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Tiaan Ayurvedic & Herbs Ltd.

BSE: 540108 Sector: Others
NSE: N.A. ISIN Code: INE864T01011
BSE 00:00 | 20 Feb 28.80 1.05
(3.78%)
OPEN

28.90

HIGH

29.10

LOW

26.65

NSE 05:30 | 01 Jan Tiaan Ayurvedic & Herbs Ltd
OPEN 28.90
PREVIOUS CLOSE 27.75
VOLUME 3363
52-Week high 125.90
52-Week low 19.20
P/E 16.46
Mkt Cap.(Rs cr) 15
Buy Price 26.65
Buy Qty 364.00
Sell Price 29.10
Sell Qty 100.00
OPEN 28.90
CLOSE 27.75
VOLUME 3363
52-Week high 125.90
52-Week low 19.20
P/E 16.46
Mkt Cap.(Rs cr) 15
Buy Price 26.65
Buy Qty 364.00
Sell Price 29.10
Sell Qty 100.00

Tiaan Ayurvedic & Herbs Ltd. (TIAANAYURVEDIC) - Auditors Report

Company auditors report

To the Members of

TIAAN AYURVEDIC & HERBS LIMITED

Report on the Financial Statements for the F.Y. 2017-18

We have audited the accompanying financial statements of Tiaan Ayurvedic & HerbsLimited ("the Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss the Cash Flow Statement for the year ended and asummary of the significant accounting policies and other explanatory information.

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 preparationand presentation 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 the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial 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 a reasonable opinion on these 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 issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures 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 control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India: a) in the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2018; and b) in the case of the Profit and LossAccount and the statement of Cash Flow for the year ended on March 31 2018;

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order 2016 ('the order') issued byCentral Government of

India in terms of subsection (11) of section 143 of the Act we enclose in the"Annexure 1" a statement on the matters specified in paragraphs 3 & 4 of thesaid order to extent applicable.

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

a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books

c) The Balance Sheet Statement of Profit and Loss and statement of Cash Flow dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under

Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

e) In our opinion there are no observations or comments on the financial which mayhave an adverse effect on the functioning of the company.

f) 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 Section164 (2) of the Act.

g) With respect to the adequacy of the Internal Financial Controls over financialreporting of the Company and the operating effectiveness of such controls we give ourseparate Report in "Annexure 2"

h) 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 opinion and to the best of ourinformation and according to the explanations given to us:

I. The Company does not have any pending litigations which would impact its financialposition.

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.

IV. The disclosure regarding details of specified bank notes held and transacted during8 November 2016 to 30 December 2016 has not been made since the requirement does notpertain to financial year ended 31st March 2018.

For Mehul M Shah & Co.
Chartered Accountants
Mehul Shah
Date: 24th May 2018 Proprietor
Place: Vadodara M. No. 044044
FR No 141907W

"ANNEXURE 1" TO THE INDEPENDENT AUDITOR’S REPORT

In terms of the information and explanations sought by us and given by the company andthe books and records examined by us in the normal course of audit and to the best of ourknowledge and belief we state that: -

1) a) The Company has a regular program of physical verification of its fixed assets bywhich all the fixed assets are verified in a phased manner over a period of two years. Inour opinion the periodicity of physical verification is a reasonable having regards tothe size of the Company and nature of its assets. Pursuant to the program a portion of thefixed assets has been physically verified by the management during the year and nomaterial discrepancies have been notice on such verification.

b) According to the information and explanations received by us and on the basis ofour examination of the records of the company the title deeds of immovable properties asdisclosed in the Note E to the financial statement of the Company.

2) Physical verification of inventory has been conducted by the management atreasonable intervals as required under clause 3(ii).

3) The Company has not granted loans secured or unsecured to any companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Hence the reporting requirement under clause (iii)of the said order does not arise.

4) Based on our scrutiny of the Company’s records and according to the informationand explanations received by us from the management we are of the opinion that in respectof loans and guarantees given investments made and securities purchased by the companythe provisions of section 185 and 186 of the Companies Act 2013 have been complied with.

5) In our opinion and according to information and explanations given to us theCompany has not accepted any deposits from the public and hence the reporting requirementunder clause (v) of the said order does not arise.

6) Being a trading company having turnover below prescribe limit the provisions ofsection 148(1) of the Act with regard to the maintenance of cost records are notapplicable to the Company.

7) a) Based on our scrutiny of the Company’s Book of Account and other records andaccording to the information and explanations received by us from the management we areof the opinion that the company is regular in depositing with appropriate authoritiesundisputed statutory dues applicable to it and no undisputed amounts payable in respect ofany statutory dues were outstanding as at 31st March 2018 for a period of more than sixmonths from the date they became payable.

b) According to the records of the company and the information and explanationsreceived by us from the management there are no disputed statutory dues outstanding inthe name of the company.

8) Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion the company has not defaulted in repayment of dues toa financial institution bank Government or dues to debenture holders.

9) According to the records of the company the company has neither raised any moneysby way of Initial Public Offer or Further Public Offer (including debt instrument) nor hasthe company raised

26 ANNUAL REPORT OF TIAAN AYURVEDIC & HERBS LIMITED

any term loans during the Financial Year start from 01/04/2017 to 31/03/2018. Hence inour opinion the reporting requirement under clause (ix) of the said order does not arise.

10) Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the company by itsofficers or employees has been noticed or reported during the course of our audit thatcauses the financial statements to be materially misstated.

11) According to the records of the company Managerial remuneration has been paid orprovided during the year under audit is within the limit of provision of companies act2013.

12) In our opinion and to the best of our information and according to the explanationsprovided by the management we are of the opinion that the company is not a Nidhi Company.Hence in our opinion the reporting requirement under clause (xii) of the said order doesnot arise.

13) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14) Based on our scrutiny of the Company’s Book of Account and other records andaccording to the information and explanations received by us from the management we areof the opinion that the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Hence the reporting requirement under clause (xiv) of the said order does notarise.

15) Based on our scrutiny of the Company’s Book of Account and other records andaccording to the information and explanations received by us from the management we areof the opinion that the company has not entered into any non-cash transactions with itsdirectors or persons connected with him. Hence the reporting requirement under clause(xv) of the said order does not arise.

For Mehul M Shah & Co.
Chartered Accountants
Mehul Shah
Date: 24th May 2018 Proprietor
Place: Vadodara M. No. 044044
FR No 141907W

ANNEXURE 2" TO THE INDEPENDENT AUDITOR’S REPORT

( Referred to in paragraph (2)g under ‘ Report on Other Legal and RegulatoryRequirements ‘ in our Independent Auditor’s Report of even date to the membersof the Company on the Financial statements for the year ended

31st March 2018).

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 the Companyas of Tiaan Ayurvedic & Herbs Limited 31st March 2018 in conjunction withour audit of the financial statement 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. 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 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 onAuditing issued by ICAI and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. 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 judgement 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 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 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 2018.

For Mehul M Shah & Co.
Chartered Accountants
Mehul Shah
Date: 24th May 2018 Proprietor
Place: Vadodara M. No. 044044
FR No 141907W