We have audited the accompanying financial statements of M/S. TTI
ENTERPRISE LTD. ("the Company") which comprise the Balance Sheet as
at 31 March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility For The Financial Statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation and presentation of these 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 accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the
assets of the Company and for preventing and detecting the frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate
internal financial control, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give true and fair view,
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and operating effectiveness of
such controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2015;
(ii) In the case of the Statement of Profit and Loss, of the Loss for
the year ended on that date; and
(iii) In the case of Cash Flow Statement of the cash flow for the year
ended on that date.
Report On Other Legal And Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 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 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 been
kept by the Company 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 Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors
as on March 31, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on March 31,2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f. In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014:
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
The Annexure referred to in Our Report of even date to the members of
TTI ENTERPRISE LTD.
On the financial statements of the company for the year ended 31st
March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of
our audit, we report that:
i) The Company does not have any Fixed Assets. Consequently clause
3(i)(a) and 3(i)(b) of the order are not applicable to the company.
ii) The Company is engaged in the business of granting loans, making
investments and trading in shares and does not have any physical
inventory / stocks. Consequently clause 3(ii)a, 3(ii)b and 3(ii)c of
the order are not applicable to the company. As per the information and
explanation made available to us, the Company is periodically
reconciling its Stock of shares with the Depository Statements and with
Broker Ledgers.
iii) As per the information and explanation given to us, the Company
has not granted any loans to companies, firms or other parties covered
in the Register maintained under Section 189 of the Companies Act,
2013. Consequently clause 3(iii)(a), 3(iii)(b) of the order are not
applicable to the company.
iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business. The activities of the Company do not involve purchase of
inventory and Fixed Assets and sale of goods and services. Further, on
the basis of our examination of the books and records of the company,
and according to the information and explanation given to us, we have
neither come across nor have been informed of any continuing failure to
correct major weakness in the aforesaid internal control systems of the
company.
v) In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore, the directives issued by the Reserve Bank of India and the
provisions of Sections 73 to 76 of the Companies Act, 2013 or any other
relevant provisions and Rules there under are not applicable to the
Company.
vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub section (1) of Section 148 of the
Act, in respect of the activities carried on by the Company.
vii) In respect of statutory dues:
a. According to the records of the company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Income-tax, Tax
deducted at sources, Professional Tax, Service Tax, and other material
statutory dues applicable to it, with the appropriate authorities.
b. According to the information and explanations given to us, there
were no undisputed amounts payable in respect of Income-tax and other
material statutory dues in arrears /were outstanding as at 31st March,
2015 for a period of more than six months from the date they became
payable.
c. According to the information and explanations given to us, there
were no amounts which were required to be transferred by the Company to
the Investor Education and Protection Fund.
viii) The company does not have any accumulated losses at the end of
financial year. The company has not incurred any Cash losses during the
Financial Year covered by our Audit and the immediately preceding
financial year.
ix) According to the information and explanation provided to us the
company has not defaulted in repayment of dues to a financial
institution or bank or any debenture holders.
x) In our opinion, and according to the information and the explanation
given to us, the company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
xi) According to the information and explanation given to us, the
Company has not taken any term loans.
xii) During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, during the year nor have we been informed
of such a case by the management.
For R Bhutra & Co
Chartered Accountants FRN: 320010E
(Vikash Chamaria)
(Partner)
Membership No. : 061966
Place: Kolkata
Date: 20th May 2015
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