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Tuni Textile Mills Ltd.

BSE: 531411 Sector: Industrials
NSE: N.A. ISIN Code: INE560D01027
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NSE 05:30 | 01 Jan Tuni Textile Mills Ltd
OPEN 0.19
PREVIOUS CLOSE 0.19
VOLUME 28000
52-Week high 0.49
52-Week low 0.19
P/E 19.00
Mkt Cap.(Rs cr) 2
Buy Price 0.19
Buy Qty 26000.00
Sell Price 0.19
Sell Qty 26000.00
OPEN 0.19
CLOSE 0.19
VOLUME 28000
52-Week high 0.49
52-Week low 0.19
P/E 19.00
Mkt Cap.(Rs cr) 2
Buy Price 0.19
Buy Qty 26000.00
Sell Price 0.19
Sell Qty 26000.00

Tuni Textile Mills Ltd. (TUNITEXTMILLS) - Auditors Report

Company auditors report

To

The Members of TUNI TEXTILE MILLS LIMITED

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of TUNI TEXTILE MILLSLIMITED ("the Company") which comprise the Balance Sheet as at 31 March2018 the Statement of Profit and Loss(including Other Comprehensive Income) theStatement of Changes in Equity and the Cash Flow Statement for the year then endedand andother explanatory summary of significant information (herein after referred to as"the Ind AS financial statement").

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of these IndAS financial statements that give a true and fair view of the financial positionfinancial performance (including other comprehensive income) changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards ("Ind AS") specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy recordsrelevant to the preparation and presentation of the Ind AS financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

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 under theprovisions of the Act and the Rules made there under.

We conducted our audit of the Ind AS financial statements in accordance under section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the Ind ASfinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence 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 true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation 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.

Opinion

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 March 31 2018 and its loss and Other comprehensive income its changes in equityand its cash flows for the year ended on that date.

Other Matter

The financial statements of the Company for the year ended March 31 2017 were auditedby another firm of chartered accountants under the Companies Act 2013 who vide theirreport dated May 30 2017 expressed an unmodified opinion on those financial statements.Our opinion is not qualified in respect of this matter.

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 sub-section (11) of Section 143 ofthe Act we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c) The Balance Sheet Statement of Profit and Loss (Includingother comprehensive income) Statement of

Changes in Equity and the Cash Flow Statement dealt with by this Report are inagreement with the books of account; d) In our opinion the aforesaid Ind AS financialstatements comply with the Indian Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014; e) On the basis of writtenrepresentations received from the directors as on 31 March 2018 taken on record by theBoard of Directors none of the directors is disqualified as on 31 March 2018 from beingappointed as a director in terms of Section 164 (2) of the Act; f) With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls referred to our separate report in"Annexure B"; and g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to our best of our information and according to the explanationsgiven to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its Ind AS financial statements (refer note no.34totheIndAS financialstatements)

(ii) The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses; (iii) There were no amounts whichwere required to be transferred to the Investor Education and Protection Fund by theCompany; and

(iv) The disclosures regarding details of Specified Bank Notes held and transactedduring 8th November 2016 to 30th December 2016 has not been madesince the requirement does not pertain to financial year ended 31st March 2018.

For MEHTA KOTHARI & ASSOCIATES
Chartered Accountants
(Firm Registration No. 106247W)
Pradip C. Mehta
Place : Mumbai Partner
Dated : May 30 2018 Membership No. 035447

"ANNEXURE A" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ONTHESTANDALONE FINANCIAL STATEMENTS OF TUNI TEXTILE MILLS LIMITED

Referred to in paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date In terms of information andexplanations given to us and the books and records examined by us in the normal course ofaudit and to the best of our knowledge and belief we state that:

i. (a) the Company has generally maintained records showing particulars includingquantitative details and situation of its fixed assets;

(b) we have been informed that the management has at reasonable intervals during theyear physically verified major portion of the fixed assets. No material discrepancies asrepresented to us were noticed on such verification; and

(c) according to the representation made and to the best of our knowledge and beliefthe title deeds of immovable properties are held in the name of the company.

ii. the inventories have been physically verified at the close of the year by themanagement. In our opinion the frequency of verification needs to be increased. Nomaterial discrepancies as represented to us were noticed on such verification.

iii. the Company has during the year not granted any loans secured or unsecured tocompanies firms limited liability partnership or other parties covered in the registermaintained under section 189 of the Act. Accordingly the provisions of clauses (a) (b)and (c) of paragraph 3 (iii) of the Order are not applicable;

iv. in our opinion and according to the information and explanations given to us theCompany has not granted any loans made any investments given any guarantee or providedany security in connection with a loan during the year. Therefore the provisions ofsection 185 and 186 of the Act have not been applicable to the Company;

v. the Company has not accepted any deposit from the public and hence the directivesissued by the Reserve Bank of India and the provisions of sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposits) Rules 2015 withregard to the deposits accepted from the public are not applicable; vi. the CentralGovernment has not specified the maintenance of cost records under Section 148 of the Actfor any of the products of the Company for the year under audit;

vii. In case of in respect of Statutory Dues;

a) on the basis of books and records examined by us the following undisputed statutorydues have delayed been deposited with the appropriate authorities:

Sr. no Nature Amount in Rs. Due date Date deposited on
a. Provident fund 20902 20/06/2016 08/07/2016
20431 20/12/2016 29/03/2017
20431 20/01/2017 29/03/2017
20431 20/02/2017 29/03/2017
20431 20/03/2017 29/03/2017
b. Profession tax 9600 30/04/2017 08/06/2017
10200 31/05/2017 08/06/2017
8600 30/06/2017 06/10/2017
9675 31/07/2017 06/10/2017
10350 31/08/2017 06/10/2017
10350 30/09/2017 15/02/2018
10150 31/10/2017 15/02/2018
9575 30/11/2017 15/02/2018
9875 31/12/2017 17/02/2018
11300 31/01/2018 17/02/2018
10200 28/02/2018 19/03/2018
11400 31/03/2018 09/04/2018
c. Service tax 3779 05/05/2017 11/08/2017
3478 05/06/2017 11/08/2017
3906 05/07/2017 11/08/2017

There are no arrears of undisputed statutory dues as at 31st March2018 forthe period of more than six months from the date they became payable; and

b) according to the information the dues in respect of income tax sales tax servicetax goods and services tax w.e.f. 1 July 2017 duty of custom duty of excise valueadded tax that have not been deposited on account of any dispute with the appropriateauthorities where the disputes are pending are as under:

Name of Statute Nature of Dues Amount (Rs.) Period to which the amount relates* Due date as per notice of demand
Income Tax Act Interest 947334 1995-1996 10.05.2001
Income Tax Act Interest 338640 1996-1997 19.09.2003
Income Tax Act Interest 158134 1997-1998 19.09.2003

*Assessment Year

For the above demands as informed to us the Company has filed waiver petitions beforeChief Commissioner of Income Tax for waiver of interest those petitions are pending to beheard;

The waiver of above demands has been considered in scheme of rehabilitation by BIFR;

The Company has represented before the Tax Recovery Officer to give effect to theorder of Honourable BIFR.

viii. on the basis of selective checks carried out during the course of audit we areof the opinion that the Company has not defaulted in the repayment of loans or borrowingto banks There had been no dues payable to financial institution Government or debentureholders;

ix. according to the representation made and to the best of our knowledge and beliefthe company has not raised moneys by way of initial public offer or further public offerincluding debt instruments and term loans during the year except term loan for purchase ofvehicle.

x. according to the representation made and to the best of our knowledge and beliefno fraud by the Company or on the Company by its officers or employees has been noticed orreported during the course of our audit;

xi. according to the information and explanations given to us the managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with schedule V to the Act;

xii. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) of the Order are not applicable to the Company;

xiii. according to the representation made and to the best of our knowledge andbelief all transactions with the related parties are in compliance with section 177 and188 of the Act and the details have been disclosed in the Ind AS Financial Statements asrequired by the applicable accounting standards;

xiv. according to the representation made and to the best of our knowledge and beliefthe Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review. Therefore theprovisions of clause 3 (xiv) of the Order are not applicable to the Company;

xv. according to the representation made and to the best of our knowledge and beliefthe company has not entered into any non-cash transactions with directors or personsconnected with him. Therefore the provisions of clause 3 (xv) of the Order are notapplicable to the Company; and

xvi. In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and therefore the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company.

For MEHTA KOTHARI & ASSOCIATES
Chartered Accountants
(Firm Registration No. 106247W)
Pradip Mehta
Place : Mumbai. Partner
Dated : May 30 2018 Membership No. 035447

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF TUNI TEXTILE MILLS LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of TuniTextile Mills Limited ("the Company") as of 31st March 2018 inconjunction with our audit of the Ind AS 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 over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued 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.

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 Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemed tobe prescribed under section 143 (10) of the Companies Act 2013 to the extent applicableto an audit 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 over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Ind AS 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 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 includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material 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 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Mehta Kothari & ASSOCIATES
Chartered Accountants
(Firm Registration No. 106247W)
Pradip Mehta
Place : Mumbai. Partner
Dated : May 30 2018 Membership No. 035447