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Tiaan Consumer Ltd.

BSE: 540108 Sector: Others
NSE: N.A. ISIN Code: INE864T01011
BSE 00:00 | 06 Jul 5.31 -0.04
(-0.75%)
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NSE 05:30 | 01 Jan Tiaan Consumer Ltd
OPEN 5.50
PREVIOUS CLOSE 5.35
VOLUME 12059
52-Week high 42.30
52-Week low 5.05
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.50
CLOSE 5.35
VOLUME 12059
52-Week high 42.30
52-Week low 5.05
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tiaan Consumer Ltd. (TIAANCONSUMER) - Auditors Report

Company auditors report

To

The Members of

TIAAN CONSUMER LIMITED

Report on the Financial Statements for the F.Y. 2020-21

Opinion

We have audited the accompanying financial statements of Tiaan Consumer Limited(formerly known as Tiaan Ayurvedic & Herbs Limited) which comprise the Balance Sheetas at 31st March 2021 and the Statement of Profit and Loss (Including OtherComprehensive Income) and Cash Flow Statement for the year ended and a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the standalone financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view inconformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexure to Board's Report but does notinclude the financial statements and our auditor's report thereon. These reports areexpected to be made available to us after the date of our auditor's report.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.

When we read the other information included in the above reports if we conclude thatthere is material misstatement therein we are required to communicate the matter to thosecharged with governance and determine the actions under the applicable laws andregulations.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. 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 appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and 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 section 143(11) of the Act we givein "Annexure A" a statement on the matter specified in the paragraph 3 and 4 ofthe Order.

2. As required under provisions of section 143(3) of the Companies Act 2013 we reportthat:

a) We have obtained all the information and explanations which to the best of ourknowledge and belief where necessary for the purposes of our audit; b) In our opinionproper books of account as required by law have been kept by the Company so far as appearsfrom our examination of those books; c) The Balance Sheet and Statement of Profit and Lossincluding Other Comprehensive Income Statement of Cash Flow and Statement of Changes ofEquity dealt with this report are in agreement with the books of account; d) In ouropinion the Balance Sheet and Statement of Profit and Loss comply with the Ind ASspecified in section 133 of the Act read with relevant rule issued there under. e) On thebasis of written representations received from the directors as on March 31 2021 takenon record by the Board of Directors none of the directors is disqualified as on March 312021 from being appointed as a director in terms of section 164(2) of the Act. f) Withrespect to the adequacy of the internal financial controls over financial reporting of thecompany and operating effectiveness of such controls referred to our separate report in"Annexure B". g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Act asamended: In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditor) Rules 2014 in our opinion and to thebest of our knowledge and belief and according to the information and explanations givento us: i. The Company has disclosed the impact of pending litigation on its financialposition in its standalone financial statement except as provided in Annexure"A". ii. The Company did not have any long-term and derivative contracts as atMarch 31 2021. iii. There has been no delay in transferring amounts required to betransferred the Investor

Education and Protection Fund by the Company during the year ended March 31 2021.

For Mehul M Shah & Co.
Chartered Accountants
Sd/-
Mehul Shah
F R No.: 141907W
Date: 24th May 2021 M. No.: 044044
Place: Mumbai UDIN: 21044044AAAABU3944

"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 information andexplanations received by us from the management we are of the opinion that in respect ofloans and guarantees given investments made and securities purchased by the company theprovisions 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 2021 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 any term loans during the Financial Year start from 01/04/2020 to31/03/2021. Hence in our opinion the reporting requirement under clause (ix) of the saidorder 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
Sd/-
Mehul Shah
F R No.: 141907W
Date: 24th May 2021 M. No.: 044044
Place: Mumbai UDIN: 21044044AAAABU3944

"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 members of theCompany on the Financial statements for the year ended 31st March 2021)

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 Company"Tiaan Consumer Limited" as of 31st March 2021 in conjunction with our audit ofthe 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 of fraudsand 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 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 31st March 2021.

For Mehul M Shah & Co.
Chartered Accountants
Sd/-
Mehul Shah
F R No.: 141907W
Date: 24th May 2021 M. No.: 044044
Place: Mumbai UDIN: 21044044AAAABU3944

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