE DEEDS OF Immovable properties are held in the former name of the Company. (Kerry Jost Engineering Ltd) The name of the company was changed to its present name as evidenced by fresh Certificate of Incorporation dated 17.01.2008 granted by Deputy Registrar of Companies Mumbai, Maharashtra State .

(ii) Since the Company is NOT engaged in any trading or manufacturing activities during the year provision of clause 3(ii) of the Order are NOT applicable for this financial year .

(iii) The Company has NOT granted any Loans Secured or Unsecured to Companies , firms .Limited Liability Partnerships or other parties covered in the Register maintained under Section 189 of the Companies Act 2013

(iv) (a) The Company has Not granted any Loans , made any Investments, Guarantees , Security to any persons covered under Section 185 and 186 of the Companies Act 2013

(b) The company has balances in the current accounts with the following firms in which the Company is a Partner.

Particulars

TUUVE ESTATE Rs

TUUVE BUILDERS Rs.

Balance as at 01.04.2017

Less :Amount Received during the year

Add : Amounts paid during the year

Add : Share of Profit/Loss for the year ended 31.03.2018 Balance as at 31.03.2018

182611333.37

26250000.00

30927724.25

156361333.37

30927724.25

675000.00

156361333.37

3068759.68

31602724.25

(370652.38)

159430093.05

31232171.87

(a)Clause (a) is not applicable as the share of profit cannot be considered as Loan/Advance and is not prejudicial to the company’s Interest

(b)The receipt of amounts towards share of profit are regular.

(c) There were No overdue amounts.

(v) The Company has NOT accepted any deposits so far up to 31 March 2018.

(vi) The company is NOT engaged in manufacture or production of any goods and is not providing of any services for which the Central Government has prescribed maintenance of Cost Records under Section 148(1) of the Companies Act 2013.

(vii) (a)The Company, is regular in depositing undisputed Statutory dues like Income tax, Service Tax Cess and any other statutory dues to the appropriate authorities and there were No arrears of outstanding statutory dues as on the last day of the financial year for a period more than six month from the dates they became payable .

(b)The Company has not deposited disputed Income Tax demands subject to revision on account of relief granted by Appellate Authority relating to Income Tax Assessment year 2012-2013 & 2013-2014 as detailed below

Nature of Assessment Order

Previous

year

Assessment

Year

Date of Order

Disputed Demands Rs

Regular Order u/s 143(3)

31.03.2013

2013-2014

28.03.2016

15,95,380

Total

15,95,380

Refunds granted for subsequent Assessment year Adjusted

34,53,020

The Assessing authority has adjusted the above amount of refunds due in respect of subsequent Assessment years .

(viii) The company has NOT borrowed any loan from Financial Institution ,Bank , Government and has NOT issued debentures and the question of reporting on default in repayment of loans or borrowings to a financial Institution , Bank , Government or dues to debenture holders does not arise.

(ix) The Company has NOT raised any funds by way of Initial Public Offer or further Public Offer and the company has Not availed any term loans and hence the provisions of this clause are Not applicable for this financial year.

(x) No fraud on the company by its officers or employees has been noticed or reported during the year that causes the financial statements to be materially misstated ;

(xi) During the year the company did NOT pay any managerial remuneration to any of the Directors and provisions of Section 197 read with Schedule V to the Act are NOT applicable for the year under review .

(xii) The Company is Not a Nidhi Company and hence the requirements of clause 3( xiii) of the Order does NOT apply to the Company.

(xiii) The Company during the year did NOT have any transactions with related parties as per Section 2(76) and provisions of Section 177 and 188 of the companies Act 2013 were Not Applicable.

(xiv) The Company has NOT made any preferential allotment or private placement of shares during the year and has NOT issued fully or partly convertible debentures during the year.

(xv) The Company has NOT entered in to any NON-CASH transactions with any of the directors or persons connected with him /her and provisions of Section 192 of the Act are NOT attracted.

(xvi) The Company is NOT a Non-Banking Company and the question of registration under Section 45-IA of the Reserve Bank of India Act 1934 does not arise.

ANNEXURE II

Report on the Internal Financial Controls under Section 143 (3) (i) of the Companies Act 2013 (“Act”) read with Rule 10A of Companies (Audit) Auditors Rules 2013

1. We have audited the Internal Financial Controls over Financial Reporting of TULIVE DEVELOPERS LIM ITED (“the Company”) No.21/22 PD.Mello Road Mumbai - 400 009 as at 31st March2018 in conjunction with our audit of the Financial Statements of the Company for the year ended on that date.

2. MANAGEM ENT £S RESPONSIBIUTY FOR INTERNAL FINANCIAL CONTROLS :

The Company’s Management is responsible for establishing and maintaining Internal Financial controls based on the Internal Controls over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI’) These responsibilities include the design, implementation and maintenance of adequate Internal Financial Controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the Accounting Records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

3. AUDITORS’S RESPONSBIUTY :

(a) Our responsibility is to express an opinion on the Company’s Internal Financial Controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing issued by ICAI and deemed to be prescribed under Section 143(10)of the Companies Act,2013, to the extent applicable to an Audit of Internal Financial Control both applicable to an audit of Internal Financial Controls and both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirement sand plan and perform the audit to obtain reasonable assurance about whether adequate Internal Financial Control over financial reporting was established and maintained and if such control operated effectively in all material aspects.

(b) Our audit involves performing procedures to obtain audit evidence about the adequacy of the Internal Financial Control System over financial reporting and their operating effectiveness. Our Audit of Internal Financial Controls over financial reporting included obtaining an understanding of Internal Financial Controls over financial reporting , assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of Internal Control based on the assessed risk. 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.

(c) We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the company’s Internal Financial Control System over financial reporting.

4. M EANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING :

A company’s Internal Financial Control over financial reporting is a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of IND AS financial statements for external purposes in accordance with the Generally Accepted Accounting Principles. A company’s internal financial control over financial reporting includes those policies and procedures that:-

(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(ii) provides reasonable assurance that transactions are recorded as necessary to permit preparation of the INDAS financial statements in accordance with the Generally Accepted Accounting Principles, and that receipt and expenditure of the company are being made only accordance with authorizations of management and directors of the company; and

(iii)provides reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company’s assets that could have a material effect on the INDAS financial statements.

5. INHERENT UM ITATIONS 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 improper management over ride the 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 financial 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 compliance with the policies or procedures may deteriorate.

6. OPINION :

In our opinion, the Company has, in all material respects, an adequate Internal Financial Controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on

(i) existing policies and procedures adopted by the company for ensuring orderly and efficient Conduct of the business.

(ii) continuous adherence to company’s policies;

(iii)existing procedures in relation to safeguarding of Company’s Fixed Assets, Investments, Inventories Receivables, Loans and Advances made and cash and cash equivalents;

(iv)existing system to prevent and detect fraud and errors;

(v) accuracy and completeness of the company accounting records; and

(vi)existing capacity to prepare timely and reliable financial information.

For R RAM AUNGAM & ASSOCIATES

Chartered Accountants

R.NO : 010616S

Place : Chennai - 600 006 Sd/-

Date : 29.05.2018 R Ramalingam

PARTNER

M .NO.027154

Source : Dion Global Solutions Limited
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