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CAPITAL TYRES & TUBES LIMITED
(Formerly known as CAPITAL AUTO TYRES PRIVATE LIMITED)

Registered Office:
15/1 J B B Road
Lucknow
UP,
India

1st Annual Report
64017-18

Board of Directors

Shri Amit Sharma                                  -           Director           
Shri Anup Ghose                                    -           Director
Shri Ramesh                                            -           Director

Registered Office:

15/1 J N N Road
Lucknow
UP
India


Bankers:

State Bank of India
14/5 L L Road
Lucknow
UP - 656565

STATUTORY AUDITORS:

Lala Sons & Associates
Chartered Accountants
1596/5 K N Road
Atul Street
Lucknow – 656564

NOTICE

Notice is hereby given that the 1st Annual General Meeting of the Company will be held on Thrusday the 14th June, 2017 at 11.00 A.M. at the Registered office of the Company, ______________________________________ to consider and if thought fit, to pass with or without modifications, the following resolutions.

ORDINARY BUSINESS:

1             To receive, consider and adopt the audited Balance Sheet of the Company as at 31st March 2017 and The Profit and Loss Account for the period ended on the said date, along with the Report of the Directors and Auditors thereon.

2             To appoint Auditors to hold office from the conclusion of the this Annual General Meeting till the conclusion of the next Annual General Meeting and to authorize the Board of Directors to fix their remuneration. M/s Lala Sons & Associates Chartered Accountants, Lucknow, retire and are eligible for re-appointment.

Note:

1      A Member who is entitled to attend and vote at the meeting is entitled to appoint proxy to attend and vote instead and such proxy need not be a member of the Company. Proxy in order to be effective must be deposited with the Company not less than 48 hours before the meeting.

Date: Lucknow                                                                       By the order of the Board
Place: 07th May, 2017
                                                                                                       
         Amit Sharma
                                                                                                            Director

DIRECTORS’ REPORT


Your Directors have pleasure in presenting the 1st Annual Report and Audited Accounts of the Company for the year ended 31st March, 2017.

Your Company is Registered in West Bengal State with Registrar of Companies having Certificate of Incorporation with Corporate Identity No.U454490UP455PDC123454.

There were no transactions transacted during the period under review.

REVIEW OF OPERATIONS

As there were no operations carried out during the period under review, no comments can be made for the same.

EXPANSION/ IMPROVEMENTS

Not Applicable

QUALITY MANAGEMENT SYSTEM

Not Applicable

DIRECTORS

During the year under review no Additional Directors were appointed.

AUDITORS  

M/s. Lala sons & Associates., Chartered Accountants, Mysore, auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting and have expressed their willingness to act as auditors of the Company, if appointed, and have further confirmed that the said appointment would be in conformity with the provisions of Section 224(1B) of the Companies Act. The observations of the Auditors in their Report on Accounts read with the relevant notes are self-explanatory.
FIXED DEPOSITS
During the year under review, your Company has neither invited nor accepted any deposits from the public.

PARTICULARS OF EMPLOYMENT

As required under the provisions of Sec. 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended, regarding employees we report that:
i)              Expenditure incurred on employees who are in receipt of remuneration of not less than Rs. 24,00,000/- per annum in aggregate – Number of Employees – NIL

ii)             Expenditure incurred on employees who are in receipt of remuneration of not less than Rs. 2,00,000/- per month during part of the year – Number of Employees - NIL

CONSERVATION OF ENERGY

As the company has no production, this is not applicable

TECHNOLOGY ABSORPTION – RESEARCH & DEVELOPMENT
As the company has no production, this is not applicable

FOREIGN EXCHANGE EARNING & OUTGO
As the company has no transaction/ business during the year hence it is not applicable

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Sec. 217 (2AA) of the Companies Act, 1956, with respect to Director’s Responsibility Statement, it is hereby confirmed:

(i)             That in the preparation of the accounts for the financial year ended 31st March, 2017 the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii)            That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the period under review;

(iii)           That the Directors 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;

(iv)           That the Directors have prepared the accounts for the financial year ended 31st March, 2017 on a ‘going concern’ basis.

SECRETARIAL COMPLIANCE

As per Section 383A of the Companies Act, 1956 the Company has complied all the relevant laws with respect to Secretarial Compliance.

ACKNOWLEDGMENT

Your Directors acknowledge the continued support and co-operation from the Banks, and Government Authorities during the year under review.  Further your Directors thank the Shareholders for their continued confidence in the Company. 

                                   
           On behalf of the Board of Directors



Place: Lucknow                                                         Amit Sharma                    Anup Ghose

Date: 07th May, 2017                                                      Director                              Director       





REPORT OF THE AUDITORS TO THE SHAREHOLDRS OF
                        CAPITAL TYRES & TUBES LIMITED
(Formerly known as CAPITALAUTO TYRES PRIVATE LIMITED)

  1. I have audited the attached Balance Sheet CAPITAL Tyres & Tubes Limited, as at March 31, 2017, and the Profit and Loss Account for the year ended on that date annexed thereto, which I have signed under reference to this report. These financial statements are the responsibility of the Companies management. My responsibility is to express an opinion on these financial statements based on my audit.

  1. I conducted my audit in accordance with the auditing standards generally accepted in India. Those Standards require that 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 amount 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. I believe that my audit provides a reasonable basis for my opinion.

  1. As required by the Companies (Auditor's Report) Order, 2003 and as amended by the Companies (Auditors Report) (Amendment) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956 of India (the Act) and on the basis of such checks of books and records of the company as I considered appropriate and according to the information and explanations given to us, I comment that as the Company has not commenced any business activity the report on the same is not applicable.

  1. Further to my comments in paragraph 3 above, I report that:

i)              I have obtained all the information and explanations, which to the best of my knowledge and belief were necessary for the purposes of my audit;

ii)             In my opinion, proper books of account as required by law have been kept by the company so far as appears from my examination of those books;

iii)            The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books of accounts;

iv)            In my opinion, the Balance Sheet  and  Profit and Loss Account referred to in this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act;

v)             On the basis of written representations received from the directors, as on March 31, 2012 and taken on record by the Board of Directors, I report that none of the directors is disqualified as on March 31, 2011 from being appointed as director in terms of clause (g) of sub- section (1) of section 274 of the Act;

vi)            In my opinion and to the best of my information and according to the explanations given to us, the said financial statements together with notes thereon and attached thereto gives in 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 March 31, 2012;
b)     in the case of the Profit and Loss Account, of the Loss for the year ended March 31, 2012.

                                                                                         As per my report on even date
                                                                                             Lala Sons & Addociates
                                                                                             Chartered Accountants



Place: Mysore                                                                           Lala Lajtat Rao
Date: 07th May, 2017                                                                     (Proprietor)
                                                                                                Membership No. 125521



CAPITAL TYRES & TUBES LIMITED

Balance Sheet as at March 31, 2017

Particulars

Note No.
Amount (Rs.)
March 31, 2017
March 31, 2016

I























II



1.










2.

Equities & Liabilities


1. Shareholders Fund
a)     Share Capital
b)     Reserves and Surplus
c)     Money Received against Share Warrant

2. Share Application Money Pending Allotment

3. Non Current Liabilities
a)     Long Term Borrowing
b)     Deferred Tax Liabilities (Net)
c)     Other Long Term Liabilities
d)     Long Term Provisions

4. Current Liabilities
a)     Short Term Borrowing
b)     Trade Payables
c)     Other Current Liabilities
d)     Short Term Provisions



Assets


Non Current assets

(a). Fixed Assets
     (i) Tangible Assets
     (ii) Intangible Assets
    (iii) Capital Work-in-Progress
    (iv) Intangible Asset Under Development

(b). Non-Current Investment
(c). Deferred Tax Asset (Net)
(d). Long Term Loans and Advances
(e). Other Non-Current Assets

Current Assets
(a). Current Investments
(b). Inventories
(c). Trade Receivables
(d). Cash & Cash Equivalents
(e). Short Term Loans & Advances
(f). Other Current Assets



Significant Accounting Policies and Notes to Account



1
2













3















4
5





6





8



5,00,000
(1,600)
-

-
-

-
-
-
-


-
-
23,870
-
------------------
5,22,270
=========





-
-
-
-

-
-
4,99,400
22,270


-
-
-
600
-
-
------------------
5,22,270
=========




-
-
-

-
-

-
-
-
-


-
-
-
-
------------------
-
=========





-
-
-
-

-
-
-
-


-
-
-
-
-
-
------------------
-
=========
Notes referred to above form an integral part of the Balance Sheet

As per my Report of even date attached              

For Lala & sons Associates                                                                  For and on behalf of the Board

Chartered Accountant


Lala Lajpat Rao                                                                       Amit Sharma                   Anup Ghose

Proprietor                                                                                  Director                                Director

Place: Lucknow                                                                         Place: Lucknow
Date: 07th May, 2017

CAPITAL TYRES & TUBES LIMITED

Profit & Loss Account for the year ended March 31, 2017

Particulars

Note No.
Amount (Rs.)
March 31, 2017
March 31, 2016

I


II

III


IV










V


VI

VII

VIII

IX

X



XI

XII

XIII

XIV


XV

XVI

Revenue from Operations


Other Income

Total Revenue ( I + II)

 

 

Expenses

1. Cost of Materials Consumed
2. Purchase of Stock-in-Trade
3. Changes in inventories
4. Employee Benefit Expenses
5. Finance Cost
6. Depreciation
7. Other Expenses

Total Expenses

Profit/ (Loss) before exceptional and extraordinary items & Tax (III – IV)

Exceptional Item

Profit/ (Loss) before extraordinary items & Tax (V – VI)

Extraordinary Item

Profit/ (Loss) before Tax (VII – VIIII)

Tax Expenses
(1)   Current Tax
(2)   Deferred Tax

Profit/ (Loss) for the period from continuing operations

Profit/ (Loss) from discontinuing operations

Tax expenses of discontinuing operations

Profit/ (Loss) from discontinuing operations after tax (XII-XIII)

Profit/(Loss) for the period (XI + XIV)

Earnings per Equity Share
(1)   Basic
(2)   Diluted

Significant Accounting Policies and Notes to Account














7

































7
-

-
----------------
-
========


-
-
-
-
-
-
1,600
-----------------
1,600
-----------------

(1,600)

-
-----------------
(1,600)
-----------------
-
-----------------
(1,600)
-----------------

-
-
-----------------
(1,600)
-----------------
-

-

-----------------
-
-----------------
(1,600)
=========

(0.16)
(0.16)


-

-
----------------
-
========


-
-
-
-
-
-
-
--------------
-
--------------

-

-
---------------
-
---------------
-
-----------------
-
-----------------

-
-
-----------------
-
-----------------
-

-

-----------------
-
-----------------
-
=========

-
-
Note referred to above form an integral part of the Profit & Loss Account

As per my Report of even date attached              

For Lala & sons Associates                                                                  For and on behalf of the Board

Chartered Accountant


Lala Lajpat Rao                                                                       Amit Sharma                   Anup Ghose

Proprietor                                                                                  Director                                Director
Place: Lucknow                                                                         Place: Lucknow
Date: 07th May, 2017

CAPITAL TYRES & TUBES LIMITED



NOTES FORMING PART OF THE ACCOUNTS
Amount (Rs.)
March 31, 2017
March 31, 2016

NOTE 1


SHARE CAPITAL
Authorized (50,000 Equity Shares of Rs. 10 each)

Issued, Subscribed & Paid up (50,000 Equity Shares of Rs. 10 each)

NOTE 2


RESERVES AND SURPLUS
a.    Reserves
Opening Balance
(+) Transfer from surplus
(-) Transfer to surplus
Closing Balance Reserves (a)

b.    Surplus
Opening Balance
(+) Net Profit/ (-) Net Loss For the Current Year
(+) Transfer From / (-) to Reserves
(-) Proposed Dividend
(-) Interim Dividend
Closing Balance Surplus (b)

Total Reserves & Surplus (a+b)

NOTE 3

OTHER CURRENT LIABILITIES

Advance from Dunlop India Limited

Audit Fees Payable

 

NOTE 4


LONG TERM LOANS & ADVANCES
Unsecured Loan
Loans and advances from Related Parties
Falcon Tyres Limited


NOTE 5

OTHER NON-CURRENT ASSETS
Miscellaneous Expenditure to the extent not written off or adjusted


NOTE 6

CASH & CASH EQUIVALENT
Cash in Hand



NOTE 7


OTHER EXPENSES
Audit Fee





5,00,000
---------------
5,00,000
========




-
-
-
-


-
 (1,600)
-
-
-
(1,600)
-----------------
(1,600)
=========


22,870
1,000
-----------------23,870
=========



4,99,400
-----------------4,99,400
=========


22,270
-----------------22,270
=========


600
-----------------600
=========


1,000
----------------
1,500
========




-
--------------
-
========




-
-
-
-


-
-
-
-
-
-
-----------------
-
=========


-
-
-----------------
-
=========



-
-----------------
-
=========


-
-----------------
-
=========


-
------------------
-
=========


-
----------------
-
========


NOTES FORMING PART OF ACCOUNTS

NOTE 8

A.         Significant accounting policies and notes to accounts


Basis of Preparation of Financial Statement

The financial statements are prepared in compliance with Indian Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis. The management evaluates all recently issued or revised accounting standards on an on going basis.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and the reported amounts of income and expenses during the same period.

Sales

Sales are accounted for on passing of title to the customers. Returns and rebates and discounts against goods sold are recognised as and when ascertained and deducted from sales. Sales include excise duty.

Export Benefits


Export benefits arising on account of entitlement for duty free imports are accounted for at the time of receipt of material. Other export benefits are accounted for as and when accrued.

Fixed Assets


Fixed Assets are stated at cost of acquisition / construction (net of CENVAT/VAT and other credits) or at revalued amount as the case may be and inclusive of incidental expenses, erection / commissioning expenses, revamping expenses, pre-operative expenses, interest, etc. upto the date the asset is put to use.

Investments

Long Term Investments are valued “at cost” except where there is a diminution in value, other than temporary, in which case, adequate provision is made against such shortfall.

Inventories

Inventories are valued at lower of cost or estimated net realisable value.

Expenditure


Expenses are accounted for on accrual basis and provisions and mad for all known losses and liabilities.


 

B. NOTES TO ACCOUNTS


a) Other Details

Particulars
UOM
March 31, 2017
March 31, 2016
Raw Material Consumed
Rs.
-
-
Stock of Finished Goods
Nos.
-
-
Production Capacity
Nos.
-
-
Sales
Nos.
-
-
Director’s Remuneration
Rs.
-
-

(b) Auditors’ Remuneration

The Auditors Remuneration comprises of the following:

Particulars
Amount (Rs.)
March 31, 2017
March 31, 2016
Statutory Audit Fees
1,000
-


As per my Report of even date attached              

For Lala & sons Associates                                                                  For and on behalf of the Board

Chartered Accountant


Lala Lajpat Rao                                                                       Amit Sharma                   Anup Ghose

Proprietor                                                                                  Director                                Director

Place: Lucknow                                                                         Place: Lucknow
Date: 07th May, 2017

BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE


I.    Registration Details:
a.    Registration No.                   - U450545UP4145IPL1321241    
b.    State Code              - 54
c.     Balance Sheet Date-            31-03-2017 (Day-Month-Year)

II. Capital Raised during the year:

Public Issue                  - Nil                                                      Right Issue                                - Nil
Bonus Issue                  - Nil                                                      Private Placement                      - Nil

III. Position of Mobilization & Deployment of Fund (Amount in Rs. Thousand):

Total Liabilities               - 522.27                                                Total Assets                              - 522.27

Equities & Liabilities (Amount in Rs. Thousand):
Paid up Capital                                                  - 500.00            Reserves & Surplus                    - (1.60)
Money Received against Share Warrant               - Nil                 
Share Application Money Pending Allotment        - Nil                 
Non Current Liabilities                                        - Nil                  Current Liabilities                       - 23.87


Assets (Amount in Rs. Thousand):
Fixed Assets                                                     - Nil                  Non-Current Investments - Nil
Deferred Tax Assets                                           - Nil                  Long Term Loans & Advances     - 499.40
Other Non-Current Assets                                   -  22.27             Current Assets                          - 0.60

IV. Performance of the Company (Amount in Rs. Thousand):
Revenue from Operations                                    - Nil                  Other Income                             - Nil
Expenses                                                          - 1.60                Exceptional Item                        - Nil
Extraordinary Item                                              - Nil                  Profit/ (Loss) before tax              - (1.60)
Tax Expenses                                                   - Nil                  Profit/ (Loss) after tax                 - (1.60)
Earnings/(Loss) Per Share in Rs-                        (0.16)                Dividend %                                - Nil

V. Generic Names of three principal products/ services of company (as per monetary term)
Not Applicable, as the Company is yet to commence any business.



As per my Report of even date attached              

For Lala & sons Associates                                                                  For and on behalf of the Board

Chartered Accountant


Lala Lajpat Rao                                                                       Amit Sharma                   Anup Ghose

Proprietor                                                                                  Director                                Director

Place: Lucknow                                                                         Place: Lucknow
Date: 07th May, 2017


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