You are here » Home » Companies » Company Overview » Triveni Engineering and Industries Ltd

Triveni Engineering and Industries Ltd.

BSE: 532356 Sector: Agri and agri inputs
NSE: TRIVENI ISIN Code: INE256C01024
BSE 00:00 | 20 Mar 56.90 -0.85
(-1.47%)
OPEN

57.75

HIGH

58.40

LOW

56.70

NSE 00:00 | 20 Mar 57.00 -0.85
(-1.47%)
OPEN

57.85

HIGH

58.35

LOW

56.55

OPEN 57.75
PREVIOUS CLOSE 57.75
VOLUME 25497
52-Week high 63.60
52-Week low 34.05
P/E 79.03
Mkt Cap.(Rs cr) 1,467
Buy Price 56.80
Buy Qty 50.00
Sell Price 56.90
Sell Qty 61.00
OPEN 57.75
CLOSE 57.75
VOLUME 25497
52-Week high 63.60
52-Week low 34.05
P/E 79.03
Mkt Cap.(Rs cr) 1,467
Buy Price 56.80
Buy Qty 50.00
Sell Price 56.90
Sell Qty 61.00

Triveni Engineering and Industries Ltd. (TRIVENI) - Auditors Report

Company auditors report

To

The Members

Triveni Engineering & Industries Limited

REPORT ON THE STANDALONE INDIAN ACCOUNTING STANDARDS (IND AS) FINANCIAL STATEMENTS

We have audited the accompanying standalone Ind AS financial statements of TRIVENIENGINEERING & INDUSTRIES LIMITED

("the Company") which comprises the Balance Sheet as at March 31 2018 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement of CashFlows and the Statement of Changes in Equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas "standalone Ind AS financial statements").

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE IND AS 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 standalone Ind AS financial statements to give a true and fair view of the state ofaffairs (financial position) profit or loss (financial performance including othercomprehensive income) cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act read with relevant rules issuedthereunder.

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 standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on 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 thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe 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 standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

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

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS 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 of the state of affairs(financial position) of the Company as at March 31 2018 its profit (financialperformance including other comprehensive income) its cash flows and the changes inequity for the year ended on that date.

OTHER MATTER

The standalone Ind AS financial statements of the Company for the year ended March 312017 were audited by another firm of chartered accountants under the Companies Act 2013who vide their report dated May 20 201 7 expressed an unmodified opinion on thosefinancial statements. Our opinion is not modified in respect of this matter.

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 paragraphs 3 and 4of 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 (including Other ComprehensiveIncome) the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with relevantrules issued thereunder.

e) On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312018 from being appointed as a director in terms of Section 164 (2) of theAct.

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 as at March 31 2018 onits financial position in its Standalone Ind AS financial statements - Refer Note 46 tothe Standalone Ind AS financial statements.

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

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

iv. The reporting on the disclosures relating to Specified Bank Notes is not applicableto the Company for the year ended March 31 2018.

For S. S. Kothari Mehta & Co.
Chartered Accountants
Firm Registration No. 000756N
Yogesh K. Gupta
Place: Noida Partner
Dated: May 24 2018 Membership No. 093214

"Annexure A" to the Independent Auditors' Report

The Annexure as referred in paragraph (1) ‘Report on Other Legal and RegulatoryRequirements of our Independent Auditors' Report to the members of TRIVENIENGINEERING & INDUSTRIES LIMITED on the standalone Ind AS financial statements forthe year ended March 31 2018 we report that:

i. (a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of its fixed assetswhich in our opinion is reasonable having regard to the size of the Company and thenature of its fixed assets. In accordance with this program all major items of fixedassets were physically verified by the Management during the year and no materialdiscrepancies were noticed on such verification as compared to the books of accounts.

(c) According to the information and explanation given to us and on the basis ofexamination of title deeds / sale deed / transfer deed / conveyance deed / possessionletter / allotment letter and other relevant records evidencing title/ possession providedand legal opinion obtained by the Company we report that the title deeds of the immovableproperties are held in the name of the Company as at the balance sheet date except for 3cases having gross book value of Rs. 13.13 lakhs in respect of freehold land as disclosedin Note No. 3 on Property Plant & Equipment and 35 cases having gross book value ofRs. 381.47 lakhs in respect of freehold land disclosed in Note No. 4 on InvestmentProperty to standalone Ind AS financial statements where the title deeds are not held inthe name of the Company.

ii The physical verification of the inventory have been conducted at reasonableintervals by the management during the year. As far as we could ascertain and according toinformation and explanations given to us no material discrepancies were noticed betweenthe physical stock and the book records.

iii. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not granted any loans securedor unsecured to companies firms limited liability partnerships or other parties coveredin the register maintained under section 189 of the Companies Act 2013.

Accordingly the provisions of clause 3 (iii) (a) to (c) of the Order are notapplicable to the Company.

iv. According to the information and explanations given to us the Company has notgranted any loans or provided any guarantees or security as specified under Section 185and 186 of the Companies Act 2013. The Company has complied with the provisions ofsection 186 of the Companies Act 2013 with regards to investments made.

v. According to the information and explanations given to us the Company has notaccepted any deposits from the public within the meaning of sections 73 to 76 of theCompanies Act 2013 and the rules framed there under. Accordingly the provisions ofclause 3 (v) of the Order are not applicable to the Company.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules prescribed by the Central Government of India for the maintenance of costrecords under sub-section 1 of Section 148 of the Companies Act 2013 and are of theopinion that prima facie the prescribed records and accounts have been made andmaintained. However we have not carried out a detailed examination of such records with aview to determining whether they are accurate or complete.

vii. (a) According to the information and explanations given

to us and on the basis of examination of the records of the Company the Company isgenerally regular in depositing undisputed statutory dues including provident fundemployees' state insurance sales-tax income tax service tax custom duty excise dutyvalue added tax goods and services tax with effect from July 1 2017 and other materialstatutory dues with the appropriate authorities to the extent applicable.

(b) According to the information and explanations given to us and on the basis ofexamination of the records of the Company there are no undisputed aforesaid statutory duespayable as at March 312018 for a period of more than six months from the date they becamepayable.

(c) According to the records and information and explanations given to us there are nodues in respect of income tax sales tax service tax duty of excise duty of customs orvalue added tax which have not been deposited on account of any dispute except as givenbelow:

Name of Statute Nature of Dues Period (F.Y.) to which the amount relates Amount Demanded (Excluding interest) (' in Lakhs) Amount paid (' in Lakhs) Forum where dispute is pending
The Central Excise Act Excise duty 1944 1998-99 to 2004-05 and 2007-08 to 2012-13 35.12 13.82 High Court
The Central Excise Act Penalty 1944 1998-99 to 2004-05 and 2007-08 to 2012-13 290.60 266.00 High Court
The Central Excise Act Excise duty 1944 1995-96 1996-97 2006-07 & 2009-10 to 2015-16 145.61 26.74 Customs Excise and Service Tax Appellate Tribunal
The Central Excise Act Penalty 1944 1995-96 - 1996-97 & 2005-06 to 2015-16 127.90 0.12 Customs Excise and Service Tax Appellate Tribunal
The Central Excise Act Excise duty 1944 1995-96 & 2010-11 to 2016-17 274.55 25.38 Commissioner (Appeal)
The Central Excise Act Penalty 1944 1995-96 & 2010-11 to 2016-17 230.91 - Commissioner (Appeal)
The Finance Act 1994 Service Tax (Service Tax) 2012-13 & 2013-14 23.37 23.37 Customs Excise and Service Tax Appellate Tribunal
The Finance Act 1994 Service Tax (Service Tax) 2016-17 2.13 - Commissioner (Appeal)
The Finance Act 1994 Penalty (Service Tax) 2016-17 2.13 - Commissioner (Appeal)
The Central Sales Tax Act Sales Tax 1944 & State VAT Act 1993-94 to 1996-97 & 1999-00 52.08 51.12 High Court
The Central Sales Tax Act Penalty 1944 & State VAT Act 1993-94 to 1996-97 & 1999-00 0.21 - High Court
The Central Sales Tax Act Sales Tax 1944 & State VAT Act 1998-99 to 2000-01 2009-10 201 1-12 to 2013-14 484.53 61.99 Tribunal
The Central Sales Tax Act Penalty 1944 & State VAT Act 1998-99 to 2000-01 2009-10 201 1-12 to 2013-14 10.78 1.82 Tribunal
The Central Sales Tax Act Sales Tax 1944 & State VAT Act 2013-14 & 2014-15 148.45 22.59 Addl/ Joint Commissioner
The Central Sales Tax Act Penalty 1944 & State VAT Act 2013-14 & 2014-15 3.89 3.30 Addl/ Joint Commissioner
The Central Sales Tax Act Sales Tax 1944 & State VAT Act 1986-87 1993-94 & 1995-96 to 1996-97 58.14 42.29 Assessing authority
The Customs Act 1962 Penalty 2004-05 19.93 6.19 Customs Excise and Service Tax Appellate Tribunal
Prescribed remission Entry Tax Under UP Trade Tax (UP Sugar Promotion Policy 2004) 2009-10 & 2013-14 625.05 High Court
Prescribed remission VAT Under UP Trade Tax (UP Sugar Promotion Policy 2004) 2009-10 & 2013-14 101.14 High Court
The Income Tax Act 1961 Income Tax 2002-03 2004-05 2005-06 2007-08 & 2010-11 2766 1414 Income Tax Appellate Tribunal

viii. In our opinion on the basis of audit procedures and according to the informationand explanations given to us the Company has not defaulted in repayment of loans orborrowings to any banks financial institutions or government during the year. The Companyhas not issued any debentures.

ix. According to the information and explanations given to us the Company has notraised moneys by way of initial public offer or further public offer (including debtinstruments) during the year. The term loans have been applied for the purpose for whichthey were raised.

x. During the course of our examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India we have neithercome across any instance of fraud by the Company or on the Company by its officers oremployees being noticed or reported during the year nor have we been informed of suchcase by the Management.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly clause 3(xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Companies Act

2013 where applicable and details of such transactions have been disclosed in theFinancial Statements as required under Indian Accounting Standard (Ind AS) 24 RelatedParty Disclosures specified under section 133 of the Companies Act 2013.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly clause 3(xiv) of the Order is not applicable.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly clause 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly clause 3(xvi) of the Order is not applicable.

For S. S. Kothari Mehta & Co.
Chartered Accountants
Firm Registration No. 000756N
Yogesh K. Gupta
Place: Noida Partner
Dated: May 24 2018 Membership No. 093214

"Annexure B" to the Independent Auditors' Report of even date on theStandalone Ind AS Financial Statements of Triveni Engineering & Industries Limited.

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION143 OF THE COMPANIES ACT 2013 ("THE ACT") AS REFERRED TO IN PARAGRAPH 2(F) OFREPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS'

We have audited the internal financial controls over financial reporting of TRIVENIENGINEERING & INDUSTRIES LIMITED ("the Company") as of March 31 2018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by

the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded

as necessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorisations of management and directors of thecompany; and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S. S. Kothari Mehta & Co.
Chartered Accountants
Firm Registration No. 000756N
Yogesh K. Gupta
Place: Noida Partner
Dated: May 24 2018 Membership No. 093214