To The Members
Tirupati Tyres Limited
Report on the Financial Statements
We have audited the accompanying financial statements of TirupatiTyres Limited ("the Company") which comprise the Balance Sheet as at 31March 2018 the Statement of Profit and Loss (Including other comprehensive income)Statement of Changes in Equity the Cash Flow Statement for the year then 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 statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the company in accordance withaccounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2015. This responsibility also includes the maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting the frauds and otherirregularities selection and application of appropriate accounting policies makingjudgments and estimates that are reasonable and prudent and design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring 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 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 there under.
We conducted our audit in accordance with the Standards on Auditingspecified under section 143(10) of the Act. 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 aboutthe amounts and disclosures in the Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the 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 Ind AS financial statements that give true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the Ind AS financial statements.
We are also responsible to conclude on the appropriateness ofmanagement's use of the going concern basis of accounting and based on the audit evidenceobtained whether a material uncertainty exists related to events or conditions that maycast significant doubt on the entity's ability to continue as a going concern. If weconclude that a material uncertainty exists we are required to draw attention in theauditors' report to the related disclosures in the financial statements or if suchdisclosures are inadequate to modify the opinion. Our conclusions are based on the auditevidence up to the date of the auditor's report. However future events or conditions maycause an entity to cease to continue as a going concern.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31 March 2018 and it's statement of profit total comprehensive incomethe changes in equity and it's cash flows 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 ('theorder') issued by the Central Government of India in terms of section 143 of the CompaniesAct 2013 and on the basis of such checks of the books and records of the company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe Order.
2. As required by section 143 (3) of the Act we report that:
a. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.
b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this Report are in agreement with the books of account.
d. in our opinion the aforesaid Ind AS financial statements complywith the Accounting Standards specified under section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2015.
e. On the basis of written representations received from the directorsas on 31 March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164(2) of the Act.
f. With respect to the other matters to be included in the Auditor'sReport in our opinion and to the best of our information and accounting to theexplanations given to us:
i. The company does not have any pending litigations which would impactits financial position.
ii. The company did not have any long-term contracts includingderivatives contracts for which there were any material foreseeable losses.
iii. There were no amounts which required to be transferred to theInvestor Education and Protection Fund by the Company.
For S. K. KUMAR & CO. Chartered Accountants FRN:000204C *
Sunil Kumar Tyagi Partner (Mem. No. 074982)
Date: 30th May 2018 Place: Mumbai (Thane)
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
(Annexure referred to in paragraph (1) to 'Report on the Legal andRegulatory Requirements' of our Report of even date)
1. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.
(b) As explained to us all the fixed assets have been physicallyverified by the management at regular intervals and no material discrepancies were noticedon such verification.
(c) Company do not any immovable property.
2. The Inventories have been physically verified by the management atreasonable intervals. In our opinion frequency of such verification is reasonable. Thediscrepancies noticed on physical verification were not material.
3. The Company has not granted any loans secured or unsecured tocompanies LLPs firms or other parties covered in the register maintained under section189 of the Act.
4. The Company has not granted any loans made investments or providedany guarantees or security to the parties covered under section 185 of the Act.
5. The company has not accepted any deposits from the public with inthe meaning of directives issued by Reserve Bank of India provisions of section 73 to 76of the Act any other relevant provisions of the Act and the relevant rules framedthereunder.
6. According to the information and explanation given to us theCentral Government has not prescribed maintenance of cost records under sub-section (1) ofSection 148 of the Act in respect of the any activities of the Company.
7. (a) According to the information and explanations given to us andbased on the records of the company examined by us the company is regular in depositingthe undisputed statutory dues with the appropriate authorities. According to theinformation and explanations given to us and the records of the Company examined by usinvestor Education & protection Fund Employees State Insurance Custom Duty ExciseDuty Cess are not applicable to the Company.
(b) According to the information & explanation given to us noundisputed amounts payable in respect of the aforesaid dues were outstanding as at 31stMarch 2018 for a period of more than six months from the date of becoming payable.
(c) According to the information and explanations given to us and basedon the records of the company examined by us there are no dues of Income Tax Wealth TaxService Tax Sales Tax Customs Duty and Excise Duty which have not been deposited onaccount of any disputes.
(d) There has not been an occasion in case of the company during theyear under report to transfer any sums to the Investor Education and protection Fund. Thequestion of reporting delay in transferring such sums does not arise as at 31 March 2015.
8. The company has not taken any loans or borrowings from any financialinstitution bank or government nor has it issued any debentures.
9. The company has not raised any moneys by way of initial public offeror further public offer (including debt instruments) and has not availed any term loans.
10. During the course of our examination of the books and records ofthe company carried in accordance with the auditing standards generally accepted inIndia we have neither came across any instance of fraud on or by the Company noticed orreported during the course of our audit nor have we been informed of any such instance bythe Management.
11. Company has not paid any managerial remuneration thereforeprovisions of section 197 read with Schedule V to the act does not apply.
12. The company is not a Nidhi Company and reporting under clause3(xii) of the CARO 2016 in inapplicable.
13. All transactions with related parties are in compliance withsection 177 and 188 of the act where applicable. The details of such related partytransactions have been disclosed in Ind AS financial statements as required by applicableIndian Accounting Standards.
14. According to the information and explanation given to us and basedon our examination of the records the company has not made any preferential allotment orprivate placement of shares fully or partly convertible debentures during the year.Accordingly paragraph 3 (xiv) of the Order is not applicable to the company.
15. According to the information and explanation given to us based onour examination of the records the company has not entered in to non cash transactionswith directors or persons connected with him. Accordingly paragraph 3(xv) of the Order isnot applicable to the company.
16. The company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934 accordingly paragraph 3 (xvi) of the Order is notapplicable to the company.
For S. K. KUMAR & CO. Chartered Accountants FRN:000204C
Sunil Kumar Tyagi Partner (Mem. No. 074982)
Date: 30th May 2018
Place: Mumbai (Thane)