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Titaanium Ten Enterprise Ltd.

BSE: 539985 Sector: Others
NSE: N.A. ISIN Code: INE120V01014
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NSE 05:30 | 01 Jan Titaanium Ten Enterprise Ltd
OPEN 15.15
PREVIOUS CLOSE 15.15
VOLUME 8000
52-Week high 19.85
52-Week low 5.60
P/E 6.79
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.15
CLOSE 15.15
VOLUME 8000
52-Week high 19.85
52-Week low 5.60
P/E 6.79
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Titaanium Ten Enterprise Ltd. (TITAANIUMTEN) - Auditors Report

Company auditors report

To

The Members

TITAANIUM TEN ENTERPRISE LIMITED Report on the Audit of Standalone Financial Statements

A. Opinion

I have audited the accompanying standalone financial statements of Titaanium TenEnterprise Limited (‘the Company") which comprise the Balance Sheet as at March31 2021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year ended on thatdate and a summary of the significant accounting policies and other explanatoryinfonnation (hereinafter referred to as "the standalone financial statements").

In my opinion and to the best of my infonnation and according to the explanations givento me the aforesaid standalone financial statements give the information required by theCompanies Act 2013 as amended ("the Act") in the manner so required and give atrue and fair view in conformity with the Accounting Standards prescribed under section133 of the Act and other accounting principles generally accepted in India of the stateof affairs of the Company as at March 31 2021 its profit including other comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

B. Basis of Opinion

I conducted my audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Myresponsibilities irnder those Standards are further described in the Auditor’sResponsibilities for the Audit of the Standalone Financial Statements section of myreport. I am independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to my audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and I have fulfilled my otherethical responsibilities in accordance with these requirements and the ICAI’s Code ofEthics.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the standalone financial statements.

C. Kev Audit Matters

Key audit matters are those matters that in my professional judgment were of mostsignificance in my audit of the standalone financial statements of the current period.These matters were addressed in the context of my audit of the standalone financialstatements as a whole and in forming my opinion thereon and I do not provide a separateopinion on these matters.

Sr. No. Key Audit Matters Auditor’s Response
1 Inventory - existence and valuation Audit procedures performed:
As at March 31 2021 foe Company held inventories of Rs. 598.42 Lacs. (Also refer Note no. 15 and 28(j) of the standalone financial statements) 1 have performed following alternative audit procedures over inventory existence and valuations.
Inventories existence and valuation was an audit focus area because of nationwide lockdown imposed by die Government of India in view' of pandemic corona vims (COVID 19). (a) Ensuring the effectiveness of the design implementation and maintenance of controls over changes in inventory to determine whether the conduct of physical inventory verification at a date other tiian the date of the financial statement is appropriate and testing of those controls whether those have operated effectively.
As explained by the Management due to COVID 19 related restriction on accomit of nationwide lockdown physical verification of inventories lying at factory’ as on die Balance sheet date couldn't be carried out in depth. (b) Performing procedures to ensure that the changes in inventory between the last verification date and date of the Balance sheet are properly recorded (i.e. Roll forward procedures).
I have accordingly designated this as a focus area of die audit. (c) Performing substantive analytical procedures to test the corrrectness of inventory existence and valuation.
(d) Testing of accuracy of inventory reconciliations with the general ledgers at period end including test of reconciling items.
The procedures performed gave me a sufficient evidence to conclude about the inventory existence and its valuation.

D. Information Other than the Standalone Financial Statements and Auditor’s Reportthereon

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board’s Report including Annexures to Board's ReportBusiness Responsibility Report Corporate Governance mid Shareholder’s Informationbut does not include the standalone financial statements and my auditor’s reportthereon.

My opinion on the standalone financial statements does not cover the other informationand I do not express any form of assurance conclusion thereon.

In connection with my audit of the standalone financial statements my responsibility'is to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or my knowledgeobtained during the course of my audit or otherwise appears to be materially misstated.

If based on the work I have performed I conclude that there is a materialmisstatement of this other information I am required to report that fact. I have nothingto report in this regard

E. 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 Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash llows of the Company in accordance withthe accounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding die assets of the Company and for preventing and detecting frauds andoilier irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable mid prudent; and 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 standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of directors are also responsible for overseeing the Company’s financialreporting process.

F. Auditor’s Responsibilities for the audit of the standalone financial statements

Mv objectives are to obtain reasonable assurance about whether the standalone financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes my opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements.

As part of an audit in accordance with SAs I exercise professional judgment andmaintain professional skepticism throughout tire audit. I also :

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for my opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecoDusion forgery intentional omissions misrepresentations or the override of internalcontrols.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act I am also responsible for expressing my opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability7 to continue as a going concern. If 1 conclude that amaterial uncertainty exists I am required to draw attention in my auditor’s reportto the related disclosures in the standalone financial statements or if such disclosuresare inadequate to modify my opinion. My conclusions are based on the audit evidenceobtained up to the date of my auditor’s However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including tire disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. I considerquantitative materiality and qualitative factors in

(i) planning the scope of my audit work and in evaluating the results of my work; and

(ii) to evaluate the effect of any identified misstatements in the financialstatements.

I communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied withrelevant ethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on my independenceand where applicable related safeguards.

From the matters communicated with those charged with governance I determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. I describe these matters inmy auditor’s report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances 1 determine that a matter should not becommunicated in my report because the adverse consequences of doing so would reasonably beexpected to outweigh the public interest benefits of such communication.

G. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 20131 give in "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

As required by section 143(3) of the Act I report that:

a) I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit.

b) In my opinion proper books of account as required by law have been kept by theCompany so far as it appears from mv examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant 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 the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of tire directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to tire adequacy of tire internal financial controls over financialreporting of tire Company and the operating effectiveness of such controls refer to myseparate Report in "Annexure B". My report expresses an unmodified opinion ontire adequacy and operating effectiveness of the Company’s internal financialcontrols over financial reporting;

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with the requirements of section 197(16) of the Act as amended. In my opinionand to the best of my information and according to the explanations given to me theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

h) 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 inmy opinion and to the best of my information and according to the explanations given to me-

(i) The Company does not have any pending litigations which would impact its financialposition.

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

(iii) There has been no amount which was required to be transferred to the InvestorEducation and Protection Fund by the Company during the year.

Annexure-A to the Auditor's Report to the matters specified in paragraphs 3 and 4 ofthe Companies (Auditor’s Report) Order 2016 ("the Order") issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act.

1. In respect of its fixed assets:

a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) According to the information and explanation given to me all the fixed assets havebeen physicaly verified by the management during the year and no material discrepancieswere noticed on such verification.

c) According to the information and explanation given to me and the records examined byme and based on the examination of the conveyance deed provided to me I report that thetitle deeds comprising all the immovable properties of land & buildings which arefree hold are held in the name of the company as at the balance sheet date.

2. In respect of its inventories:

a) According to the information and explanation given to me the physical verificationof the inventory has been conducted at reasonable interval by the management.

b) In my opinion and according to the information and explanation given to me thecompany is maintaining proper records of the inventory and no material discrepancies werenoticed on physical verificaiton. Due to COVID 19 related partial lockdown the managementwas not able to perform yearend indepth physical verification of inventory however theinventory counts got observed subsequent to year-end and rolled back to year-end.

3. Loans granted by the company:

According to the information and explanations provided to me the company has notgranted any loans secured or unsecured to companies firms limited liability partnershipsor other parties covered in the register maintained under section 189 of the CompaniesAct.

4. Loans. Investments & Guarantees/ Securities for loans:

According to the information and explanation provided to me the company has compliedwith the sections 185 & 186 of the Act in respect of making investments whereas it hasnot granted any loans or provided guarantees and securities to others.

5. Public Deposits:

According to the information and explanations given to me the company has not acceptedany deposits and consequently the directives issued by the Reserve Bank of Indiaprovisions of Section 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed thereunder where applicable with regard to the acceptance of depositare not applicable in the case of the company.

6. Cost Records:

According to information and explanations given to me the maintanance of cost recordsunder Section 148( 1) of the Companies Act 2013 are not applicable in the case of thecompany.

7. Statutory Dues:

a) According to the information and explanation given to me. undisputed statutory’dues including provident fund employee's state insurance income tax sales tax duty ofcustoms duty of excise value added tax goods & service tax cess and otherstatutory dues as applicable have been generally regularly deposited with the Appropriateauthorities. According to the information and explanations given to me no undisputedamounts payable in respect of the aforesaid dues were outstanding as at March 31 2021 fora period of more than six months from the date they became payable.

b) According to the information and explanation given to me there was no dues ofincome tax or service tax or duty of customs or duty of excise or value added tax or goods& service tax or any statutory dues which have not been deposited on account of anydispute as at the year end.

8. Repayment of financial dues:

Based on my audit procedures and according to the information and explanations given tome I ain of the opinion that the Company has not defaulted in repayment of dues tofinancial institutions and banks. The company does not have any loans or borrowings fromgovernment and has not issued any debentures.

9. Utilization of Term Loans:

In my opinion and according to the information and explanations given to me thecompany has not raised monies by way of initial public offer or further public offer(including debt instruments) during the current year and the term loans have been appliedfor the purpose for which they were raised.

10. Frauds:

In my opinion and according to the information and explanations given to me no fraudby the company and no material fraud on the company has been noticed or reported duringthe year.

11. Managerial Remuneration:

In our opinion and according to the information and explanations given to me thecompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by die provisions of section 197 read with Schedule V to the CompaniesAct 2013.

12. Nidhi Company:

The company is not a Nidhi Company and hence reporting under Clause 3(xii) of dieOrder is not applicable to the company.

13. Related Party Transactions:

In my opinion and according to the information and explanations given to me diecompany is in compliance with Section 177 and 188 of die Act where applicable for alltransactions widi die related parties and the details of related party transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

14. Preferential Allotment or Private Placement of Shares/ Debentures:

During the year the company has received an amount of Rs. 2 Cr. from the promoters ofthe Company for allotment of 2000000 Equity Shares on preferential basis subject toapproval of BSE however on account of complete lockdown situation due to COV1D 19pandemic in principle approval of BSE has not been received and hence there is nopreferential allotment of shares further the company has not made any private placementof shares or fully or partly convertible debentures and hence reporting imder Clause3(xiv) of the Order is not applicable to the company.

15. Non Cash Transactions with Director or Connected Persons:

In my opinion and according to the information and explanations given to me during theyear the company has not entered into any non-cash transactions with its directors orpersons connected to its directors and hence provisions of section 192 of the Act are notapplic able.

16. Registration U/s. 45IA of the RBI Act:

The company is not required to register u/s. 45-1 of the Reserve Bank of India Act1934.

ANINEXL RE - B

(Referred to in Paragraph 2(F) under ‘Report on other legal and regulatoryrequirements' section of my report to the members of Titaanium Ten Enterprise Limited ofeven 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")

I have audited the internal financial controls over financial reporting of TitaaniumTen Enterprise Limited ("the Company") as at March 31 2021 in conjunction withmy audit of the financial statements of the Company for die 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 contr olstated in die Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ responsibility

My responsibility is to express an opinion on die Company’s internal financialcontrols over financial reporting of the Company based on my audit. I conducted my auditin accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") issued by die Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that I comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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 in the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the Company’s internal financial controlsystem over financial reporting.

Meaning of internal financial controls over financial reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that

(i) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(iii) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on 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 of 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 my opinion and according to the information and explanations given to me theCompany has in all material respects an adequate internal financial control system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at March 31 2021 based on the internal control over financialreporting criteria established by the Company considering the essentia] components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

.