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Times Green Energy India Ltd.

BSE: 543310 Sector: Others
NSE: N.A. ISIN Code: INE0B6101012
BSE 00:00 | 26 May Times Green Energy India Ltd
NSE 05:30 | 01 Jan Times Green Energy India Ltd
OPEN 55.25
PREVIOUS CLOSE 55.25
VOLUME 2000
52-Week high 87.50
52-Week low 55.25
P/E 25.70
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 55.25
CLOSE 55.25
VOLUME 2000
52-Week high 87.50
52-Week low 55.25
P/E 25.70
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Times Green Energy India Ltd. (TIMESGREENENER) - Auditors Report

Company auditors report

To

The members of

TIMES GREEN ENERGY (INDIA) LIMITED

Report on the Audit of Financial Statements

Report on the Financial Statements

We have audited the accompanying financial statements of TIMES GREEN ENERGY (INDIA)LIMITED which comprise the Balance Sheet as at March 31 2021 the Statement of Profitand Loss the Cash Flow Statement for the period then ended and a summary of significantaccounting policies and other explanatory information.

These financial statements have been prepared solely for the purpose of disclosure inOffer Document in accordance with SF.BI (Issue of Capital and Disclosure Requirements)Regulations. 2018 as amended from time to time and in accordance with the Guidance Note onReports or Certificates for Special Purpose (Revised 2016) and Guidance Note on Reports inCompany Prospectus (Revised 2019) issued by The Institute of Chartered Accountants ofIndia.

Management's Responsibility for the Financial Statements

The company's Board of Directors is responsible for the matters stated Sections 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true fair view of financial position of the company inaccordance with the accounting principles generally accepted in India including theaccounting standards specified under sections 133 of Act read with Rule 7 of the Companies(Accounts) Rule 2014. This responsibility also include maintenances of adequateaccounting records in accordance with the provision of the act for safeguarding of theassess of company and for prevalent and detecting frauds and other irregularities;selection and applications of appropriate accounting policies; making judgments andestimate that are responsible and prudent; and design implementation and maintenance ofadequate internal financial control that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparations andpresentations of the financial statements that give a true and fair view and are frommaterial misstatement whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken info accounts the provision of the Act the accounting and auditingstandard and matters which arc required to e included in the audit report under theprovision of the act and the rule made there under.

Wc 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 anddisclosures in the financial statements. The procedures selected depend on Auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments; the auditorconsiders interval financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Director as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is obtained is sufficient andappropriate to provide 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 aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;

i. In the case of the Balance Sheet of the state of affairs of the Company asat March 31 2021;

ii. In the case of the Statement of Profit and Loss of the profit for the period endedon that date ; and

iii. In the case of the Cash Flow Statement of the cash flows for theperiod ended on that date.

Report on other l>egal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016. issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to as the ‘Order") vve give in the Annexure-A a statement on thematters specified in paragraph 3 and 4 of the said Order.

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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of written representations received from the directors taken on recordby the Board of Directors none of the directors are disqualified as on March 31 2021from being appointed as a director in terms of Section 164(2) of the Act.

f. With respect to adequacy of internal financial controls over financial reporting ofthe Company and the operating effectiveness of such controls refer to our separate Reportin 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 knowledge and belief and according to the information andexplanations given to us-

i) The Company has disclosed the impact if any of pending litigations its financialstatements.

ii) The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

iii) There is no requirement for transferring any amount to the Investor Education andProtection Fund by the Company; hence there is no question of delay in this respect.

Signed for the purpose of identification

For N G Rao & Associates

Chartered Accountants

(Firm Registration No: 009399S)

Sd/-

NAGESWARA RAO G Partner

Membership No: 207300

Place: Tclangana

Date: August 12 2021

UDIN: 21207300AAABJQ1315

ANNEXURE-A TO THE ALDITOR'S REPORT

The Annexure referred to in Paragraph I under the heading of "Report on otherLegal and Regulatory Requirements" of our report of even date to the members of TIMESGREEN ENERGY (INDIA) LIMITED (the Company) for the period ended on March 31 2021.

(i) a) According to the information and explanations given to us. the Company ismaintaining proper records showing full disclosures of fixed assets;

(b) According to the information and explanations given to us. physical verification offixed assets has been conducted once in a year by the management and no materialdiscrepancies were noticed during the course of such verification;

(c) According to the information and explanations given to us the company does nothold any immovable property during the period dealt with by this report;

(ii) As per information and explanation given to us. physical verification of inventoryhas been conducted once in a year by the management and no material discrepancies werenoticed during the course of verification;

(iii) According to information and explanations given to us the Company has notgranted unsecured loans to parties covered in register maintained under section 189 of theCompanies Act 2013 and hence provisions of this sub- clause are not applicable to theCompany;

(iv) According to information and explanations given to us the Company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

(v) According to information and explanations given to us the Company has not acceptedpublic deposits and the provision of section 73 to 76 or other relevant provisions of theCompanies Act 2013 and rules framed thereunder are not applicable to the Company

(vi) According to information and explanations given to us. the Company is not liableto maintain cost records as prescribed under section 148(1) of the Companies Act 2013;

(vii) (a) According to information and explanations given to us the company isgenerally regular in depositing undisputed statutory dues including income-tax and anyother applicable statutory dues to the appropriate authorities and there are nooutstanding statutory dues as on March 31. 2021 for a period of more than six months fromthe date they became payable;

(b) According to information and explanations given to us there are no outstandingstatutory dues on the part of Company which is not deposited on account of dispute.

(viii ) According to information and explanations given to us the company has notdefaulted in repayment of any loans or borrowings from any financial institution bankgovernment or dues to debenture holders;

(ix) According to information and explanations given to us. the Company has not raisedmoney by way of initial public offer or further public offer. The Company has obtainedterm loans from financial institutions which were applied for the purposes for which theywere obtained;

(x) According to information and explanations given to us. there is no noticed orunreported fraud on or by the Company during the period under audit;

(xi) According to information the Company has paid managerial remuneration as perrequisite approvals mandated by the provisions of Section 197 read with Schedule V of theAct;

(xii) As per information the Company is not a Nidhi Company hence provisions of sub-clause (xii) of the Paragraph 3 of the Order are not applicable;

(xiii) According to information and explanations given to us all transactions withrelated parties are in compliance with sections 177 and 188 of Companies Act. 2013wherever applicable and the details have been disclosed in the financial statements etc.as required by the applicable accounting standards;

(xiv) According to information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the period under review.

(xv) According to information and explanations given to us. the Company has not enteredinto non- cash transactions with directors or persons connected with him;

(xvi) According to information and explanations given to us. the Company is not a Non-Banking Financial Company and is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934;

Signed for the purpose of identification

For N G Rao & Associates

Chartered Accountants

(Firm Registration No: (X)9399S)

Sd/-

NAGESWARA RAO G Partner

Membership No: 207300

Place: Telangana

Date: August 12. 2021

UDIN: 2 T207300AAABJQ1315

ANNEXRE- II TO II- AUDITOR^REPORT

Report on the Internal Financial Controls under Clause (i) of Sub- section (3) ofSection 143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of TIMESGREEN ENERGY (INDIA) LIMITED (the Company) as on March 31 2021 in conjunction withour audit of the financial statements of the Company for the period ended on that date.

Management's Responsibility for the 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 controlsstated in the Guidance Note on Audit of Internal Financial Control over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of fraud and errors the accuracy andcompleteness of accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

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 Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the Guidance Note) and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and. both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialaspects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control 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 risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidences 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 controls 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and the receipt and expenditures of the Company are being only in accordancewith authorizations of management and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent l imitations 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 could not bedetected. Also projections of any evaluation of the internal financial control overfinancial reporting to future periods are subject to the risk that the internal financialcontrols over financial reporting may became inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has. in all material aspects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31. 2021 based on"the internal financial controls over financial reporting criteria considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India".

For N G Rao & Associates

Chartered Accountants

(Firm Registration No: 009399S)

Sd/-

NAGESWARA RAO G

Partner

Membership No: 207300

Place: Telangana

Date: August 12 2021

UDIN: 21207300AAABJQ1315.

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