TO THE MEMBERS OF TRISHAKTI ELECTRONICS & INDUSTRIES LIMITED
Report on the Ind AS Financial Statements
I. We have audited the accompanying Ind AS financial statements of TrishaktiElectronics & Industries Limited ("the Company") which comprise the BalanceSheet as at 31st March 2018 the Statement of Profit and Loss (including OtherComprehensive Income) the Cash Flow statement and the Statement of Changes in Equity forthe year then ended and a summary of the significant accounting policies and otherexplanatory information (herein after referred to as " Ind AS financialstatements").
II. 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 Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with relevant rules issued there-under.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
III. Auditor's Responsibility
Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.
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
We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement. thereunder.
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An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of IndAS financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofInd AS financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Indian AccountingStandards of the financial position of the Company as at 31st March 2018 andits Profit (including other comprehensive income) its cash flows and the changes inequity for the year ended on that date.
V. Other Matters
The comparative financial information of the Company for the year ended March 31 2017and the transition date opening balance sheet as at April 01 2016 included in these IndAS financial statements are based on the previously issued statutory financial statementsprepared in accordance with the Companies (Accounting Standards) Rules 2006 audited bythe predecessor auditor whose report for the year ended March 31 2017 and March 31 2016dated 30th May 2017 and 30th May 2016 respectively expressed anunmodified opinion on those financial statements and have been restated to comply withInd AS as adjusted for the differences in the accounting principles adopted by theCompany on transition to the Ind AS which have been audited by us.
Our opinion is not modified in respect of these matters.
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KOI KATA - 700 072
WEBSITE : mvvv.gbnsuuiulcuinpauy.org E-MAIL: s.hliiri'r/'ghasu.in
VI. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in the paragraph 3 and4 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 purposes 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 the cash flow statement andstatement of changes in equity dealt with by this Report are in agreement with the booksof account;
(d) In our opinion the aforesaid Ind AS financial statements comply with theAccounting Standards specified under Section 133 of the Act read with relevant rulesissued thereunder;
(e) On the basis of the written representations received from the directors as on31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (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 Ind AS financial statements - Refer Note 44a to the financial statements;
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 were required to be transferred to the InvestorEducation and Protection Fund by the Company.
For G. BASU & CO.
Chartered Accountants R. NO.-301174E
Place : Kolkata
Date : 30* May 2018
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Annexure "A" referred to in paragraph VI(1) under the heading "Report onother legal and regulatory requirements" of our report of even date on Ind ASfinancial statements of Trishakti Electronics & Industries Limited for the year ended31st March 2018
On the basis of such checks as we considered appropriate and according the informationand explanations given to us during the audit and to the best of our knowledge and beliefwe state that:
(a) The Company has maintained proper records showing full particulars includingquantitative
jj details and situation of fixed assets.
(b) The management has physically verified the fixed assets at regular intervals duringthe year. The discrepancies noticed on such verification were not material and have beenproperly dealt with in the books of account.
(c) The company has no immovable property. Accordingly this clause is not applicable.
ii) The management has conducted physical verification of inventory at reasonableintervals during the year. In our opinion the interval of such verification is reasonable.The discrepancies noticed on physical verification of inventory as compared to the bookrecords which were not material have been properly dealt with in the books of accounts.
iii) According to the information and explanations given to us the Company has notgranted any secured or unsecured loans to companies firms limited liability partnershipsand other parties mentioned in the register maintained under section 189 of the CompaniesAct 2013. Accordingly paragraph 3(iii) (a)(b) & (c) of the order are not applicable.
iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.
v) The Company has not accepted any deposits covered under sections 73 to 76 of theCompanies Act 2013 and the rules framed there under. No order has been passed by CompanyLaw Board or National Company Law Tribunal or Reserve Bank of India or any Court or anyTribunal against the company.
vi) The Central Government has not prescribed the maintenance of cost records undersubsection (1) of section of 148 of the Companies Act 2013. Accordingly Paragraph 3(v)of the order is not applicable.
vii) (a) In our opinion and according to the information and explanations given to usand based on the records of company examined by us the Company is generally regular indepositing undisputed statutory dues including Provident Fund Employees State InsuranceIncome Tax Sales Tax Service Tax Goods & Service Tax Duty of Customs Duty ofExcise Value added Tax Cess and other material statutory dues with the appropriateauthorities in India. According to the information and explanations provided to us noundisputed amounts were payable in respect
G. Basu & Co.
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of statutory dues for a period of more than six months from the date they becamepayable except for Service Tax payable of Rs. 10285 as at 31st March 2018.
(b) According to the information and explanations given to us and based on the recordsof the company examined by us there were no cases of non deposit with appropriateauthorities of disputed dues of Income Tax Sales Tax Service Tax Goods & ServiceTax Duty of Customs Duty of Excise Value Added Tax and Cess on account of any disputes except as noted hereunder:
|Name of the Statute ||Nature of dues ||Period to which the amount relates ||Forum where dispute is pending ||Amount |
|Income Tax Act 1961 ||Tax Demand ||A.Y. 2008-09 ||A.O. ||2390185 |
|Income Tax Act 1961 ||Tax Demand ||A.Y. 2009-10 ||A.O. ||323720 |
|Income Tax Act 1961 ||Tax Demand ||A.Y. 2012-13 ||A.O. ||111509 |
viii) The Company has not availed any loans or borrowings from any bank financialinstitution and government. Accordingly Paragraph 3(viii) is not applicable to thecompany.
ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. AccordinglyParagraph 3(ix) is not applicable to the company.
x) During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across nor reported any instance of fraud by the company or any fraud on thecompany by its officers or employees.
xi) The managerial remuneration paid or provided for directors are in accordance withthe requisite approvals mandate by the provision of Section 197 read with schedule V tothe Companies Act 2013.
xii) The provisions of any statute applicable to Nidhi Companies are not applicable tothe company.
xiii) All transactions with related parties entered in to by the company are inordinary course of the business in compliance with section 177 and 188 of the Act anddetails have been disclosed in the Financial Statements etc as required by the applicableAccounting Standards.
xiv) The company has not made preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review. Hence the Paragraph3(xiv) of the order is not applicable to the company.
xv) The company has not entered in to any non cash transaction with directors orpersons connected with them. Hence the Paragraph 3(xv) of the Order is not applicable.
xvi) The company is not required to be registered under section 45-LA. of the ReserveBank of India Act 1934. Hence the Para 3(xvi) of the order is not applicable.
Date : 30th May 2018
For G. BASU & CO.