TIME TECHNOPLAST LIMITED
ANNUAL REPORT 2011-2012
AUDITORS` REPORT
To,
The Members of
TIME TECHNOPLAST LIMITED
1. We have audited the attached Balance Sheet of TIME TECHNOPLAST LIMITED
as at 31st March, 2012, The Statement of Profit and Loss and the Cash Flow
Statement for the year ended on that date annexed thereto. These financial
statements are the responsibility of the Company`s management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
2. We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor`s Report) (Amendment) Order, 2003,
issued by the Central Government of India in terms of Sub-Section (4A) of
227 of the Companies Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraph 4 and 5 of the said order to the extent
applicable.
4. Further to our comments in the Annexure referred to above, 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 purpose of our audit.
b. In our opinion, proper 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, the Statement of Profit and Loss and 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 accounting standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956.
e. On the basis of the written representation received from the Directors
of the Company as at 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the Directors is disqualified from being
appointed as Directors under clause (g) of the Company sub-section (1) of
Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to the
explanation given to us, the said accounts read together with Significant
Accounting Policies and Notes to Accounts those appearing elsewhere in the
accounts, 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:-
i. in the case of the Balance Sheet of the state of affairs of the Company
as at March 31, 2012;
ii. in the case of the Statement of Profit and Loss, of the profit for the
year ended on that date; and
iii. in case of the Cash Flow Statement, of the cash flows for the year
ended on that date.
For RAMAN S. SHAH & ASSOCIATES
Chartered Accountants
(Registration No. 119891W)
Bharat C. Bhandari
Place: Mumbai Partner
Date : 26th May, 2012 Membership No. 106122
ANNEXURE TO THE AUDITOR`S REPORT
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDIT REPORT OF EVEN DATE TO THE
MEMBERS OF TIME TECHNOPLAST LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31st
MARCH, 2012.
1. In respect of its fixed assets:
(a) The company is maintaining proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) We were informed that during the year certain items of fixed assets
have been physically verified by the Management and there is a regular
programme of verification, which in our opinion, is reasonable, having
regard to the size of the company and the nature of the fixed assets. No
material discrepancies have been noticed in respect of the assets which
have been physically verified during the year.
(c) The Company has not disposed off substantial parts of fixed assets
during the year.
2. In respect of its Inventories:
(a) Physical verification of the inventories of the Company except
materials in transit and lying with third parties, has been conducted by
the management at reasonable intervals during the year. Materials lying
with third parties have been verified by the management with reference to
certificates obtained from them and/or other relevant documents.
(b) The procedures of the physical verification of stocks followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) The discrepancies between the physical stocks and book stocks which
were not material have been properly dealt with in the books of account.
3. According to the information and explanation given to us, the company
has not taken or granted any loans secured or unsecured from or to
companies, firms or other parties covered by the register maintained under
section 301, of the Companies Act, 1956 Consequently , clauses (iii)(a) to
(iii)(g) of paragraph 4 of the order are not applicable.
4. In our opinion and according to the information and explanations given
to us, having regard to the explanations that purchase of certain items of
fixed assets and inventory are of special nature for which suitable
alternative sources do not exist for obtaining comparative quotations,
there is an adequate internal control system commensurate with the size of
the Company and the nature of its business for the purchase of inventory
and fixed assets and for the sale of goods and services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, we have neither
come across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid internal control system.
5.(a) According to the information and explanation given to us, the
transactions that need to be entered in the register maintained under
section 301 of the Companies Act, 1956, have been so entered.
(b) According to the information and explanation given to us, the Company
has purchased and sold goods & obtained service in excess of Rs.5,00,000 in
value to companies in which Directors are interested as listed in the
Register maintained under section 301 of the Companies Act, 1956 and the
prices received are reasonable as compared to the prices of similar items
sold to other parties.
6. The Company has not accepted any deposits from the public within the
meaning of Section 58A and 58AA of Companies Act, 1956 and the rules framed
thereunder.
7. In our opinion, the Company has an adequate Internal audit system
commensurate with the size and nature of its business.
8. 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 accurate or
complete.
9.(a) The Company is regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees` State Insurance , Income Tax , Sales Tax, Service Tax, Customs
Duty, Excise Duty, Cess and other material statutory dues applicable to the
Company with the appropriate authorities . No undisputed amounts payable in
respect of the aforesaid statutory dues were outstanding as at the last day
of the financial year for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us , particulars
of outstanding dues of sales - tax, income - tax, wealth tax, service tax,
customs duty, excise duty and cess not deposited as they are disputed by
the Company, details are given below :
Forum where the Name of Statute (Rs. in Financial year to
Dispute is lacs) which amount
pending relates
Income Tax Appellate Income Tax Act 1961 1.95 2004-05
Tribunal - Mumbai
Income Tax Appellate Income Tax Act 1961 2.58 2004-05
Tribunal - Mumbai
Commissioner of Income Tax Act 1961 3.06 2004-05
Income Tax Appeal-
Mumbai
High Court, Hyderabad Sales Tax 2.95 2002-03
Central Excise and Central Excise 4.57 2002-2003
Service Tax Appellate Act 1944
Tribunal- Mumbai
Commissioner of Central Excise 3.77 2004-05 To
Central Excise- Act 1944 2006-07
Daman
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial year
covered by our audit and the immediately preceding financial year.
11. In our opinion and according to the information and explanations given
to us, the Company has not defaulted in repayment of the dues to financial
institutions, banks.
12. Based on our examination of records and the information and
explanations given to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares, debentures
and other securities.
13. In our opinion, the company is not a chit fund or nidhi/mutual benefit
fund/society. Therefore, the provisions of clause 4 (xiii) of the Companies
(Auditors Report) (Amendment) Order, 2003 are not applicable to the
Company.
14. In our opinion and according to information and explanation given to
us, the Company is not dealing in or trading in shares, securities,
debentures or other investments. Therefore, the provisions of clause 4
(xiv) of the Companies (Auditors Report) (Amendment) Order, 2003 are not
applicable to the Company.
15. In our opinion and according to the information and explanations given
to us, the terms and conditions on which the Company has given guarantees
for loans taken by subsidiaries and joint ventures company from banks or
financial institutions are not prejudicial to the interest of the Company.
16. In our opinion and according to information and explanations given to
us, on an overall basis, the term loans have been applied for the purposes
for which they were obtained.
17. According to the information and explanations given to us and on an
overall examination of the cash flow statement and Balance sheet of the
company, in our opinion, the funds raised on short term basis have not been
applied for long term purpose.
18. According to the information and explanations given to us, the Company
has not made any preferential allotment of shares to parties and companies
covered in the register maintained under section 301 of the Companies Act.
19. The Company has not issued debentures during the year.
20. The Company has allotted shares to employees under ESOP Scheme and not
raised any money by way of public issue during the year.
21. During the course of our examination of the books and records of the
Company, carried out in accordance with the generally accepted auditing
practices in India, and according to the information and explanation given
to us, we have neither come across any instance of fraud on or by the
Company, noticed or reported during the year, nor have we been informed of
any such case by the Management.
For RAMAN S. SHAH & ASSOCIATES
Chartered Accountants
(Registration No. 119891W)
Bharat C. Bhandari
Place: Mumbai Partner
Date : 26th May, 2012 Membership No. 106122 |