Home  »  Company  »  Dolat Investment  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Dolat Investments Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of DOLAT INVESTMENTS LTD. ("the Company"), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company*s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor*s 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 thereunder. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor*s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company*s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company*s Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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 Balance Sheet, of the state of affairs of the Company as at 31st March, 2015,

b) In case of Statement of Profit & Loss, of the profit for the year ended on that date and

c) In case of Cash Flow Statement, of the cash flows for the year ended on the date.

Report on Other Legal and Regulatory Requirements

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 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 paragraph 3 and 4 of the Order.

As required by Section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements 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 the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

f) In our opinion and to the best of our information and according to the explanation given to us, we report as under 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;

i. The Company does not have any pending litigations which would impact its financial position

ii. The Company did not have any long term contract including derivative contract ; as such the question of commenting on any material foreseeable losses thereon does not arise

iii. There has been no delay in transferring amount, required to be transferred to the investor education and protection fund by the Company during the year.

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

Re: Dolat Investments Ltd. (the company)

I. Fixed Assets

a. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b. All fixed assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification

II. Inventories

a) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to size of the company and the nature of its business.

c) The company is maintaining proper records of the inventory. As explained to us, there is no material discrepancy noticed on physical verification of inventory as compared to book records.

III. As per the information and explanation given to us, the company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained u/s 189 of the Companies Act, 2013. Accordingly, the provisions of clause (iii) (a) & (b) of the Companies (Auditors* Report) Order 2015 are not applicable to the Company.

IV. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchase of goods and with regards to sale of goods. During the course of our audit we have not observed any continuing failure to correct major weakness in internal controls.

V. In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from public.

VI. In our opinion and as per the information and explanation given to us the Central Government has not prescribed for the maintenance of any cost records under sub section (1) of section 148 of the Companies Act, 2013 for any product of the company.

VII. Statutory & other Dues

a) According to the records of the company, undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, service tax, excise duty, value added tax, cess and other material statutory dues applicable to it have generally been regularly deposited with the appropriate authorities.

b) According to the information and explanations given to us, undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, Service Tax and excise duty were not outstanding as at balance sheet date for a period of more than six months from the date they became payable except Rs. 2,29,630/- related to income tax demand of Asst. Yr. 2010-2011 which has been paid after balance sheet date.

c) On the basis of our examinations of the documents and records, company does not have any disputed statutory dues in respect of wealth tax, sales tax, custom duty, Service Tax, excise duty and value added tax which have not been deposited with the appropriate authorities. However in case of income tax, cases are pending on account of rectification filed before the Income Tax Department,Mumbai

Name of the Nature of Amount of Period to which Forum statute the dues Tax (Rs.) amount relates where dis- pute is pending

The Income Tax Income Tax 32,72,650/- A.Y. 2009-2010 ACIT, Act, 1961 Mumbai

The Income Tax Income Tax 6,33,250/- A.Y. 2012-2013 DCIT, Act, 1961 Mumbai

d) There has been no delay in transferring amount, required to be transferred to the investor education and protection fund by the Company during the year

VIII. In our opinion, the company has not accumulated losses at the end of the financial year. The Company has not incurred cash loss during the year covered by our audit but has incurred cash losses in the immediately preceding financial year.

IX. Based on our audit procedure and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks and debenture holders.

X. In our opinion, the company has not given guarantee for loans taken by others from banks or financial institutions.

XI. According to the information and explanations given to us, the company has not taken any term loan during the year.

XII. According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For Sundarlal, Desai & Kanodia Chartered Accountants Firm registration number: 110560W

Mukul B. Desai Partner Membership No.: 33978

Place: Mumbai Date: 29th May, 2015


Mar 31, 2014

We have audited the accompanying financial statements of Dolat Investments Limited (the company), which comprise the balance sheet as at 31 March 2014, 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 principles generally accepted in India, including 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 presenta- tion of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error Auditor''s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We con- ducted 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 com- pany''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 ef- fectiveness 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 evi- dence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a. In the case of the balance sheet, of the state of affairs of the company as at 31 March 2014.

b. In the case of the statement of profit and loss, of the loss 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

Without qualifying our report we draw attention to

The Company has unsettled exposure for various commodities trade through NSEL/broker. As no phys- ical stock is received from/through NSEL by the company, the cost/amount paid by company is written off as business loss while determining stock in trade as on 31.03.2014. Amount received by the com- pany towards disputed transaction on platform of NSEL is offered as income and shown under income from operation. The detailed note on subject is given at note no 26 of Notes to Financial Statements for the year ended 31st March, 2014.

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 cash flow statement com- ply with the accounting standards referred to in sub-section (3C) of section 211 of the Com- panies Act, 1956.

e. On the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

Independent Auditors'' Report to the Members of Dolat Investments Limited Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory require- ments" of our report of even date Re: Dolat Investments Limited (the company)

i. a. The company has maintained proper records showing full partic -ulars, including quantitative details and situation of fixed assets.

b. All fixed assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. There was no disposal of a substantial part of fixed assets during the year

ii. a. The inventory (being shares, securities & commodities) has been physically verified (wherever possible) during the year by the management. In our opinion, the frequency of verification is reasonable.

b. In our opinion & according to information & explanation given to us, the procedures of physical verification of inventories wherever possible followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. The company is maintaining proper records of inventory. Discrepancies noted on physical veri- fication of inventories were not material, except for transactions on National Spot Exchange Ltd (NSEL) platform.

iii. a. According to the information and explanations given to us, the company has not taken or granted any loans, secured or unsecured from/ to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b. We do not have any comment under clause 4(iii)(b), (c), (d), (f) & (g) of the Companies (Audi- tor''s report ) Order, 2003 as the company has not borrowed or advanced any loan from/ to par- ties listed in register u/s. 301 of the Companies Act, 1956.

iv. In our opinion and according to the information and explanations given to us, there is an ad- equate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory (being shares, securities & commodities) and fixed assets and with regards to the trading of shares, securities & commodities. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the company in respect of these areas.

v. a. According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Com- panies Act, 1956 that need to be entered into the register maintained under section 301 have been so entered.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rs. five lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. Based on our scrutiny of the company''s records and according to information and explanation provided by the management, in our opinion the company has not accepted any public deposit.

vii. In our opinion, the company is having an internal audit system commensurate with the size and nature of its business.

viii. In our opinion, Rules made by the Central Government for the maintenance of any cost records u/s 209 (1) (d) of the Companies Act, 1956 are not applicable to the Company.

ix. a. The company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess and other material statutory dues wherever applicable to it.

b. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other material statutory dues wherever applicable were outstanding, at the year end, for a period of more than six months from the date they became payable.

c. According to the information and explanations given to us, there are no dues of sales tax, cus- toms duty, wealth tax, excise duty, service tax and cess wherever applicable which are in dis- pute. However in case of Income Tax, case is pending on account of rectification filed before the Asst. Commissioner of Income Tax, Mumbai.

Name of the Nature of the Amount of Tax (Rs.) Period to which statute dues amount relates

The Income Tax Income tax 32,72,650/- A.Y. 2009-2010 Act, 1961 ''

Name of the statue Forum where dispute is pending the Income tax ACIT, Mumbai Act 1961

x. The company has no accumulated losses at the end of the financial year and it has incurred cash losses in the current financial year but not in the immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

xii. According to the information and explanations given to us and based on the documents and records produced before us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the company.

xiv. In respect of dealing/trading in shares, securities, debentures and other investments, in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares, debentures and other securities have been held by the Company, in its own name.

xv. According to the information and explanations given to us, the Company has not given any guar- antee for loan taken by others from banks or financial institutions.

xvi. According to the information and explanations given to us, the Company has not raised any term loans during the financial year under audit.

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment.

xviii. According to the information and explanations given to us, the company has not made any pref- erential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act 1956.

xix. According to the information and explanations given to us, the Company has not issued any se- cured debentures during the period covered by our report. Accordingly, the provisions of para 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xx. During the period covered by our audit report, the Company has not raised any money by public issues.

xxi. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the manage- ment, we report that no fraud on or by the Company has been noticed or reported during the course of our audit except related to commodities transactions on National Spot Exchange Ltd (NSEL) platform.

For Sundarlal, Desai & Kanodia Chartered Accountants Firm registration number: 110560W Mukul B. Desai Partner Membership No.: 33978

Place: Mumbai Date: 29th May, 2014


Mar 31, 2013

Report on the financial statements

We have audited the accompanying financial statements of Dolat Investments Limited (the company), which comprise the balance sheet as at 31 March 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 principles generally accepted in India, including 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.

Auditor''s 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 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 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 31 March 2013.

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

Auditors'' report to the members of Dolat Investments Limited

Annexure referred to in paragraph 1 under the heading "Report on other legal and regulatory requirements" of our report of even date

Re: Dolat Investments Limited (the company)

i. a. The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b. All fixed assets have been physically verified by the management during the year and there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

c. There was no disposal of a substantial part of fixed assets during the year.

ii. a. The inventory (being shares, securities & commodities) has been physically verified (wherever possible) during the year by the management. In our opinion, the frequency of verification is reasonable.

b. The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. The company is maintaining proper records of inventory. Discrepancies noted on physical verification of inventories were not material.

iii. a. According to the information and explanations given to us, the company has not taken or granted any loans, secured or unsecured from/to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

b. We do not have any comment under clause 4(iii)(b), (c), (d), (f) & (g) of the Companies (Auditor''s report ) Order, 2003 as the company has not borrowed or advanced any loan from/ to parties listed in register u/s. 301 of the Companies Act, 1956.

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 the purchase of inventory (being shares, securities & commodities) and fixed assets and with regards to the trading of shares, securities & commodities. During the course of our audit, we have not observed any major weakness or continuing failure to correct any major weakness in the internal control system of the company in respect of these areas.

v . a. According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 that need to be entered into the register maintained under section 301 have been so entered.

b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements and exceeding the value of Rs. five lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. Based on our scrutiny of the company''s records and according to information and explanation provided by the management, in our opinion the company has not accepted any public deposit.

vii. In our opinion, the company is having an internal audit system commensurate with the size and nature of its business.

viii. In our opinion, Rules made by the Central Government for the maintenance of any cost records u/s 209 (1) (d) of the Companies Act, 1956 are not applicable to the Company.

ix. a. The company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty, cess and other material statutory dues wherever applicable to it.

b. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees'' state insurance, income-tax, wealth-tax, service tax, sales-tax, customs duty, excise duty, cess and other material statutory dues wherever applicable were outstanding, at the year end, for a period of more than six months from the date they became payable.

c. According to the information and explanations given to us, there are no dues of sales tax, customs duty, wealth tax, excise duty, service tax and cess wherever applicable which are in dispute. However in case of Income Tax, case is pending on account of rectification filed before the Asst. Commissioner of Income Tax, Mumbai.

Name of the Nature of Amount of Period to which Forum where dispute is statute the dues Tax (Rs.) amount relates pending

The Income Tax Income Tax 32,72,650/- A.Y. 2009-2010 ACIT, Mumbai Act, 1961

x. The company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year.

xi. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

xii. According to the information and explanations given to us and based on the documents and records produced before us, the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the company.

xiv. In respect of dealing/trading in shares, securities, debentures and other investments, in our opinion and according to the information and explanations given to us, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares, debentures and other securities have been held by the Company, in its own name.

xv. According to the information and explanations given to us, the Company has not given any guarantee for loan taken by others from banks or financial institutions.

xvi. According to the information and explanations given to us, the Company has not raised any term loans during the financial year under audit.

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment.

xviii. According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act 1956.

xix. According to the information and explanations given to us, the Company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of para 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

xx. During the period covered by our audit report, the Company has not raised any money by public issues.

xxi. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.



For Sundarlal, Desai & Kanodia

Chartered Accountants

Firm registration number: 110560W

Mukul B. Desai

Partner

Membership No.: 33978

Place: Mumbai

Date: 24th May 2013


Mar 31, 2010

1. We have audited the attached Balance Sheet of DOLAT INVESTMENTS LIMITED as at 31st March, 2010 and the Profit and Loss Account and the Cash Flow Statement for the year ended on that date. These financial statements are responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in 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 purpose of our audit.

(b) in our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of such books.

(c) the Balance Sheet, Profit and 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 and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

(e) on the basis of the written representations received from the directors as on 31 st March 2010 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with significant accounting policies and other 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.

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2010

(ii) In the case of Profit and Loss Account, of the profit forthe year ended on that date, and

(iii) In the case of the Cash Flow Statement, of the cash flows forthe year ended on that date.

Annexure to the Auditors Report

Annexure referred to in paragraph 3 of our report of even date to the members of Dolat Investments Limited on the financial statement for the year ended 31 March, 2010

(i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year and there is a regular programme of verification.

(c) There was no substantial disposal of fixed assets during the period.

(ii) (a) The inventory being share, securities and commodities has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company is maintaining proper records of the inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

(iii) (a) As informed, the Company has not taken or granted any loans, secured or unsecured, to/from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956.

(b) We do not have any comment under para 4(iii)(b), (c), (d), (f) & (g) as company has not borrowed or advanced any loan from/to parties listed in Register u/s.301 of the Companies Act. 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal

control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls.

(v) (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements that need to be entered into a Register in pursuance of Section 301 of the Companies Act, 1956 and those brought to our notice, have been so entered:

(b) In our opinion and according to the information and explanations given to us, the transactions in pursuance of such contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the period have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) Based on our scrutiny of the companys records and according to the information and explanations provided

by the management, in our opinion, the company has not accepted any loans or deposits which are deposits within the meaning of Rule 2(b) of the Companies (Acceptance of Deposits) Rules, 1975 during the year.

(vii) In our opinion, the company is having an internal audit system commensurate with the size and nature of its business.

(viii) In our opinion Rules made by the Central Government for the maintenance of any cost records u/s 209 (1) (d) of the Companies Act, 1956 are not applicable to the Company.

(ix) (a) The company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, ESIC, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty, excise duty, service tax and cess were in arrears, as at 31 st March, 2010 for a period of more than six months.

(c) According to the information and explanations given to us, there are no dues of income tax, sales tax, customs duty, wealth tax, excise duty, service tax and cess which are in dispute.

(x) In our opinion, there are no accumulated losses of the company. The company has not incurred cash

losses during the financial year covered by our audit and in the immediately preceding financial year

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

(xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advance on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/ society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company.

(xiv) In our opinion and according to the information and explanations given to us, the company has not dealt/traded in debentures during the year and in respect of shares, securities and other investments, proper records have been maintained of the transactions and contracts and timely entries have been made therein. The shares, securities, debentures and other investments as the case may be have been held by the Company in its own name.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bankorfinancial institutions.

(xvi) According to the information and explanations given to us, the Company has not raised any term loans during the financial year under audit.

(xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that the no funds raised on short-term basis have been used for long-term investment.

(xviii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the CompaniesAct, 1956.

(xix) According to the information and explanations given to us, the Company has not issued any secured debentures during the period covered by our report.

(xx) During the period covered by our audit report, the Company has not raised any money by public issues.

(xxi) Based upon the audit procedures performed for the purpose of reporting the true and fair vjew of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit

For SUNDARLAL, DESAI & KANODIA CHARTERED ACCOUNTANTS Firm Registration No. 110560W

(MUKUL DESAI) PARTNER (Membership No. 33978)

Place: Mumbai Date: 3rd August, 2010



 
Subscribe now to get personal finance updates in your inbox!