| We have audited the accompanying Financial Statements of TRIJAL
INDUSTRIES LIMITED ("The Company") which comprises the Balance
Sheet as on 31st March, 2014, the statement of Profit and Loss Account
and cash flow statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management's responsibility for Financial Statements
The company's Management is responsible for preparation of these
financial statements that give 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(3)(C) of the Companies Act, 1956 ( the "Act") and in
accordance with the accounting principles generally accepted in India.
The responsibility includes the design, implementation and maintenance
of the 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.
3. Auditors Responsibility
3.1 Our responsibility is to express an onion 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 statement are free
from material misstatement
3.2 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 judgement, 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. An Audit also includes evaluating the
appropriateness of accounting polices used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
3.3 We believe that the Audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
4. 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
generally accepted in India:
(a) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st march, 2014;
(b) In the case of the statement of Profit and Loss, of the Profit for
the year ended on that date; and
(c) In the case of the Cash Flow statement, of the Cash Flows for the
year ended on that date
5. Report on other Legal mandatory Regulatory Requirements
As required by Companies (Auditors Report) Order, 2003 issued by the
Central Government of India, in terms of section 227 (4A) of the
Companies Act, 1956, vide notification No.G.S.R-766 (E) dated 25
November, 2004 (CARO) and on the basis of such checks of the Books of
Accounts and records of the Company, as we considered appropriate and
according to the information and explanations given to us, we enclose
in the annexure a Statement on the matters specified in the said
order.
As required by Section 227(3) of the Act, we report that,
1. (a) We have 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, books of accounts as required by law have been
kept by the company, so far as, appears from our examination of the
books.
(c) The Balance Sheet and Profit & Loss Account dealt with by this
report are in agreement with books of accounts.
(d) In our opinion, the Balance sheet, Profit & Loss Account and Cash
Flow Statement, dealt with by this report comply with the Mandatory
Accounting Standards, to the extent applicable, specified by the
I.C.A.I. referred to in Sub Section (3) (c) of Section 211 of the
Companies Act, 1956
(e) On the basis of written representations received from the
Directors, as on 31st March, 2014, and taken on record by the Board of
Directors,
We report that none of the Directors of the Company is disqualified as
on 31st March, 2014, from being appointed as Director in terms of
clause (g) of sub-section (1) of section 274, of the Companies Act,
1956.
2. For Accounting for Taxes on Income as per Accounting Standard 22
issued by ICAI, Please refer to Item No. 2(e) of Notes on Account
forming Part of the Report.
Annexure to the Auditors Report referred to in our report of even
date:
1. (a) The Company has maintained proper records showing full
particulars including quantitative details of Fixed Assets and
situation of fixed assets.
(b) The company has physically verified Fixed Assets, at reasonable
intervals and no material discrepancies were noticed on such
verification.
(c) No substantial part of the Fixed Assets has been disposed off
during the year.
2. (a) The Inventory has been physically verified by the management at
reasonable intervals during the year.
(b) The procedure of physical verification of Inventory followed by
the management is reasonable and adequate in relation to the size of
the company and nature of its business.
(c) The Company is maintaining proper records of Inventory and the
discrepancies noticed on verification between the physical stock and
the book records were not material and the same have been properly
dealt with in the books of accounts.
3. The company has not taken / granted unsecured loans, to/ from
companies, firms or other parties listed in the register maintained
under section 301 of the Companies Act, 1956. Accordingly, provisions
of clause 4 (iii) (b) to (g) of the Order are not applicable.
4. In our opinion, and according to explanation given to us, there is
adequate Internal Control procedure commensurate with the size of the
Company and the nature of its business with regard to the purchase of
inventories, fixed assets and for the sale of goods and services.
There is no continuing failure to correct weakness in internal control
system.
5. According to the information and explanations given to us, we are
of the opinion that there are no transactions that need to be entered
in the register maintained under Section 301 of the Companies Act,
1956. Accordingly provisions of clause 4(v) (b) of the Order are not
applicable.
6. According to the information and explanation given to us, during
the year under review, the Company has not accepted any Deposits from
the Public and hence provisions of section 58A and 58AA of the
Companies Act, 1956 and Rules framed there under are not applicable.
7. According to information given to us, the company is in the process
of establishing Internal Audit system, commensurate with the size of
the company.
8. We have been informed that the maintenance of Cost Records has not
been prescribed by the Central Government under section 209(1) (d) of
the Companies Act, 1956 for any of the products of the company.
9. a) According to the records of the Company, Provident Fund,
Investor Education and Protect Fund, ESIC, Wealth Tax, Custom Duty,
Excise Duty, Cess, Income Tax, Service Tax etc. dues have been
regularly deposited, wherever applicable, during the period with the
appropriate authorities, for all undisputed statutory dues as
applicable.
(b) There are no disputed statutory liabilities during the period
covered under this Audit.
10. The Clause of accumulated losses etc. is not applicable to the
company.
11. We have observed that the company has not defaulted in repayment
of Dues to Bank or financial institution, since no loan has been
obtained from any Bank by the Company.
12. Company has not granted Loans & Advances on the basis of security
etc. hence no discrepancies thereof, arise.
13. The Provisions of Nidhi / Mutual benefit Fund/ Society etc. are
not applicable to the Company. Hence Clauses (a) to (d) are not
applicable.
14. Company has maintained proper records for Securities and
Debentures as required.
1. Company has not given any Guarantee for loans taken by others and
hence other provision are not applicable.
2. Company has not obtained any loan from Banks / Financial
Institution and hence application of loan for specific purpose clause
is not applicable.
3. Company has not used short term funds for long term investments.
4. No preferential Allotment of shares etc. has not been made by the
Company; hence other clauses are not applicable.
5. No Debentures are issued by the Company during the year under
audit.
6. The company has not raised money by Public issue, during the year
under audit.
7. According to the Explanation and Information given by the Company
and on checking we did not come across any instance of fraud on or by
the Company during the year 2013 - 2014.
For DAGDULAL K JAIN & CO.
CHARTERED ACCOUNTANTS.
Sd/-
D. K. Jain.
(Partner).
Membership no. 015929.
F.R.N. - 101995W
DATE: 30th MAY, 2014.
PLACE: Thane. |