The members of M/s. TITAN INTECH LIMITED
Report on the financial statements
We have audited the accompanying financial statements of M/S. TITAN INTECH LIMITED("Company") which comprise the Balance Sheet as at 31.03.2021 the Statement ofProfit and Loss account and Cash Flow Statement for the period then ended and a summaryof significant accounting policies and other explanatory information.
Managements responsibility for the financial statements
Management is responsible for the preparation of the financial statements that give atrue and fair view of the financial position financial performance and cash flows of thecompany in accordance with the accounting standards referred to in section 133 of theCompanies Act 2013("Act") read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on the financial statements based on ouraudit. We conducted our audit in accordance with the standards on auditing issued by theinstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of the materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditors consider internal control relevant to the companyspreparation and fair presentation of the financial statements in order to design auditprocedures that are in appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by the management as well as evaluating the overall presentation of thefinancial statements. (Contd..2)
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a reasonable basis for our audit 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 conformity with the accountingprinciples generally accepted in India :
a) In the case of Balance Sheet of the state of affairs of the company as at March312021;
b) In the case of Statement of Profit and Loss of the profit of the company for theperiod ended 31st Mar 2021; and
c) In the case of Cash Flow Statement of the cash flows of the company for the periodended 31st Mar 2021.
Report on other legal and regulatory requirements
1. As required by the Companies (Audit Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section 11 of section 143 of the Companies Act 2013we enclose in the Annexure a statement on the matters specified in paragraphs4 and 5 ofthe said Order.
2. As required by section 143(3) of the Act we report that:
a) We have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books;
c) The Balance Sheet Statement of Profit and Loss Account and the Cash Flow Statementdealt with by this report are in agreement with the books of account;
d) In our opinion the Balance Sheet and Statement of Profit and Loss Account dealtwith by this report comply with the Accounting Standards referred to in section 133 of theCompanies Act 2013; read with Rule 7 of the Companies (Accounts) Rules 2014.
e) On the basis of written representations received from the Directors as on 31stMarch 2021 and taken on record by the Board of Directors we report that none of theDirectors is disqualified as on 31st March 2020 from being appointed as a Director interms of section 164 (2) of the Companies Act 2013.
f) In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the company and thenature of its business.
g) In our opinion and according to the information and explanations given to us thecompany has disclosed the pending litigations of the company which will haveimpact on thefinancial statements.
h) In our opinion and according to the information and explanations given to us thecompany is not foreseeing any losses and therefore the provision of the same does notarise.
i) In our opinion and according to the information and explanations given to us thecompany has not holding amounts such as unclaimed dividends share application money etcrequiring the transfer of the same to the Investor Education and Protection Fund.
For SMV & CO
R. Vamsi Krishna
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
The Annexure referred to in the Auditor's Report to the Members of M/s. TITAN INTECHLIMITED for the period ended 31st March 2021.
1) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b) The fixed assets have been physically verified by the management during the periodand no serious discrepancies have been noticed on such verification.
2) a) The stock of inventory have been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable.
b) In our opinion the procedures of physical verification of inventory followed by themanagement reasonable and adequate considering the size of the company and the nature ofits business.
c) No material discrepancies have been noticed on physical verification of stocks ascompared to book records in so far as appears from our examination of the books.
3) In our opinion and according to the information and explanations given to us thecompany has not granted any loans secured or unsecured to companies firms or otherparties covered in the register maintained under section 189 of the Companies Act andtherefore the receipt of the principal amount and interest thereon and overdue thereondoes not arise.
4) In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the company and thenature of its business with regard to purchase of inventory and fixed assets and for thesale of goods and services. Further during the course of our audit we have not comeacross any instances of major weaknesses in internal control that in our opinionrequiring correction.
5) In our opinion and according to the information and explanations given to us and asshown by the books of accounts the company has not accepted deposits within the meaningSection 73 to 76 of the Companies Act 1956 and hence compliance of provisions of Section73 to 76of the companies Act1956 does not arise.
6) The Central Government had not prescribed any cost records U/s. 148(1) of theCompanies Act 1956 and hence the maintenance of cost records does not arise.
7) a) According to the books and records examined by us and the information andexplanations given to us the company is regular in depositing with appropriateauthorities the undisputed statutory dues in respect of GST provided fund ESIincome-tax wealth-tax service tax sales-tax customs duty and excise duty and there wasundisputed statutory dues and arrears as at the date of the Balance Sheet under report forthe period exceeding six months from the date they became payable except Income Tax.
b) According to the books and records examined by us and the information andexplanations given to us there was a disputed statutory dues in respect of provided fundESI wealth-tax service tax sales-tax customs duty and excise duty GST etc.
08) According to the books and accounts examined by us and the information andexplanations given to us the company has not availed any loans from any of the financinginstitutions bank or debenture holders and therefore the defaults thereof does not arise.
9) According to the information and explanations given to us the company has not givenany guarantee for loans taken by others from bank or financial institutions.
10) According to the books and accounts examined by us and the information andexplanations given to us the company has not taken any term loans during the year
11) During the course of our examination of the accounts of the company in accordancewith generally accepted auditing practices we have not come across any instances of fraudon or by the company nor has the management of any such instance being noticed orreported during the year.
For SMV & CO
R. Vamsi Krishna