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Tulive Developers Ltd.

BSE: 505285 Sector: Infrastructure
NSE: N.A. ISIN Code: INE637D01015
BSE 00:00 | 15 Mar 256.70 0
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NSE 05:30 | 01 Jan Tulive Developers Ltd
OPEN 256.70
PREVIOUS CLOSE 256.70
VOLUME 1
52-Week high 256.70
52-Week low 180.00
P/E 120.52
Mkt Cap.(Rs cr) 68
Buy Price 251.70
Buy Qty 10.00
Sell Price 235.90
Sell Qty 49.00
OPEN 256.70
CLOSE 256.70
VOLUME 1
52-Week high 256.70
52-Week low 180.00
P/E 120.52
Mkt Cap.(Rs cr) 68
Buy Price 251.70
Buy Qty 10.00
Sell Price 235.90
Sell Qty 49.00

Tulive Developers Ltd. (TULIVEDEVELOPER) - Auditors Report

Company auditors report

To

The Member of

TULIVE DEVELOPERS LIMITED

1. REPORT ON THE STANDALONE FINANCIAL STATEMENTS:

We have audited the accompanying standalone financial statements of TULIVE DEVELOPERSLIMITED MUMBAI-400009 ("the Company ")which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss Cash Flow Statement for the year then endedand a summary of significant Accounting policies and other explanatory information.

2. MANAGEMENT'S RESPONSIBILITY FOR THE STAND ALONE 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 financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theAccounting principles accepted in India including the Accounting Standards specifiedunder Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014. 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 judgment and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

3. AUDITOR'S RESPONSIBILITY:

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. 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 there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 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 free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the Accounting Policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

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

4. OPINION:

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the 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 2016 and its profit and its cash flows for the year ended on that date.

5. EMPHASEIS OF MATTERS: - NIL -

6. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS :

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 I " a statement on the matters specified in the paragraph 3 and4 of the Order to the extent applicable.

7. As required by Section 143 (2) 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

(d) in our opinion the aforesaid standalone financial statements comply with theAccounting 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 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act;

(f) With regard to adequacy of internal financial control system in place and theoperating effectiveness of such controls as required under section 137(3)we state in theAnnexure II a statement on Internal Financial control systems to the extent applicable

(g) with regard 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(disputed Income Taxdemands)on the financial position in its Financial Statement (Refer Note No.20(B)(2) theFinancial Statements

ii. As per applicable law on Accounting Standards the Company does not foresee anyLoss as the Company does NOT have any long term contract including derivatives contracts.

iii. There were NO amount which were required to be transferred to Investor Educationand Protection Fund by the Company.

FOR BHANDARI & KESWANI
Chartered Accountants
(Registration No.000433S)
P. BHANDARI
Place : Chennai 600 034 PARTNER
Date : 30/05/2016 Membership No. 17411

ANNEXURE I

Referred to in paragraph 6 of our Report of even date to the members of TuliveDevelopers Ltd regarding the Accounts of the Company for the year ended 31stMarch 2016 COMPANIES (AUDITORS) REPORT ORDER 2016 (S.O.NO.12L8(E) dated 29.03.2016

On the basis of such checks as we considered appropriate and according to informationand explanations given to us during the course of our Audit we state that :

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of Fixed Assets;

(b) These Fixed Assets have been physically verified by the management during the yearat reasonable intervals and no material discrepancies were noticed on such verification;

(c) The TITLE DEEDS OF Immovable properties are held in the former name of thecompany.(Kerry Jost Engineering Ltd)

(ii) Since the Company is NOT engaged in any trading or manufacturing activities clause(ii) of the Order is NOT applicable for this financial year.

(iii) (a) The Company has NOT granted any Loans Secured or Unsecured to Companiesfirms Limited Liabilities Partnership or other parties covered in the Register maintainedunder section 189 of the Companies Act 2013

(b) The Company has balances in the Current Accounts (free of interest) with followingfirms in which the Company is a Partner.

Particulars TULIE ESTAE TULIVE

BUILDERS

Rs Rs
Balance as at 01.04.2015 150121199.64 302270483.45
Less :Amount Received during the year 21000000.00 262500000.00
Add :Amount paid during the year 129121199.60 39770483.45
- 20850000.00
Add :Share of Profit for the year ended 31.03.16 129121199.60 60620483.45
38108765.87 2250668.46
Balance as at 31.03.2016 167229965.47 62871151.91

(c) The receipt of amounts are regular.

(d) There were No overdue amounts.

(iv) The Company has Not granted any Loans Investments/guarantees and Securities topersons covered under Section 185 and 186 of the Companies Act 2013 and provisions ofSections 185and 186 are not applicable for the year under review

(v) The Company has NOT accepted any deposits so for up to 31 March 2016 .

(vi) The company is NOT engaged in production of any such goods on provision of anysuch services for which the Central Government has prescribed particulars relating toutilisation of material or Labour or Other items of cost .Hence the provision of Section148(1) of the Act do NOT apply

(vii (a) The Company is regular in depositing undisputed Statutory dues in accordancewith the provisions of applicable statutes (Acts /Rules) like Income tax Service TaxCess. and any other statutory dues to appropriate authorities and there were No arrearsof outstanding statutory dues as on the last day of the financial year for a period morethan six months from for the dates they became payable .

(b) The Company has not deposited disputed Income Tax demands relating to Assessmentyears 2012-2013&2013-2014 as detailed below :

Income tax Assessment Year Previous year Date of Assessment Order Disputed Demand Rs.
12012-2013 31.03.2012 24.03.2015 190020
2 2013-2014 31.03.2013 28.03.2016 1595380
Total 1785400

(viii) The company has NOT borrowed any loan from Financial Institution BankGovernment and has NOT issued debentures and the question of reporting on default inrepayment of loans or borrowings to a financial Institution Bank Government or dues todebenture holders does not arise

(ix) The Company has NOT received any money by way of initial public offer as furtherpublic offer. Nor has the company obtained any term loans. Hence our comments under thisclause are Not called for ;

(x) No fraud on the company by its officer or employees NOR any fraud by the companyhas been noticed or reported during the year that causes the financial statements to bematerially misstated ;

(xi) During the year the company did NOT pay any managerial remuneration and theprovisions of Sec197 read with Schedule V to the Act are NOT applicable for the year underreview .

(xii) The Company is Not Nidhi Company and hence the requirements of clause 3 (xiii) ofthe Order do NOT apply to the company

(xiii) The Company during the year did NOT have any transactions with related partiesas per Sec 2(76) of the Act except Hindu undivided Family (Huf) of a Director for whichprovisions of Sec 177 and 188 of the Act have been compiled with and disclosure in thefinancial statements have been made as required by the applicable Accounting Standards

(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 of the Act NOTattracted

(xvi) The Company is NOT a Non Banking Financial Company and hence the question ofregistration under Section 45-IA of the Reserve Bank Of India Act 1934 does not arise.

FOR BHANDARI & KESWANI
Chartered Accountants
(Registration No.000433S)
P. BHANDARI
Place: Chennai 600 034 PARTNER
Date : 30/05/2016 Membership No. 17411

ANNEXURE II To

Refer to in paragraph 7(f)

The Independent Auditors Report on the standalone financial statements of TuliveDevelopers Limited for the year ended 31 st March 2016.

Report on the Internal Financial Controls under section 143 (3) (i) of the CompaniesAct 2013 ("Act")

We have audited the internal financial controls over financial reporting of TULIVEDEVELOPERS LIMITED ("the Company") as at 31 March2016 in conjunction with ouraudit Report of the standalone financial statements of the Company for the year ended onthat date.

1. Management's Responsibility for Internal Financial Controls :

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the Guidance Note on Audit of Internal Financial Controls overfinancial reporting issued by the Institute of Chartered Accountants of India('ICAI')

These responsibilities include the design implementation and maintenance of adequateInternal Financial Controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to 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 Companies Act 2013.

2. Auditor's 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 control over financial reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemed tothe prescribed under section 143(10)of the Companies Act2013 to the extent applicable toan Audit of internal financial control and both issued by the Institute of CharteredAccountant 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 the adequate internal financial control over financial reporting was establishedand maintained and if such control operated effectively is all material aspects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the InternalFinancial Control System over financial reporting and their operating effectiveness OurAudit of internal financial control over financial reporting included obtaining anunderstanding of Internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk . The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 Internal Financial Control Systemover financial reporting .

3. 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

(I) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with authorisations of management anddirectors of the company; and (iii) provide reasonable assurance regarding prevention ortimely detection of unauthorised acquisition use or disposition of the company's assetsthat could have a material effect on the financial statements.

4. 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 thecontrols 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.

5. 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 31 March 2016 based on

(i) existing policies and procedures adopted by the Company for ensuring orderly andefficient conduct

of the business.

(ii) continuous adherence to Company's Policies;

(iii) existing procedures in relation to safeguarding of Company's Fixed AssetsInvestments Inventories

Receivables Loans and Advances made and cash and cash equivalents;

(iv) existing system to present and detect fraud and errors;

(v) accuracy and completeness of the Company Accounting Records; and

(vi) existing capacity to prepare timely and reliable financial information.

FOR BHANDARI & KESWANI
Chartered Accountants
(Registration No.000433S)
P. BHANDARI
Place: Chennai 600 034 PARTNER
Date : 30/05/2016 Membership No. 17411