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Arihant Tournesol Ltd.

BSE: 526125 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Arihant Tournesol Ltd. (ARIHANTTOURNESO) - Auditors Report

Company auditors report

To

The Members of

Arihant Tournesol Ltd.

Report on the (Standalone) * Financial Statements

1. We have audited the accompanying financial statements of Arihant Tournesol Ltd.("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and Cash Flow Statement for the year ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the (Standalone) * Financial Statements

2. The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ('the act') with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance 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 theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial

statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's management and Board of Directors aswell as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Basis for Qualified Opinion

Attention is invited to the following points:

a. Non provision in the accounts for an amount of Rs. 33.13 lacs (Previous Year Rs.33.13 lacs) on account of claims filed against the company not acknowledged as debts thematter being under dispute (Refer Notes On Accounts Point No.5).

b. The company doesn't have a whole time company secretary as required by Section 203of the Act read with Rule 8 of the Companies (Appointment and Remuneration of ManagerialPersonnel).

c. Refer Notes on Accounts Point No.3 regarding non-confirmation of balances.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the 'Basis for QualifiedOpinion' paragraph above the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India :

a. in the case of Balance Sheet of the state of affairs of the Company as at 31"March 2016;

b. in the case of Profit & Loss Account its profit / loss for the year ended onthat date; and

c. in the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of sectionl43 ofthe Act we give in the Annexure a statement on the matters Specified in paragraphs 3 and4 of the Order.

8. As required by section 143(3) of the Act we further report that:

a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b) except for the effects of the matter described in the 'Basis for qualified opinion'paragraph above in our opinion proper books of account as required by law have been keptby the Company so far as appears from our examination of those books;

c) the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) except for the effects of the matter described in the 'Basis for qualified opinion'paragraph above in our opinion the aforesaid financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014

e) on the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct;

f) except for the effects of the matter described in the 'Basis for qualified opinion'paragraph above in our opinion and to the best of our information and according to theexplanations given to us we report as under with respect to other matters to be includedin the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 :

i. the Company has disclosed the impact of pending litigation on it's financialposition in it's financial statements Refer note 5 in the notes to the accounts;

ii. the company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise;

iii. there has not been an occasion in case of the Company during the year under reportto transfer any sums to the investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For R. B. Pandya & Co. Chartered Accountants

Rajesh B. Pandya Proprietor

Place: Mumbai Date : 30th May 2016

Annexure referred to in paragraph 7 of Our Report of even date to the members ofArihant Tournesol

Limited on the accounts of the company for the year ended 31st March 2016

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

t. (a). The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) . As explained to us fixed assets have been physically verified by the managementat regular intervals; as informed to us no material discrepancies were noticed on suchverification;

(c) . On Verification it was observe that All the immovable properties are held in thename of the Company.

ii. The nature of business of the Company does not require it to have any inventory.Hence the requirement of clause (ii) of paragraph 3 of the said Order is not applicableto the Company

iii. The company has granted Advance of Rs. 5165000/- to one company covered in theregister maintained under section 189 of the Act. The maximum balance outstanding was Rs.5165000/- and the year end balance was Rs. 5165000/-(Previous year: Rs. 5165000/-).In our opinion and according to the information and explanations given to us the Advanceis Interest free and repayable on demand and other terms and conditions are not primafacie prejudicial to the interest of the company.

iv. In our opinion and according to the information and explanations given to us theprovisions of section 185 and 186 of the Companies Act 2013 have been complied with inrespect of Loans Investments Guarantees and Security.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act.

vii. (a) The Company does not have any liability towards employees during the yearunder the Provident Fund Act and Employees State Insurance Act hence the question oftimely depoaLpf the

Provident Fund dues and Employees State Insurance Scheme does not arise.

Annexure referred to in paragraph 7 of Our Report of even date to the members ofArihant Tournesol

Limited on the accounts of the company for the year ended 31st March 2016

According to the information and explanations given to us and based on the records ofthe company examined by us the company is regular in depositing the undisputed statutorydues including Provident Fund Employees' State Insurance Income-tax Sales-tax WealthTax Service Tax Custom Duty Excise Duty and other material statutory dues asapplicable with the appropriate authorities in India;

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.

viii. According to the records of the company examined by us and as per the informationand explanations given to us the company has not availed of any loans from any financialinstitution or banks and has not issued debentures.

ix. Based upon the audit procedure performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3(ix) of the order are not applicable to the Company and hence notcommented upon.

x. Based upon the audit procedures performed and the information and explanations givenby the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

xi. Based upon the audit procedures performed and the information and explanationsgiven by the management no managerial remuneration has been paid by the Company.

xii. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

xiii. According to explanation and information given to us all transactions with therelated parties are in compliance with section 177 and 188 of the Companies Act 2013 thedetails of which has beem

disclosed in the Financial Statements etc. as required by the applicable accountingstandards;

Annexure referred to in paragraph 7 of Our Report of even date to the members ofArihant Tournesol

Limited on the accounts of the company for the year ended 31st March 2016

xiv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon

xv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transaction withdirectors or persons connected with him. Accordingly the provisions of clause 3(xv) ofthe order are not applicable to the Company and hence not commented upon.

xvi. In our opinion the company is not required to be registered under section 45IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3{xvi) ofthe order are not applicable to the company and hence not commented upon.

For R. B. Pandya & Co. Chartered Accountants

Kajesh B. Pandya Proprietor

Place: Mumbai Date : 30th May 2016