The Member of
TULIVE DEVELOPERS LIMITED
Mumbai - 400 009.
REPORT ON THE INDIAN ACCOUNTING STANDARDS (Ind AS) FINANCIAL STATEMENTS:
We have audited the accompanying Ind AS financial statements of TULIVE DEVELOPERSLIMITED MUMBAI-400009 ("the Company ")which comprise the Balance Sheet as at31st March 2019 the Statement of Profit and Loss and the Cash Flow Statement for theyear then ended. and a summary ofthe SignificantAccounting Policies and other explanatoryinformation.
MANAGEMENT'S RESPONSIBILITY FORTHE FINANCIAL STATEMENTS:
The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 201 3("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financial position financial performance and cash flows of the Company in accordance with the AccountingPrinciples Generally Accepted in India including the Indian Accounting Standardsspecified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules2014 .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 ofthe appropriate Accounting Policies; making judgments and estimates that are reasonableand that prudent; and design implementation and maintenance of adequate Internal FinancialControls were operating effectively for ensuring the accuracy and completeness of theAccounting Records relevant to the preparation and presentation of the Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
3. AUDITOR'S RESPONSIBILITY:
Our responsibility is to express an opinion on these Ind AS financial statements basedon 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 undertheprovisions of the Act and the Rules made there under.
We conducted our audit of Ind AS financial statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards and pronouncementsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whetherthe Ind AS financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidences about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of the Accounting Policies usedand the reasonableness of the accounting estimates made by the Company's Directors aswell as evaluating the overall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theAccounting Principles Generally Accepted in India of the state of affairs of the Companyas at 31 March 2019 and its profit and its cash flows forthe year ended on that date.
5. EMPHASEIS OF MATTERS: - NIL -
6. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS :
(i) As required by the Companies (Auditor's Report) Order(S.NO.12/L 8(E) dated29.03.2016 issued by the Central Government in terms of Section 143(1 1) of the Act andon the basis of such checks of the books and records of the company as we have consideredappropriate and according to the explanations given to us we give in the"AnnexureI" a statement on the matters specified under paragraph 3 and 4of the Order to the extent applicable.
(ii) As required under Section and 143 (3)(5) of the Act we give in "Annexure-II"report on the INTERNAL FINANCIAL CONTROL SYSTEMS in place and the Operatingeffectiveness of such Controls
(iii) As required by Section 143(3) ofthe Act we reportthat:
(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary forthe 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;
(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt 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 IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;
(e) On the basis of the written representations received from the Directors as on 31March 2019 and taken on record by the Board of Directors none of the directors isdisqualified from being appointed as a director in terms of Section 164 (2) ofthe Act.
(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinionand to the best ofour information and according to the explanation given to us.
i. The Company has disclosed the impact if any; of pending litigations on the financialposition in its Ind AS financial statements (Refer Note No.18(2(])
ii. The Company did NOT have any long term contracts including derivative contractsduring the year.
iii. There were NO amounts which were required to be transferred to Investor Educationand Protection Fund by the company. during year
Referred to in paragraph 6 of our Report of even date to the members of TuliveDevelopers Ltd Mumbai 400 009 regarding the accounts ofthe Company forthe year ended 31st March 2018.
COMPANIES (AUDITORS REPORT) ORDER 201 6 (S.O.NO.1 22 8(E) dated 29.03.201 6
On the basis of such checks as we considered on applicable to the company andaccording to information we state that: and explanations given to us duringthe courseofourAudit
(l) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of Fixed Assets;
(b) The Property Plant and Equipment have been physically verified by the managementat reasonable and no intervals duringthe year material discrepancies were noticed onsuch verifications;
(c) The TITLE DEEDS OF Immovable properties are held in the former name of theCompany.(Kerry Jost Engineering Ltd)The name of the company was changed to the presentname as evidenced by fresh Certificate of Incorporation dated 17.01.2008 granted by DeputyRegistrar of Companies Mumbai Maharashtra State .
(ii) Since the Company is NOT engaged in any trading or manufacturing activities duringthe year provision ofclause3(ii)oftheOrderare NOTapplicableforthisfinancial year.
(iii) The Company has NOT granted any Loans Secured or Unsecured to Companies firmsLimited Liability Partnerships or other parties covered in the Register maintained underSection 189 of the Companies Act 2013
(iv) (a) Guarantees
The Company has NOT granted any Loans made any Investments Security to any personscovered under Section 185 and 186 ofthe Companies Act 201 3
(b) The company has balancesinthe current accounts with the following firms in whichthe Company is a Partner.
|Particulars ||TULIVE ESTATE ||TULIVE BUILDERS |
| ||Rs ||Rs |
|Balance as at 01.04.2018 ||15943009305 ||31232071.87 |
|Less : Amount Received during the year || || |
| ||15943009305 ||31232071.87 |
|Add : Amount paid during the year ||- ||75000.00 |
| ||15943009305 ||31307071 .87 |
|Less : Share of Loss for the year ended 31.03.2019 ||2197092.71 ||181138.92 |
|Balance as at 31.03.2019 ||15723300034 ||3112593295 |
(a) Clause (a) is not applicable as the share of profit cannot be considered asLoan/Advance and is not prejudicial to the Company s Interest.
(b) The receipt of amounts towards share of profit are regular .
(c) There were No overdue amounts.
(v) The Company has NOT accepted any deposits so far up to 31 March 2019.
(vi) The company is NOT engaged in manufacture or production of any goods and is notproviding of any services for which the Central Government has prescribed maintenance ofCost Records under Section 148(1) ofthe Companies Act 201 3
(vii) (a) Goods and Service
The Company is regular in depositing undisputed Statutory dues like Income tax Taxcess. and any other statutory dues to the appropriate authorities and there were noarrears of outstanding statutory dues as on the last day of the financial year for aperiod more than six month from the dates they became payable.
(b) The Company has not deposited disputed Income Tax demands subject to revision onaccount of relief granted by Appellate Authority relating to Income Tax Assessmentyear2013-2014 as detailed below
|Nature of Assessment Order ||Previous year ||Assessment Year ||Date of Order ||Disputed Demand Rs |
|1Regular Order u/s 143(3) ||31.03.2013 ||2013-2014 ||28.03.2016 ||1595380 |
|Total || || || ||1595380 |
|Refunds granted for subsequent Assessment year Adjusted by the Assessing Authority || || || ||3453020 |
The Assessing Authority has adjusted the above amount of refunds due in respect ofsubsequent Assessment years .
(viii) The Company has NOT borrowed any loan from Financial Institution BankGovernmentand has NOT issued debentures and the question of reporting on default inrepayment of loans or borrowings to a financial Institution Government ordues to debentureholders does not arise Bank
(ix) The Company has NOT raised any funds by way of Initial Public Offer or furtherPublic Offer and the Company has Not availed any term loans and hence the provisions ofthis clause are Not applicable for this financial year
No fraud on the Company by its Officers or Employees has been noticed or reportedduring the yearthat causes the Ind AS financial statements to be materially misstated ;
(xi) During the year the company did NOT pay any managerial remuneration to any of theDirectors and provisions of Section 197 read with Schedule V to the Act are NOT applicableforthe year under review
(xii) The Company is Not a Nidhi Company and Nidhi Rules 2014 are not applicable toit. Hence the requirements ofclause 3(xiii) ofthe Order does NOT apply to the Company
(xiii) The Company during the year did NOT have any transactions with related partiesas per Section 2(76) and provisions of Section 177 and 188 ofthe Companies Act 201 3 wereNOT Applicable
(xiv) The Company has NOT made any preferential allotment or private placement ofshares during the year and has NOT issued fully or partly convertible debentures duringthe year
(xv) The Company has NOT entered in to any NON-CASH transactions with any of thedirectors or persons connected with him/her and provisions of Section 192 ofthe Act areNOT attracted
(xvi) The Company is NOT a Non Banking Company and the question of registration underSection 45-IA ofthe Reserve Bank Of India Act 1 934 does not arise.
The Independent Auditors Reports to the Member of TU LIVE DEVELOPERS LIMITED MUMBAI -400 009.
Report on the Internal Financial Controls with reference to the IND AS FinancialStatements under Section 1 43 (3) (i) of the Companies Act 2013 ( Act ).
We have audited the Internal Financial Controls with reference to the financialstatements of TULIVE DEVELOPERS LIMITED ( the Company ) No.21/22 P.D.Me