Triton Corp. Ltd.
|BSE: 523387||Sector: IT|
|NSE: N.A.||ISIN Code: INE982C01033|
|BSE 00:00 | 11 Mar||Triton Corp. Ltd|
|NSE 05:30 | 01 Jan||Triton Corp. Ltd|
|BSE: 523387||Sector: IT|
|NSE: N.A.||ISIN Code: INE982C01033|
|BSE 00:00 | 11 Mar||Triton Corp. Ltd|
|NSE 05:30 | 01 Jan||Triton Corp. Ltd|
To the members of Triton Corp Limited
Report on the Audit of the Financial Statements
We have audited the accompanying financial statements of M/s TRITON CORP LIMITED"The Company" which comprises the Balance Sheet as at 31st March 2019 theStatement of Profit and Loss the Cash Flow Statement for the year ended 31st March 2019and a summary of the significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matters described in the Basis for qualifiedOpinion section of our report the aforesaid financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including Ind AS specifiedunder Section 133 of the Act of the state of affairs (financial position) of the Companyas at 31st March 2019 and its loss (financial performance including other comprehensiveincome) its cash flows and the changes in equity for the year ended on that date.
Basis for Qualified Opinion
a) Regarding nonprovision of impairment of assets taking into account the valueof assets as at 31st March 2019. The amount has not been ascertained and disclosed.
b) Regarding pending confirmation / reconciliation of balances with parties andconsequential adjustments if any.
c) A sum of Rs. 6349.98 Lakhs pertaining to the bad debts has been written off till31.03.2018 and Rs. 832.44 Lakhs in the current financial year by the Company in respectof export sales and advance to suppliers. However the necessary approval from ReserveBank of India for such write off and extension of period for recovery of balance dues overthe years is yet to be obtained. Further no provision for Bad & doubtful debts inrespect of long outstanding of Rs. 163.95 Lakhs has been ascertained and provided for
d) Regarding nonprovision of the diminution in the value of long term investmentsand the quantum has not been ascertained.
e) Regarding the basic assumption about going concern. BPO / Call centre operationsremained suspended from third quarter of financial year 2008-09. However these accountshavebeen drawn on the concept of going concern.
Subject to (a) to (e) above and where the quantum has not been ascertained had theabove items been provided the loss for the year would have been higher to that extentin our opinion and to the best of our information and according to the explanations givento us the said Accounts read with the accounting policies and the other notes thereongive the information required by the Companies Act 2013 in the manner so required andgive a true and fair view in conformity with the Accounting principles generally acceptedin India.
We conducted our audit in accordance with the Standards on AuditingspecifiedunderSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are freefrom . material misstatement
Key Audit Matter(s)
Key audit matters are those matters that in our professional judgment were of mostsignificancein our audit of the financialstatements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Information other than the Financial Statements and Auditors Report thereon
The Companys Board of Directors is responsible for the other information. Theother information comprises the information included in the Annual Report but does notinclude the financial statements and our auditors report thereon.
Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.
In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.
Responsibilities of Management for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (the
Act) with respect to the preparation of these financial statements that give atrue and fair view of the state of affairs (financial position) profit or loss (financialperformance including other comprehensive income) cash flows and changes in equity of the
Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records(IndAS)specified in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error. statementsmanagement is responsible for assessing the Companys ability to continue as a goingconcern Inpreparingthefinancial disclosing as applicable matters related to goingconcern and using the going concern basis of accounting unless management either intendsto liquidate the Company or to cease operations or has no realistic alternative but to doso.
Those Board of Directors are also responsible for overseeing the Companysfinancial reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditors report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.
As part of an audit in accordance with Standards on Auditing we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit proceduresresponsivetothoserisks sufficientand appropriate to provide a basisobtainauditevidencethatis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for explaining our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the
Companys ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditors report. However future events or conditions may cause theCompany to cease to continue as a going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditors report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by section 197(16) of the Act we report that the Company has paidremuneration to its directors during the year in accordance with the provisions of andlimits laid down under section 197 read with Schedule V to the Act.
2. As required by the Companies (Auditors Report) Order 2016 (theOrder) issued by the Central Government of India in terms of section 143(11) of theAct we give in the Annexure "1a" statement on the matters specified inparagraphs 3 and 4 of the Order.
3. As required by section 143(3) of the Act we report that: a) we have sought andobtained all the information and explanations which to the best of our knowledge andbelief 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 and proper returnsadequate for the purposes of our audit have been received from the branches not visited byus;
c) the financial statements dealt with by this report are in agreement with the booksof account;
d) in our opinion the aforesaid financial statements comply with Ind AS specifiedunder section 133 of the Act;
e) on the basis of the written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on 31 March2019 from being appointed as a director in terms of section 164(2) of the Act;
f) we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as on 31 March 2019 in conjunction with our audit of the financialstatements of the Company for the year ended on that date and our report dated May 202019as per Annexure I expressed Unqualified Opinion;
g) with respect to the other matters to be included in the Auditors Report inaccordance with rule 11 of the Companies (Audit and Auditors) Rules 2014 (as amended) inour opinion and to the best of our information and according to the explanations given tous:
i. the Company does not have any pending litigations which would impact its financialposition;
ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
For KPMR & ASSOCIATES
( DEEPAK JAIN )
M. No: 090854
Place: New Delhi
Annexure A referred to in paragraph  of the Our Report on other legal ®ulatory requirements on the even date:
1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) According to the information and explanation given to us the fixed assets of thecompany have been physically verified by the management at reasonable intervals in aphased manner so as to cover each asset at least once in three years which in our opinionis reasonable having regard to size of the company and the nature of its assets. Asinformed to us no material discrepancy between the book records and the physical fixedassets have been noticed on such verification.
2. The Company does not have any tangible inventory. Accordingly the provisions ofclause 3(ii) of the Order are not applicable.
3. The Company has granted loan to subsidiary prior to financial year 2014 but duringthe year no loan fresh loan was granted secured or unsecured to companies firms or otherparties covered in the register maintained under Section 189 of the Act.
a) No terms have been stipulated for repayment of principal and interest from suchloans to company grated prior to 1.04.2014
b) Since no terms for repayment have been stipulated for repayment there are no overdues of such loans to company grated prior to 1.4.2014
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 Act2013. In respect of loans investments guarantees and security.
5. The Company has not accepted any deposits within the meaning of Sections 73 to 76 ofthe Companies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable.
6. As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Act.
7. (a) The Company has not regularly deposited undisputed statutory dues like ProvidentFund and Employees State Insurance dues as these are not applicable on the Company.According to the information and explanation given to us by the management there are noundisputed amount payable in respect of Income-Tax as per return filed Wealth-Tax Valueadded Tax Cess or any other Statutory Dues. TDS (Income Tax ) dues Rs 217588/- wereoutstanding as on 31st March 2019 for a period more than six months from the date theybecame payable and Rs. 318714/- towards Income Tax Demand for the assessment year2006-07 & Rs. 227000/- being FBT payable (out of which Rs. 211000/- pertaining toFinancial Year 2008-09 and Rs. 16000/- others). b) According to the information andexplanations given to us there are no disputed demand amount payable in respect of IncomeTax Wealth Tax Sales Tax Custom duty and Excise Duty outstanding as on 31st March 2019for a period of more than six months from the date they become payable except for incometax Rs. 350800/- for AY 2008-09 & Rs. 14675661/- for AY 2007-08. The Company hasbeen granted relief by the Commissioner of Income Tax Appeal.
8. The Company has defaulted in repayment of the dues of the Bank and other FinancialInstitutions since the year 2010. Now company get sanctioned from ARCIL for OTS and madeFull & Final payment made to ARCIL and "No Dues Certificate" also have beenreceived vide their letter dated 19.02.2019 and Bank of India has sanctioned the combinedOne Time Settlement (OTS) for company and its subsidiary (i.e Maple e-solution Limited)vide letter dated 08.03.2018 and the same full paid up in
23 April2019 and received the "No Dues Certificate" dated 04May2019
9. Based upon the audit procedure performed and the information and explanation givenby the management the company has not raised the money by way of initial public offer orFurther Public Offer including debt instrument and term loans. Accordingly the provisionsof clause 3 (ix) of the order are not applicable to the Company and hence not commentedupon.
10. Based upon the audit procedure performed and the information and explanation givenby the management we report that no fraud by the Company or on the company by its officerand its employees has been noticed or reported during the year.
11. Based upon the audit procedure performed and the information and explanation givenby the management the managerial remuneration has been paid or provided in accordancewith the requisite approvals mandate by the provisions of Section 197 read with schedule Vof 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 the Companies Act 2013 and details have been disclosed in theFinancial Statements as required by the applicable accounting standards. 14. Based uponthe audit procedure and information and explanation given by the management the companyhas not made any preferential allotment of private placement of shares or fully or partlyconvertible debentures during the year under review. Accordingly the provisions of clause3 (xiv) of the order are not applicable to the Company and hence not commented upon. 15.Based upon the audit procedure performed and the information and explanation given by themanagement the Company has not entered into any non cash transactions with the Directorsor persons connected with him. Accordingly the provisions of clause 3(xv) of the order arenot applicable to the Company and hence not commented upon.
16. In our opinion the Company is not registered under Section 45 IA of the ReserveBank of India Act 1934 and accordingly the provisions of clause 3 (xvi) of the Order arenot applicable to the Company and hence not commented upon.
For KPMR & ASSOCIATES
( DEEPAK JAIN )
M. No: 090854
PLACE: NEW DELHI
DATE: May 29 2019