Tulsi Extrusions Ltd Auditors Report.

To the Members of Tulsi Extrusions Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Tulsi Extrusions Limited ("the Company"), which comprise the Balance Sheet as at March 31,2017, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. [in which are incorporated the Returns for the year ended on that date audited by the branch auditors of the Companys branches at [location of the Kolkata, Indore, Bijapur, Raipur, Vadodara, Surat, Kolkata].

Managements Responsibility for the Financial Statements

The Companys 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 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 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 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 controls and ensuring their operating effectiveness and 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.

Auditors 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 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 financial control relevant to the Companys preparation of the financial statements that give a 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 the 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 the Companys 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/qualified audit opinion/adverse audit opinion on the financial statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors 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 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 [and proper returns adequate for the purposes of our audit have been received from branches not visited by us*];

c. The reports on the accounts of the branch offices of the Company audited under Section 143 (8) of the Act by us and have been properly dealt with by us in preparing this report*;

d. 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 [and with the returns received from branches not visited by us*];

e. 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;

f. The matter described in sub-paragraph IV under the Emphasis of Matter/Basis for Qualified Opinion/ Basis for Adverse Opinion/ Basis for Disclaimer of Opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company;

g. On the basis of written representations received from the directors as on March 31,2017, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164 (2) of the Act;

h. 3-- N.A.-a

i. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

I. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note-30 on Contingent Liabilities and Note on Contingent Assets to the financial statements;

II. (3- N.A-a)

III. Following are the instances of delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

-NIL—

IV. Details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below :

SBNs Other Denomination Notes Total (Rs.)
Closing Cash In Hand as on 08.11.2016 2080000.00 773936.00 2853936.00
(+) Permitted receipts NIL 465425.00 465425.00
(-) Permitted payments 2080000.00 357962.00 2437962.00
(-) Amount deposited in Banks NIL - -
Closing cash in hand as on 30.12.2016 NIL 881399.00 881399.00

 

FOR K. K. KABRA & Co.
CHARTERED ACCOUNTANTS
KAILASH K. KABRA
PROPRIETOR
F.NO. 104493-W
Place :- Jalgaon
Date :- 30/05/2017

ANNEXURE TO INDEPENDENT AUDITORS REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements in the Independent Auditors Report of even date to the members of Tulsi Extrusions Limited on the financial statements for the year ended 31/03/2017]

1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) During the year, the fixed assets of the Company have been physically verified by the management and as informed. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets.(c) There is no any material discrepancy found during the verification of the Fixed Asset.

2. (a) The inventory has not been physically verified by the management during the year and in respect of inventory lying with third parties, Branches these have not been confirmed by them.

(b) The Company is maintaining proper records of inventory. As informed no material discrepancies were noticed on physical verification carried out during the year.

3. As informed, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions stated in paragraph 3 (iii)(a), 3 (iii)(b)and 3 (iii)(c) of the Order are not applicable.

(a) --- N.A.---

(b) ---N.A.---

(c) ---N.A.---

4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.

5. The Company has not accepted any public deposits. Accordingly, the provisions stated in paragraph 3 (v)(a), 3 (v)(b) and 3 (v)(c) of the Order are not applicable.

(a) --- N.A.---

(b) ---N.A.---

(c) ---N.A.---

6. We have broadly reviewed the books of account maintained by the Company in respect of products where the maintenance of cost records has been specified by the Central Government under sub-section (1) of Section 148 of the Act and the rules framed there under and we are of the opinion that prima facie, the prescribed accounts and records have not been maintained.

7. (vii) (a) The Company is not regular in depositing with appropriate authorities, undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, value added tax, customs duty, excise duty, cess and any other material statutory dues applicable to it, and there have been delays in payments According to the information and explanations given to us, undisputed dues in respect of provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, value added tax, customs duty, excise duty, cess and any other material statutory dues applicable to it, which were outstanding, at the year-end for a period of more than six months from the date they became payable are as follows:

Name of the statute Nature of the dues Amount Period to which the amount relates Due Date Date of Payment
NIL NIL NIL NIL NIL NIL

(b) According to the information and explanation given to us, the dues outstanding with respect to, income tax, sales tax, wealth tax, service tax, value added tax, customs duty, excise duty, cess and any other material statutory dues applicable to it, on account of any dispute, are as follows:

Name of the statute Nature of dues Amount Period to which the amount relates Forum where dispute is pending
Central Excise Act Excise duty 1.47 Cr. 2013-14 Appellate Tribunal
Income tax Act Income Tax 6.29 Cr. 2010-11 Appellate Tribunal
5.29 Cr. 2009-10
Service Tax Act Service Tax 0.34 Cr. 2012-13, 2013-14 Appeal
Service Tax Act Service Tax 0.90 Cr. 2012-13, 2013-14 Appeal

(c) According to the information and explanations given to us, there has been delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company which are as follows:

Name of the statute Nature of the dues Amount Period to which the amount relates Due Date Date of Payment
Nil Nil Nil Nil Nil Nil

8. According to the information and explanations given to us, the Company has defaulted in repayment of its dues to bank(s)/financial institution(s)/debenture holder(s). The particulars of delays in repayment of dues (including interest) are as follows:

Particulars Limit O/s as on 31/03/2017 Overdue w. e. f
PNB Cash Credit 75.00 81.78 01/07/14
PNB Term Loan A/c-351 2.14 2.17 01/07/14
PNB Term Loan A/c-10056 23.89 24.19 01/07/14
PNB Term Loan (FITL) 10074 11.54 8.91 01/07/14
PNB Term Loan(WCTL) 10065 58.00 58.74 01/07/14
PNB ILC/ FLC 7.00 6.65 01/07/14
Allahabad Term Loan A/c-1 15.93 16.06 01/07/14
Allahabad Term Loan(FITL) A/c-2 2.43 1.60 01/07/14

9. Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.

10. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.

11. Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;

12. In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.

13. In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

14. Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under Audit. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.

15. Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with it. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.

16. In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.

For K K. KABRA & Co.
CHARTERED ACCOUNTANTS
KAILASH K. KABRA
Place:- Jalgaon PROPRIETOR
Date:- 30/05/2017 F.NO. 104493-W