Mar 31, 2018
Report on Standalone Financial Statements
We have audited the accompanying Standalone Financial Statements of DHUNSERI INVESTMENTS LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, 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.
Managementâs Responsibility for the 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 Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; makingjudgments 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.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these Financial Statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We have 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 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 disclosures in the Financial Statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companyâs 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 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 accompanying 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 March 31, 2018;
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 (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Companies Act, 2013, we give in Annexure-A a statement on the matters specified in paragraphs 3 and 4 of the said Order.
2. As required by Section 143 (3) of the Act, 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, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account;
iv. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
v. On the basis of written representations received from the directors, as on 31st March, 2018 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms Section 164(2) of the Companies Act, 2013;
vi. 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; and
vii. With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11of 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:
a. The Company does not have any pending litigations as on balance sheet date which would impact its financial position,
b. The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses,
c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company, during the year ended March 31, 2018.
d. The disclosures regarding details of specified bank notes held and transacted during 8th November, 2016 to 30th December, 2016 has not been made since the requirement does not pertain to financial year ended 31st March, 2018.
Annexure-A to Independent Auditorsâ Report
Referred to in Paragraph 1 under the heading of âReport on Other Legal and Regulatory Requirementsâ of our report of even date
On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:
i) (a) The Company is maintaining proper records showing full particulars, including quantitative details & situation of Property, Plant and Equipments.
(b) The Property, Plant and Equipments of the Company have been physically verified by the management during the year and discrepancy noticed on such verification has been duly provided in the books of accounts.
(c) The title deeds of immovable properties are held in the name of the Company.
ii) According to the records of the Company examined by us and the information and explanations given to us, the Company does not hold any inventories. Thus, paragraph 3(ii) of the Order is not applicable to the Company.
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 Act. Consequently, clauses (iii) (a, b&c)of paragraph 3 of the Order are not applicable.
iv) The Company has not entered into loans, investments, guarantees, and security transactions falling within provisions of Section 185 and 186 of the Companies Act, 2013.
v) The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under.
vi) The Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013, for any of the services rendered by the Company. Accordingly paragraph 3(vi) of the Order is not applicable to it.
vii) (a) In our opinion, and according to the information and explanations given to us the Company is depositing undisputed statutory dues, including provident fund, employee state Insurance, income tax, sales tax, service tax, duty of customs, duty of excise, value added tax, goods and services tax, cess and any other statutory dues with appropriate authority.
(b) According to the information and explanations given to us, there are no dues of provident fund, employees state insurance, income tax, sales tax, service tax, goods and services tax, cess and any other statutory dues outstanding on account of any dispute.
viii) According to the records of the Company examined by us and the information and explanations given to us, there are no dues payable to any financial institutions or banks or debenture holders as at the balance sheet date.
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) According to the records of the Company examined by us and information and explanation given to us, any fraud by the company or any fraud on the Company by its officers or employees has not been noticed or reported during the year.
xi) Managerial remuneration has been paid in accordance with Section 197 read with Schedule V to Companies Act, 2013.
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) of the Order is not applicable.
xiii) All transactions with the related parties are in compliance with Sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
xiv) According to the information and explanations given to us, the company has not made preferential allotment of shares during the year under review; therefore, requirements of Section 42 of the Companies Act, 2013 are not applicable.
xv) According to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi) The Company has obtained registration as required under Section 45-IA of the Reserve Bank of India Act, 1934.
Annexure-B to the Independent Auditorsâ Report
Of even date on the Standalone Financial Statements of Dhunseri Investments Limited
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 DHUNSERI INVESTMENTS LIMITED (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone 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 âthe 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 Indiaâ. 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 Company''s 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 overfinancial 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 judgement, including the assessment of the risks of material misstatement of the 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 company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s 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 Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations 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 company''s assets that could have a material effect on the 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 overfinancial 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 March 31, 2018, based on âthe 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.â
Bipin Kumar Agarwala, FCA, PARTNER
(Membership No. 051635)
For and on behalf of
U.S. AGARWAL & ASSOCIATES
Place: Kolkata Chartered Accountants
Date: The 25th day of May, 2018 Firm Registration No.314213E
Mar 31, 2016
TO THE MEMBERS OF
DHUNSERI INVESTMENTS LIMITED
Report on Standalone Financial Statements
We have audited the accompanying Financial Statements of DHUNSERI INVESTMENTS LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2016, 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 in section 134(5) of the Companies Act, 2013 ("the Act") with respect to 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 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 have 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 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also Includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the accompanying 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 March 31, 2016;
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, 2016 ("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 Annexure-A a statement on the matters specified in paragraphs 3 and 4 of the said Order.
2. As required by section 143 (3) of the Act, 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, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.
IV. In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014
V. On the basis of written representations received from the directors, as on 31st March, 2016 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms section 164(2) of the Companies Act, 2013.
VI. 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 B"; and
VII 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 as on balance sheet date which would impact its financial position,
II. The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses,
III. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company, during the year ended March 31, 2016.
ANNEXURE - A TO INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date
On the basis of such checks as we considered appropriate and according to the information and explanation given to
us during the course of our audit, we report that :
i) (a) The Company is maintaining proper records showing full particulars, including quantitative details & situation of Fixed Assets.
(b) The Fixed Assets of the Company has been physically verified by the management during the year and no material discrepancy has been noted on such verification.
(c) The title deeds of immovable properties are held in the name of the company.
ii) According to the records of the Company examined by us and the information and explanations given to us, the Company does not hold any inventories. Thus, paragraph 3(ii) of the Order is not applicable to the Company.
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 Act. Consequently, clauses (iii) (a, b & c) of paragraph 3 of the Order are not applicable.
iv) The Company has not entered into loans, investments, guarantees, and security transactions falling within provisions of section 185 and 186 of the Companies Act, 2013.
v) The Company has not accepted any deposits from the public within the meaning of sections 73 to 76 or any other relevant, provisions of the Act and the rules framed there under.
vi) The Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013, for any of the services rendered by the Company. Accordingly paragraph 3(vi) of the Order is not applicable to it.
vii) (a) In our opinion, and according to the information and explanations given to us the company is depositing undisputed statutory dues, including Provident Fund, Employee State Insurance, Income Tax, Service Tax, Cess and any other statutory dues with appropriate authority.
(b) According to the information and explanations given to us, there are no dues of Sales tax, Income Tax, Custom Duty, Service Tax, Excise Duty, or Cess outstanding on account of any dispute.
viii) According to the records of the Company examined by us and the information and explanations given to us, there are no dues payable to any financial institutions or banks or debenture holders as at the balance sheet date.
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) According to the records of the Company examined by us and information and explanation given to us, any fraud by the company or any fraud on the Company by its officers or employees has not been noticed or reported during the year.
xi) Managerial remuneration has not been paid under section 197 read with Schedule V to Companies Act, 2013.
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) of the Order is not applicable.
xiii) All transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards.
xiv) According to the information and explanations given to us, the company has not made preferential allotment of shares during the year under review, therefore, requirements of section 42 of the Companies Act, 2013 are not applicable.
xv) According to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi) The Company has obtained registration as required under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE - B TO THE INDEPENDENT AUDITORS'' REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF DHUNSERI INVESTMENTS LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of DHUNSERI INVESTMENTS LIMITED ("the Company") as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s 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". 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 company''s 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s 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 "Guidance Note") 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 auditor''s judgment, including the assessment of the risks of material misstatement of the 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 Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s 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 financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the 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.
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 March 31, 2016, 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"
SUNIL OSWAL, FCA, Partner
Membership No. 071678
For and on behalf of
DHANDHANIA & ASSOCIATES
Place: Kolkata Chartered Accountants
Date: The 27th day of May, 2016 Firm Regn. No. 316052E
Mar 31, 2015
We have audited the accompanying financial statements of DHUNSERI
INVESTMENTS LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 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 in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation and presentation of these financial statements that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes the maintenance of adequate accounting records in
accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the 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 internal
financial control, 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 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 have 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 disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonabieness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the accompanying 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 March 31,2015;
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.
Emphasis of Matter
We draw attention to the following, in respect of which we have not
qualified our opinion :
a) The scheme of merger of Plenty Valley Intra Limited with the Company
w.e.f. appointed date 1st April, 2014 has
been approved by Hon'ble High Court at Calcutta and the figures for the
year in the financial statements after giving effect of merger of
Plenty Valley Intra Limited. (Refer Note No. 22)
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Companies Act, 2013. We enclose in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the said
Order.
2. As required by section 143(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 appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
statement dealt with by this report, are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
specified under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
(e) On the basis of written representations received from the
directors, as on 31st March, 2015 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2015 from being appointed as a director in terms section
164 (2) of the Companies Act, 2013.
(f) With respect to 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.
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that :
i) (a) The company is maintaining proper records showing full
particulars, including quantitative details and
situation of fixed assets.
(b) According to information and explanations given to us, in our
opinion the fixed assets have been physically verified by the
management at reasonable intervals.
ii) (a) As per information and explanation given to us and as certified
by management, the inventory of shares and
securities held in dematerialized form are verified with the Demat
Statement from time to time, and shares & securities which are in
physical form is verified with physical certificate held by the
company.
(b) In our opinion, the procedure of physical verification of inventory
of shares and securities followed by the Management is reasonable and
adequate in relation to the size of the company and the nature of its
business.
(c) In our opinion and on the basis of our examination of the inventory
records, the Company is maintaining proper records of inventory of
shares and securities and no discrepancy was noticed on such physical
verification.
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 Act. Consequently, clauses (iii) (a) and (b)
of paragraph 3 of the Order is not applicable.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for
purchase of shares, fixed assets and sale of shares, securities and
goods. Further, on the basis of our examination of the books and
records of the Company, and according to the information and
explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
v) In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from the public within
the meaning of sections 73 to 76 or any other relevant provisions of
the Act and the rules framed there under.
vi) The Central Government has not prescribed the maintenance of cost
records under Section 148(1) of the Companies Act, 2013, for any of the
services rendered by the Company. Accordingly paragraph 4(vi) of the
Order is not applicable to it.
vii) (a) As per the information and explanations given to us and the
records examined by us, the Company is generally regular in depositing
undisputed statutory dues including Provident Fund, Investor Education
and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax and
other material statutory dues applicable to it with appropriate
authorities.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess and other undisputed
statutory dues were outstanding at the year end, for a period more than
six months from the date they became payable.
(c) According to the information and explanations given to us, there is
no amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
viii) The Company does not have accumulated loss as at 31st March,
2015; The Company has not incurred cash loss in the current year as
well as in the immediately preceding year.
ix) According to the records of the Company examined by us and the
information and explanations given to us, there are no dues payable to
any financial institutions or banks or debenture holders as at the
balance sheet date.
x) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks and Financial Institutions during the year.
xi) According to the records of the Company examined by us and the
information and explanations given to us, the Company has not taken any
term loan from financial institutions and banks during the year.
Further, there is no outstanding term loan as at the Balance Sheet
date.
xii) 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 year.
SUNIL OSWAL, FCA, Partner
Membership No. 071678
For and on behalf of
DHANDHANIA & ASSOCIATES
Place : Kolkata Chartered Accountants
Date : The 13th day of August, 2015 Firm Regn. No. 316052E
Mar 31, 2014
We have audited the accompanying financial statements of DHUNSERI
INVESTMENTS LIMITED, (''the Company''), which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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 notified under the Companies Act, 1956 ("the
Act") read with General Circular 15/2013 dated September 13, 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
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 disclosures in the financial statements. The
procedures selected depend on the auditor''s judgement, including the
assessment of the risks of material misstatements of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion on the
effectiveness of the company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the said financial statements together with
notes thereon give the information required under the Companies Act,
1956 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India :
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Statement 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, 2003 ("the
Order"), as amended by the Companies (Auditor''s Report) (Amendment)
Order, 2004, issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, (hereinafter referred to as
the "Order") and on the basis of such checks of the books and records
of the Company as we considered appropriate and according to the
information and explanations given to us, 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 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 appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and 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 dealt with by this report comply the Accounting
Standards notified under the Companies Act, 1956 read with the General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs is respect of Section 133 of the Companies Act, 2013;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
ANNEXURETO INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
i. In respect of its fixed assets:
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situations of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals, and as certified to us, no material discrepancy
was noticed on such verification.
(c) In our opinion and according to the information and explanation
given to us, no substantial part of the fixed assets has been disposed
off by the management during the year.
ii. In respect of its inventories:
(a) The inventory of stores and spares has been physically verified by
the management at regular intervals.
(b) In our opinion, the procedures of physical verification of
inventory of stores and spares followed by the management are
reasonable and adequate in relation to the size of the Company and the
nature of its business.
(c) In our opinion and on the basis of our examination of the inventory
records, the Company is maintaining proper records of inventory of
stores and spares no discrepancy was noticed on such physical
verification.
iii. In respect of the loans, secured or unsecured, granted and / or
taken by the Company to and / or from companies, firms or other parties
covered in the register maintained under Section 301 of the Companies
Act, 1956 :
(a) The Company has not granted loan secured or unsecured to companies,
firms or other parties listed in the register maintained under Section
301 of the Act. Therefore, the provisions of the sub-clauses (b), (c) &
(d) of clause 4(iii) of the Order are not applicable to the Company.
(b) The Company has not taken unsecured loan from companies, firms or
other parties listed in the register maintained under Section 301 of
the Act. Therefore, the provisions of the sub-clauses (f) & (g) of
clause 4(iii) of the Order are not applicable to the Company.
iv. In our opinion and according to the 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 with regard
to purchase of shares, fixed assets and sale of shares, securities and
goods including job work. Further, on the basis of our examination of
the books and records of the Company, and according to the information
and explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weakness in the
aforesaid internal control system.
v. In respect of the contract or arrangements referred to in Section
301 of the Companies Act, 1956 :
In our opinion and according to the information and explanation given
to us, the Company has not entered into any contract or arrangements
referred to in Section 301 of the Act during the year. Hence, a comment
under clause v (a) and v (b) of the Order is not applicable.
vi. The Company has not accepted any deposit from public within the
meaning of Section 58A, 58AA or any other relevant provision of the Act
and the rules framed there under.
vii. In view of the adequacy of internal control systems commensurate
with the size of the Company and nature of its business, the Company
has no separate internal audit system.
viii. Maintenance of the cost records prescribed by Central Government
of India under clause (d) of sub-section (1) of Section 209 of the Act
is not applicable to the Company.
ix. In respect of statutory dues:
(a) According to the information and explanations given to us and the
records examined by us, the Company is generally regular in depositing
with the appropriate authorities undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Income Tax,
Sales Tax, Wealth Tax, Service Tax and other material statutory dues
applicable to it with appropriate authorities.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Sales Tax, Custom Duty, Excise Duty, Cess and other undisputed
statutory dues were outstanding, at the year end, for a period more
than six months from the date they became payable.
x. The Company does not have accumulated losses as at 31 st March,
2014. The Company has not incurred cash loss in the current financial
year as well as in the immediately preceding financial year.
xi. According to the records of the Company examined by us and the
information and explanations given to us, there are no dues payable to
Banks and Financial Institutions as at the Balance Sheet date.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
So paragraph 4(xii) of the Order is not applicable to the Company.
xiii. In our opinion, the Company is neither a chit fund nor a nidhi
mutual benefit fund/society. Therefore, the provisions of clause
4(xiii) of the Order are not applicable to the Company.
xiv. The Company has maintained proper records of transactions and
contracts entered into for purchase and investment in shares and
securities during the year and proper entries have been made therein
timely. All the shares and securities have been held by the Company in
its own name.
xv. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks and Financial Institutions during the year. xvi. In
our opinion, and according to the information and explanations given to
us, the Company has not availed any Term Loan during the year under
audit. There is no outstanding term loan at the end of the year.
xvii. On the basis of our overall examination of the Balance Sheet, the
funds raised on short-term basis have not been used for long-term
investments.
xviii. During the year under audit, 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.
xix. The Company has not issued any debentures and hence clause 4 (XIX)
of the Companies (Auditor''s Report) Order 2004 is not applicable to the
Company.
xx. The Company has not raised any money by public issues during the
year. So the paragraph 4(xx) of the Order is not applicable to the
Company.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported nor we have been
informed of such case by the management, during the year.
SUNIL OSWAL.FCA, Partner
Membership No. 071678
For and on behalf of
DHANDHANIA& ASSOCIATES
Place : Kolkata Chartered Accountants
Dated : 27th day of May, 2014 Firm Regn No. 316052E
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of DHUNSERI
INVESTMENTS LIMITED, "Dhunseri House," 4A, Woodburn Park, Kolkata-700
020 as at 31st March, 2013, which comprise the Balance Sheet as at
March 31, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
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
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 disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the aforesaid 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 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 said financial statements together with
notes thereon give the information required under the Companies Act,
1956 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India :
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement 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, 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 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 appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and 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 Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
ANNEXURETO INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even date
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
i. In respect of its fixed assets:
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situations of fixed assets.
(b) The fixed assets have been physically verified by the management at
reasonable intervals, and as certified to us, no material discrepancy
was noticed on such verification.
(c) In our opinion and according to the information and explanation
given to us, no substantial part of the fixed assets has been disposed
off by the management during the year.
ii. In respect of its inventories:
(a) The inventory of stores and spares has been physically verified by
the management at regular intervals.
(b) In our opinion, the procedures of physical verification of
inventory of stores and spares followed by the management is reasonable
and adequate in relation to the size of the Company and the nature of
its business.
(c) In our opinion and on the basis of our examination of the inventory
records, the Company is maintaining proper records of inventory of
stores and spares. No discrepancy was noticed on such physical
verification.
iii. In respect of the loans, secured or unsecured, granted and / or
taken by the Company to and / or from companies, firms or other parties
covered in the register maintained under Section 301 of the Companies
Act, 1956 :
(a) The Company has not granted loan secured or unsecured to companies,
firms or other parties listed in the register maintained under Section
301 of the Act. Therefore, the provisions of the sub-clauses (b), (c) &
(d) of clause 4(iii) of the Order are not applicable to the Company.
(b) The Company has not taken unsecured loan from companies, firms or
other parties listed in the register maintained under Section 301 of
the Act. Therefore, the provisions of the sub-clauses (f) & (g) of
clause 4(iii) of the Order are not applicable to the Company.
iv. In our opinion and according to the 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 with regard
to purchase of shares, fixed assets and sale of shares, securities and
goods including job work. Further, on the basis of our examination of
the books and records of the Company, and according to the information
and explanations given to us, we have neither come across nor have been
informed of any continuing failure to correct major weakness in the
aforesaid internal control system.
v. In respect of the contract or arrangements referred to in Section
301 of the Companies Act, 1956 :
In our opinion and according to the information and explanation given
to us, the Company has not entered into any contract or arrangements
referred to in Section 301 of the Act during the year. Hence, a comment
under clause v (a) and v (b) of the Order is not applicable.
vi. The Company has not accepted any deposit from public within the
meaning of Section 58A, 58AA or any other relevant provision of the Act
and the rules framed there under.
vii. In view of the adequacy of internal control systems commensurate
with the size of the Company and nature of its business, the Company
has no separate internal audit system.
viii. Maintenance of the cost records prescribed by Central Government
of India under clause (d) of sub-section (1) of Section 209 of the Act
is not applicable to the Company.
ix. In respect of statutory dues:
(a) According to the information and explanations given to us and the
records examined by us, the Company is generally regular in depositing
with the appropriate authorities undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Income Tax,
Sales Tax, Wealth Tax, Service Tax and other material statutory dues
applicable to it with appropriate authorities.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Income Tax, Wealth Tax, Service Tax,
Sales Tax, Custom Duty, Excise Duty, Cess and other undisputed
statutory dues were outstanding, at the year end, for a period more
than six months from the date they became payable.
x. The Company does not have accumulated losses as at 31 st March,
2013. The Company has not incurred cash loss in the current financial
year as well as in the immediately preceding financial year.
xi. According to the records of the Company examined by us and the
information and explanations given to us, there are no dues payable to
Banks and Financial Institutions as at the Balance Sheet date.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
So paragraph 4(xii) of the Order is not applicable to the Company.
xiii. In our opinion, the Company is neither a chit fund nor a nidhi
mutual benefit fund / society. Therefore, the provisions of clause
4(xiii) of the Order are not applicable to the Company.
xiv. The Company has maintained proper records of transactions and
contracts entered into for purchase and investment in shares and
securities during the year and proper entries have been made therein
timely. All the shares and securities have been held by the company in
its own name.
xv. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks and Financial Institutions during the year. xvi. In
our opinion, and according to the information and explanations given to
us, the Company has not availed any Term Loan during the year under
audit. There is no outstanding term loan at the end of the year.
xvii. On the basis of our overall examination of the Balance Sheet, the
funds raised on short-term basis have not been used for long-term
investments.
xviii. During the year under audit, 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.
xix. The Company has not issued any debentures and hence clause 4 (XIX)
of the Companies (Auditor''s Report) Order, 2004 is not applicable to
the Company.
xx. The Company has not raised any money by public issues during the
year. So the paragraph 4(xx) of the Order is not applicable to the
Company.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported nor we have been
informed of such case by the management, during the year.
PRABHAT KUMAR DHANDHANIA, FCA,
Partner
Membership No. 052613
For and on behalf of
DHANDHANIA & ASSOCIATES
Place : Kolkata Chartered Accountants
Dated : 22nd May, 2013 Firm Regn No. 316052E
Mar 31, 2012
1. We have audited the attached Balance Sheet of DHUNSERI INVESTMENTS
LIMITED, Dhunseri House, 4A, Woodburn Park, Kolkata as at 31st March,
2012, the Statement of Profit and Loss and 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) (Amendment)
Order, 2004 issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Companies Act, 1956 (the
'Act') and on the basis of such checks of the books and records of
the Company as we considered appropriate and according to the
information and explanations given to us, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to in the
paragraph 3 above, 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, (as
amended) have been kept by the Company so far as appears from our
examination of these books.
c. The Balance Sheet, Statement of Profit & Loss and 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 & Loss and
Cash Flow Statement of the Company have complied with the specified
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956, read with revised Schedule VI to the Companies
Act, 1956.
e. On the basis of written representations received from the Directors
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.
f. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid accounts read with notes
thereon give the information required by the Companies Act, 1956, 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 Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012; and
b) In the case of Statement of Profit & Loss, of the Profit for the
year ended on that date.
c) In the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
ANNEXURETOAUDITORS' REPORT
Referred to in paragraph 3 of the Auditors' Report of even date to
the members of DHUNSERI INVESTMENTS LIMITED on the Financial Statements
for the year ended 31st March, 2012.
1. a) The Company is maintaining proper records showing full
particulars, including quantitative details & situation of fixed
assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals, and as certified to us, no material discrepancies
were noticed on such verification by the management.
c) In our opinion and according to the information & explanations given
to us, no substantial part of the fixed assets has been disposed off by
the management during the year.
2. a) The inventory of shares and securities held in dematerialised
form as well as in physical form and stores and spares have been
physically verified by the management at regular intervals. In our
opinion, frequency of physical verification is reasonable.
b) In our opinion, the procedures for 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 examination of the inventory records, in our
opinion, the Company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
3. a) The Company has not granted any loans secured or unsecured to
any companies, firms or other parties covered in the register
maintained under U/s 301 of the Act. Hence, comment under clause (iii)
(b), (iii) (c), (iii) (d) of the Companies (Auditor's Report)
(Amendment) Order, 2004 is not required.
b) The Company has not taken any loan from companies, firms or other
parties listed in the register maintained under U/s 301 of the Act.
Therefore, the provisions of the sub-clauses (f) & (g) of clause 4(iii)
of the Order are not applicable to the Company.
4. In our opinion and according to the 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 with regard
to purchase of shares, fixed assets and sale of shares, securities and
goods including job work. Further, on the basis of our examination of
books and records of the Company, and according to information and
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956 :
a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements made, which
need to be entered in the register to be maintained under that section
have been so entered.
b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements entered in the Register maintained under that section and
exceeding the value of Rupees Five Lac in respect of each party during
the year have been made at a price which appear reasonable as per
information available with the Company.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A, 58AA or any other relevant provisions of
the Act and the rules framed there under.
7. In our opinion, the Company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
8. Maintenance of the cost records prescribed by Central Government of
India under clause (d) of sub-section (1) of Section 209 of the Act is
not applicable to the Company.
9. a) The Company is regular in depositing with appropriate
authorities, undisputed statutory dues including Income Tax, Wealth Tax
and other material statutory dues applicable to it. According to the
information and explanation given to us, no undisputed amount payable
in respect of Income Tax and other statutory dues were in arrears as at
31st March, 2012 for a period of more than six months from the date
they became payable.
b) According to the information and explanation given to us and the
records examined by us, dues of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Excise Duty and Cess as at March 31, 2012, which have not
been deposited on account of dispute is Nil.
10. The Company has no accumulated losses as at March 31, 2012 and it
has not incurred cash losses in the current financial year as well as
in the immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanations given to us, there are no dues payable to
any financial institutions or banks or debenture holders as at the
Balance Sheet date.
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. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
14. The Company has maintained proper records of the transactions and
contracts and timely entries have been made therein. All shares are
being held by the Company in its own name.
15. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. According to the records of the Company examined by us and the
information and explanations given to us, the Company has not taken any
term loan during the year. Further, there is no outstanding term loan
as at the Balance Sheet date.
17. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on short-term
basis, which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
the parties and companies covered in the register maintained under
Section 301 of the Act during the year and hence, commenting under this
clause is not required.
19. The Company has not issued any debentures and hence commenting
under this clause is not required.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
PRABHAT KUMAR DHANDHANIA, FCA, Partner
Membership No: 052613
For and on behalf of
DHANDHANIA & ASSOCIATES
Place : Kolkata Chartered Accountants
Dated : 28th day of May, 2012 Firm Regn No. 316052E
Mar 31, 2011
1. We have audited the attached Balance Sheet of DHUNSERI INVESTMENTS
LIMITED, Dhunseri House, 4A, Woodburn Park, Kolkata as at 31st March,
2011, the Profit and Loss Account and 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) (Amendment) Order,
2004 issued by the Central Government of India in terms of sub-section
(4A) of Section 227 of the Companies Act, 1956 (the 'Act') and on the
basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to in the
paragraph 3 above, 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, (as
amended) have been kept by the Company so far as appears from our
examination of these books.
c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement of the Company have complied with the specified
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956, to the extent applicable.
e. On the basis of written representations received from the Directors
and taken on record by the board of Directors, we report that none of
the directors is disqualified as on 31st March, 2011 from being
appointed as a Director in terms of clause (g) of sub section (1) of
Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid accounts read with notes
thereon give the information required by the Companies Act, 1956, 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 Balance Sheet of the State of Affairs of the Company
as at 31st March, 2011;
b) In the case of Profit & Loss Account, of the Profit 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.
ANNEXURE TO AUDITORS' REPORT
Referred to in paragraph 3 of the Auditors' Report of even date to the
members of DHUNSERI INVESTMENTS LIMITED on the Financial Statements for
the year ended 31st March, 2011.
1. a) The Company is maintaining proper records showing full
particulars, including quantitative details & situation of fixed
assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals, and no material discrepancies were noticed on
such verification.
c) In our opinion and according to the information & explanations given
to us, no substantial part of the fixed assets has been disposed off by
the Management during the year.
2. a) The inventory of shares and securities held in dematerialised
form as well as in physical form and stores and spares have been
physically verified by the management at regular intervals. In our
opinion, frequency of physical verification is reasonable.
b) In our opinion, the procedures for 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 examination of the inventory records, in our
opinion, the company is maintaining proper records of inventory. The
discrepancies noticed on physical verification of inventory as compared
to book records were not material.
3. a) The Company has not granted any loans secured or unsecured to
any companies, firms or other parties covered in the register
maintained under Section 301 of the Act. Hence, comment under clause
(iii) (b), (iii) (c), (iii) (d) of the Companies (Auditor's Report)
(Amendment) Order, 2004 is not required.
e) The Company has not taken any loans secured or unsecured from
companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Hence, comment under clause (iii) (f),
(iii) (g) of the Companies (Auditor's Report) (Amendment) Order, 2004
is not required.
4. In our opinion and according to the 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 with regard
to purchase of inventory, fixed assets and sale of shares, securities
and goods including Job work. Further, on the basis of our examination
of books and records of the Company, and according to information and
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
aforesaid internal control system.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements made, which
need to be entered in the register to be maintained under that section
have been so entered.
b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts /
arrangements entered in the Register maintained under that section and
exceeding the value of Rs. 5,00,000 in respect of each party during the
year have been made at a price which appear reasonable as per
information available with the company.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A, 58AA or any other relevant provisions of
the Act and the rules framed there under.
7. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8. Maintenance of the cost records prescribed by Central Government of
India under clause (d) of sub-section (1) of Section 209 of the Act is
not applicable to the Company.
9. a) The Company is regular in depositing with appropriate
authorities, undisputed statutory dues including Income Tax, Wealth Tax
and other material statutory dues applicable to it. According to the
information and explanation given to us, no undisputed amount payable
in respect of Income Tax and other statutory dues were in arrears as at
31st March, 2011 for a period of more than six months from the date
they became payable.
b) According to the information and explanations given to us and the
records examined by us, dues of income tax, sales tax, wealth tax,
service tax, excise duty and cess as at March 31, 2011, which have not
been deposited on account of dispute is Nil.
10. The Company has no accumulated losses as at March 31, 2011 and it
has not incurred cash losses in the current financial year as well as
in the immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanations given to us, there are no dues payable to
any financial institutions or banks or debenture holders as at the
balance sheet date.
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. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
14. The Company has maintained proper records of the transactions &
contracts and timely entries have been made therein. All shares are
being held by the company in its own name.
15. In our opinion, and according to the information and explanations
given to us, the company has not given any guarantee for loans taken by
others from banks and financial institutions during the year.
16. According to the records of the Company examined by us and the
information and explanations given to us, the company has not taken any
term loan during the year. Further, there is no outstanding term loan
as at the Balance Sheet date.
17. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on short-term
basis, which have been used for long-term investment.
18. The Company has issued shares to the parties and companies covered
in the register maintained under Section 301 of the Act during the
year, as per the scheme of arrangement approved by Hon'ble High Court
of Calcutta vide order dated 06th May 2010.
19. The Company has not issued any Debentures and hence commenting
under this clause is not required.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
Prabhat Kumar Dhandhania, FCA, Partner
Membership No.052613
For and on behalf of
DHANDHANIA & ASSOCIATES
Place:Kolkata Chartered Accountants
Date : 23rd Day of May, 2011 Firm Registration No.316052E
Mar 31, 2010
1. We have audited the attached Balance Sheet of DHUNSERI INVESTMENTS
LIMITED (Formerly D I Marketing Limited), Dhunseri House, 4A, Woodburn
Park, Kolkata as at 31st March, 2010, the Profit and Loss Account and
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) (Amendment) Order,
2004 issued by the Central Government of India in terms of sub-section
(4A) of Section 227 of the Companies Act, 1956 (the Act) and on the
basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
4. Further to our comments in the Annexure referred to in the
paragraph 3 above, 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, (as
amended) have been kept by the Company so far as appears from our
examination of these books.
c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account.
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement of the Company have complied with the specified
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956, to the extent applicable.
e. On the basis of written representations received from the Directors
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.
f. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid accounts read with notes
thereon give the information required by the Companies Act, 1956, 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 Balance Sheet of the State of Affairs of the Company
as at 31st March, 2010; and
b) In the case of Profit & Loss Account, of the Profit for the year
ended on that date.
c) In the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
Referred to in paragraph 3 of the Auditors Report of even date to the
members of DHUNSERI INVESTMENTS LIMITED (Formerly Dl Marketing
Limited) on the Financial Statements for the year ended 31 st March,
2010.
1. a) The Company is maintaining proper records showing full
particulars, including quantitative details & situation
of fixed assets.
b) The fixed assets have been physically verified by the management at
reasonable intervals, and no material discrepancies were noticed on
such verification.
c) In our opinion and according to the information & explanations given
to us no substantial part of the fixed assets has been disposed off by
the Management during the year.
2. The company does not have inventory. Hence, clause ii (a), ii (b)
and ii (c) is not applicable.
3. a) The Company has not granted any loans secured or unsecured to
any Companies, firms or other parties
covered in the register maintained under Section 301 of the Act. Hence,
comment under clause (iii) (b), (iii) (c), (iii) (d) of the Companies
(Auditors Report) (Amendment) Order, 2004 is not required.
e) The Company has not taken unsecured loan from Companies, firms or
other parties covered in the register maintained under Section 301 of
the Act. Hence, comment under clause (iii) (f), (iii) (g), of the
Companies (Auditors Report) (Amendment) Order, 2004 is not required.
4 In our opinion and according to the 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 with regard
to purchase of shares, fixed assets and sale of shares. During the
course of our audit no weakness has been noticed in the internal
control system.
5. a) In our opinion and according to the information and explanation
given to us, the particulars of contracts or arrangements referred to
in SOection 301 of the act which need to be entered in the register to
be maintained under that section have been so entered.
b) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five Lac have been made
at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. The Company has not accepted any deposits from the public within
the meaning of Section 58A, 58AA or any other relevant provisions of
the Act and the rules framed thereunder.
7. In view of adequacy of internal control procedures commensurate
with the size of the company and nature of its business, the company
has no separate Internal Audit System during the year.
8. Maintenance of the cost records prescribed by Central Government of
India under clause (d) of sub-section (1) of Section 209 of the Act is
not applicable to the Company.
9. a) The Company is regular in depositing with appropriate
authorities, undisputed statutory dues including
Income Tax, Wealth Tax and other material statutory dues applicable to
it. According to the information and explanation given to us, no
undisputed amount payable in respect of Income Tax and other statutory
dues were in arrears as at 31st March, 2010 for a period of more than
six months from the date they became payable.
b) According to the information and explanation given to us, there are
no disputed dues outstanding as at 31.03.2010.
10. The Company has no accumulated losses as at March 31,2010 and it
has not incurred cash loss in the current financial year and in the
immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanations given to us, there are no dues payable to
any financial institutions or banks or debenture holders as at the
balance sheet date.
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. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
14. The Company has maintained proper records of the transactions and
contract and timely entries have been made therein. The Investments
have been transferred in the name of the company on or before
17.07.2010 except the shares in physical mode which are in the process
of transfer.
15. In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year.
16. According to the records of the Company examined by us and the
information and explanations given to us, the Company has not taken any
term loan during the year. Further, there is no outstanding term loan
as at the Balance Sheet date.
17. On the basis of an overall examination of the Balance Sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on short-term
basis, which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
the parties and Companies covered in the register maintained under
Section 301 of the Act during the year and hence, commenting under this
clause is not required.
19. The Company has not issued any Debentures and hence commenting
underthis clause is not required.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the Management.
Prabhat Kumar Dhandhania, FCA, Partner
Membership No. 052613
For and on behalf of
DHANDHANIA & ASSOCIATES
Place : Kolkata Chartered Accountants
Date : 11th Day of August, 2010 Firm Registration No.316052E