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ETT Ltd.

BSE: 537707 Sector: Infrastructure
NSE: N.A. ISIN Code: INE546I01017
BSE LIVE 15:03 | 14 Nov Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 20.75
PREVIOUS CLOSE 19.80
VOLUME 88
52-Week high 20.75
52-Week low 16.50
P/E
Mkt Cap.(Rs cr) 22
Buy Price 20.75
Buy Qty 1002.00
Sell Price 0.00
Sell Qty 0.00
OPEN 20.75
CLOSE 19.80
VOLUME 88
52-Week high 20.75
52-Week low 16.50
P/E
Mkt Cap.(Rs cr) 22
Buy Price 20.75
Buy Qty 1002.00
Sell Price 0.00
Sell Qty 0.00

ETT Ltd. (ETTLTD) - Auditors Report

Company auditors report

TO THE MEMBERS OF ETT LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of ETT LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies act 2013 ("the Act") with respect to the preparation ofthese standalone 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 3 of the Companies (Indianaccounting Standards) rules 2015. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the act and the rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone 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 of the state of affairs of the Companyas at 31st March 2016 and its loss and its 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 2016 (‘theOrder’) issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account;

(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the act read with rule 3 of theCompanies (Indian accounting Standards) rules 2015;

(e) on the basis of written representations received from the directors as on 31stMarch 2016 taken on record by the disqualified Board of Directors none of thedirectors as on 31st March 2016 from being appointed as a director in terms of Section164(2) of the act;

(f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "annexure B"; and

(g) with respect to the other matters to be included in the auditor’s report inaccordance with rule 11 of the Companies (audit and auditors) rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 33 to the financial statements;

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

for VSD & ASSOCIATES for L. D. SARAOGI & CO.
Chartered accountants Chartered accountants
(Firm's registration No. 008726N) (Firm's registration No. 005524N)
Sd/- Sd/-
(Vinod Sahni) (Jitender Saraogi)
Partner Partner
Membership No. 086666 Membership No. 502337
Place: Delhi
Date: May 30 2016

ANNEXURE "A" TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our Independent Auditors’ Report of even date to themembers of ETT Limited on the standalone financial statements for the year ended 31stMarch 2016

Taking into consideration the information and explanations given to us and the books ofaccount and other records examined by us in the normal course of audit and based on theaudit procedures conducted by us and to the best of our knowledge and belief we reportthat:

(i) (a) ETT Limited ("the Company") has maintained proper records showingfull particulars including quantitative details and situation of Company’s fixedassets;

(b) A major portion of the fixed assets have been physically verified by the managementduring the year. No material discrepancies were noticed on such verification In ouropinion the frequency of . of the fixed assets is reasonable having regard to the size ofthe Company and the nature of its assets;

(c) The title deeds of immovable properties are held in the name of the Company.

(ii) The Company has verification regular programme of physical of its inventories. Nomaterial discrepancies were noticed on such verification In our opinion the frequency of.of the inventories is reasonable having regard to the size of the Company and the natureof its assets.

(iii) The Company has granted interest free unsecured loan to one of its wholly ownedsubsidiary companies covered in the register maintained under section 189 of the Companiesact 2013 ("the act").

(a) In our opinion the terms and conditions on which the loan has been granted are notprejudicial to the Company’s interest;

(b) In the case of the loan granted to the wholly owned subsidiary listed in theregister maintained under section 189 of the act the borrower has been regular in thepayment of the principal as stipulated.;

(c) There are no overdue amounts in respect of the loan granted to the wholly ownedsubsidiary company listed in the register maintained under section 189 of the act.

(iv) In our opinion the Company has complied with the provisions of Section 185 and186 of the act with respect to the loans and investments made.

(v) The Company has not accepted any deposits from the public.

(vi) The maintenance of cost records has not been specified by the Central Governmentfor the Company under Section 148(1) of the act.

(vii) (a) according to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is generally regular indepositing the undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax service tax value added tax cess and other materialstatutory dues with the appropriate authorities. As explained to us the Company did nothave any dues on account of duty of customs and duty of excise.

According to the information and explanations given to us no undisputed materialamounts payable in respect of provident fund employees’ state insurance income-taxsales-tax service tax value added tax cess and other material statutory dues were inarrears as at March 31st 2016 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no materialdues of income tax or sales tax or service tax or value added tax which have not beendeposited with the appropriate authorities on account of any dispute except as givenbelow:

Name of the Statute Nature of the Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
Commercial Taxes under UPVAT act 2007 Entry Tax 36295/- F.Y 2007- 2008 Assistant Commissioner Ward - 3 Commercial Tax Noida
Commercial Taxes under UPVaT act 2007 Sales Tax 146996/- F.Y 2009 - 2010 Assistant Commissioner Ward - 3 Commercial Tax Noida

(viii) In our opinion the Company has not defaulted in repayment of loans orborrowings to any financial institution or bank.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. There are no stipulations as tothe utilization of term loans received from Director's Accordingly paragraph 3(ix) of theOrder is not applicable.

(x) No material fraud by the Company or on the Company by its officers or employees hasbeen noticed or reported during the course of our audit.

(xi) The Company has paid/provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theact.

(xii) In our opinion the Company is not a nidhi company. Accordingly paragraph 3(xii)of the Order is not applicable.

(xiii) In our opinion transactions with the related parties are in compliance withsections 177 and 188 of the act where applicable and details of such transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) The Company has not entered into non-cash transactions with directors or personsconnected with them. Accordingly paragraph 3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-Ia of the reserveBank of India act 1934.

for VSD & ASSOCIAtES for L. D. SARAOGI & CO.
Chartered accountants Chartered accountants
(Firm's registration No. 008726N) (Firm's registration No. 005524N)
Sd/- Sd/-
(Vinod Sahni) (Jitender Saraogi)
Partner Partner
Membership No. 086666 Membership No. 502337
Place: Delhi
Date: May 30 2016

ANNEXURE "B" TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our Independent Auditors’ Report of even date to themembers of ETT Limited on the standalone financial statements for the year ended 31stMarch 2016

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ETT Limited("the Company") as of 31st March 2016 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the guidance Note on audit of Internal Financial Controls over Financial reporting (the"guidance Note") issued by the Institute of Chartered accountants of India(‘ICaI’). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the act.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Standards on auditing issued by ICaI and deemed to be prescribed under section143(10) of the Act to the extent applicable to an audit of internal financial controlsand the Guidance Note issued by the ICaI. Those Standards and the guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the guidance Note issued by theICaI.

for VSD & ASSOCIATES for L. D. SARAOGI & CO.
Chartered accountants Chartered accountants
(Firm’s registration No. 008726N) (Firm’s registration No. 005524N)
Sd/- Sd/-
(Vinod Sahni) (Jitender Saraogi)
Partner Partner
Membership No. 086666 Membership No. 502337
Place: Delhi
Date: May 30 2016