You are here » Home » Companies » Company Overview » Thacker & Company Ltd

Thacker & Company Ltd.

BSE: 509945 Sector: Others
NSE: N.A. ISIN Code: INE077P01034
BSE 00:00 | 17 Dec Thacker & Company Ltd
NSE 05:30 | 01 Jan Thacker & Company Ltd
OPEN 94.75
PREVIOUS CLOSE 94.75
VOLUME 1
52-Week high 158.65
52-Week low 94.70
P/E 17.01
Mkt Cap.(Rs cr) 10
Buy Price 94.70
Buy Qty 15.00
Sell Price 99.65
Sell Qty 670.00
OPEN 94.75
CLOSE 94.75
VOLUME 1
52-Week high 158.65
52-Week low 94.70
P/E 17.01
Mkt Cap.(Rs cr) 10
Buy Price 94.70
Buy Qty 15.00
Sell Price 99.65
Sell Qty 670.00

Thacker & Company Ltd. (THACKERCO) - Auditors Report

Company auditors report

To the Members of

THACKER AND COMPANY LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of THACKER AND COMPANYLIMITED ('the Company') which comprise the standalone Balance Sheet as at 31st March2018 the standalone statement of Profit and Loss the standalone cash flow statement forthe year then ended and a summary of significant accounting policies and other explanatoryinformation.

MANAGEMENT'S RESPONSIBILITY FOR THE 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 standalonefinancial position standalone financial performance and standalone cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provisions oftheAct for safeguarding the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and 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 standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. In conducting our audit we have taken into account the provisions ofthe Act and the Rules made there under including the accounting and auditing standards andmatters which are required to be included in the audit report under the provisions of theAct and the Rules made there underand the Order under section 143(11) oftheAct.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) oftheAct. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the standalonefinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements

that give a true and fair view in order to design audit procedures that are appropriatein the circumstances. An audit also includes evaluating the appropriateness of theaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the financialstatements.

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:

1. In the case of Standalone Balance sheet of the state of affairs of the Company asat 31st March 2018;

2. In the case of Standalone Statement of Profit and Loss of the 'profit' of thecompany for the year ended on that date; and

3. In the case of Standalone Cash Flow Statement of the cash flows of the Company forthe year ended on thatdate.

REPORT ON OTHER LEGALAND REGULATORY REQUIREMENTS

1. 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 section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the "Annexure A" statement on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.

2. As required by Section 143 (3)oftheAct 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) Inouropinion 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 Standalone Balance Sheet the Standalone Statement of Profit and Loss and theStandalone Cash Flow Statement dealt with by this Report are in agreement with the booksof account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st

March 2018 from being appointed as a director in terms of Section 164 (2) of theAct.

(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".

(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 standalone financial statements - Refer Note No. 23 to the standalonefinancial statements;

ii. The Company did not have any long term contracts including derivatives contractsfor which there were any material losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended 31stMarch 2018.

Forand on behalf of AD V&Associates

CharteredAccountants FRN No.: 128045W

Prakash Mandhaniya

Partner

Membership No.: 421679 Place: Mumbai Date: 22nd May 2018

ANNEXURE "A" TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of THACKER ANDCOMPANY LIMITED on the financial statement for the year ended 31st March 2018:

(i) In respect of its fixed assets:

(a) the Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) as explained to us these fixed assets have been physically verified by themanagement during the year which in our opinion is reasonable having regard to the sizeof the Company and nature of its assets. No material discrepancies were noticed on suchverification;

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

(ii) In respect of its Inventory:

As explained to us physical verification of inventory has been conducted at reasonableintervals by the management and no material discrepancies were noticed;

(iii) According to the information and explanations given to us the Company hasgranted unsecured loan to Companies covered in the register maintained under section 189of the CompaniesAct 2013.

(a) the terms and conditions of the grant of such loans are not prejudicial to thecompany's interest

(b) the schedule of repayment of principal and payment of interest has been stipulatedand the repayments or receipts are regular.

(c) there is no amount overdue in respect of loan given.

(iv) In our opinion and according to the information and explanations given to us inrespect of loans investments guarantees and security the provisions of section 185 isnot applicable to the company and section 186 of the Companies Act 2013 has complied tothe extent applicable.

(v) The Company is a non banking finance Company and consequently is exempt fromprovisions of section 73 74 75 and 76 of the Act. Hence para (v) of the Order is notapplicable to the Company

(vi) According to the information and explanations given to us and the records of theCompany examined by us the maintenance of cost record has not been prescribed by theCentral Government u/s 148 (1)oftheAct in respect of the activities carried on by thecompany.

(vii) (a) According to the information and explanations given to us and the records ofthe

Company examined by us in our opinion the Company is regular in depositing undisputedstatutory dues including provident fund employees' state insurance income-taxsales-tax service tax Goods and Service Tax duty of customs duty of excise valueadded tax cess and any other statutory dues to the appropriate authorities;

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no disputed amounts outstanding except the following inrespect of Income Tax Sales Tax/Wealth Tax/Service Tax/ Goods and Service Tax/CustomDuty/Excise Duty as on 31st March 2018.

Name of Statute Assessment

Year

Amount Rs (in 000) Forum where dispute is pending
Income Tax Act 1961 2010-11 108.63 ITAT (Appeal)
Income Tax Act 1961 2013-14 609.98 CIT (Appeal)

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans or borrowingto a bank. The Company has not taken any loans from Government and financial institutionnor has it issued any debentures.

(ix) According to the records of the Company examined by us and the information andexplanations given to us the term loans have been applied by the Company during the yearfor the purpose for which they were raised. The Company has not raised moneys by way ofinitial public offer or further public offer.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstances of any fraud by the company or any fraud on the Company by its officers oremployees;

(xi) According to the records of the Company examined by us and the information andexplanations given to us managerial remuneration has been paid.

(xii) The Company is not a Nidhi Company and hence reporting under this clause is notapplicable.

(xiii) According to the records of the Company examined by us and the information andexplanations given to us in our opinion all transactions with the related parties are incompliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the Financial Statements etc. as required by theapplicable accounting standards;

(xiv) According to the records of the Company examined by us the Company has not madeany

preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review and hence this clause is not applicable to theCompany.

(xv) According to the records of the Company examined by us and the information andexplanations given to us in our opinion the Company has not entered into any non-cashtransactions with directors or persons connected with them and hence this clause is notapplicable to the Company.

(xvi) On the basis of examination of relevant records and according to the informationand explanations given to us for the year ended 31st March 2018 the Companyis not required to be registered under section 45-IA of the Reserve Bank of India Act1934 and also it has surrendered NBFC certificate of registration on 5thOctober 2017.

For and on behalf of

ADV&Associates

CharteredAccountants

FRN No.: 128045W

Prakash Mandhaniya

Partner

Membership No.: 421679

Place: Mumbai

Date: 22nd May 2018

ANNEXURE "B" TO THE INDEPENDENTAUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the CompaniesAct2013("theAct")

We have audited the internal financial controls over financial reporting of THACKER ANDCOMPANY LIMITED ("the Company") as of 31st March 2018 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' 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 Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 March 31 2018 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For and on behalf of AD V&Associates Chartered Accountants FRN No.: 128045W

Prakash Mandhaniya

Partner

Membership No.: 421679 Place: Mumbai Date: 22nd May 2018