AUDITORS
To THEMEMBERS OF TURBOTECH ENGINEERING LIMITED
Report on the FinancialStatements
We have audited the accompanying financial statements of TURBOTECH ENGINEERING
LIMITED which comprise the Balance Sheet as at 31 March 2013 and the Statement of
Profit and Loss and for the year then ended, and a summary of significant
accountingpoliciesand other explanatory information.
Managements Responsibility for the Financial Statements
Management is responsiblefor the preparation of these financialstatementsthat give a
true and fair view of the financial position & financial performance of the Company in
accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956. This responsibility includesthe design, implementation and
maintenance of internal control 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.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statementsare 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 auditors
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 control relevant to the Companys preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made by management, 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.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the 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 generallyacceptedin India:
i) in the case of the balance sheet, of the state of affairs of the Company asat 31
March 2013;
ii) in the case of the statement of profit and loss, of the profit for the year ended
on that date;
iii) In the case of cash flow Statement, of the cash flows for the year ended on that
date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003, as amended, issued by
the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we
give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanationswhich 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 appears from our examination of those books;
c. the Balance Sheet, Statement of Profit and Loss dealt with by this Report are in
agreement with the books of account.
d. in our opinion, the BalanceSheet & Statement of Profit and Loss comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of the Companies Act,
1956; and
e. on the basis of written representations received from the directors ason 31 March
2013, and taken on record by the Board of Directors, none of the directors is disqualified
as on 31 March 2013, from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f . Since the Central Government has not issued any notification as to the rate at
which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it
issued any Rules under the said section, prescribing the manner in which such cess is to
be paid, no cess is due and payable by the Company.
|
For, Y. D. & Co |
|
CHARTERED ACCOUNTANTS |
|
FRN:018846N |
| PLACE: LUDHIANA |
|
| DATE: 31.08.2013 |
|
|
CA RAKESHPURI |
|
PARTNER |
|
M. No.: 092728 |
The Annexure referred to in paragraph 1 of the Our Report of even date to the members
of TURBOTECH ENGINEERING LIMITED on the accounts of the company for the year ended 31st
March, 2013.
On the basis of such checks aswe considered appropriate and according to the
information and explanation given to usduring the course of our audit, we report that:
1. (a) The company has maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management at
reasonable intervals; no material discrepancies were noticed on such verification.
(c) ln our opinion and accordingto the information and explanations given to us, no
fixed asset has been disposed during the year and therefore does not affect the going
concern assumption.
2. Company does not have inventories during the year hence other sub clause not
applicable
3. (a) According to the information and explanations given to us and on the basis
of our examination of the books of account, the Company has not granted any loans, secured
or unsecured, to companies, firms or other parties listed in the register maintained under
Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b),
iii(c) and iii (d) of the order are not applicable to the Company.
(e) Accordingto the information and explanations given to us and on the basis of our
examination of the books of account, the Company has not taken loans from companies, firms
or other parties listed in the register maintained under Section 301 of the Companies Act,
1956. Thus sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and accordingto the information and explanations given to us, there
is generally an adequate internal control procedure commensurate with the size of the
company and the nature of its business, for the purchase of inventories & fixed assets
and payment for expenses & for sale of goods. During the course of our audit, no major
instance of continuing failure to correct any weaknesses in the internal controls hasbeen
noticed.
5. a) Based on the audit proceduresapplied by us and according to the information and
explanations provided by the management, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register required to be
maintained under that section.
b) As per information & explanations given to usand in our opinion, the transaction
entered into by the company with parties covered u/s 301 of the Act does not exceedsfive
lacs rupees in a financial year therefore requirement of reasonableness of transactions
does not arises.
6. The Company has not accepted any deposits from the public covered under section 58A
and 58AA of the CompaniesAct, 1956.
7. As per information & explanationsgiven by the management, the Company has an
internal audit system commensurate with its size and the nature of its business.
8. As informed to usthe company is not required to maintain cost accountsand records as
prescribed by Central Government under section 290 (l)(d) of the Companies Act 1956.
9. (a) According to the records of the company, undisputed statutory dues including
Provident Fund, Investor Educationand Protection Fund, EmployeesState Insurance,
Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the
extent applicable and any other statutory dues have generally been regularly deposited
with the appropriate authorities. According to the information and explanations given to
us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more
than six months from the date they became payable.
(b) According to the information and explanations given to us, there is no amounts
payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and
excise duty which have not been deposited on account of any disputes.
10. The accumulated losses at the end of the financial year are not more than 50%of its
net worth and it has incurred cash losses of Rs377,769/- during the financial year under
report and it has also incurred cash losses in the immediately preceding financial year.
11. Based on our audit proceduresand on the information and explanations given by the
management, we are of the opinion that, the Company has not defaulted in repayment of dues
to a financial institution, bank or debenture holders.
12. According to the information and explanations given to us,the Company hasnot
granted loans and advances on the basis of security by way of pledge of shares, debentures
and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore,
the provision of this clause of the Companies (Auditors Report) Order, 2003 (as amended)
is not applicable to the Company.
14. According to information and explanations given to us, the Company is trading in
Shares, Mutual funds & other Investments. Proper records & timely entries have
been maintained in this regard & further investments specified are held in their own
name.
15. According to the information and explanations given to us, the Company has not
given any guarantees for loan taken by others from a bank or financial institution.
16. Based on our audit procedures and on the information given by the management, we
report that the company has not raised any term loans during the year.
17. Based on the information and explanations given to us and on an overall examination
of the Balance Sheet of the Company asat 31st March, 2013, we report that no funds raised
on short-term basis have been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and explanations given
to us by the management, we report that the Company has not made any preferential
allotment of shares during the year.
19. The Companyhas no outstanding debentures during the period under audit.
20. The Company has not raised any money by public issue during the year.
21. Based on the audit procedures performed and the information and explanations given
to us, we report that no fraud on or by the Company has been noticed or reported during
the year, nor have we been informed of such case by the management.
|
For, Y. D. & Co |
|
CHARTERED ACCOUNTANTS |
|
FRN:018846N |
| PLACE: LUDHIANA |
|
| DATE: 31.08.2013 |
|
|
CA RAKESH PURI |
|
PARTNER |
|
M. No.: 092728 |
+91-9892691696
