To The Members Of
TINNA RUBBER AND INFRASTRUCTURE LIMITED
No. 6 Sultanpur (Mandi Road)
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of TINNA RUBBERAND INFRASTRUCTURE LIMITED ("the Company") which comprise the Balance Sheet asat March 31 2018 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the statement of Changes in Equity forthe year then ended and a summary of significant accounting policies and otherexplanatory information.
Management's Responsibility for the Standalone 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 standalone Ind AS financial statements that give a true and fair view ofthefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Indian AccountingStandards) Rules 2015 as amended. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions
of the Act and the Rules made thereunder. We conducted our audit of the standalone IndAS financial statements in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under section 143 (10) of theAct. Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom 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 Ind AS financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our qualified audit opinion on the standalone Ind AS financial statements.
Emphasis of Matter
We draw attention to Note No.32(3) of accompanying statements in relation toaccounting of financial guarantee provided by the Company in respect of borrowings availedby one of its associate and other group companies based in India and disclosure of thesame as contingent liability and is more fully described therein. Our report is notmodified in respect of this matter.
Basis for Qualified Opinion
The Company has not provided interest amounting to Rs. 14.87 lakhs as required underthe provisions of section 16 of Micro Small and Medium Enterprise Development Act 2006in respect of delayed payments to suppliers covered under the said Act. Consequently thenet loss for the year ended is understated to that extent and total comprehensive incomefor the ended March 31 2018 is overstated to that extent.
In our opinion and to the best of our information and according to the explanationsgiven to us subject to the possible effects of the matters described in the Basis ofQualified Opinion Paragraph the aforesaid standalone Ind AS financial statements give theinformation required by the 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 March 31 2018 its net loss total comprehensive income its cash flows and thechanges in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's report) Order 2016 (''the Order'') issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe give in the Annexure 'A' a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.
2. As required by section 143(3) ofthe 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 it appears from our examination ofthose books;
(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Cash Flow Statement and Statement of Changes in Equity dealt with by this Reportare in agreement with the books of account;
(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Indian Accounting Standards) Rules 2015 as amended;
(e) The matter described in the Basis for Qualified Opinions paragraph above in ouropinion does not have any adverse effect on the functioning of the Company.
(f) On the basis of written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director interms of
Section 164(2) ofthe Act;
(g) The qualification relating to the maintenance of accounts and other mattersconnected therewith are as stated in the Basis for Qualified Opinion Paragraph above.
(h) 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'; and
(i) 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:
1. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements - Refer Note No. 31 to thestandalone Ind AS financial statements;
2. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on longterm contracts includingderivative contracts;
3. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
For V.R. Bansal & Associates Chartered Accountants Firm Registration No. 016534N
Rajan Bansal Partner
Place: Delhi Dated: 29th May 2018