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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

ArihantTournesol 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 2015 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 thematters stated in Section 134(5) of the Companies Act 2013 ('the act') with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 basedon our 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 theamounts and 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 Section203 of the Act read with Rule 8 of the Companies (Appointment and Remuneration ofManagerial Personnel).

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 theexplanations given to us except for the effects of the matter described in the 'Basis forQualified Opinion' paragraph above the aforesaid financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India :

a. in the case of Balance Sheet of the state of affairs of the Company as at 31aMarch 2015;

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 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsectionl43 of the Act we give in the Annexure a statement on the matters Specified inparagraphs 3 and 4 of the Order.

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

a) we have sought and obtained ail 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 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 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 :01st ^1^2015

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 March2015

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:

i. (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;

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 thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase fixed assets and for the sale of services.Further on the basis of our examination of the books and records of the Company andaccording to the information and explanations given to us no major weakness has not beennoticed or reported.

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. There is no Internal Audit System in the Company.

viii. (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 deposit of the Provident Fund dues and Employees State Insurance Scheme does notarise.

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 March2015

(b) According to the information and explanations given to us and based on the recordsof the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees' State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material statutorydues as applicable with the appropriate authorities in India;

(c) 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.

ix. 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.

x. In our opinion the accumulated losses at the end of the financial year are more thanfifty percent of its net worth. The Company has incurred cash loss during the currentfinancial year covered by our audit and also in the immediately preceding financial year.

xi. The Board for Industrial and Financial Reconstruction (BIFR) vide their order dated11.12.2013 has de-registered the company from the purview of BIFR since company lost itsindustrial character within the definition of SICA 1985.

xii. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution during the year.

xiii. In our opinion and according to the information and explanations given to usthe company has not raised any term loans during the year.

xiv. The Company has not raised any money by way of public issue during the year.

R. B. Pandya & Co. 308 Venkatesh Chambers
Chartered Accountants Ghanshyam Talwatkar Marg
Fort Mumbai -400001.
Phone : 2207 0840/2207 6799.

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 March2015

xv. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management.

For R. B. Pandya & Co.

Chartered Accountants

Rajesh B. Pandya

Proprietor

Place: Mumbai

Date: 2015

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