INDEPENDENT AUDITORS
TO THE MEMBERS OF
TITAN TIMEPRODUCTS LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of TITAN TIMEPRODUCTS LIMITED ("the
Company"), which comprise the Balance Sheet as at 31s* March, 2013, the
Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a
summary of the significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The Company’s Management is responsible for the preparation 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 Standards referred to in
Section 211(3C) of the Companies Act, 1956 ("the Act") and in accordance with
the accounting principles generally accepted in India. This responsibility includes the
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 statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
the 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 control relevant to the Company’s preparation and fair
presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control. An audit also includes evaluating
the appropriateness of the accounting policies used and the reasonableness of the
accounting estimates made by the 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 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:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st
March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of the Company for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1 As required by the Companies (Auditor’s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) 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 explanations which to the best of 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 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 Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement comply with the Accounting Standards referred to in Section 211(3C) of the
Act.
(e) On the basis of the written representations received from the directors as on 31st
March, 2013 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2013 from being appointed as a director in terms
of Section 274(1) (g) of the Act.
|
For DELOITTE HASKINS & SELLS |
|
Chartered Accountants |
|
(Firm Registration No. 008072S) |
|
V. Srikumar |
| BANGALORE, 24th April, 2013 |
Partner |
| VS/MNB/ UB/ 2013 |
(Membership No. 84494) |
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements’ section of our report of even date)
Having regard to the nature of the Company’s business/ activities/ result during
the year, clauses (v),(vi) , (xii), (xiii), (xiv), (xvi), (xix) and (xx) of paragraph 4 of
the Order are not applicable to the Company.
(i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of the fixed assets.
(b) The fixed assets were physically verified during the year by the Management in
accordance with a regular programme of verification which, in our opinion, provides for
physical verification of all the fixed assets at reasonable intervals. According to the
information and explanations given to us, no material discrepancies were noticed on such
verification.
(c) The fixed assets disposed off during the year, in our opinion, do not constitute a
substantial part of the fixed assets of the Company and such disposal has, in our opinion,
not affected the going concern status of the Company.
(ii) In respect of its inventory:
(a) As explained to us, the inventories were physically verified during the year by the
Management at reasonable intervals.
(b) In our opinion and according to the information and explanations given to us, the
procedures of physical verification of inventories followed by the Management were
reasonable and adequate in relation to the size of the Company and the nature of its
business.
(c) In our opinion and according to the information and explanations given to us, the
Company has maintained proper records of its inventories and no material
discrepancies were noticed on physical verification.
(iii) The Company has neither granted nor taken any loans, secured or unsecured, to/
from companies, firms or other parties covered in the Register maintained under
Section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations given to us,
having regard to the explanations that some of the items purchased are of a special nature
and suitable alternative sources are not readily available for obtaining comparable
quotations, there is an adequate internal control system commensurate with the size of the
Company and the nature of its business with regard to purchases of inventory, fixed assets
and for the sale of goods. During the course of our audit, we have not observed any major
weaknesses in such internal control system.
(v) In our opinion, the Company has an adequate internal audit system commensurate with
the size and the nature of its business.
(vi) We have broadly reviewed the cost records maintained by the Company pursuant to
the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government
under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima
facie the prescribed cost records have been maintained. We have, however, not made a
detailed examination of the cost records with a view to determine whether they are
accurate or complete.
(vii) According to the information and explanations given to us, in respect of
statutory dues:
(a) The Company has generally been regular in depositing undisputed dues, including
Provident Fund, Investor Education and Protection Fund, Employees’ State Insurance,
Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
material statutory dues applicable to it with the appropriate authorities.
(b) There were no undisputed amount payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees’ State Insurance, Income-tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
in arrears as at 31s* March, 2013 for a period of more than six months from the
date they became payable.
(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited as on 31st March, 2013 on
account of disputes are given below:
| Name of Statute |
Nature of Dues |
Forum where Dispute is pending |
Period to which the amount relates |
Amount involved (Rs ) |
| Income-tax Act, 1961 |
Income- tax |
Commissioner of Income Tax (Appeals) |
2009-10 and 2010- 11 |
1,271,095 |
(viii) The Company neither has accumulated losses at the end of the financial year nor
has incurred cash losses during the current financial year and in the immediately
preceding financial year.
(ix) In our opinion and according to the information and explanations given to us, the
Company has not taken any loans from banks or financial institutions and have not
defaulted in repayment to debenture holders.
(x) Accordingly to the information and explanations given to us, the Company has not
given any guarantees during the year for loans taken by others from banks or financial
institutions.
(xi) In our opinion and according to the information and explanations given to us and
on an overall examination of the Balance Sheet, we report that funds raised on short-term
basis have, prima facie, not been used during the year for long-term investment.
(xii) According to the information and explanations given to us, the Company has not
made any preferential allotment to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
(xiii) To the best of our knowledge and according to the information and explanations
given to us, no fraud by and on the Company has been noticed or reported during the year.
|
For DELOITTE HASKINS & SELLS |
|
Chartered Accountants |
|
(Firm Registration No. 008072S) |
|
V. Srikumar |
| BANGALORE, 24th April, 2013 |
Partner |
| VS/MNB/ UB/ 2013 |
(Membership No. 84494) |
+91-9892691696
