| We have audited the accompanying financial statements of Transpek
Finance Limited, ("the Company"), which comprise the Balance Sheet as
at March 31, 2015, and the Profit and Loss Statement and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's 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 and presentation 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 the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgements and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring 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.
Auditor's 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 there under.
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
arefreefrom 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 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 entity's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by 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, of the state of affairs of the Company as
at 31 March 2015 and its loss and its cash flows for the year ended on
that date;
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2014 ("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 the paragraph 3 and 4 of the
Order, to the extent applicable.
2..AsrequiredbySectionl43(3)oftheAct,wereportthat:
(a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose so four 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 profit and loss statement and the cash flow
statement dealt with by this Report are in agreement with the books of
account;
(d) 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;
(e) On the basis of the written representations received from the
directors as on 31st March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
(f) With respect to the other matters to be included in the Auditor's
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-21 to the
financial statements;
ii; The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts;
iii; There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company;
Annexuretothe Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31st March 2015 On the basis of such checks as considered appropriate
and in terms of the information and explanations given to us, we state
as under:
1(a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets;
1(b) The Company has a regular programme of physical verification of
its fixed assets by which fixed assets are verified in a phased manner
during the year. In accordance with this programme, fixed assets were
verified during the year and no material discrepancies were noticed on
such verification. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and
the nature of its assets;
2(a) According to the information and explanations given to us, the
Company has no inventories, hence clause 2 (a), (b) and (c) of the
report are not applicable to it.
3(a) According to the information and explanations given to us, the
Company has granted loan to a company, covered in the register
maintained under section 189 of the Companies Act, 2013. Whose year end
balance was Rs.46.69 lacs.( p.y. Rs.46.69 lacs). The maximum amount
outstanding during the year was Rs.46.69 lacs.;
(b) The rate of interest and the other terms and conditions of loan
given by the Company secur secured or unsecured , are prima facie not
prejudicial to the interest of the Company.
(c) The receipt of the principal and interest amounts , where
receivable , are regular as stipul stipulated.
(d) The Company has not taken any Unsecured Loans from Companies
covered in the Regis Register maintained under section 189 of the
Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets and for sale of goods. We
have not observed any major weakness in the internal control system
during the course of the audit;
5 In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits and the compliance
with the provisions of sections 73 to 76 of the Companies Act, 2013 and
the rules framed there under for the deposits accepted is not
applicable to it;
6 The Central Government has not prescribed the maintenance of cost
records by the Company under section 148(1) of the Companies Act, 2013;
7(a) According to the information and explanations given to us and the
records examined by us, the Company is regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, employees' state insurance, income-tax, sales- tax, wealth-tax,
service tax, custom duty, excise-duty, value added tax, cess and other
statutory dues and there are no undisputed statutory dues outstanding
as at 31st March 2015, for a period of more than six months from the
date they became payable;
7(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs, wealth-tax, service tax,
excise duty, value added tax or cess that has not been deposited on
account of disputes except followings:
Name of the Nature of Amount Rs. Period to which
statue Dues the amount
The Interest Tax interest Tax 9,16,938 A.Y.1997 -98
Act,1974
Name of the Form where
statue dispute is
pending
The Interest Tax CIT (A )-IH,
Act,1974 Vadodara
7(c) According to the information and explanations given to us, no
amount is required to be transferred to investor education and
protection fund in accordance with the relevant provisions ofthe
Companies Act and rules made there under;
8 The Company has accumulated losses at the end of the financial year
and has incurred cash losses in the financial year and in the
immediately preceding financial year;
9 According to the information and explanations given to us, the
Company has not defaulted in repayment of any dues to financial
Institution or Bank;
10 In our opinion and according to the information and explanations
given to us, the Company has given corporate guarantees for loans taken
by a company (UEL), which ceased to be a subsidiary ofthe company
during the year w.e.f. 02.12.2014, from Bank of Baroda, Alkapuri,
Vadodara and the terms and conditions whereof are prima facie not
prejudicial to the interests ofthe company;
11 According to the information and explanations given to us, term
loans were applied for the purpose for which the loans were obtained;
12 According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
Forand on behalf of
Deepak Desai & Co.
Chartered Accountants FRN: 102229W
Deepak G. Desai
(Proprietor)
M. No: 33730
Vadodara
Date: 29th May, 2015
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