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Triveni Turbine Ltd.

BSE: 533655 Sector: Engineering
NSE: TRITURBINE ISIN Code: INE152M01016
BSE 00:00 | 19 Mar 111.25 -1.60
(-1.42%)
OPEN

112.00

HIGH

113.35

LOW

111.00

NSE 00:00 | 19 Mar 111.85 -1.05
(-0.93%)
OPEN

113.00

HIGH

113.20

LOW

111.50

OPEN 112.00
PREVIOUS CLOSE 112.85
VOLUME 1622
52-Week high 129.50
52-Week low 92.00
P/E 34.77
Mkt Cap.(Rs cr) 3,597
Buy Price 111.20
Buy Qty 97.00
Sell Price 113.90
Sell Qty 50.00
OPEN 112.00
CLOSE 112.85
VOLUME 1622
52-Week high 129.50
52-Week low 92.00
P/E 34.77
Mkt Cap.(Rs cr) 3,597
Buy Price 111.20
Buy Qty 97.00
Sell Price 113.90
Sell Qty 50.00

Triveni Turbine Ltd. (TRITURBINE) - Auditors Report

Company auditors report

To the Members of Triveni Turbine Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements ofTriveni Turbine Limited (‘the Company') which comprise the Balance Sheet as at 31March 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

2. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the Act') with respect to thepreparation of these standalone financial statements that give a true and fair view of thestate of a3airs (financial position) profit or loss (financial performance includingother comprehensive income) cash flows and changes in equity of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (‘Ind AS') specified under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating Effective ly for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalonefinancial statements based on our audit.

4. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act.

Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether these standalonefinancial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the standalone financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone financial statements whether due tofraud or error. In making those risk assessments the auditor considers internal financialcontrols relevant to the Company's preparation of the standalone 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 financialstatements.

7. We believe that the audit evidence we have obtained is su3cient andappropriate to provide a basis for our audit opinion on these standalone financialstatements.

Opinion

8. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including Ind ASspecified under Section 133 of the Act of the state of a3airs (financial position) of theCompany as at 31 March 2018 and its profit (financial performance including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.

Other Matter

The audit of standalone financial statements of the Company for theyear ended 31 March 2017 included in the standalone financial statements was carried outand reported by J.C. Bhalla and Co. Chartered Accountants vide their unmodified auditreport dated 18 May 2017 whose audit report has been furnished to us and which has beenrelied upon by us for the purpose of our audit of the standalone financial statements. Ouraudit report is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

9. 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 give in the Annexure I a statement on the matters specified in paragraphs 3and 4 of the Order.

10. Further to our comments in Annexure I as required by Section143(3) of the Act we report that:

a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books;

c) the standalone financial statements dealt with by this report are inagreement with the books of account;

d) in our opinion the aforesaid standalone financial statements complywith Ind AS specified under Section 133 of the Act;

e) on the basis of the written representations received from thedirectors and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164(2) of the Act;

f) we have also audited the internal financial controls over financialreporting (IFCoFR) of the Company as on 31 March 2018 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 22 May 2018 as per Annexure II expressed unmodified opinion; g) with respectto the other matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 (as amended) in our opinion and to thebest of our information and according to the explanations given to us:

i. the Company as detailed in Note 42 to the standalone financialstatements has disclosed the impact of pending litigations on its financial position;

ii. the Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company;

iv. the disclosure requirements relating to holdings as well asdealings in specified bank notes were applicable for the period from 8 November 2016 to 30December 2016 which are not relevant to these standalone financial statements. Hencereporting under this clause is not applicable.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
per Vijay Vikram Singh
Place: Noida Partner
Date: 22 May 2018 Membership No.: 059139

Annexure I to the Independent Auditor's Report

of even date to the members of Triveni Turbine Limited on thestandalone financial statements for the year ended 31 March 2018

Annexure I

Based on the audit procedures performed for the purpose of reporting atrue and fair view on the financial statements of the Company and taking intoconsideration the information and explanations given to us and the books of account andother records examined by us in the normal course of audit and to the best of ourknowledge and belief we report that:

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of itsfixed assets under which fixed assets are verified in a phased manner over a period of twoyears which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. In accordance with this program certain fixed assets wereverified during the year and no material discrepancies were noticed on such verification.

(c) The title deeds of the immovable properties (which are includedunder the head ‘Property plant and equipment') are held in the name of the Company.Immovable property in the nature of land (included under ‘Property plant andequipment' as Freehold Land) whose title deeds have been pledged as security for bankingfacilities are held in the name of the Company which is verified from confirmationdirectly received by us from lenders. In respect of immovable properties in the nature ofland (included under ‘Property plant and equipment' as Leasehold Land) that has beentaken on lease as further described in note 3(i) of the standalone financial statementsthe lease agreements are in the name of the Company where the Company is the lessee asper the agreement.

(ii) In our opinion the management has conducted physical verificationof substantial inventory at reasonable intervals during the year except for stocks lyingwith third parties. For stocks lying with third parties at the year-end writtenconfirmations have been obtained by the management. No material discrepancies betweenphysical inventory and book records were noticed on physical verification of inventory.

(iii) The Company has not granted any loan secured or unsecured tocompanies firms Limited Liability Partnerships (LLPs) or other parties covered in theregister maintained under Section 189 of the Act. Accordingly the provisions of clauses3(iii)(a) 3(iii)(b) and 3(iii)(c) of the Order are not applicable.

(iv) In our opinion the Company has complied with the provisions ofSection 186 in respect of investments. Further in our opinion the Company has notentered into any transaction covered under Section 185 and Section 186 of the Act inrespect of loans guarantees and security.

(v) In our opinion the Company has not accepted any deposits withinthe meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits)Rules 2014 (as amended). Accordingly the provisions of clause 3(v) of the Order are notapplicable.

(vi) We have broadly reviewed the books of account maintained by theCompany pursuant to the Rules made by the Central Government for the maintenance of costrecords under sub-section (1) of Section 148 of the Act in respect of Company's productsand are of the opinion that prima facie the prescribed accounts and records have beenmade and maintained. However we have not made a detailed examination of the cost recordswith a view to determine whether they are accurate or complete.

(vii) (a) The Company is generally regular in depositing undisputedstatutory dues including provident fund employees' state insurance income-taxsales-tax service tax goods and service tax duty of customs duty of excise valueadded tax cess and other material statutory dues as applicable to the appropriateauthorities. Further no undisputed amounts payable in respect thereof were outstanding atthe year-end for a period of more than six months from the date they become payable.

(b) There are no dues in respect of sales-tax goods and service taxduty of customs and value added tax that have not been deposited with the appropriateauthorities on account of any dispute. The dues outstanding in respect of income-taxservice-tax and duty of excise on account of any dispute are as follows:

Statement of Disputed Dues (Amounts in millions)
Name of the statute Nature of dues

Amount (Rs )

Amount paid under Protest (Rs )

Period to which the amount relates

Forum where dispute is pending
Central Excise Act1944 Excise duty

7.80

0.09

FY 2007-08 FY 2006-07 to FY

CESTAT Bengaluru
Finance Act 1994 Service tax

37.53

1.27

2011-12

CESTAT Bengaluru Commissioner of Income Tax
Income Tax Act 1961 Income Tax

36.62

-

FY 2012-13

(Appeal) Commissioner of Income Tax
Income Tax Act 1961 Income Tax

2.57

-

FY 2013-14

(Appeal)

(viii) The Company has not defaulted in repayment of loans orborrowings to any bank or financial institution or government during the year. The Companydid not have any outstanding debentures during the year.

(ix) In our opinion the Company has applied moneys raised by way ofthe term loans for the purposes for which these were raised. The Company did not raisemoneys by way of initial public o3er/ further public o3er (including debt instruments).

(x) No fraud by the Company or on the Company by its o3cers oremployees has been noticed or reported during the period covered by our audit.

(xi) Managerial remuneration has been paid / provided by the Company inaccordance with the requisite approvals mandated by the provisions of Section 197 of theAct read with Schedule V to the Act.

(xii) In our opinion the Company is not a Nidhi Company. Accordinglyprovisions of clause 3(xii) of the Order are not applicable.

(xiii) In our opinion all transactions with the related parties are incompliance with Sections 177 and 188 of Act where applicable and the requisite detailshave been disclosed in the standalone financial statements etc. as required by theapplicable Ind AS.

(xiv) During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures.

(xv) In our opinion the Company has not entered into any non-cashtransactions with the directors or persons connected with them covered under Section 192of the Act.

(xvi) The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
per Vijay Vikram Singh
Place: Noida Partner
Date: 22 May 2018 Membership No.: 059139

Annexure II to the Independent Auditor's Report

of even date to the members of Triveni Turbine Limited on thestandalone financial statements for the year ended 31 March 2018

Annexure II

Independent Auditor's Report on the Internal Financial Controls underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (‘the Act')

1. In conjunction with our audit of the standalone financial statementsof Triveni Turbine Limited (‘the Company') as at and for the year ended 31 March2018 we have audited the internal financial controls over financial reporting(‘IFCoFR') of the Company as at that date.

Management's Responsibility for Internal Financial Controls

2. The Company's Board of Directors is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating Effective ly for ensuring the orderly and e3cientconduct of the Company's business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditor's Responsibility

3. Our responsibility is to express an opinion on the Company's IFCoFRbased on our audit. We conducted our audit in accordance with the Standards on Auditingissued by the Institute of Chartered Accountants of India (‘ICAI') and deemed to beprescribed under Section 143(10) of the Act to the extent applicable to an audit ofIFCoFR and the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (‘the Guidance Note') issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate IFCoFR were established and maintainedand if such controls operated Effective ly in all material respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the IFCoFR and their operating Effective ness. Our audit of IFCoFRincludes obtaining an understanding of IFCoFR assessing the risk that a material weaknessexists and testing and evaluating the design and operating Effective ness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is su3cient andappropriate to provide a basis for our audit opinion on the Company's IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's IFCoFR is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company's IFCoFR include those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material Effect on the financialstatements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

7. Because of the inherent limitations of IFCoFR including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the IFCoFR to future periods are subject to the risk that the IFCoFR maybecome inadequate because of changes in conditions or that the degree of compliance withthe policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequateinternal financial controls over financial reporting and such controls were operatingEffective ly as at 31 March 2018 based on the internal controls over financial reportingcriteria established by the Company considering the essential components of internalcontrols stated in the Guidance Note issued by the ICAI.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
per Vijay Vikram Singh
Place: Noida Partner
Date: 22 May 2018 Membership No.: 059139