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Tirupati Sarjan Ltd.

BSE: 531814 Sector: Infrastructure
NSE: N.A. ISIN Code: INE297J01023
BSE 00:00 | 25 Mar 13.55 -0.70
(-4.91%)
OPEN

13.60

HIGH

14.50

LOW

13.55

NSE 05:30 | 01 Jan Tirupati Sarjan Ltd
OPEN 13.60
PREVIOUS CLOSE 14.25
VOLUME 15275
52-Week high 24.40
52-Week low 11.00
P/E 8.36
Mkt Cap.(Rs cr) 45
Buy Price 13.60
Buy Qty 50.00
Sell Price 13.55
Sell Qty 237.00
OPEN 13.60
CLOSE 14.25
VOLUME 15275
52-Week high 24.40
52-Week low 11.00
P/E 8.36
Mkt Cap.(Rs cr) 45
Buy Price 13.60
Buy Qty 50.00
Sell Price 13.55
Sell Qty 237.00

Tirupati Sarjan Ltd. (TIRUPATISARJAN) - Auditors Report

Company auditors report

To

The Members of

TIRUPATI SARJAN LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of TIRUPATI SARJANLIMITED ( the Company ) which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss Cash Flow Statement for the year then ended and a summaryof the significant accounting policies and other explanatory information.

Management s Responsibility for the Standalone 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 of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance cash flows in accordance with the accounting principles generallyaccepted in India including the Accounting Standards prescribed under section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting 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 the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder and the Order under section 143(11) of the Act.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial 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 orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company s Directors as well asevaluating the overall presentation of the standalone financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Basis For Qualified Opinion

The Company has not made provision for Gratuity Expense and Leave Encashment in itsbooks which constitutes a departure from Accounting Standard 15 Employee Benefitsreferred to in Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. Thus the company has overstated the profit to that extent amount being notascertained.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in Basis for Qualified OpinionParagraph the aforesaid standalone financial statements give the information required bythe Act in the manner so required and give a true and fair as per the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 and its profit its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act we report to the extent applicable that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge 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 it appears from our examination of those books.

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

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards prescribed under section 133 of the Act read with Rule 7 of theCompanies(Accounts) Rules 2014. (e) On the basis of the written representations receivedfrom the directors as on March 31 2017 taken on record by the Board of Directors none ofthe directors is disqualified as on March 31 2017 from being appointed as a director interms of Section 164(2) of the Act.

(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 A . Our report expresses an unmodified opinion on the adequacyand operating effectiveness of the Company s internal financial controls over financialreporting.

(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 as amended inour opinion and to the best of our information and according to the explanations given tous: i. The Company has pending litigations its impact on financial position is as perpoint no. 7(b) of Annexure B to the Independent Auditors Report. ii. The Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses. iii. There has been delay in transferring amounts requiredto be transferred to the Investor Education and Protection Fund by the Company. iv. TheCompany has provided requisite disclosures in the standalone financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016.

Based on audit procedures performed and the representations provided to us by theManagement we report that the disclosures are in accordance with the books of accountmaintained by the Company.

2. As required by the Companies (Auditor s Report) Order 2016 ( the Order ) issued bythe Central Government in terms of Section 143(11) of the Act we give in Annexure B astatement on the matters specified in paragraphs 3 and 4 of the Order.

For SWETA PATEL & ASSOCIATS CHARTERED ACCOUNTANTS FRN-139165W

CA SWETA H PATEL Partner M.No.154493

Place : AHMEDABAD Date : 15/06/2017

Annexure A to the Independent Auditor s Report

(Referred to in paragraph 1(f) under Report on Other Legal and Regulatory Requirementssection of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ( the Act )

We have audited the internal financial controls over financial reporting of TIRUPATISARJAN LIMITED ( the Company ) as of March 31 2017 in conjunction with our audit of thestandalone financial statements 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 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 responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company s policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 ) issued by the Institute of Chartered Accountants of India and theStandards on Auditing prescribed under Section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company s internal financial controls system overfinancial 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 financial reporting includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company s assets that could have a material effecton 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For SWETA PATEL & ASSOCIATES CHARTERED ACCOUNTANTS FRN:139165W

CA SWETA H PATEL Partner M.No.154493

Place : Ahmedabad Date : 15/06/2017

ANNEXURE - B Report under the Companies (Auditor s Report) Order 2016

Referred to in of our report of even date

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 maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us all the assets have been physically verified by the managementonce during the year which in our opinion is reasonable having regard to the size ofthe company and the nature of its assets. No material discrepancies were noticed on suchverification (c) The title deeds of immoveable properties included in the fixed asset asdisclosed in Note 9 to the financial statement are held in the name of the company.

2. As explained to us the inventory has been physically verified at reasonableintervals during the year by the management. In our opinion the frequency of verificationis reasonable. The discrepancies noticed on verification between the physical stocks andthe book records were not material. The discrepencies have been properly dealt with in thebooks of accounts)

3. The company had granted loan to companies firms Limited Liability Partnerships orother parties covered in the register maintained under section 189 of the Act.

(a) The terms and conditions of the grant of such loans are not prejudicial to thecompany's interest. (b) No Schedule of repayment of principal and payment of interest hasbeen stipulated.

(c) No Schedule of repayment of principal and payment of interest has been stipulatedand therefore the question of overdue amounts does not arise. Though Company has informedthat the reasonable steps have been taken for recovery of the principal and interest.

4. In respect of loans investments guarantees and security the provisions of section185 and 186 of the Companies Act 2013 have been complied with.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits in contravention of Directives issued by ReserveBank of India and the provisions of section 73 to 76 or any other relevant provisions ofthe Act and the rules framed there under where applicable . No order has been passed bythe Company Law Board or National Company Law Tribunal or Reserve Bank of India or anycourt or any other tribunal.

6. We have broadly reviewed the books of accounts and records maintained by the companypursuant to the rules prescribed under section 148(1) of the Act for maintenance of costrecords in respect of companies Services and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. However we have not made adetailed examination of records.

7. (a) According to the records of the company the company is generally regular indepositing with appropriate authorities undisputed statutory dues including income taxsales tax service tax and other material statutory dues applicable to it.

According to the information and explanations given to us undisputed amounts payablein respect of income tax wealth tax service tax sales tax that were in arrears as at31-Mar-2017 for a period of more than six months from the date they became payable aregiven below.

Name of the Statute Amount (Rs.) Period to which amount relates
Professional Tax 70890/- For the F. Y. 2015-16
Professional Tax 630339/- For the F. Y. 2016-17
TDS Payable 3510820/- For the F. Y. 2016-17
VAT Payable 171059/- For the F. Y. 2016-17

(b) According to the information and explanations given to us the dues of income taxand Service tax that have not been deposited with appropriate authorities on account ofany dispute and the forum where the disputes are pending are given below. (Rs inlacs)

Name of the Statute Assessment Year Original Demand Demand Out standing as on 31-3-17 Remarks
Income Tax 2006-07 Nil Nil During the course of assessment Company s claim U/s. 80 IA / 80 IB was restricted and the first Appellate authority allowed the claim in favour of the Company. The Ahmadabad tribunal has also allowed the matter in favor of the company. The department has chosen to appeal the same in Gujarat High Court.
Income Tax 2007-08 3.78 Nil The demand has been raised during the assessment proceedings and confirmed by the Commissioner ((Appeal). The Company has filed an Appeal with Income Tax Appellate Tribunal.
Income Tax 2010-11 1.84 Nil The demand has been raised during the assessment proceedings and confirmed by the Commissioner ((Appeal). The Company has filed an Appeal with Income Tax Appellate Tribunal.
Income Tax 2011-12 1.92 Nil The demand has been raised during the assessment proceedings and confirmed by the Commissioner ((Appeal). The Company has filed an Appeal with Income Tax Appellate Tribunal.
Income Tax 2012-13 5.31 Nil The demand has been raised during the assessment proceedings and confirmed by the Commissioner ((Appeal). The Company has filed an Appeal with Income Tax Appellate Tribunal.

 

Service Tax 2007-13 239.44 221.48 The demand has been raised and the Company has filed an Appeal with CESTAT after paying the 7.5% of the Demand duty.
Service Tax Oct-11 to Sept -12 75.95 75.95 The demand has been raised and the Company has filed an Appeal with CESTAT after paying 7.5% of the demand duty.
Service Tax Oct- 12 to Mar -13 20.15 20.15 The demand has been raised and the Company has filed an Appeal with CESTAT after paying 7.5% of the demand duty.

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. The company has not raised moneys by way of initial public offer or further publicoffer (including debt instrument). However the moneys were raised by way of term loanswhich were applied for the purposes for which those were raised.

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. The Managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Companies Act.

12. The company is not a Nidhi Company hence this clause is not applicable.

13. Based upon the audit procedures performed and according to the information andexplanations given to us All transactions with related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial statements etc. as required by the applicable accountingstandards.

14 The company has made private placement of shares during the year under review. Therequirement of Section 42 of the Companies Act 2013 have been complied with and theamount raised have been used for the purposes for which the funds were raised.

15. The company has not entered into any non-cash transactions with directors orpersons connected with him. 16. The company is not required to be registered under section45-IA of the Reserve Bank of India Act 1934

For SWETA PATEL & ASSOCIATES CHARTERED ACCOUNTANTS FRN:139165W

CA SWETA H PATEL Partner M.No.154493

Place : Ahmedabad Date : 15-6-2017

TIRUPATI SARJAN LIMITED