TO THE MEMBERS OF TAMIL NADU STEEL TUBES LIMITED REPORT ON THE Ind AS FINANCIALSTATEMENTS
We have audited the accompanying standalone Ind AS financial statements of TamilnaduSteel Tubes Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2019 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of change in Equity for the year thenended and a summary of significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE "Ind AS" 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 Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flow &changes in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards Ind AS) prescribed underSection 133 of the Act read with rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities selection and application of theappropriate accounting policies making judgements and estimates that are reasonable andprudent and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We conducted our audit of the Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments; the auditor considers internal control relevant to the Company's preparationand fair presentation of the Ind AS financial statements in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the Company's internal control. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management as well as evaluating theoverall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statement.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 2019 and its profit total comprehensive income its cash flows and thechanges in equity for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
- As required by Section 143(3) of the Act we report to the extent applicable that:
- We have sought and 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 those books.
- The Balance Sheet the Statement of Profit and Loss including other Comprehensive Income the Cash Flow Statement and Statement of changes in Equity dealt with by this Report are in agreement with the books of account.
- In our opinion the aforesaid Ind As financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
- On the basis of the written representations received from the directors as on March 31 2019 taken on record by the Board of Directors none of the directors is disqualified as on March 31 2019 from being appointed as a director in terms of Section 164(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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
g) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rule 2014 as amended in our opinionand to the best of our information and according to the explanation given to us:
- The company has disclosed the impact of pending litigation on its financial position in its Ind AS financial statement.
- The company has made provision as required under the applicable law or Accounting Standards for material foreseeable losses if any on long term contracts including derivative contracts.
iii) There has been no delay in transferring amounts required to be transferred tothe Investor's Education and Protection Fund by the company.
2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(3) of the Act we givein the "Annexure B" a statement on the matters specified in paragraphs 3 and 4of the Order.
| ||For ABHAY JAIN & Co. |
| ||Chartered Accountants |
| ||(FRN. 000008S) |
|Place: Chennai ||(A K JAIN) |
|Date: 14th August 2019 ||Partner |
|UDIN: 19070224AAAAAL6653 ||M No. 070224 |