To the Members of TTI ENTERPRISE LIMITED Report on the Audit of the FinancialStatements
We have audited the accompanying Financial Statements of TTI Enterprise Limited ("theCompany") which comprise the Balance Sheet as at 31st March 2021 theStatement of Profit and Loss the Statement of Changes in Equity and the Cash FlowStatement for the year then ended and notes to the financial statements including asummary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 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 of theCompany as at March 31 2021 and its Profit changes in Equity and its cash flows for theyear ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules madethere under and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current year. We have furtherdetermined that there are no key audit matters to communicate in our report.
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Company's Annual Reportbut does not include the financial statements and our Auditor's Report thereon. Ouropinion on the financial statements does not cover the other information and we do notexpress 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
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 financial statements that give a true and fair view of the financial positionfinancial performance changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; 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.
In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's 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 Auditor's Report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism 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 procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of 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 expressing our opinion on whether the Company hasadequate internal financial controls system with reference to financial statements inplace and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of Management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our Auditor's Report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained upto the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa 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 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.
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 CompaniesAct 2013 we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.
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 Statement of Changes inEquity and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account.
d. In our opinion the aforesaid Financial Statements comply with the Ind AS specifiedunder Section 133 of the Act.
e. On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 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 with reference to these financial statements of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure B".Our Report expresses an unmodified opinion on the adequacy and operating effectiveness ofthe Company's internal financial controls over financial reporting.
3. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:
i. The Company has disclosed the impact of pending litigations on its financialposition in its 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 by the Company to theInvestor Education and Protection Fund.
4. In our opinion and to the best of our information and explanation given to us withrespect to the matter to be included in the Auditor's Report under Section 197(16) of theAct the remuneration paid by the company to its Directors during the year is inaccordance with the provisions of section 197of the Act.
| ||For SAV & Associates Chartered Accountants FRN - 324473E |
|Place: Kolkata |
|Ajay Agarwal Partner M. No.: 058275 UDIN: 21058275AAAACP3378 |
"ANNEXURE-A" TO THE INDEPENDENT AUDITORS' REPORT
The Annexure referred to in Our Report of even date to the members of M/S. TTIENTERPRISE LTD. on the Ind AS financial statements of the company for the year ended 31stMarch 2021.
On the basis of such checks as we considered appropriate and according to theinformation and Explanations given to us during the course of our audit we report that:
i) The Company does not have any fixed assets. Consequently para 3(i) of the Order arenot applicable.
ii) As per the information and explanation made available to us the Company'sinventory comprises of shares units of Mutual Funds and bonds / debentures. The inventoryhas been verified with Demat account balances and Mutual Fund Statements at reasonableintervals and no discrepancies have been found on any occasions.
iii) As per the information and explanation given to us the Company has not grantedany loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the Register maintained under Section 189 of the Companies Act2013. Consequently clause 3(iii)(a) 3(iii)(b) of the order are not applicable to thecompany.
iv) The provisions of Section 185 of the Act are not applicable to the Company. TheCompany has complied with the provisions of Section 186 of the Act to the extentapplicable.
v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public during the year. Therefore thedirectives issued by the Reserve Bank of India and the provisions of Section 73 to 76 orany other relevant provisions of the Companies Act 2013 and the rules framed there underare not applicable to the company.
vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub section (1) of Section 148 of the Act in respect of the activitiescarried on by the Company. Thus para 3(vi) of the Order is not applicable to the Company.
vii) In respect of statutory dues according to information and explanations given tous:
(a) The Company has generally been regular in depositing undisputed statutory duesincluding income-tax Tax deducted at sources Professional Tax Goods and Service Tax andother material statutory dues as applicable to it with the appropriate authorities. Thusthere are no arrears of undisputed statutory dues which are outstanding as at 31stMarch2021 for a period of more than six months from the date they became payable.
(b) There were no undisputed amounts payable in respect of Income Tax and othermaterial statutory dues on net basis.
viii) The Company has not defaulted in the repayment of dues to financial institutionbanks government or debenture holders as at Balance Sheet date.
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. Accordinglypara 3(ix) of the order is not applicable.
x) To the best of our knowledge and belief and according to the information andexplanations given to us no material fraud by the company and on the Company by itsofficers/ employees were noticed or reported during the year while conducting audit.
xi) The Company has paid for managerial remuneration within the limits of Section 197read with schedule V of the Act.
xii) The Company is not a Nidhi Company. Therefore clause xii of paragraph 3 of theOrder is not applicable to the Company.
xiii) According to information and explanation given to us and based on our examinationof the records of the Company transactions with related parties are in compliance withSection 177 and 188 of the Act where applicable and details of such transaction have beendisclosed in the financial statements as required by applicable accounting standard.
xiv) Based on our examination of the records of the Company and according to theinformation and explanations given to us the Company has not made any preferentialallotment / private placement of shares or fully or partly convertible debentures duringthe year.
xv) Based on our examination of the records of the Company and according to theinformation and explanations given to us the Company has not entered into any non-cashtransactions as referred to section 192 of the Companies Act 2013 with Directors orpersons connected with them. Accordingly clause 3(xv) of the Order is not applicable.
xvi) According to the information and explanation given to us the Company is requiredto be registered under section 45-IA of the Reserve Bank of India Act 1934 and holds avalid certificate of registration under the same.
| ||For SAV & Associates Chartered Accountants FRN - 324473E |
|Place: Kolkata |
|Ajay Agarwal Partner M. No.: 058275 UDIN: 21058275AAAACP3378 |
"Annexure - B" to the Auditor's Report
(Referred to in paragraph 2 (f) under Report on Other Legal and RegulatoryRequirements' in our Independent Auditors' Report of even date)
Report on the Internal Financial Controls with reference to Financial Statements underParagraph (i) of Subsection 3 of Section 143 of the Companies Act 2013 ("theAct")
We have audited the internal financial controls with reference to Financial Statementsof TTI ENTERPRISE LIMITED ("the Company") as of 31st March2021 in conjunction with our audit of the financial statements of the Company for the yearended 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 with reference to financial statementscriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls with reference to financial statements wereestablished and maintained and if such controls operated effectively in all materialrespects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness.
Our audit of internal financial controls with reference to financial statementsincluded obtaining an understanding of internal financial controls with reference tofinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto 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 withreference to financial statements.
Meaning of Internal Financial Controls over Financial Reporting with reference to thefinancial statements
A Company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial control overfinancial reporting with reference to the financial statements includes those policies andprocedures that
(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the Company; 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 with reference to FinancialStatements
Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as at31st March 2021 based on the internal control with reference to financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note issued by the Institute of CharteredAccountants of India.
For SAV & Associates Chartered Accountants FRN - 324473E
|Place: Kolkata ||Ajay Agarwal Partner M. No.: 058275 UDIN: 21058275AAAACP3378 |
|Date: 10.05.2021 || |