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Trishakti Electronics & Industries Ltd.

BSE: 531279 Sector: Financials
NSE: N.A. ISIN Code: INE238C01014
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NSE 05:30 | 01 Jan Trishakti Electronics & Industries Ltd
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VOLUME 5167
52-Week high 19.25
52-Week low 9.50
P/E 16.67
Mkt Cap.(Rs cr) 3
Buy Price 10.00
Buy Qty 9.00
Sell Price 10.00
Sell Qty 1987.00
OPEN 10.00
CLOSE 10.00
VOLUME 5167
52-Week high 19.25
52-Week low 9.50
P/E 16.67
Mkt Cap.(Rs cr) 3
Buy Price 10.00
Buy Qty 9.00
Sell Price 10.00
Sell Qty 1987.00

Trishakti Electronics & Industries Ltd. (TRISHAKTIELECT) - Auditors Report

Company auditors report

TO THE MEMBERS OF TRISHAKTI ELECTRONICS & INDUSTRIES LIMITED

Report on the Audit of the Financial Statements

I. Opinion

We have audited the accompanying financial statements of TRISHAKTI ELECTRONICS & INDUSTRIES LIMITED (the Company) which comprise the Balance Sheet as at March 31 2019 the statement of Profit and Loss including Other Comprehensive Income the statement of Changes in Equity and the Statement of Cash Flows for the year then ended and notes to the financial statements including a summary of significant accounting policies and other explanatoiy information.

In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Companies Act 2013 (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies(Indian Accounting Standards) Rules2015 as amended (Ind AS) and other accounting principles generally accepted in India of the state of affairs of the Company as at March 31st 2019 the Profit and total comprehensive income changes in equity and its cash flows for the year ended on that date.

II. Basis for Opinion

We conducted our audit in accordance with Standards on Auditing (SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions Act and the Rules made there-under and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the financial statements.

III. Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

A. Accuracy of recognition measurement presentation and disclosures of revenues and other related balances in view of adoption of Ind As 115 on Revenue from Contracts with Customers

Application of Ind AS 115 involves key judgments relating to identification of distinct performance obligations determination of the transaction price and appropriateness of the basis of revenue recognition.

Auditors Response: Principal Audit Procedures

We selected a sample of contracts and tested the operating effectiveness of the Internal controls relating to identification of the performance obligations and determination of transaction price through analytical procedures.

B. Accuracy of revenues and onerous obligations in respect of fixed-price contracts involves critical estimates

Estimated effort is a critical estimate to determine revenues and liability for onerous obligations as it has a high inherent uncertainty requiring consideration of progress of the contract efforts incurred till date and further efforts required to complete the remaining performance obligations.

Auditors Response: Principal Audit Procedures

We carried out a test of internal controls along-with the performance of substantive and analytical procedures on a sample of contracts for testing the operating effectiveness of internal controls and ascertaining the reasonableness of efforts incurred and estimated.

C. Evaluation of Uncertain tax positions

The company has uncertain tax positions including matters under dispute involving significant judgment to determine the possible outcome of these disputes.

Auditors Response: Principal Audit Procedures

Details of completed tax assessments and demands wrere obtained and evaluation of the managements assumptions in estimating the tax provision and the possible outcome of the disputes were considered.

Responsibilities of Management for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position financial performance total comprehensive income changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India including the Ind AS specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statement that give a true and fair view in accordance with Ind AS and are free from material misstatement whether due to fraud or error.

In preparing the financial statements the management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless it either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

V. Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment and maintain professional skepticism throughout the audit. We also;

 Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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

 Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern.

 Evaluate the overall presentation structure and content of the financial statements including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards. From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters.

We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances wre determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

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 and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of audit we furnish in the Annexure A a statement on the matters specified in the paragraph 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 best of 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 the Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss including Other Comprehensive Income Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Ind AS financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014;

(e) On the basis of the written representations received from the directors as on 3istMarch 2019 taken on record by the Board of Directors none of the directors is disqualified as on 31st March 2019 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) As required by section 143(3)(i) of the Act we furnish a separate report in Annexure 'B' with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls . Our report expresses an unmodified opinion on the same.

(g) With respect to the other matters to be included in the Auditors Report in accordance with section 197(16) of the Act in our opinion the remuneration paid by the company to its directors during the year is in accordance with the provisions of section 197 of the Act.

(h) With respect to the other matters to be included in file Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigation which could impact its financial position

ii. The Company did not have any long term contracts for which there were any material foreseeable losses

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

For G BASU&CO.
Chartered Accountants
Place of Signature : KolkataR. NO.-3G1174E
Dated : 30th May 2019
Satyapriya Sandyopadhyay
Partner
(M. No.-058108)

Annexure A referred to in paragraph VI (1) under the heading

Report on other legal and regulatory requirements of our report of even date on the Ind As financial statements of Trishakti Electronics & Industries Limited for the year ended 31st March 2019

i. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(a) During the year the management has physically verified the fixed assets of the Company and no material discrepancies were reported.

(b) The company has no immovable property. Accordingly this clause is not applicable to the company for the year.

ii) The company did not hold any inventory during the year. Hence clause 3(h) of the Order is not applicable to the company for the year.

iii) According to the information and explanations given to us the Company has not granted any secured or unsecured loans to companies firms limited liability partnerships and other parties mentioned in the register maintained under section 189 of the Companies Act 2013. Accordingly clauses 3(iii) of the Order is not applicable to the company for the year.

iv) In our opinion and according to the information and explanations given to us the Company has complied with the provisions of Sections 185 and 186 of the Companies Act 2013 in respect of grant of loans and advances making investments and providing guarantees and securities as applicable.

v) The Company has not accepted any deposits during the year and does not have any unclaimed deposits as at 31st march 2019. No order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any Tribunal against the company.

vi) The Central Government has not prescribed the maintenance of cost records under sub-section (1) of section of 148 of the Companies Act 2013. Hence clause 3(vi) of the order is not applicable to the company for the year.

vii) (a) In our opinion and according to the information and explanations given to us and based on the records of company examined by us the Company is generally regular in depositing undisputed statutory dues including Provident Fund Employees State Insurance Income Tax Sales Tax Service Tax Goods & Service Tax Duty of Customs Duty of Excise Value added Tax Cess and other material statutory dues as applicable with the appropriate authorities . According to the information and explanations provided to us no undisputed amounts were payable in respect of statutory dues in arrears as at 31st March 2019 for a period of more than six months from the date they became payable except for service tax of Rs. 10285 and assessed Income-Tax liability of Rs 619099.

(b) According to the information and explanations given to us and based on the records of the company examined by us there are no cases of non deposit with appropriate authorities of dues of Income Tax Sales Tax Service Tax Goods & Service Tax Duty of Customs Duty of Excise Value Added Tax and Cess on account of any disputes .

viii) The Company has not availed any loans or borrowings from any bank financial institution and government and has not issued any debentures. Hence clause 3(xviii) of the order is not applicable to the company for the year.

ix) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Hence clause 3(ix) of the order is not applicable to the company for the year.

x) During the course of our examination of the books and records of the company carried in accordance with the auditing standards generally accepted in India we have neither come across nor reported any instance of fraud by the company or any fraud on the company by its officers or employees.

xi) The managerial remuneration paid or provided for directors are in accordance with the requisite approvals mandate by the provision of Section 197 read with schedule V to the Companies Act 2013

xii) The company is not a Nidhi Company. Hence clause 3(xii) of the order is not applicable to the company for the year.

xiii) All transactions with the related parties entered in to by the company were in the ordinary course of the business and in compliance with section 177 and 188 of the Act. The details have been disclosed in the Financial Statements as required by the applicable Accounting Standards.

xiv) The company has not made preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Hence clause 3(xiv) of the order is not applicable to the company for the year.

xv) The company has not entered in to any non cash transaction with directors or persons connected with them. Hence clause 3(xv) of the order is not applicable to the company for the year.

xvi) According to the Income and Investment pattern as per accounts as at 31st March 2019 the company is required to be registered under section 45-IA of the Reserve Bank of India Act 1934. However the management has stated that this is temporary in nature and will be reversed shortly and has therefore not obtained the Certificate of Registration from the Reserve Bank of India (Please refer note no 38 to the financial statements).

For G BASU&CO.
Chartered Accountants
Place of Signature : KolkataR. NO.-3G1174E
Dated : 30th May 2019
Satyapriya Sandyopadhyay
Partner
(M. No.-058108)

Annexure `IV referred to in paragraph VI (2) f to the Independent Auditor's Report of even date on Ind AS financial statements of Trishakti Electronics & Industries Limited.

Report on the Internal Financial Controls over Financial Reporting under Clause(i) of Sub-section 3 of Section 143 of the Companies Act 2013 (the Act)

We have audited the internal financial controls over financial reporting of Trishakti Electronics & Industries Limited (the Company) as of 31st March 2019 in conjunction with our audit of Ind AS financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (TCAF). These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to Company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the Standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of Ind AS financial statements whether due to fraud or error We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company's internal financial control over financial reporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acqdsrion use or disposition of the Company's assets that could have a 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 financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2019 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For G BASU&CO.
Chartered Accountants
Place of Signature : KolkataR. NO.-3G1174E
Dated : 30th May 2019
Satyapriya Sandyopadhyay
Partner
(M. No.-058108)