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Tricom Fruit Products Ltd.

BSE: 531716 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE843F01014
BSE 00:00 | 06 Feb Tricom Fruit Products Ltd
NSE 05:30 | 01 Jan Tricom Fruit Products Ltd
OPEN 5.56
PREVIOUS CLOSE 5.56
VOLUME 10
52-Week high 6.25
52-Week low 5.30
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.56
Sell Qty 989.00
OPEN 5.56
CLOSE 5.56
VOLUME 10
52-Week high 6.25
52-Week low 5.30
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.56
Sell Qty 989.00

Tricom Fruit Products Ltd. (TRICOMFRUIT) - Auditors Report

Company auditors report

To the Members of

Tricom Fruit Products Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Tricom Fruit Products Limited("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 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. 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 financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements

Basis for adverse opinion

1. The factory located at Satara is physically under control of Edelweiss AssetReconstruction Company Limited due to default in payment of term loan secured against thefactory premises and the company does not have any production or trading activity.

2. The company has not settled the dues with Edelweiss Asset Reconstruction CompanyLimited nor has found any PE investor for funding the company to clear the above dues andno sufficient evidence is provided which shows the company's ability to continue as goingconcern.

3. The financial statement has been prepared on going concern basis and in view of theabove fact the going concern assumption in the financial statement is inappropriate.

4. The company has not made the provision for interest of deposit as the company hasrequested some of the lenders to waive off some part of their interest on loan.

Adverse Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us and due to the effects of the matter described in the basis for Adverseopinion paragraph above do not give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 and its Loss and its Cash Flow 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 ("the Order")as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) of the Act we report 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 and the Cash Flow Statementdealt with by this Report are in agreement with the 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 written representations received from the directors as on March 312017 taken on record by the Board of Directors Mr. Chetan Kothari Mrs. Chetna KothariMr. Paresh Pathak directors of the company are disqualified as on March 31 2017 frombeing appointed as a director in terms 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 B".

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. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 3.1 to the financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the 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 therepresentations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management.

FOR KOSHAL & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm's registration No: 121233W

KOSHAL MAHESHWARI

Proprietor

Membership number: 043746

Place: Mumbai

Date: 30th May 2017

"Annexure A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirement' of our report of even date to the financial statements of the Company for theyear ended March 31 2017:

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

(b) The Fixed Assets have been not been physically verified by the management as thepremises of the factory is under the control of M/s.Edelweiss Asset Reconstruction CompanyLimited. Due to above we are unable to comments on the material discrepancies on suchverification of the fixed assets if any.

(c) The title deeds of immovable properties are held in the name of the company.

2) (a) The management has not conducted the physical verification of inventory atreasonable intervals since physical control of the factory is under the control ofM/s.Edelweiss Asset Reconstruction Company Limited. Due to above we are unable to commenton the material discrepancies on such verification of inventory.

3) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.

4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013In respect of loans investments guarantees and security.

5) The Company has accepted deposits from the public and the directives issued by theReserve Bank of India and the provisions of Sections 73 to 76 or any other relevantprovisions of the Act wherever applicable and the Companies (Acceptance of Deposit) Rules2015 with regard to the deposits accepted from the public have been complied exceptnoncompliance of section 73(2)c 73(3) and 74(1)(b).

6) As informed to us the maintenance of Cost Records has not been specified by theCentral Government under subsection (1) of Section 148 of the Act in respect of theactivities carried on by the company.

7) (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company is depositing with somedelay undisputed statutory dues including Provident Fund Employees State InsuranceIncome-Tax Sales tax Service Tax Duty of Excise Value added Tax Cess and any otherstatutory dues with the appropriate authorities except ' 77.28 Lacs under Income taxProvident Fund of ' 11.84 Lacs Maharashtra Labour Welfare Fund of ' 0.13 Lacs Sales Taxof ' 1.95 Lacs and Professional Tax of ' 4.47 Lacs were outstanding as at 31st March2017 for a period of more than six months from the date on when they become payable.

b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

Forum where Dispute is pending Assessment year Disputed Amount (' In Lacs)
Income Tax Appellate Tribunal (ITAT) Ahmedabad 2011-12 480.33
Commissioner of Income Tax Appeals Satara 2014-14 3193.82

8) In our opinion and according to the information and explanations given to us theCompany has defaulted in the repayment of dues to Financial Institution M/s. EdelweissAsset Reconstruction Company limited of ' 64.98 Lacs. The Company has not taken any loaneither from Bank or from the government and has not issued any debentures.

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 and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

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 Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13) In our opinion all transactions with the related parties are in compliance withsection 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 upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

FOR KOSHAL & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm's registration No: 121233W

KOSHAL MAHESHWARI

Proprietor

Membership number: 043746

Place: Mumbai

Date: 30th May 2017