2012-13

TARANG PROJECTS

&

CONSULTANT LIMITED

Annual Report 2012-13

Tarang Projects & Consultant Limited Annual Report 2012-13

1

DIRECTOR’S 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 2012-13 2011-12

Profit Before after Tax 423356 (3,38,108)

Less : Taxation - -

Profit After Tax 423356 (3,38,108)

Balance carried to balance sheet (2564447) (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.

DIRECTOR’S RESPNSIBILITY STATEMENT

Pursuant to the requirements u/s. 217(2AA) of the Companies Act, 1956, your Directors hereby state

and confirm that:

1. In preparation of the Annual Accounts, the applicable Accounting Standards have been

followed along with proper explanations relating to material departures, if any;

2. 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.

3. 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;

4. 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.


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AUDITOR’S REPORT

The comments in the Auditor’s 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


3

AUDITOR’S 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 Company’s 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 Director’s 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


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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

Deepak M Oza

Date : 07.09.2013 Proprietor

Place : Mumbai Membership No. 106993


5

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.


6

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

Deepak M Oza

Date : 07.09.2013 Proprietor

Place : Mumbai Membership No. 106993


7

As At As At

31-Mar-13 31-Mar-12

Amount in Rs. Amount in Rs.

I. EQUITY AND LIABILITIES

(1) Shareholders' funds

(a) Share capital 2 50,00,000 50,00,000

(b) Reserves and surplus - -

50,00,000 50,00,000

(2) Current liabilities

(a) Other current liabilities 3 32,22,953 49,64,910

32,22,953 49,64,910

TOTAL 82,22,953 99,64,910

II. ASSETS

(1) Non-current assets

(a) Fixed assets

(i) Tangible assets 6,99,017 7,92,599

(b) Non-current investments 4 23,50,380 23,50,380

(c) Long-term loans and advances 5 21,53,550 31,35,620

52,02,947 62,78,599

(2) Current assets

(a) Trade receivables - 6,35,841

(b) Cash and cash equivalents 4,55,559 62,667

4,55,559 6,98,508

(3) Profit and Loss Acccount 6 25,64,447 29,87,803

TOTAL 82,22,953 99,64,910

-

Summary of Significant accounting policies 1 - -

Notes forming part of the financial statements

As per our report of even date

For D.M.Oza and Associates

Chartered Accountants For and on behalf of the Board of Directors

Firm Registration No: 119407W

Deepak M.Oza

Proprietor Director Director

Membership No. 106993

Date: 07.09.2013

Tarang Projects & Consultant Limited

Balance Sheet As at 31st March, 2013

Particulars Notes


8

For the year ended For the year ended

31-Mar-13 31-Mar-12


INCOME 7

Fees Received -

Other Income 5,56,358 93,449

Total 5,56,358 93,449

EXPENDITURE

Employee Benefits Expenses 8 - 1,01,305

Finance Cost 9 - 1,38,752

Depreciation/Amortisation 93,582 1,06,400

Administrative and Other Expenses 10 39,420 85,100

Total 1,33,002 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 4,23,356 (3,38,108)

Taxation of Earlier Year - -

[Net Profit after tax from continuing & discontinuing operations]

Earnings per share [Equity Shares par value Rs.10 each] 0.85

Basic and Diluted Earnings per Share 0.85 -

Summary of Significant accounting policies

Notes forming part of the financial statements





Deepak M.Oza



Date: 07.09.2013

Tarang Projects & Consultant LimitedStatement of profit and loss account for the year ended 31st March, 2013

Particulars Note No


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1. Significant Accounting Policies

a. Accounting Conventions

b. Fixed Assets

Fixed Assets are stated on cost less depreciation.

c. Depreciation

d. Valuation Of Investments

e. Retirement Benefits

f. Taxation

2: Share Capital

AS AT AS AT

31-Mar-13 31-Mar-12


Authorised

50,00,000 50,00,000

Issued, Subscribed and Paid up

50,00,000 50,00,000

Total 50,00,000 50,00,000

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.

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

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.

II. All Income & Expenditure items having material bearing on the financial statements are recognized on accrual

basis except material uncertainty.

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.

Liability on account of gratuity & other retirement benefits is accounted when paid.


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

Particulars

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

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


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AS AT AS AT AS AT AS AT

31-Mar-13 31-Mar-12 31-Mar-13 31-Mar-12

Madhu Khandelwal 8.30% 8.30% 41,500 41,500

R.R. Dal Mills Industries (P) Ltd 16.30% 16.30% 81,500 81,500

Vishwanath Finance Company (P) Ltd 7.00% 7.00% 35,000 35,000

b: Reconciliation of number of shares outstanding at the beginning and at the end of the reporting period

AS AT AS AT

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

AS AT AS AT

31-Mar-13 31-Mar-12


Sundry creditors 31,78,773 47,42,151

Other Liabilities & Provisions 44,180 2,22,759

Total 32,22,953 49,64,910

4: Non-current investments

AS AT AS AT

31-Mar-13 31-Mar-12


Investment in Shares 23,50,380 23,50,380

TOTAL 23,50,380 23,50,380

5: Long-term loans and advances

AS AT AS AT

31-Mar-13 31-Mar-12


(Unsecured, considered good)

LOANS

Advances recoverable in cash or in Kind or

for value to be received 20,44,175 18,16,787

Deposits 1,09,375 13,18,833

Total 21,53,550 31,35,620

Particulars

Particulars

a: Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

Equity shares

Equity shares

Particulars


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6: Profit & Loss Account

AS AT AS AT

31-Mar-13 31-Mar-12


Profit and Loss Account:

Opening Balance (29,87,803) (26,49,695)

Add: Profits for the year 4,23,356 (3,38,108)

Closing Balance (25,64,447) (29,87,803)

Taxation for Earlier Years -

Balance carried forward (25,64,447) (29,87,803)

7: Other Income


31-Mar-13 31-Mar-12


Dividend 30 49

Scrap Sales - 93,400

Interest Received on Security Deposit 5,56,328 -

Total 5,56,358 93,449


31-Mar-13 31-Mar-12


Salary & Bonus - 1,01,305

Total - 1,01,305


31-Mar-13 31-Mar-12


Interest on Loan - 1,38,752

Total - 1,38,752

Particulars

Particulars

8: Employee Benefit Expenses

9: Interest

Particulars

Particulars


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31-Mar-13 31-Mar-12


Advertising / Marketing - -

Repairs & Maintanance - -

Audit Fees 22,472 22,060

Vehicle Expenses - -

Telephone Expenses - 1,974

Miscellaneous Expenses 869 (6,604)

Taxation of Earlier Years - 67,670

Accounts W/off 16,079 -

39,420 85,100

14. Expenditure incurred in foreign currency is NIL.

17: Claim against the Company not acknowledge as debts : Rs.Nil

18: Earning Per Share:

31-03-2013 31-03-2012

0 5,00,000

0 -3,38,108

0.85 0.00 Basic & Diluted Earning Per Share ( In Rs.)

13. Provision for all known liabilities are adequate and are not in excess of the amount considered reasonably

necessary.

15. Additional information pursuant to part IV of the Schedule VI of Companies Act, 1956 are as per annexure

enclosed.

Average Number of Equity Shares outstanding

Net Profit After Tax for the Year ( In Rs.)

10: Administrative and Other Expenses

Particulars

16: As per AS-18, notified in the Companies (Accounting Standards) Rules 2006, there is no related party

transaction during the year.

Particulars

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.


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Deepak M.Oza



Date: 07.09.2013

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.


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If Undelivered, return to


B 38/3, MAHARAJA COLONY, MEHMOORGANJ

VARANASI - 221010

2012-13

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