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Triveni Engineering and Industries Ltd.

BSE: 532356 Sector: Agri and agri inputs
NSE: TRIVENI ISIN Code: INE256C01024
BSE 15:49 | 27 Mar 2018 Triveni Engineering and Industries Ltd
NSE 05:30 | 01 Jan 1970 Triveni Engineering and Industries Ltd
OPEN 40.30
PREVIOUS CLOSE 40.55
VOLUME 346701
52-Week high 107.90
52-Week low 40.30
P/E 3.20
Mkt Cap.(Rs cr) 1,083
Buy Price 0.00
Buy Qty 0.00
Sell Price 42.00
Sell Qty 105.00
OPEN 40.30
CLOSE 40.55
VOLUME 346701
52-Week high 107.90
52-Week low 40.30
P/E 3.20
Mkt Cap.(Rs cr) 1,083
Buy Price 0.00
Buy Qty 0.00
Sell Price 42.00
Sell Qty 105.00

Triveni Engineering and Industries Ltd. (TRIVENI) - Auditors Report

Company auditors report

To the Members of

Triveni Engineering & Industries Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of TriveniEngineering & Industries Limited ("the Company") which comprise theBalance Sheet as at March 31 2015 the Statement of Profit and Loss the Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information in which are incorporated the returns for the year ended onthat date audited by the Branch Auditors of the Company’s Mysore Unit Water BusinessUnit Noida and Project Division Noida.

MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting 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 andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby this 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 31 March 2015 and its loss and its cash flows for the year ended on that date.

REPORT ON OTHERL EGAL AND REGULATORY REQUIREMENTS

1) As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order.

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 bestof 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 theCompany so far as it appears from our examination of those books & proper returnsadequate for the purpose of our audit have been received from Mysore Unit Water BusinessUnit Noida and Projects Division Noida of the Company not visited by us ;

c) the report on the accounts of the Mysore Unit Water Business Unit Noida andProjects Division Noida of the company audited under sub-section (8) of section 143 bythe branch auditors have been sent to us and have been properly dealt with by us inpreparing this report.

d) the balance sheet the statement of profit and loss and the cash flow statementdealt with in this report are in agreement with the books of account and with the returnsreceived from the Mysore Unit Water Business Unit Noida and Projects Division Noida ofthe Company not visited by us;

e) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

f) on the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section 164(2) of theAct;

g) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i) the Company has disclosed the impact of pending litigation on its financial positionin its financial statements. Refer Note No.32 of the financial statements;

ii) The Company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For J.C. Bhalla and Co.
Chartered Accountants
FRN : 001111N
Sudhir Mallick
Place : Noida (U.P.) Partner
Date : May 27 2015 Membership No. 80051

ANNEXURE TO INDEPENDENT AUDITOR’S REPORT

Referred to in paragraph 1 of the Independent Auditors’ Report of even date underthe heading "Report on Other Legal and Regulatory Requirements" to the membersof Triveni Engineering and Industries Limited on the standalone financial statements as ofand for the year March 31 2015.

We report that :

1) a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

b) Major items of fixed assets have been physically verified by the management duringthe year as per information given to us. As explained to us no material discrepancieswere noticed on such verification as compared to the book records. In our opinion thefrequency of verification is reasonable having regard to the size of the Company andnature of its activities.

2) a) Inventories have been physically verified by the Management to the extentpracticable at reasonable intervals during the year. In our opinion the frequency ofverification is reasonable.

b) According to information given to us the procedures for physical verification ofthe inventories followed by the management are reasonable and adequate in relation to thesize of the Company and nature of its business.

c) The Company is maintaining proper records of inventory. The discrepancies noticed onsuch verification as compared to the book records were not material having regard to thesize and nature of the operations of the Company and have been properly adjusted in thebooks of account.

3) The Company has not given any loan secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act. Accordinglyparagraphs 3 (iii) (a) and 3 (iii) (b) of the Companies (Auditor’s Report) Order2015 are not applicable to the Company.

4) According to the information and explanations given to us there are adequateinternal control procedures commensurate with the size of the Company and the nature ofits business for the purchase of inventory and fixed assets and for the sale of goods andservices. During the course of our audit we have not observed any continuing failure tocorrect major weaknesses in internal control system.

5) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 73 to 76 of the Act or any otherrelevant provisions of Act and the Companies (Acceptance of Deposits) Rules 2014 withregard to the deposits accepted from the public in the earlier period. As per theinformation and explanations given to us no order under the aforesaid sections has beenpassed by the Company Law Board or National Company Law Tribunal or Reserve Bank of Indiaor any court or any other Tribunal on the Company in respect of deposits accepted.

6) We have broadly reviewed the books of accounts maintained by the Company in respectof the products where pursuant to the rules made by the Central Government the maintenanceof cost records has been prescribed under Section 148 (1) of the Companies Act 2013 andare of the opinion that prima facie the prescribed accounts and records have beenmaintained. However we are not required to carry out and have not carried out a detailedexamination of the records with a view to determine whether they are accurate or complete.

7) a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund employees state insurance income taxsales tax wealth tax service tax custom duty value added tax excise duty cess andother statutory dues applicable to it. According to the information and explanations givento us no undisputed amounts payable in respect of aforesaid dues were in arrears as atMarch 31 2015 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 are no dues ofwealth tax custom duty and cess which have not been deposited on account of any dispute.Disputed income tax sales tax value added tax service tax and excise duty which havenot been deposited on account of matters pending before appropriate authorities are asunder:

S. No. Name of Statute Forum where dispute is pending Nature of dues Amount* (Rs. in lacs) Year
1 Income Tax Act 1961 Commissioner Income Tax (Appeal) Income Tax 1717.63 2004-05 2005-06 2006-07 & 2009-10
Assessing Authority Income Tax 117.73 2010-11
2 Central Sales Act & Sales / Trade Tax Acts of various states Assessing Authority Sales Tax 149.61 1991-92 1993-94 1994-95 1996-97 1997-98 2000-01
2002-03
Commissioner (Appeal) Sales Tax 37.74 1996-97 2008-09 to 2011-12
Penalty 52.20
Interest 74.24
Appellate Tribunal Sales Tax 4.01 1987-88 1994-95 1998-99 1999-00 2007-08
High Court Sales Tax 101.22 1993-94
Penalty 0.21 1994-95 1996-97 1999-00 2006-07 2007-08
3 Excise Act 1944 Commissioner (Appeal) Excise Duty Penalty 21.18 1994-95 1995-96 2007-08 to 2009-10 2011-12 to 2013-14
9.62
Appellate Tribunal Excise Duty Penalty 567.49 1995-96 1996-97 2003-04 2004-05 to 2006-07 2008-09 to 2013-14
390.07
High Court Excise Duty Penalty 234.56 1997-98 1998-99 1999-00 2003-04
12.90 2005-06 2007-08 to 2010-11
Supreme Court Excise Duty Penalty 1.70 2010-2011
1.73
4 The Finance Act 1994 Appellate Tribunal Service Tax Penalty 55.97 2004-05 2005-06 2007-08 to 2011-12
31.29
Commissioner (Appeal) Service Tax Penalty 1.15 2012-13 2013-14
0.02
5 UP Sugar Promotion Policy 2004 High Court Entry Tax 997.49 2006-07 to 2014-15
Sales Tax 36.24

* Net of amounts paid under protest or otherwise.

c) The amount required to be transferred to the Investor Education and Protection Fundin accordance with the relevant provisions of the Companies Act 1956 and rules madethereunder has been transferred to such fund within time.

8) In our opinion the accumulated losses of the Company are not more than fiftypercent of its net worth. The Company has incurred cash losses during the year and in theimmediately preceding financial year.

9) Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that the Company has not defaulted in repayment of duesto financial institutions banks or debenture holders during the year.

10) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

11) In our opinion the term loans raised during the year have been applied for thepurpose for which were raised.

12) During the course of our examination of the books of accounts and records carriedout in accordance with the generally accepted auditing practice and according to theinformation and explanations given to us no fraud on or by the company has been noticedor reported during the year.

For J.C. Bhalla and Co.
Chartered Accountants
FRN : 001111N
Sudhir Mallick
Place : Noida (U.P.) Partner
Date : May 27 2015 Membership No. 80051