Mar 31, 2015
We have audited the accompanying financial statements of Dollex
Industries Limited, which comprise the Balance Sheet as at March 31,
2015, 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
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 standalone financial statements that give a
true and fair view of the financial position, and financial performance
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 standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub- section (11) of
section 143 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we report that:
a) we have 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 and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone 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.
ANNEXURE REFERRED TO IN POINT 1 OF REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF DOLLEX
INDUSTRIES LIMITED FOR THE YEAR ENDED 31st MARCH, 2015
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) A major portion of the assets has been physically verified by the
management in accordance with the phased programme of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
2. (a) The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and no material
discrepancies were noticed on physical verification.
3. (a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(b) We do not find any terms of repayment of principal amount and
interest thereon.
(c) There is no overdue amount excess to one lakh rupees of loans taken
from companies, firms or other parties listed in the registers
maintained under section 189 of the Companies Act, 2013.
4. 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 for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 73 to 76 of the Companies Act, 2013 or
any other relevant provisions of the Act and the rules framed there
under.
6. The company is not covered under the clause regarding maintenance
of cost records as prescribed by the Central Government under section
148 (1) of the Companies Act, 2013.
7. (a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees' state insurance, income tax, sales
tax, wealth tax, service tax, custom duty, excise duty, cess and other
statutory dues applicable to it.
(b) According to the records of the company, it has not deposited the
following dues on account of any dispute:
Dues Year (Rs. In Lacs) Pending Before
Income Tax FY 2006-07 248.17 CIT (A) - 19, Mumbai
Income Tax FY 2007-08 203.57 CIT (A) - 19, Mumbai
Income Tax FY 2008-09 74.32 CIT (a) - 19, Mumbai
(c) The company is not required to transfer any amount to Investor
Education and Protection fund in accordance with the relevant provision
of The Companies Act, 1956 (1 of 1956) and rules made thereunder.
8. The company does not have accumulated losses at the end of the
year. However, it has incurred cash losses of Rs. 17.61 Lacs during the
current financial year and Rs. 3.41 Lacs in the immediately preceding
financial year.
9. According to information and explanation given to us the company
has not defaulted in repayment of dues to any financial institution or
bank.
10 The company has not given any guarantee to any bank or financial
institution for loan taken by others.
11. The term loans have been applied for the purpose for which they
were raised.
12. No fraud on or by the company has been noticed or reported during
the year.
For P.K. Shishodiya & Co.
Chartered Accountants
Sd/-
Abhilasha Bhagat
Partner
M.No 418027
Indore: 30th May, 2015 FR No.03233C
Mar 31, 2014
We have audited the accompanying financial statements of Dollex
Industries Limited, 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 referred to in sub-section (3C) of section 211
of the Companies Act, 1956. 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. 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 March 31,2014;
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(c) in the case of 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 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 subsection (3C) of section 211 of the Companies Act, 1956;
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.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE REFERRED TO IN POINT 1 OF THE REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS
OF DOLLEX INDUSTRIES LIMITED FOR THE YEAR ENDED 31ST MARCH, 2014
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) A major portion of the fixed assets has been physically verified by
the management in accordance with the phased programme of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that during the year the
going concern concept of the company does not get affected although
manufacturing activity continues to remain closed.
2 (a) The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and we have been informed
that no material discrepancies were noticed on physical verification.
3 The company has not taken/granted unsecured loan from/to a company
listed in the register maintained under section 301 of the Companies
Act, 1956.
4. 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 for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
5. There are no contracts or arrangements referred to in section 301
of the Act that need to be entered into the register required to be
maintained under that section.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
or any other relevant provisions of the Act and the rules framed there
under.
7. In our opinion, the company is in the process of establishing
internal audit system commensurate with the size and nature of its
business.
8. The company is covered under the clause regarding maintenance of
cost records as prescribed by the Central Government under section 209
(1) (d) of the Companies Act, 1956 and according to the cost auditor''s
report the company has maintained proper accounts and records for the
same.
9. (a) According to the records of the company, the company is
irregular in depositing with appropriate authorities undisputed
statutory dues including provident fund, employees'' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other statutory dues applicable to it. The overdue
amount of statutory dues as on F.Y. 2009-10 stand as under:
Rs in Lacs
Provident Fund 55.72
Income Tax & FBT 33.37
C.S.T. 6.91
(b) According to the records of the company, there are no dues of sales
tax, service tax, custom duty/wealth tax, excise duty, cess which have
not been deposited on account of any dispute except income tax to the
tune of Rs. 250 Lacs (for F.Y. 2006-07), 203 Lacs (for F.Y. 2007-08),
and 74 Lacs (for F.Y. 2008-09) which has not been deposited since the
matter is in appeal.
10. The company is not a sick industrial company within the meaning of
Sick Industrial Companies (Special Provisions) Act, 1985.
11. The company has not taken any loan from any bank or financial
institution. The company has not issued any debentures.
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 provision of any special statute applicable to nidhi/mutual
benefit fund/societies is not applicable to the company.
14. There were no dealing or trading in shares, securities, debentures
and other investments held by the company.
15. The company has not given any guarantee to any bank or financial
institution for loan taken by others.
16. The term loans have been applied for the purpose for which they
were raised.
17. 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.
18. The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. There was no debenture issue during the year.
20. The Company has not raised money through public issue of equity
shares during the year under audit.
21 No fraud on or by the company has been noticed or reported during
the year under audit.
For P.K. Shishodiya & Co.
Chartered Accountants
Sd/-
P.K. Shishodiya
Proprietor
M. No 036015
FR No.03233C
Place : Mumbai
Date : 28th May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Dollex
Industries Limited, which comprise the Balance Sheet as at 31st March,
2013, the Statement of Profit and Loss and Cash Flow Statement for the
year ended, and a summary qf 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. 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. 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 March 31,2013;
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(c) in the case of 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 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 subsection (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.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE REFERRED TO IN POINT 1 OF THE REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS OF THE REPORT OF THE AUDITORS ON THE ACCOUNTS
OF DOLLEX INDUSTRIES LIMITED FORTHE YEAR ENDED 31 ST MARCH'' 2013
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) A major portion of the fixed assets has been physically verified by
the management in accordance with the phased programme of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that during the year the
going concern concept of the company does not get affected although
manufacturing activity continues to remain closed.
2 (a) The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and we have been informed
that no material discrepancies were noticed on physical verification.
3 (a) The company has granted unsecured loan to a company listed in the
register maintained under section 301 of the Companies Act, 1956
amounting to Rs. 6,52,33,594.
(b) In our opinion and according to the information and explanations
given to us, the terms and conditions of the unsecured loans taken by
the company are not prima facie prejudicial to the interest of the
company.
(c) According to the information and explanations given to us, we do
not find any terms and conditions as far as repayment is concerned.
(d) There is no overdue amount of loans taken from companies, firms or
other parties listed in the registers maintained under section 301 of
the Companies Act, 1956.
4. 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 for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
5. There are no contracts or arrangements referred to in section 301
of the Act that need to be entered into the register required to be
maintained under that section.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
or any other relevant provisions of the Act and the rules framed there
under.
7. In our opinion, the company is in the process of establishing
internal audit system commensurate with the size and nature of its
business.
8. The company is covered under the clause regarding maintenance of
cost records as prescribed by the Central Government under section 209
(1) (d) of the Companies Act, 1956 and according to the cost auditor''s
report the company has maintained proper accounts and records for the
same.
9. (a) According to the records of the company, the company is
irregular in depositing with appropriate authorities undisputed
statutory dues including provident fund, employees'' state Insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other statutory dues applicable to it. The overdue
amount of statutory dues as on 31st March''2013 stand as under:
Provident Fund 55.72
Income Tax & FBT 34.27
TDS 1.03
Professional Tax 0.50
C.S.T. 6.91
(b) According to the records of the company, there are no dues of sales
tax, service tax, custom duty/wealth tax, excise duty, cess which have
not been deposited on account of any dispute except income tax to the
tune of Rs. 250 Lacs (for F.Y. 2006-07), 203 Lacs (for F.Y. 2007-08),
and 74 Lacs (for F.Y. 2008-09) which has not been deposited since the
matter is in appeal. .
10 The company is not a sick industrial company within the meaning of
Sick Industrial Companies (Special Provisions) Act, 1985.
11. The company has not taken any loan from any bank or financial
institution. The company has not issued any debentures.
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 provision of any special statute applicable to nidhi/mutual
benefit fund/societies is not applicable to the company.
14. There were no dealing or trading in shares, securities, debentures
and other investments held by the company.
15. The company has not given any guarantee to any bank or financial
institution for loan taken by others.
16. The term loans have been applied for the purpose for which they
were raised.
17. 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.
18. The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. There was no debenture issue during the year.
20. The Company has not raised money through public issue of equity
shares during the year under audit.
21. No fraud on or by the company has been noticed or reported during
the year under audit.
For P.K. Shishodiya & Co.
Chartered Accountants
Sd/-
P.K. Shishodiya
Place: Mumbai
Date : 30th May'' 2013 FRNO.03233C
Mar 31, 2012
1. We have audited the attached Balance Sheet of Dollex Industries
Limited as at 31st march, 2012 and also the Profit and Loss A/c for the
period ended on that date annexed thereto. These financial statements
are the responsibility of the company management. Our responsibility is
to express an opinion on these financial statements based on our Audit.
2. We conduct 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 mis-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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 as
amended in 2004 issued by the Central Government in terms of Section
227 (4A) of the Companies Act, 1956. We give in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
4. Further to our comments in the annexure referred to in paragraph 1
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 the
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 the Books
of Account;
c) The Balance Sheet and Profit & Loss account dealt with by this
report are in agreement with the Books of Account;
d) In our opinion, the Profit and Loss Account and Balance Sheet comply
with the Accounting Standards referred to in sub section(3C)ofSection211
of the Companies Act, 1956.
e) On the basis of written representation received from the directors
as on 31st march, 2012 and taken on record by the Board of Directors,
we report that none of the Director is disqualified as on 31st march,
2012 from being appointed as Director in terms of clause (g) of sub
section (1) of section 274 of the Companies Act, 1956.
f) Except otherwise stated in accounting policies and Notes on
Accounts, in our opinion and to the best of our information and
according to the explanations given to us, they said account read with
the notes thereon give the information required by the Companies Act,
1956 in the manner so required subject to:
- Debtors and creditors are subject to confirmation.
- No provision has been made for debtors outstanding over six months
as well as towards doubtful seed advances which needs to be identified
and provided for.
- Obsolete inventory of store, spares and packing material has not
been identified and provided for.
Give a true and fair view
- In the case of the Balance Sheet of the state of affairs of the
Company as at 31 st march, 2012 and
- In the case of Profit & Loss Account of the loss for the period
ended on that date.
- I n the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE REFERREDTO IN PARAGRAPH 3 OFTHE REPORT OFTHE AUDITORS ON THE
ACCOUNTS OF DOLLEX INDUSTRIES LIMITED FORTHE PERIOD ENDED 31 ST
MARCH' 2012
1 (a) The company has maintained proper records showing full
particulars including quantitative details and
situation of fixed assets.
(b) A major portion of the fixed assets has been physically verified by
the management in accordance with the phased programme of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that during the period the
going concern concept of the company does not get affected although
manufacturing activity continues to remain closed.
2 (a) The inventory has been physically verified by the management
during the period at reasonable intervals. In our opinion, the
frequency of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and we have been informed
that no material discrepancies were noticed on physical verification.
3 The company has not granted/taken 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.
4. 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 for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
5. (a) Based on the audit procedures applied by us and 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 Act have been entered into the register
required to be maintained under that section.
(b) In our opinion and according to the information available the
transactions made in pursuance of such contracts or arrangements have
been made at prices, which are reasonable, having regard to the
prevailing market prices at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
or any other relevant provisions of the Act and the rules framed there
under.
7. In our opinion, the company is in the process of establishing
internal audit system commensurate with the size and nature of its
business.
8. The company is covered under the clause regarding maintenance of
cost records as prescribed by the Central Government under section 209
(1) (d) of the Companies Act, 1956 and according to the cost
auditor's report the company has maintained proper accounts and
records for the same.
9. (a) According to the records of the company, the company is
irregular in depositing with appropriate authorities undisputed
statutory dues including provident fund, employees' state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other statutory dues applicable to it. The overdue
amount of statutory dues as on 31st March, 2012 stand as under:
Rs in Lacs
Provident Fund 55.72
Income Tax & FBT 34.53
CST 6.91
TDS 1.75
Professional Tax 0.50
(b) According to the records of the company, there are no dues of sales
tax, service tax, custom duty/wealth tax, excise duty, cess which have
not been deposited on account of any dispute except income tax to the
tune of Rs. 250 Lacs (for F.Y. 2006-07), 68 Lacs (for F.Y. 2008-09),
which has not been deposited since the matter is in appeal.
10. The company is not a sick industrial company within the meaning of
Sick Industrial Companies (Special Provisions) Act, 1985.
11. The company has not taken any loan from any bank or financial
institution. The company has not issued any debentures.
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 provision of any special statute applicable to nidhi/mutual
benefit fund/societies is not applicable to the company.
14. There were no dealing or trading in shares, securities, debentures
and other investments held by the company.
15. The company has not given any guarantee to any bank or financial
institution for loan taken by others.
16. The term loans have been applied for the purpose for which they
were raised.
17. 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.
18. The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. There was no debenture issue during the period.
20. The Company has not raised money through public issue of equity
shares during the period under audit.
21 No fraud on or by the company has been noticed or reported during
the period under audit.
For P.K. Shishodiya & Co.
Chartered Accountants
Sd/-
P.K. Shishodiya
Place: Mumbai
Proprietor
M.No 036015
Date :30th May 2012 FR No.03233C
Sep 30, 2011
1. We have audited the attached Balance Sheet of Dollex Industries
Limited as at 30th September, 2011 and also the Profit and Loss A/c for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company management. Our responsibility is
to express an opinion on these financial statements based on our Audit.
2. We conduct 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 mis-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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 as
amended in 2004 issued by the Central Government in terms of Section
227 (4A) of the Companies Act, 1956. We give in the Annexure a
statement on the matters specified in paragraph 4 & 5 of the said
order.
4. Further to our comments in the annexure referred to in paragraph 1
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 the
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 the Books
of Account;
c) The Balance Sheet and Profit & Loss account dealt with by this
report are in agreement with the Books of Account;
d) In our opinion, the Profit and Loss Account and Balance Sheet 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 representation received from the directors
as on 30th September, 2011 and taken on record by the Board of
Directors, we report that none of the Director is disqualified as on
30th September, 2011 from being appointed as Director in terms of
clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
f) Except otherwise stated in accounting policies and Notes on
Accounts, in our opinion and to the best of our information and
according to the explanations given to us, the said account read with
the notes thereon give the information required by the Companies Act,
1956 in the manner so required subject to:
- Debtors and creditors are subject to confirmation.
- No provision has been made for debtors outstanding over six months as
well as towards doubtful seed advances which needs to be identified and
provided for.
- Obsolete inventory of store, spares and packing material has not been
identified and provided for Give a true and fair view
- In the case of the Balance Sheet of the state of affairs of the
Company as at 30th September, 2011 and
- In the case of Profit & Loss Account of the loss for the year ended
on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF THE AUDITORS ON
THE ACCOUNTS OF DOLLEX INDUSTRIES LIMITED FOR THE YEAR ENDED 30th
SEPTEMBER, 2011
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed assets.
(b) A major portion of the fixed assets has been physically verified by
the management in accordance with the phased programme of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that during the year the
going concern concept of the company does not get affected although
manufacturing activity continues to remain closed.
2 (a) The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and we have been informed
that no material discrepancies were noticed on physical verification.
3 (a) There are no inter corporate deposits during the year under
audit.
(b) The company has not granted/taken 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.
4. 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 for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
5. (a) Based on the audit procedures applied by us and 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 Act have been entered into the register
required to be maintained under that section.
(b) In our opinion and according to the information available the
transactions made in pursuance of such contracts or arrangements have
been made at prices, which are reasonable, having regard to the
prevailing market prizes at the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
or any other relevant provisions of the Act and the rules framed there
under.
7. In our opinion, the company is in the process of establishing
internal audit system commensurate with the size and nature of its
business.
8. The company is not covered under the clause regarding maintenance
of cost records as prescribed by the Central Government under section
209 (1) (d) of the Companies Act, 1956.
9. (a) According to the records of the company, the company is
irregular in depositing with appropriate authorities undisputed statutory
dues including provident fund, employees' state insurance, income tax,
sales tax, wealth tax, service tax, custom duty, excise duty, cess and
other statutory dues applicable to it. The overdue amount of statutory
dues as on 30th September, 2011 stand as under:
Rs in Lacs
Provident Fund 55.72
Income Tax & FBT 34.27
CST 6.91
TDS 1.93
Professional Tax 0.50
(b) According to the records of the company, there are no dues of sales
tax, service tax, custom duty/wealth tax, excise duty/cess on account
of any dispute except income tax to the tune of Rs. 250 Lacs (for F.Y.
2006- 07), 68 Lacs (for F.Y. 2008-09), which has not been deposited
since the matter is in appeal.
10. The company is not a sick industrial company within the meaning of
Sick Industrial Companies (Special Provisions) Act, 1985.
11. The company has not taken any loan from any bank or financial
institution. The company has not issued any debentures.
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. (a) The Company has generally complied with prudential norms on
income recognition and provisioning for doubtful assets.'
(b) Being Manufacturing company the provision of any special statute
applicable to nidhi/mutual benefit fund/ societies is not applicable to
the company.
14. There were no dealing or trading in shares, securities, debentures
and other investments held by the company.
15. The company has not given any guarantee to any bank or financial
institution for loan taken by others.
16. The term loans have been applied for the purpose for which they
were raised.
17. 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.
18. The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. There was no debenture issue during the year.
20. The Company has not raised money through public issue of equity
shares during the year under audit. 21 No fraud on or by the company
has been noticed or reported during the year under audit.
For P.K. Shishodiya & Co.
Chartered Accountants
P.K. Shishodiya
Sd/-
Proprietor
Mumbai M.No 036015
Date : 3rd March, 2012 FR No.03233C
Sep 30, 2009
1. We have audited the attached Balance Sheet of Dollex Industries
Limited as at 30th September, 2009 and also the Profit and Loss A/c for
the year ended on that date annexed thereto. These financial statements
are the responsibility of the company management. Our responsibility is
to express an opinion on these financial statements based on our Audit.
2. We conduct 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 mis- statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in 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 as
amended in 2004 issued by the Central Government in terms of Section
227 (4A) of the Companies Act, 1956. We give in theAnnexure a statement
on the matters specified in paragraph 4 & 5 of the said order. >
4. Further to our comments in the annexure referred to in paragraph 1
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
theAudit;
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 the Books
of Account;
c) The Balance Sheet and Profit & Loss account dealt with by this
report are in agreement with the Books of Account;
d) In our opinion, the Profit and Loss Account and Balance Sheet comply
with the Accounting Standards referred to in sub section (3C) of
Section 211 oftheCompaniesAct, 1956.
e) On the basis of written representation received from the directors
as on 30" September, 2009 and taken on record by the Board of
Directors, we report that none of the Director is disqualified as on
30th September, 2009 from being appointed as Director in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956.
f) Except otherwise stated in accounting policies and Notes on
Accounts, in our opinion and to the best of our information and
according to the explanations given to us, the said account read with
the notes thereon give the information required by the Companies Act,
1956 in the manner so required subject to;
- Debtors, Creditors and loans and advances confirmation have not been
obtained.
- No provision has been made for debtors outstanding over six months
as well as towards doubtful seed advances which needs to be identified
and provided for.
Give a true and fair view
- In the case of the Balance Sheet of the state of affairs of the
Company as at 30m September, 2009 and
- In the case of Profit & Loss Account of the Profit for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE REPORT OF THE AUDITORS ON
THE ACCOUNTS OF DOLLEX INDUSTRIES LIMITED FOR THE YEAR ENDED 30*
SEPTEMBER, 2009
1 (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) A major portion of the assets has been physically verified by the
management in accordance with the phased programme of verification
adopted by the company. In our opinion, the frequency of verification
is reasonable. To the best of our knowledge, no material discrepancies
have been noticed on such verification.
(c) Based on our scrutiny of records of the company and the information
and explanations received by us, we report that there was no
substantial sale of fixed assets during the year ended 30.09.09. Hence
the going concern concept of the company does not get affected.
2 (a) The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and we have been informed
that no material discrepancies were noticed on physical verification.
3 (a) The company has accepted inter corporate deposits (ICD) during
the year under audit.
(b) In our opinion and according to the information and explanations
given to us, the terms and conditions of the ICD taken by the company
are not prima facie prejudicial to the interest of the company.
(c) The company has not granted any loan secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(d) According to the information and explanations given to us, the
company is regular in repaying the principal amounts as stipulated.
(e) There is no overdue amount of loans taken from companies, firms or
other parties listed in the registers maintained under section 301 of
the Companies Act, 1956.
4. 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 for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
5. (a) Based on the audit procedures applied by us and 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 Act have been entered into the register
required to be maintained under that section. (b) In our opinion and
according to the information available the transactions made in
pursuance of such contracts or arrangements have been made at prices,
which are reasonable, having regard to the prevailing market prizes at
the relevant time.
6. In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
within the meaning of section 58A and 58AA of the Companies Act, 1956
or any other relevant provisions of the Act and the rules framed there
under.
7. In our opinion, the company is in the process of establishing
internal audit system commensurate with the size and nature of its
business.
The company is not covered under the clause regarding maintenance of
cost records as prescribed by the Central Government under section 209
(1) (d) of the Companies Act, 1956.
9. (a) According to the records of the company, the company is
irregular in depositing with appropriate authorities undisputed
statutory dues including provident fund, employees state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other statutory dues applicable to it. The overdue
amount of statutory dues as on 30* September, 2009 stand as under:
Rs in Lacs
Provident Fund 55.72
Income Tax & FBT 55.14
CST 6.91
TDS 3.57
Professional Tax 0.60
(b) According to the records of the company, there are no dues of sales
tax, service tax, custom duty/wealth tax, excise duty/cess except
income tax to the tune of Rs. 248.00 Lacs which have not been deposited
on account of any dispute.
10. The company is not a sick industrial company within the meaning of
Sick Industrial Companies (Special Provisions) Act, 1985.
11. According to information and explanation given to us the company
has defaulted in repayment of dues to any financial institution or bank
of Rs. 12.55 Lacs. The company has not issued any debentures.
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. (a) The Company has generally complied with prudential norms on
income recognition and provisioning for doubtful assets. (b) Being
Manufacturing company the provision of any special statute applicable
to nidhi/mutual benefit fund/societies is not applicable to the
company.
14. There were no dealing or trading in shares, securities, debentures
and other investments held by the company.
15. The company has not given any guarantee to any bank or financial
institution for loan taken by others.
16. The term loans have been applied for the purpose for which they
were raised.
17. 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
18. The company has made preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act 1956 during the year under audit after due compliance
of applicable provisions.
19. There was no debenture issue during the year.
20. The Company has raised certain funds by way of Preferential
allotment of equity shares. The end use of funds is pending for BSE
approval.
21 No fraud on or by the company has been noticed or reported during
the year under audit.
For P.K. Shishodiya & Co.
Chartered Accountants
Mumbai: March 4, 2010 P.K.Shishodiya
Proprietor