You are on page 1of 17

TARANG PROJECTS

&
CONSULTANT LIMITED

Annual Report 2012-13

Tarang Projects & Consultant Limited

Annual Report 2012-13

DIRECTORS REPORT
Dear Members,
Your Directors have great pleasure to present their Annual Report together with Audited Financial
Accounts for the year ended on 31st March, 2013
FINANCIAL HIGHLIGHTS
(In Rs.)
Particulars
Profit Before after Tax
Less : Taxation
Profit After Tax
Balance carried to balance sheet

2012-13
423356
423356
(2564447)

2011-12
(3,38,108)
(3,38,108)
(29,87,804)

OPERATIONS
During the year under report, the Company has made a profit of Rs. 423356/- as against loss of Rs.
338108/- in the previous year.
DIVIDEND
No dividend is declared or recommended by the Board of Directors of the Company during the year in
view of losses.
DIRECTORS RESPNSIBILITY STATEMENT
Pursuant to the requirements u/s. 217(2AA) of the Companies Act, 1956, your Directors hereby state
and confirm that:
1.
2.

3.

4.

In preparation of the Annual Accounts, the applicable Accounting Standards have been
followed along with proper explanations relating to material departures, if any;
They have selected the accounting policies and applied them consistently and made judgments
and estimates that are reasonable and prudent so as to give a true and fair view of the state of
the affairs of the Company at the end of the financial year under review and for profit of the
Company for the same period.
They have taken proper and sufficient care for the maintenance of adequate accounting records
in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;
Annual Accounts are prepared on a going concern basis.

DIRECTORS
Directors who are retiring by rotation and being offer them self for re-appointment.
AUDITORS
M/s. D M Oza & Associates, Chartered Accountants, Statutory Auditors of the Company retire at the
conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company
has received a letter to the effect that their appointment, if made, would be within the prescribed
limits under Section 224(1-B) of the Companies Act, 1956.

Tarang Projects & Consultant Limited

Annual Report 2012-13

AUDITORS REPORT
The comments in the Auditors Report with Notes of Accounts and Schedules are self explanatory.
PUBLIC DEPOSITS
During the year, the Company has not accepted any public deposit u/s. 58A of the Companies Act,
1956 and the rules made there under.
PARTICULARS OF EMPLOYEES
The Company does not have any employee who is in receipt of remuneration aggregating to the sum
prescribed u/s. 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 as amended till date.
CORPORATE GOVERNANCE
Corporate Governance as per Clause 49 of the Listing Agreement is not applicable to the Company,
because paid up capital of Company less than 3 crores.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS &
EXPENDITURE
The Company has no activities relating to conservation of energy and technology absorption. There
are no foreign exchange transactions during the year.
LISTING
The Equity Shares of the Company is listed at the U.P. Stock Exchange Limited.
ACKNOWLEDGEMENTS
Your Directors take opportunities to show gratitude towards the assistance and co-operation received
from Banks and other Agencies and Shareholders resulting in improved performance during the year
under review. Your Directors further appreciate the entire work force for their efforts and teamwork.
By order of the board
For Tarang Projects & Consutant Limited

Director

Director

Place: Mumbai
Date: September 07, 2013

Tarang Projects & Consultant Limited

Annual Report 2012-13

AUDITORS REPORT
To,
The Members of
TARANG PROJECTS AND CONSULTANT LIMITED
1.

We have audited the attached Balance Sheet of M/s. TARANG PROJECTS AND CONSULTANT
LIMITED as at 31st March, 2013 and also the Profit and Loss Account of the Company for the
Year ended on that date annexed there to. The preparation of these financial statements are the
responsibility of the Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.

2.

We have 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 of the financial statement. We believe that our audit provides a reasonable basis
for our opinion.

3.

As required by the Companies (Auditors Report) Order 2003 issued by the Central Government
of India in terms of Section 227(4A) of the Companies Act, 1956. We enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said order in so far as they are
applicable to the company.

4.

Further to our comments in the Annexure referred referred to above, we expect that:
i.

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.

ii.

In our opinion, proper books of accounts are required by the law have been kept by the
company, so far as appears from our examination of the books.

iii.

The Balance Sheet and Profit and Loss Account dealt with by this report are in
agreement with the books of account.

iv.

In our opinion, the Balance Sheet and Profit & Loss Account dealt with the report
comply with the mandatory Accounting Standards referred to in sub-section (3C) of
Section 211 of the Companies Act, 1956.

v.

On the basis of the written representation received from the Directors and taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March,
2013 from being appointed as a directors in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956.

Subject to the matter referred to in paragraph 3 above, in our opinion and to our best of our
information and according to the explanation given to us, the Profit & Loss A/c. and Balance Sheet
read together with other notes thereon gives in the prescribed manner, the information required by

Tarang Projects & Consultant Limited

Annual Report 2012-13

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 case of Balance Sheet, the state of affairs of the Company as at 31st March, 2013.
(ii) In the case of the Profit and Loss Account, of the Profit of the company for the year ended
31st March, 2013.
(iii) In the case of the Cash Flow Statement, of the cash flow for the year ended on that date.

For D M Oza & Associates


Chartered Accountants

Date : 07.09.2013
Place : Mumbai

Deepak M Oza
Proprietor
Membership No. 106993

Tarang Projects & Consultant Limited

Annual Report 2012-13

Annexure to the Auditors report of the even date to the members:


i)

a) The company has maintained proper records to show full particulars and situation of its
fixed assets.
b) The fixed assets have been physically verified by the management during the year as per
their regular programme of verification which, in our opinion, is reasonable having regard to
the size of the company and the nature of the assets. No material discrepancy were noticed on
such verification.
c) The assets disposed off during the year are not significant and therefore do not affected the
going concern assumption.

ii)

Since the company is a Non-banking Financial Company, this clause is not applicable to the
company.

iii)

a) During the year the company has not taken loan from companies/firms or other parties
covered in the register maintained under Section 301 of the Companies Act, 1956. As such, this
clause is not applicable.
b) However the company had granted loans aggregating to Rs.7.66 lacs in earlier years.
Management of the company has informed us that they are taking the necessary steps for the
recovery of the outstanding dues.

iv)

In our opinion and according to the information and explanation given to us, there are
adequate internal control procedure commensurate with the size of the company and the
nature of its business, for the purpose of inventory and fixed asset and for the sale of inventory
whichever is applicable for it. During the course of audit, no major weakness has been noticed
in these internal controls.

v)

In our opinion and according to the information and explanations given to us there are no
transactions made in pursuance of contracts or arrangement entered into the register
maintained under section of the Companies Act, 1956 and exceeding the value of Rs. five lacs in
respect of any party during the year.

vi)

The provision of the Section 58A and 58AA of the Companies Act, 1956 and Companies
(Accepted of Deposit) Rules, 1975 with regard to acceptance of deposits from the public is not
applicable to the company.

vii)

In our opinion the company is not having an internal audit system commensurate with its size
and nature of the business.

viii)

Cost Audit is not applicable to the company.

ix)

a) The company is generally regular in depositing appropriate authorities statutory dues


including Provident Fund, ESI, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess and any other statutory dues to the extent applicable to it.
b) According to the information and explanation given to us, no undisputed amount is payable
in respect of income tax, wealth tax, sales tax, custom duty, and cess were in arrears as at 31st
March, 2013 for a period more than 6 months from the date they become payable.

Tarang Projects & Consultant Limited

Annual Report 2012-13

c) According to the information and explanations given to us, there are no dues of sales tax,
wealth tax, excise duty and cess to the extent which have not been deposited on account of any
dispute.
x)

The company has accumulated losses of Rs. 2564447/- at the end of the financial year.

xi)

According to the information and explanation given to us , the company has not taken any loan
from any financial institution, bank or debenture holders.

xii)

According to the information and explanation given to us, the company has not granted loans
and advances on the basis of security by way of pledge of shares, debenture and other security.

xiii)

The company is not a chit fund or Nidhi or Mutual Benefit Funds/ Society.

xiv)

a) According to the information and explanation given to us, the company is maintaining
proper records regarding transaction and contracts with timely entries.
b) The shares, securities, debentures and other securities, where ever applicable, have been
held by the company, in its own name except to the extent of the exemption, if any, granted
under Section 49 of the act.

xv)

According to the information and explanation given to us, and on overall examination of the
Balance Sheet of the company, we report that the company has not borrowed Term Loan
during the year not there was any outstanding as on 01-04-2013.

xvi)

According to the information and explanation given to us, and on overall examination of the
Balance Sheet of the company, we report that no funds raised on the short term is used for long
term basis and no long term funds are used for short term basis.

xvii)

The company has not made preferential allotment of shares during the year

xviii) According to the information and explanation given to us, we report that no debentures
allotted during the year by the company.
xix)

The company has not raised any money by public issues during the year.

xx)

Based on the audit procedures applied by us and according to the information and explanation
given to us, we report that no fraud on or by the company has been noticed or reported during
the course of our audit.

For D M Oza & Associates


Chartered Accountants

Date : 07.09.2013
Place : Mumbai

Deepak M Oza
Proprietor
Membership No. 106993
6

Tarang Projects & Consultant Limited

Annual Report 2012-13

Tarang Projects & Consultant Limited

Particulars

Balance Sheet As at 31st March, 2013


As At
Notes
31-Mar-13

As At
31-Mar-12

Amount in Rs.
I. EQUITY AND LIABILITIES
(1) Shareholders' funds
(a) Share capital
(b) Reserves and surplus

(2) Current liabilities


(a) Other current liabilities

50,00,000
50,00,000

50,00,000
50,00,000

32,22,953
32,22,953

49,64,910
49,64,910

82,22,953

99,64,910

6,99,017
23,50,380
21,53,550
52,02,947

7,92,599
23,50,380
31,35,620
62,78,599

4,55,559
4,55,559

6,35,841
62,667
6,98,508

25,64,447

29,87,803

82,22,953

99,64,910

TOTAL
II. ASSETS
(1) Non-current assets
(a) Fixed assets
(i) Tangible assets
(b) Non-current investments
(c) Long-term loans and advances

4
5

(2) Current assets


(a) Trade receivables
(b) Cash and cash equivalents

(3) Profit and Loss Acccount

TOTAL

Summary of Significant accounting policies


Notes forming part of the financial statements

As per our report of even date


For D.M.Oza and Associates
Chartered Accountants
Firm Registration No: 119407W

Deepak M.Oza
Proprietor
Membership No. 106993
Date: 07.09.2013

Amount in Rs.

For and on behalf of the Board of Directors

Director

Director

Tarang Projects & Consultant Limited

Annual Report 2012-13

Tarang Projects & Consultant Limited


Statement of profit and loss account for the year ended 31st March, 2013
Particulars

INCOME
Fees Received
Other Income

Note No

For the year ended

For the year ended

31-Mar-13

31-Mar-12

Amount in Rs.

Amount in Rs.

7
5,56,358
5,56,358

93,449
93,449

93,582
39,420
1,33,002

1,01,305
1,38,752
1,06,400
85,100
4,31,557

Profit/ (Loss) before Tax

4,23,356

(3,38,108)

Less : Provision for Taxation


- Current tax - Current Year
- Deferred tax liability
Net Profit / (loss) for the year
Taxation of Earlier Year
[Net Profit after tax from continuing & discontinuing operations]

4,23,356
-

(3,38,108)
-

Total
EXPENDITURE
Employee Benefits Expenses
Finance Cost
Depreciation/Amortisation
Administrative and Other Expenses
Total

8
9
10

Earnings per share [Equity Shares par value Rs.10 each]


Basic and Diluted Earnings per Share

0.85
0.85

Summary of Significant accounting policies


Notes forming part of the financial statements
As per our report of even date
For D.M.Oza and Associates
Chartered Accountants
Firm Registration No: 119407W

Deepak M.Oza
Proprietor
Membership No. 106993
Date: 07.09.2013

For and on behalf of the Board of Directors

Director

Director

Tarang Projects & Consultant Limited

Annual Report 2012-13

Tarang Projects & Consultant Limited


Notes to financial statements for the year ended 31st March 2013

1. Significant Accounting Policies


a. Accounting Conventions
I. The accompanying financial statements have been prepared under the historical cost convention in accordance
with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the
Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.
II. All Income & Expenditure items having material bearing on the financial statements are recognized on accrual
basis except material uncertainty.
b. Fixed Assets
Fixed Assets are stated on cost less depreciation.
c. Depreciation
Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV to
the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis
d. Valuation Of Investments
Long Term Investment is quoted at cost. No provision has been made for diminution in the value of the
investments as all the investments are long-term & in the opinion of the management diminution in the value of
the shares, if any, is not of a permanent nature hence no provision has been made for such diminution.
e. Retirement Benefits
Liability on account of gratuity & other retirement benefits is accounted when paid.
f. Taxation
The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act,
1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the
difference taxable income & accounting income that originate in one period and are capable of reversal in one or
more subsequent period.
2: Share Capital
Particulars

AS AT
31-Mar-13
Amount in Rs.

AS AT
31-Mar-12
Amount in Rs.

Authorised
5,00,000 [Previous year 5,00,000 ] Equity Shares of Rs 10/- each

50,00,000

50,00,000

Issued, Subscribed and Paid up


5,00,000 [Previous year 5,00,000 ] Equity Shares of Rs 10/- each

50,00,000

50,00,000

Total

50,00,000

50,00,000
9

Tarang Projects & Consultant Limited

Annual Report 2012-13

a: Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
AS AT
AS AT
AS AT
AS AT
Equity shares
31-Mar-13
31-Mar-12
31-Mar-13
31-Mar-12
Madhu Khandelwal
R.R. Dal Mills Industries (P) Ltd
Vishwanath Finance Company (P) Ltd

8.30%
16.30%
7.00%

8.30%
16.30%
7.00%

41,500
81,500
35,000

41,500
81,500
35,000

b: Reconciliation of number of shares outstanding at the beginning and at the end of the reporting period
AS AT
AS AT
Equity shares
31-Mar-13
31-Mar-12
No. of shares at the beginning of the year
5,00,000
5,00,000
Add: Issue of Shares during the year
No. of shares at the end of the year
5,00,000
5,00,000

3: Other Current Liabilities


Particulars

Sundry creditors
Other Liabilities & Provisions
Total

AS AT
31-Mar-13
Amount in Rs.

AS AT
31-Mar-12
Amount in Rs.

31,78,773
44,180

47,42,151
2,22,759

32,22,953

49,64,910

4: Non-current investments
Particulars

AS AT
31-Mar-13
Amount in Rs.
23,50,380
23,50,380

Investment in Shares
TOTAL

AS AT
31-Mar-12
Amount in Rs.
23,50,380
23,50,380

5: Long-term loans and advances


Particulars

(Unsecured, considered good)


LOANS
Advances recoverable in cash or in Kind or
for value to be received
Deposits
Total

AS AT
31-Mar-13
Amount in Rs.

AS AT
31-Mar-12
Amount in Rs.

20,44,175
1,09,375

18,16,787
13,18,833

21,53,550

31,35,620
10

Tarang Projects & Consultant Limited

Annual Report 2012-13

6: Profit & Loss Account


Particulars
Profit and Loss Account:
Opening Balance
Add: Profits for the year
Closing Balance
Taxation for Earlier Years
Balance carried forward

AS AT
31-Mar-13
Amount in Rs.
(29,87,803)
4,23,356
(25,64,447)
(25,64,447)

AS AT
31-Mar-12
Amount in Rs.
(26,49,695)
(3,38,108)
(29,87,803)
(29,87,803)

7: Other Income
For the year ended
31-Mar-13
Amount in Rs.

For the year ended


31-Mar-12
Amount in Rs.

Dividend
Scrap Sales
Interest Received on Security Deposit

30
5,56,328

49
93,400
-

Total

5,56,358

93,449

For the year ended


31-Mar-13

For the year ended


31-Mar-12

Amount in Rs.

Amount in Rs.

Particulars

8: Employee Benefit Expenses


Particulars

Salary & Bonus

1,01,305

Total

1,01,305

9: Interest
Particulars

For the year ended


31-Mar-13

For the year ended


31-Mar-12

Amount in Rs.

Amount in Rs.

Interest on Loan

1,38,752

Total

1,38,752

11

Tarang Projects & Consultant Limited

Annual Report 2012-13

10: Administrative and Other Expenses


Particulars

Advertising / Marketing
Repairs & Maintanance
Audit Fees
Vehicle Expenses
Telephone Expenses
Miscellaneous Expenses
Taxation of Earlier Years
Accounts W/off

For the year ended


31-Mar-13

For the year ended


31-Mar-12

Amount in Rs.

Amount in Rs.

22,472
869
16,079

22,060
1,974
(6,604)
67,670
-

39,420

85,100

11. There are no creditors as defined under the Micro, Small and Medium Enterprises Development Act, 2006.
12. In our opinion the current assets, Loans & Advances are approximately of the value stated, if realized in the
ordinary course of business. Investment is valued at cost of acquisition.
13. Provision for all known liabilities are adequate and are not in excess of the amount considered reasonably
necessary.
14. Expenditure incurred in foreign currency is NIL.
15. Additional information pursuant to part IV of the Schedule VI of Companies Act, 1956 are as per annexure
enclosed.
16: As per AS-18, notified in the Companies (Accounting Standards) Rules 2006, there is no related party
transaction during the year.
17: Claim against the Company not acknowledge as debts : Rs.Nil
18: Earning Per Share:
Particulars
Average Number of Equity Shares outstanding
Net Profit After Tax for the Year ( In Rs.)
Basic & Diluted Earning Per Share ( In Rs.)

31-03-2013
0
0
0.85

31-03-2012
5,00,000
-3,38,108
0.00

12

Tarang Projects & Consultant Limited

Annual Report 2012-13

19: The disclosure requirements under Part II of Schedule VI of the Companies Act, 1956 are given to the extent
applicable to the Company.
20: As the Company is not a manufacturing company, information required under Paragraphs 3 and 4 of Part II of
the Schedule VI of the Companies Act, 1956 is not given.
21: Previous year figures have been re-grouped and re-arranged if required making them comparable with current
year figures.
As per our report of even date
For D.M.Oza and Associates
Chartered Accountants
Firm Registration No: 119407W

Deepak M.Oza
Proprietor
Membership No. 106993
Date: 07.09.2013

For and on behalf of the Board of Directors

Director

Director

13

Tarang Projects & Consultant Limited

Annual Report 2012-13

NOTES
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
14

Tarang Projects & Consultant Limited

Annual Report 2012-13

_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
15

If Undelivered, return to
Tarang Projects & Consultant Limited
B 38/3, MAHARAJA COLONY, MEHMOORGANJ
VARANASI - 221010

You might also like