Mar 31, 2023
DANLAW TECHNOLOGIES INDIA LIMITED
Report on the Audit of the IND AS Financial Statements
Opinion
We have audited the accompanying Ind AS financial statements of DANLAW TECHNOLOGIES INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that date, and a summary of the significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date
We conducted our audit of the Ind AS financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Information other than the Financial Statements and the Auditor''s Report thereon
The Company''s Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the Ind AS financial statements and our auditor''s report thereon.
Our opinion on the Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Ind AS financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Ind AS 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 of these Ind AS financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India. 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 judgments 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, Management and Board of Directors are responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management and Board of Directors.
⢠Conclude on the appropriateness of Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the Ind AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and whether the Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Ind AS financial statements for the financial year ended March 31, 2023 and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act based on our audit, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our 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 Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act, read with Companies (Indian accounting standards) Rules, 2015, as amended.
e) On the basis of the written representations received from the directors as on 31st March, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2022 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure Bâ to this report.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) 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 does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. a) The management has represented that, to the best of its knowledge and belief, no funds
have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v. No dividend has been declared or paid during the year by the Company
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.
for CSVR & ASSOCIATES CHARTERED ACCOUNTANTS Firm Regn. No. 012121S
Place: Hyderabad Date : 27.05.2023
Membership No.239608 UDIN: 23239608BGRMPA4447
Mar 31, 2018
Report on the Separate IND AS Financial Statements
We have audited the accompanying separate Ind AS financial statements of DANLAW TECHNOLOGIES INDIA LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Seperate Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these seperate Ind AS financial statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act.
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 judgments 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 separate Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these separate Ind AS 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 of the separate Ind AS financial statements 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 seperate Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the separate Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the separate Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the separate Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the separate Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the separate Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid separate Ind AS 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 including the Ind AS, of the financial position of the Company as at 31st March, 2018, its financial performance including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our 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 Statement of Profit and Loss, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid separate Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
g) With respect to the other matters to be included in the Auditorâs 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 does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE - A TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph 1 of Report on Other Legal and Regulatory Requirements, of our report of even date)
(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The fixed assets of the company have been physically verified by the management during the year as per a programme of verification, which in our opinion is reasonable having regard to the size of the company and the nature of its fixed assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
(ii) Physical verification of inventory has been conducted at reasonable intervals by the management and no material discrepancies were noticed.
(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. Accordingly, the provisions of paragraph 3 Clause (iii) of the Order are not applicable to this company.
(iv) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the company has not given any loans, investments, guarantees and security during the year as per the provisions of sections 185 and 186 of the Companies Act, 2013.
(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposits in terms of directives issued by Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under are not applicable.
(vi) The maintenance of cost records has not been prescribed by the Central Government under subsection (1) of section 148 of the Companies Act.
(vii) (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employeesâ state insurance, income tax, sales tax, gst, service tax, custom duty, excise duty, cess and other material statutory dues as applicable to it.
According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, service tax, sales tax, gst, customs duty, excise duty and cess were in arrears, wherever applicable, as at 31st March, 2018 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of sales tax, gst, income tax, customs duty, service tax, excise duty and cess which have not been deposited on account of any dispute.
(viii) The company has not availed any loans or borrowing from a financial institution or banks. Accordingly, paragraph 3 (viii) of the Order is not applicable.
(ix) The company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.
(x) To the best of our knowledge and according to the information and explanations given to us, no material fraud by the company or on the company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the company is not a nidhi company. Accordingly, paragraph 3 (xii) is not applicable.
(xiii) According to the information and explanations given to us and based on our examination of the records of the company, transactions with related parties are in compliance with section 177 and 188 of the Companies Act and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the company, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3 (xv) is not applicable.
(xvi) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE - B TO THE INDEPENDENT AUDITORâS REPORT Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of DANLAW TECHNOLOGIES INDIA LIMITED (âthe Companyâ) as of 31 March 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the separate Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of separate Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of separate Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the separate Ind AS financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Place: Hyderabad for CSVR & ASSOCIATES
Date: 30.05.2018 CHARTERED ACCOUNTANTS
Firm Regn. No. 012121S
(CA.VENKATESH G.)
PARTNER
Membership No.239608
Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying standalone financial statements of
M/s. Danlaw Technologies India Limited, ("the Company"), which comprise
the Balance Sheet as at 31st March, 2015, the Statement of Profit and
Loss and the Cash Flow Statement for the year then ended, and a summary
of the 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 with respect to the
preparation of these standalone 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 7of 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 judgments
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.
Auditors'Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit.
We have taken into account the provision 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
thereunder.
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
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the 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
assessment, the auditor considers the internal financial controls
relevant to the company's preparation of the financial statements that
gives a true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Directors, 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 on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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.
(a) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2015.
(b) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date and
(c) In the case of the cash Flow Statement, of the 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, 2015 (The
order) issued by the central government of India in terms of Sub
Section (11) of Section 143 of the Companies Act 2013, we give in the
annexure a statement on the matters specified in Paragraph 3 and 4 of
the said order.
2. As required bySection 143(3) of the Act, we report that:
(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 of our 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, Statement of Profit and Loss, and the cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 1 of Report on Other Legal and Regulatory
Requirements, of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the Management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
2. (a) The inventories of the company has been physically verified by
the management at regular intervals during the year.
(b) In our Opinion and according to the information and explanations
given to us, the procedures of physical Verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of records of stock, in our
opinion, the company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on such
physical of inventory as compared to the book records.
3. The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the companies Act. Accordingly, the sub-clauses
(a) and (b) are not applicable to the company.
4. In our opinion and according to information and explanations given
to us, there is adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory, fixed assets and for the sale of goods and services.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits in terms of
directives issued by Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under are applicable.
6. The maintenance of cost records has not been prescribed by the
central Government under subsection (1) of section 148 of the companies
Act.
7. (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employee's state insurance, income tax, sales tax, wealth tax, service
tax, custom duty, excise duty, cess and other material statutory dues
on applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2015 for a period of more than six months
from the date they became payable.
(b) According to the Information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute.
(c) According to information and explanation given to us, there were no
amounts which were required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
companies Act.
8. In our Opinion, the Accumulated losses of the company are not more
than fifty percent of its net worth. Further the company has not
incurred any cash losses for the financial year ended on that date and
also in theimmediatelyprecedingfinancialyear.
9. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to any financial
institution or bank.
10. According to the information and explanations given to us, the
company has not given any guarantees for the loans taken by others from
banks or financial institutions.
11. In our Opinion and according to the information and explanations
given to us and on an overall examination, the company has not availed
any term loan during the year under report.
12. To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the company has been
noticed or reported during the course of our audit.
Place: Hyderabad For RAMANA REDDY & ASSOCIATES
Date: 23.05.2015 CHARTERED ACCOUNTANTS
FRN: 003246S
(CA. RAMANA REDDY A.V.)
PARTNER
Membership No. 024329
Mar 31, 2014
We have audited the accompanying financial statements of M/s. Danlaw
Technologies India Limited, ("the Company"), which comprise the Balance
Sheet as at 31st March , 2014, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation 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 Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act) read with
General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
This responsibility includes the design, implementation and maintenance
of internal control 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the 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 the 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 the 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 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4 A) of section227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section227(3) of the Act, 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 purposes of our
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, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Act read with General
Circular 15/ 2013 dated 13 September 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013; and
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITORSÂ REPORT (Referred to in paragraph (1) of our
report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, during the year, the. company has not disposed off any
substantial part of its fixed assets so as to affect its going concern.
2. (a) The stock of goods of the company has been physically verified
by the management during the year, in our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stock followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
(c) On the basis of our examination of records of stock, in our
opinion, the company has maintained proper records of stock. The
discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
3. (a) The company has not granted any loans secured or unsecured to
companies, firms or other parties listed in the register maintained
u/s.301 of the Act.
(b) The company has not taken any interest free loans from companies,
firms or other parties listed in the register maintained u/s.301 of the
Act.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system with the size of
the company and the nature of its business, for the purchase of plant
and machinery, equipment and other and with regard to services
rendered. Further, on the basis of our examination and information and
according to the explanations given to us, we have neither come across
nor have we been informed of any instance of major weaknesses in the
aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered into the Register maintained under section 301
of Act, have been so entered.
(b) In our opinion, and according to the information and explanations
given to us, the company has made contracts or arrangements that need
to be entered in the register maintained under section 301 of the Act,
and exceeding the value of five lakh rupees in respect of each party
during the year. However, the terms and conditions are not prejudicial
to the interest of the company.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
to which the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
9. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund investor
education protection fund, employees'' state insurance, income tax,
sales tax, wealth tax, service tax, custom duty, excise duty, cess and
other material statutory dues as applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2014 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute.
10. The company has accumulated losses of Rs.835.54 Lakhs as on
31.03.2014 and it has not incurred any cash losses for the financial
year ended on that date and also in the immediately preceding financial
year.
11. The company has not defaulted in repayment of dues to any
financial institution, bank or debenture holders.
12. 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 a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to this
company.
14. In our opinion, the company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures, and other investments during the year and
timely entries have been made therein. Further, such securities have
been held by the company in its own name or are in the process of
transfer in its name except to the extent of exemption granted u/s.49
of the Act.
15. The company has not given guarantees for loans taken by others
from banks or financial institutions.
16. In our opinion and according to the information and explanations
given to us and on an overall examination, we report that the company
has not availed any term loan during the year under report.
17. Accordingly to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
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 Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. The company has not raised any money by public issue, during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
for RAMANA REDDY & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 003246S
(CA.RAMANA REDDY A.V.)
PARTNER
Membership No.024329
PLACE: HYDERABAD.
DATE: May 28,2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of M/s. Danlaw
Technologies India Limited, ("the Company"), which comprise the Balance
Sheet as at 31st March , 2013, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation 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 Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act). This
responsibility includes the design, implementation and maintenance of
internal control 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the 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 the 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. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the 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 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, 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 purposes of our
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, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2013
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO THE AUDITORS'' REPORT
( Referred to in paragraph (3) of our report of even date )
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, during the year, the. company has not disposed off any
substantial part of its fixed assets so as to affect its going concern.
2. (a) The stock of goods of the company has been physically verified
by the management during the year, in our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stock followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
(c) On the basis of our examination of records of stock, in our
opinion, the company has maintained proper records of stock. The
discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
3. (a) The company has not granted any loans secured or unsecured to
companies, firms or other parties listed in the register maintained
u/s.301 of the Act.
(b) The company has not taken any interest free loans from companies,
firms or other parties listed in the register maintained u/s.301 of the
Act.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system with the size of
the company and the nature of its business, for the purchase of plant
and machinery, equipment and other and with regard to services
rendered. Further, on the basis of our examination and information and
according to the explanations given to us, we have neither come across
nor have we been informed of any instance of major weaknesses in the
aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered into the Register maintained under section 301
of Act, have been so entered.
(b) In our opinion, and according to the information and explanations
given to us, the company has made contracts or arrangements that need
to be entered in the register maintained under section 301 of the Act,
and exceeding the value of five lakh rupees in respect of each party
during the year. However, the terms and conditions are not prejudicial
to the interest of the company.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
to which the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
9. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund investor
education protection fund, employees'' state insurance, income tax,
sales tax, wealth tax, service tax, custom duty, excise duty, cess and
other material statutory dues as applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2013 for a period of more than six months
from the date they became payable.
(c ) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute.
10. The company has accumulated losses of Rs.875.89 Lakhs as on
31.03.2013 and it has not incurred any cash losses for the financial
year ended on that date and also in the immediately preceding financial
year.
11. The company has not defaulted in repayment of dues to any financial
institution, bank or debenture holders.
12. 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 a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to this
company.
14. In our opinion, the company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures, and other investments during the year and
timely entries have been made therein. Further, such securities have
been held by the company in its own name or are in the process of
transfer in its name except to the extent of exemption granted u/s.49
of the Act.
15. The company has not given guarantees for loans taken by otters from
banks or financial institutions.
16. In our opinion and according to the. information and explanations
given to us and on an overall examination, we report that the company
has not availed any term loan during the year under report.
17. Accordingly to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
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 Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. The company has not raised any money by public issue, during the
year.
21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
for RAMANA REDDY & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 003246S
PLACE : HYDERABAD.
DATE : May 11,2013
(CA.RAMANA REDDY A.V.)
PARTNER
Membership No.024329
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. DANLAW
TECHNOLOGIES INDIA LIMITED as at 31st March, 2012, the Profit and Loss
Statement and also 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) Order, 2003 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 as we considered appropriate and according to the
information and explanations given to us, we set out in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance sheet, Profit and Loss Statement and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion to the best of our information and according to the
explanations given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Companies Act, 1956 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 31st March 2012;
(b) In the case of the Profit and Loss statement, of the Loss for the
year ended on that date; and
(c) In the cash of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORSÃ REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, during the year, the company has not disposed off any
substantial part of its fixed assets so as to affect its going concern.
2. (a) The stock of goods of the company has been physically verified
by the management during the year, in our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stock followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
(c) On the basis of our examination of records of stock, in our
opinion, the company has maintained proper records of stock. The
discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
3. (a) The company has not granted any loans secured or unsecured to
companies, firms or other parties listed in the register maintained
u/s.301 of the Act.
(b) The company has not taken any interest free loans from companies,
firms or other parties listed in the register maintained u/s.301 of the
Act.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system with the size of
the company and the nature of its business, for the purchase of plant
and machinery, equipment and other and with regard to services
rendered. Further, on the basis of our examination and information and
according to the explanations given to us, we have neither come across
nor have we been informed of any instance of major weaknesses in the
aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered into the Register maintained under section 301
of Act, have been so entered.
(b) In our opinion, and according to the information and explanations
given to us, the company has made contracts or arrangements that need
to be entered in the register maintained under section 301 of the Act,
and exceeding the value of five lakh rupees in respect of each party
during the year. However, the terms and conditions are not prejudicial
to the interest of the company.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
to which the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed there under
are applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
9. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund investor
education protection fund, employees' state insurance, income tax,
sales tax, wealth tax, service tax, custom duty, excise duty, cess and
other material statutory dues as applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2012 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute.
10. The company has accumulated losses of Rs.1,001.59 lakhs as on
31.03.2012 and it has not incurred any cash losses for the financial
year ended on that date and also in the immediately preceding financial
year.
11. The company has not defaulted in repayment of dues to any
financial institution, bank or debenture holders.
12. 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 a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor's Report) Order, 2003 are not applicable to this
company.
14. In our opinion, the company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures, and other investments during the year and
timely entries have been made therein. Further, such securities have
been held by the company in its own name or are in the process of
transfer in its name except to the extent of exemption granted u/s.49
of the Act.
15. According to the information and explanations given to us, the
company has not given guarantee for loans taken by others from banks or
financial institutions.
16. In our opinion and according to the information and explanations
given to us and on an overall examination, we report that the company
has not availed any term loan during the year under report.
17. Accordingly to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
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 Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. The company has not raised any money by public issue, during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
for RAMANA REDDY & ASSOCIATES
PLACE : HYDERABAD. CHARTERED ACCOUNTANTS
DATE : June 25, 2012 FRN: 003246S
(CA.KISHORE KUMAR K.)
PARTNER
Membership No.215459
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s. DANLAW
TECHNOLOGIES INDIA LIMITED as at 31stMarch, 2011, the Profit and Loss
Account and also 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 (AuditorÃs Report) Order, 2003 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 as we considered appropriate and according to the
information and explanations given to us, we set out in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2011, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31stMarch 2011 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion to the best of our information and according to the
explanations given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Companies Act, 1956 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 31st March 2011;
(b) In the case of the Profit and Loss account, of the Loss for the
year ended on that date; and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, during the year, the company has not disposed off any
substantial part of its fixed assets so as to affect its going concern.
2. (a) The stock of goods of the company has been physically verified
by the management during the year,
in our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stock followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
(c) On the basis of our examination of records of stock, in our
opinion, the company has maintained proper records of stock. The
discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
3. (a) The company has not granted any loans secured or unsecured to
companies, firms or other parties listed in the register maintained
u/s.301 of the Act.
(b) The company has not taken any interest free loans from companies,
firms or other parties listed in the register maintained u/s.301 of the
Act.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system with the size of
the company and the nature of its business, for the purchase of plant
and machinery, equipment and other and with regard to services
rendered. Further, on the basis of our examination and information and
according to the explanations given to us, we have neither come across
nor have we been informed of any instance of major weaknesses in the
aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered into the Register maintained under section 301
of Act, have been so entered.
(b) In our opinion, and according to the information and explanations
given to us, the company has made contracts or arrangements that need
to be entered in the register maintained under section 301 of the Act,
and exceeding the value of five lakh rupees in respect of each party
during the year. However, the terms and conditions are not prejudicial
to the interest of the company.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
to which the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed thereunder
are applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
9. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund investor
education protection fund, employeesà state insurance, income tax,
sales tax, wealth tax, service tax, custom duty, excise duty, cess and
other material statutory dues as applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2011 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute.
10. The company has accumulated losses of Rs.976.25 lakhs as on
31.03.2011 and it has not incurred any cash losses for the financial
year ended on that date but incurred a cash loss of Rs.36.37 lakhs in
the immediately preceding financial year.
11. The company has not defaulted in repayment of dues to any
financial institution, bank or debenture holders.
12. 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 a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (AuditorÃs Report) Order, 2003 are not applicable to this
company.
14. In our opinion, the company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures, and other investments during the year and
timely entries have been made therein. Further, such securities have
been held by the company in its own name or are in the process of
transfer in its name except to the extent of exemption granted u/s.49
of the Act.
15. The company has given guarantees for loans taken by others from
banks or financial institutions, the terms and conditions, whereof, in
our opinion are not prima facie prejudicial to the interest of the
company.
16. In our opinion and according to the information and explanations
given to us and on an overall examination, we report that the company
has not availed any term loan during the year under report.
17. Accordingly to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
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 Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. The company has not raised any money by public issue, during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
for RAMANA REDDY & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 003246S
(CA. KISHORE KUMAR. K)
PARTNER
Membership No. 215459
PLACE : HYDERABAD.
DATE : July 20, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. DANLAW
TECHNOLOGIES INDIA LIMITED as at 31st March, 2010, the Profit and Loss
Account and also the Cash Flow Statement for the year ended on that
date annexed thereto. 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 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 (Auditors Report) Order, 2003 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 as we considered appropriate and according to the
information and explanations given to us, we set out in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 31st March, 2010, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2010 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion to the best of our information and according to the
explanations given to us, the said accounts together with the notes
thereon and attached thereto give in the prescribed manner the
information required by the Companies Act, 1956 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 31st March 2010;
(b) In the case of the Profit and Loss account, of the Loss for the
year ended on that date; and
(c) In the cash of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph (3) of our report of even date)
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed assets.
(b) The fixed assets of the company have been physically verified by
the management during the year as per a programme of verification,
which in our opinion is reasonable having regard to the size of the
company and the nature of its fixed assets. No material discrepancies
were noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, during the year, the company has not disposed off any
substantial part of its fixed assets so as to affect its going concern.
2. (a) The stock of goods of the company has been physically verified
by the management during the year, in our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of stock followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
(c) On the basis of our examination of records of stock, in our
opinion, the company has maintained proper records of stock. The
discrepancies noticed on physical verification between the physical
stocks and the book records were not material.
3. (a) The company has not granted any loans secured or unsecured to
companies, firms or other parties listed in the register maintained u/
s.301 of the Act.
(b) The company has not taken any interest free loans from companies,
firms or other parties listed in the register maintained u/ s.301 of
the Act.
4. In our opinion and according to the information and explanations
given to us, there is adequate internal control system with the size of
the company and the nature of its business, for the purchase of plant
and machinery, equipment and other and with regard to services
rendered. Further, on the basis of our examination and information and
according to the explanations given to us, we have neither come across
nor have we been informed of any instance of major weaknesses in the
aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
that need to be entered into the Register maintained under section 301
of Act, have been so entered.
(b) In our opinion, and according to the information and explanations
given to us, the company has made contracts or arrangements that need
to be entered in the register maintained under section 301 of the Act,
and exceeding the value of five lakh rupees in respect of each party
during the year. However, the terms and conditions are not prejudicial
to the interest of the company.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
to which the provisions of sections 58A, 58AA or any other relevant
provisions of the Companies Act, 1956 and the rules framed thereunder
are applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. The maintenance of cost records has not been prescribed by the
Central Government under clause (d) of sub-section (1) of section 209
of the Companies Act, 1956.
9. (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund investor
education protection fund, employees state insurance, income tax,
sales tax, wealth tax, service tax, custom duty, excise duty, cess and
other material statutory dues as applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty, excise duty and cess were in
arrears, as at 31st March, 2010 for a period of more than six months
from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, service
tax, excise duty and cess which have not been deposited on account of
any dispute.
10. The company has accumulated losses of Rs.947.10 lakhs as on
31.03.2010 and it has incurred cash loss of Rs.36.37 lakhs during the
financial year ended on that date and cash loss of Rs.1212.07 lakhs in
the immediately preceding financial year.
11. The company has not defaulted in repayment of dues to any
financial institution, bank or debenture holders.
12. 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 a nidhi mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to this
company.
14. In our opinion, the company has maintained proper records of
transactions and contracts relating to dealing or trading in shares,
securities, debentures, and other investments during the year and
timely entries have been made therein. Further, such securities have
been held by the company in its own name or are in the process of
transfer in its name except to the extent of exemption granted u/ s.49
of the Act.
15. The company has not given any guarantees for loans taken by others
from banks or financial institutions, the terms and conditions,
whereof, in our opinion are prima facie prejudicial to the interest of
the company.
16. In our opinion and according to the information and explanations
given to us and on an overall examination, we report that the company
has not availed any term loan during the year under report.
17. Accordingly to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
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 Act, 1956.
19. According to the information and explanations given to us, during
the period covered by our audit report, the company has not issued any
debentures.
20. The company has not raised any money by public issue, during the
year.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
for A.M.REDDY&CO.,
CHARTERED ACCOUNTANTS
FRN: 003246S
PLACE : HYDERABAD.
DATE: May 22,2010 (CA. KISHORE KUMAR. K)
PARTNER
Membership No. 215459
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