TRILLENIUM TECHNOLOGIES LIMITED
ANNUAL REPORT 2003-2004
the Members of
M/s Trillenium Technologies Limited
We have audited the attached Balance Sheet M/s Trillenium Technologies
Limited, as at 31st March 2004 and also the Profit and Loss Account and
Cash Flow Statement for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
As required by the Companies (Auditor's Report) Order, 2003 issued by the
Central Government of India in terms of sub-section (4A) of section 227 of
the Companies Act, 1956, we enclose in the Annexure a statement of the
matters specified in paragraphs 4 and 5 of the said Order,
Further to our comments in the Annexure referred to above, we report that:
i) We have obtained all the information and explanations, which to the best
of our knowledge and belief were necessary for the purpose of our audit;
ii) In our opinion, proper books of account as required by law have been
kept by the company so far as appears from our examination of those books.
iii) The Balance Sheet and Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts
iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956.
v) On the basis of written representations received from the directors, as
on 3111 March 2004 and taken on record by the Board of Directors, we report
that none of the directors is disqualified as on 315` March 2004 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
vi) In our opinion and to the best of our information and according to the
explanations given to us, the said accounts give the information required
by the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the Company
as at 31st March, 2004; and
b) in the case of the Profit and Loss Account, of the loss for the year
ended on that date.
c) In the case of Cash Flow Statement, of the cash flows for the year ended
on that date.
For MORE DATTA & COMPANY
Place : New Delhi (K. RAJINDER SINGH)
Dated : 19.7.2004 F.C.A
ANNEXURE TO THE AUDITORS' REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT
OF EVEN DATE
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of Fixed Assets.
The Greenhouse has been dismantled and the galvanized iron pipes and
fittings are stored at a leased land at Rohtak. The total realizable value
of the dismantled greenhouse is about Rs.3,00,000.00 only, at scrap rates,
though in the books it appears at Rs.91,11,151.47.
The company has disposed off its residual items, the written down value of
which was Rs.258,537.55 on 01.4.2003, for Rs.2,45,000.00. These machine!y
items have been sold on "as it is and where it is" basis as a going
2. The Company has no inventories and, therefore, the question of physical
verification and maintaining of proper records does not arise.
3. As informed to us, the Company has neither granted nor taken any loans
from companies, firms or other parties covered under section 301 of the
Companies Act, 1956..
However in the previous year, the company has received Rs.26,10,000/- as
sale proceeds of the land which was sold to M/s IH Greenhouses Ltd. in the
previous years on Power of Attorney. As the land was not transferred in the
name of the purchaser company in the revenue records, the land was sold by-
Trillenium Technologies Limited on behalf of IH Greenhouses Ltd. This
amount is refundable to the said company. No interest has been paid or
provided in the books on this amount.
The payment of entire amount of Rs.26,10,000/- is over due. In our opinion
company is not in a position to repay this amount. No steps have been taken
by the company for payment of this amount.
4. In our opinion and according to the information and explanations given
to us, there are adequate internal control procedures commensurate with the
size of the Company and the nature of its business, for the purchase of
inventory and fixed assets. During the year no such items have been
5. Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that there are no transactions that need to be entered into a
register maintained under section 301 .of the Companies Act, 1956.
6. The Company has not accepted any deposits from the public. The Company
has not accepted the deposits from the public attracting the provisions of
Section 58A and 58AA of the Companies Act, 1956, and the rules framed there
7. The Company is maintaining reasonable records of the sales and disposal
off realizable scraps. Company has no by-products.
8. In our opinion the company's present internal audit system is
commensurate with the size and the nature of its business.
9. The Central Government has not prescribed maintenance of cost records
under Section 209(1) (d) of the Companies Act, 1956.
10. The accumulated losses of the company at the end of the financial year
have not exceeded fifty percent of its net worth. The Company has not
incurred cash losses in this financial year and in the financial year
immediately preceding such financial year, also.
11. According to the information and explanations given to us, no
undisputed amounts payable in respect of Income-tax, Wealth tax, Sales Tax,
Customs-duty and Excise-duty were outstanding as at 31st March, 2004 for a
period of more than six months from the due date they became payable.
However, the Company has undertaken an obligation to export goods worth
Rs.394 lakhs within 5 years from 6.12.1993, failing which additional
customs duty with interest of about Rs.183.50 lakhs shall be payable.
This has not been provided. We were told that the custom department has not
raised any demand or claim till date.
12. The Company has no dues to a financial institution or bank and has not
issued any debentures. Therefore, the default in repayment of dues does not
13. According to the information and explanations given to us and based on
the documents and records produced to us, the Company has not granted loans
and advances on the basis of security by way of pledge of shares,
debentures and other securities.
14. In our opinion and according the information and explanations given to
us, the nature of activities of the Company does not attract any special
statute applicable to chit fund and nidhi/mutual benefit fund/ societies.
15. The Company does not deal or trade in shares, securities, debentures
and other investments.
16. According to the information and explanations given to us, the Company
has not given any guarantee for loans taken by others from banks or
17. The Company has no term loan. All the loans from Banks have already
18. We have been informed by the management that no funds have been raised
on short term basis during the year.
19. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section 301
of the Companies Act, 1956.
20. The Company did not have any outstanding debentures during the year.
21. The Company has not raised any money through public issue during the
22. Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by the
Company has been noticed or reported during the course of our audit.
For MORE DATTA & COMPANY
Place : New Delhi (K.RAJINDER SINGH)
Dated : 19.7.2004 F. C. A.