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Titaanium Ten Enterprise Ltd.

BSE: 539985 Sector: Others
NSE: N.A. ISIN Code: INE120V01014
BSE 00:00 | 12 Mar 13.00 0
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NSE 05:30 | 01 Jan Titaanium Ten Enterprise Ltd
OPEN 13.00
PREVIOUS CLOSE 13.00
VOLUME 8000
52-Week high 13.00
52-Week low 5.05
P/E 18.31
Mkt Cap.(Rs cr) 9
Buy Price 9.00
Buy Qty 8000.00
Sell Price 11.80
Sell Qty 8000.00
OPEN 13.00
CLOSE 13.00
VOLUME 8000
52-Week high 13.00
52-Week low 5.05
P/E 18.31
Mkt Cap.(Rs cr) 9
Buy Price 9.00
Buy Qty 8000.00
Sell Price 11.80
Sell Qty 8000.00

Titaanium Ten Enterprise Ltd. (TITAANIUMTEN) - Auditors Report

Company auditors report

To the Members of TITAANIUM TEN ENTERPRISE LIMITED

CIN: L52100GJ2008PLC055075

Report on the Financial Statements

We have audited the accompanying financial statements of TITAANIUM TEN ENTERPRISELIMITED ("the Company") which comprise the Balance Sheet as at March 312018 and the Statement of Profit and Loss the Cash Flow Statement for the period endedand a summary of 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position and financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe 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 design implementation andmaintenance of adequate internal financial controls 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the 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 financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the financial statements. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformitywith the accountingprinciples generally accepted in India.

(a) In the case of the condensed balance sheet of the state of affairs of the Companyas at 31st March 2018; (b) In the case of the condensed statement of profit andloss of the profit for the period ended on that date; and (c) In the case of thecondensed cash flow statement of the cash flows for the period 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 if the Actwe give in the "Annexure A" statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c) The balance sheet the statement of profit and loss and thecash flow statement dealt with by this Report are in agreement with the books of account;d) In our opinion theaforesaid standalone 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 the written representations received from thedirectors as on 31stMarch 2018 taken on record by the Board of Directors noneof the directors is disqualified as on 31stMarch 2018 from being appointed asa director in terms of Section 164 (2) of the Act; f) with respect to the adequacy of theinternal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate report in "Annexure B";and 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 information and according to the explanations given to us: i. TheCompany does not have any pending litigations which would impact its financial position;ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. iii. There were no amounts which wererequired to be transferred to the Investor Education and Protection Fund by the Company.

AS PER REPORT OF EVEN DATE
FOR DSI & CO.
Chartered Accountants
ICAI FRN 127226W
(ERIC KAPADIA)
Place: Surat Partner
Date: 29/05/2018 Membership No. 136712

ANNEXURE -A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to Para 1 under the heading of "Report on Other Legal and RegulatoryRequirements" of our report of even date to the members of TITAANIUM TENENTERPRISE LIMITED for the period ended31stMarch 2018)

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a). The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b). As explained to us the fixed assets have been physically verified by themanagement during the reporting period at reasonable intervals. No material discrepancieswere notices on such verification. (c). The company has no immovable property. 2.(a). Theinventory has been physically verified during the reporting period by the management. Inour opinion the frequency of verification is reasonable. (b). The procedures of physicalverification of inventories followed by the management are reasonable and adequate inrelation to the size of the company and the nature of business. (c). The company ismaintaining proper records of inventory. The discrepancies noticed on verification betweenthe physical stocks and book records were not material and have been properly dealt within the books of account.

3. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Act. Thereforethe provisions of sub clauses (a) (b) and (c) of clause 3(iii) are not applicable to thecompany.

4. The Company has not given any loan investments guarantees and security to thedirectors and therefore the provision of clause 3(iv) are not applicable to the Company;

5. In our opinion and according to the information and explanation given to us theCompany has not accepted any deposit from the public within the meaning of provisions ofSection 73 to 76 or any other relevant provisions of the Companies Act and rules framedthere under.

6. In our opinion and according to the information and explanations given to us theCentral Government has not prescribed the maintenance of cost records under sub-section(1) of section 148 of the Companies Act in respect of activities carried out by thecompany. 7.(a) In our opinion and according to the information and explanation given tous the company is regular in depositing with appropriate authorities undisputed statutorydues including provident fund ESIC Income tax Sales Tax Custom Duty Excise Duty Cessand other material statutory dues applicable to it and there are no undisputed amountspayable in respect of Income tax Sales Tax Wealth Tax Service Tax Customs Duty ExciseDuty and Cess outstanding as at the half year for a period of more than Six months fromthe date they become payable. (b) According to the information and explanation given tous there are no dues of income tax sales tax service tax duty of customs duty ofexcise value added tax outstanding on account of any dispute.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9. Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon. 10. Based upon the audit procedures performed and the information andexplanations given by the management we report that no fraud by the Company or on thecompany by its officers or employees has beennoticed or reported during the reportingPeriod. 11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act; 12. In our opinion the Company is not a NidhiCompany. Therefore the provisions of clause 3(xii) of the Order are not applicable to theCompany. 13. In our opinion all transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards. 14. Based uponthe audit procedures performed and the information and explanations given by themanagement the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to theCompany and hence not commented upon. 15. Based upon the audit procedures performed andthe information and explanations given by the management the company has not entered intoany non-cash transactions with directors or persons connected with him. Accordingly theprovisions of clause 3 (xv) of the Order are not applicable to the Company and hence notcommented upon. 16. In our opinion the company is not required to be registered undersection 45 IA of the Reserve Bank of India Act 1934 and accordingly the provisions ofclause 3 (xvi) of the Order are not applicable to the Company and hence not commentedupon.

AS PER REPORT OF EVEN DATE
FOR DSI & CO.
Chartered Accountants
ICAI FRN 127226W
(ERIC KAPADIA)
Place: Surat Partner
Date: 29/05/2018 Membership No. 136712

ANNEXURE -B TO THE INDEPENDENT AUDITORS' REPORT

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 TITAANIUMTEN ENTERPRISE LIMITED ("the Company") as of 31st March 2018 inconjunction with our audit of the standalone financial statements of the Company for theperiod 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 (‘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 frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. 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. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 FinancialReporting

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 31stMarch 2018based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

AS PER REPORT OF EVEN DATE
FOR DSI & CO.
Chartered Accountants
ICAI FRN 127226W
(ERIC KAPADIA)
Place: Surat Partner
Date: 29/05/2018 Membership No. 136712