Mar 31, 2014
We have audited the accompanying financial statements of DSJ
Communication Limited ("the Company"), which comprise the Balance Sheet
as at 31st March ,2014, the Statement of Profit and Loss and Cash Flow
Statement of the Company for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility forthe Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. These 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 the accounting policies used and the reasonableness of the
accounting estimates made by the Management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a reasonable 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 aforesaid financial statements give the
information required by the Companies Act 1956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;and
(b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date.
(c) in the case of Cash Flow Statements, 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 forthe 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, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of Section 211 of the Companies Act, 1956 read
with the General Circular 15/2013 dated 13th September, 2013 of the
Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013.
e) On the basis of written representations received from the Directors
as on 31st March, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
The Annexure referred to in our report to the members of DSJ
Communications Limited ("the Company") for the year ended 31st March
2014 we report that:
1. (a) There are no Fixed Assets in the Company, hence this clause
does not apply to the company.
(b) As there are no Fixed Assets there is no question of physical
verification of Fixed Assets.
(c) As there are no Fixed Assets there is no question of disposal of
Fixed Assets during the year.
2. (a) The Company is in Service Industry. Accordingly it does not
hold any physical inventory. Therefore, the provisions of clause (ii)
of paragraph 4 of the order are not applicable to the company.
(b) As there are no stocks reporting under this clause does not apply.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has accepted loans during the period from the parties covered in the
register maintained under section 301 of the Companies Act, 1956,
According to the information and explanation provided by the
Management, we are of the opinion that the transactions that need to be
entered into the register maintained under Section 301 of the Act have
been so entered. The Company has not granted any loans during the
period to the parties covered in the register maintained underSection
301 of the Companies Act, 1956.
(b) Based on the information received and explanations given, as there
are no loans granted, this clause does not apply.
(c) In view of closure of operations of the Company, Interest and
Principal amount are not repaid regularly in respect of such loans.
(d) All loans are overdue as on the 31st March, 2014.
4. In our opinion and according to the information and explanations
given to us, as there is no business operation reporting on internal
control procedure does not apply.
5. The Company has not renewed/accepted any deposits from the public
and shareholders covered under section 58A and 58AA of the Companies
Act, 1956 and rules framed thereunder.
6. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
7. We are informed that the maintenance of cost records has not been
prescribed by the Central Government under section 209 (1) (d) of the
Companies Act, 1956, in the respect of the Company''s products.
8. (a) The Company is generally regular in depositing undisputed
statutory dues with the appropriate authorities. We are informed that
at the year end there were no overdue outstanding. Income Tax
authorities have raised a demand of Rs. 39.27 lacs in respect of the
assessment year 1995-1996, the same has been disputed by the Company
and an appeal has been filed against the same.
(b) The Directorate of General of Foreign Trade (DGFT) Division has
raised a claim on the Company for the imports made by them in the year
1994-1995 for an amount of Rs. 28,956, 965/- (Principal Rs.
1,33,86,476/-, InterestRs. 88,77,251/- and Penalty Rs. 66,93,238/-).
The writ petition is pending with Delhi High Court.
(c) We are informed that there are no disputed dues to be deposited at
various forums.
9. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
10. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause 4 (xiii) of the
Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the Company.
11. The accumulated losses of the Company at the end of the financial
year are more than fifty per cent of its net worth. The Company has
incurred cash loss only during the preceding financial year but has not
incurred any cash loss during the current financial year.
12. According to information and explanations given to us, the Company
is not trading in Shares, Mutual funds & other Investments, the
provision of clause (xiv) of Companies (Auditor''s Report) Order, 2003
is not applicable to the Company.
13. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
14. No Term loan was obtained during the period.
15. According to the information and explanation received, the Company
has not applied short terms borrowings for long term use vice versa.
16. The Company has not made any preferential allotment of shares
during the period.
17. The Company has not issued any debentures during the period.
18. The Company has not raised any money by the way of public issue
during the period.
19. Based on the audit procedures performed and on the basis of
information and explanations given to us, we report that no fraud on or
by the Company has been noticed or reported during the year, nor have
we been informed of such case by the management.
For J. D. Jhaveri & Associates
Chartered Accountants
Firm Registration No. 111850W
Jatin Jhaveri
Proprietor
Membership No. 045072
Mumbai,29th May, 2014.
Mar 31, 2013
1. We have audited the attached Balance Sheet of DSJ Communications
Limited as at March 31, 2013, and also the Statement of Profit and Loss
and Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company''s management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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 (Audit Report) Order 2003 as amended
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956, and on the basis such checks as considered
appropriate and according to the information and explanations given to
us during the course of the audit, we enclose in the Annexure hereto a
statement on the matters specified in Paragraphs 4 and 5 of the said
Order.
4. Further our comments in the Annexure referred to in above
paragraphs, 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) The Company has not carried out any business operation during year.
c) 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 the
books of the Company;
d) The Balance Sheet, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
e) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of the Section 211
of the Companies Act, 1956.
f) On the basis of written representations received from the directors
of the Company as on March 31, 2013, and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on March 31, 2013, from being appointed as a director in terms of
Section 274(1) (g) of the Companies Act, 1956.
g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
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 Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in paragraphs 3 of the Report of even date:
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1. (a) There are no Fixed Assets in the Company, hence this clause
does not apply to the Company.
(b) As there are no Fixed Assets there is no question of physical
verification of fixed assets.
(c) As there are no Fixed Assets there is no question of disposal of
Fixed Assets during the period.
2. (a) There are no Inventories during the year, hence reporting under
this clause does not apply. (b) As there are no stocks reporting under
this clause does not apply.
3. (a) As informed to us, the Company has accepted loans during the
period from the parties covered in the register maintained under
section 301 of the Companies Act, 1956. According to the information
and explanation provided by the management, we are of the opinion that,
the transactions that need to be entered into the register maintained
under section 301 of the act have been so entered. The Company has not
granted any loans during the period to the parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) Based on the information received and the explanations given, as
there are no loans granted, this Clause does not apply.
(c) In view of closure of operations of the Company, Interest and
principal amount are not repaid regularly in respect of such loans.
(d) All loans are overdue as on the March 31, 2013.
4. In our opinion and according to the information and explanations
given to us, as there is no business operation reporting on internal
control procedure does not apply.
5. The Company has not accepted any deposits falling under the
provisions of Section 58A and 58AA of the Companies Act, 1956 and the
rules made there under, during the period under review.
6. We are informed that the Company has no internal audit system
commensurate with the size and nature of its business.
7. We are informed that the maintenance of cost records has not been
prescribed by the Central Government under Section 209 (1) (d) of the
Companies Act, 1956, in respect of the Company''s products.
8. (a) The Company is generally regular in depositing undisputed
statutory dues with the appropriate authorities. We are informed that
at the year end there were no Overdue outstanding. Income Tax
authorities have raised a demand of Rs. 39.27 lacs in respect of the
Assessment year 1995-1996, the same has been disputed by the Company
and an appeal has been filed against the same.
(b) The Directorate General of Foreign Trade (DGFT), Division has
raised a claim on the Company for the imports made by them in the year
1994-1995 for an amount of Rs. 28,956,965/- (Principal- Rs. 13386476/-,
Interest- Rs. 8,877,251/- and Penalty- Rs. 66,93,238/-). The writ petition
is pending with Delhi High Court.
(c) We are informed that there are no disputed dues to be deposited at
various forums.
9. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
10. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions of clause 4(xiii) ''the of Companies (Auditor''s
Report) Order, 2003 are not applicable to the Company.
11. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause (xiv) of the
Companies (Auditor''s Report) Order, 2003 is not applicable to the
Company.
12. The Company has not given any guarantees during the period.
13. No term loan was obtained during the period.
14. According to the information and explanations received, the
Company has not applied short terms borrowings for long term use and
vice versa.
15. The Company has not made any preferential allotment of shares
during the period.
16. The Company has not issued any debentures during the period.
17. The Company has not raised any money by way of public issue during
the period.
18. Based upon the audit procedures performed and on the basis of
information and explanations provided 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 M/s. S. V. Navalkar &
Associates
Chartered Accountants
(FRN: 106981W)
S. V. Navalkar
Proprietor
Membership No. 40433
Place: Mumbai
Date: May 29, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of DSJ Communications
Limited as at March 31, 2012 and the statement of Profit and Loss and
the Cash Flow Statement of the Company for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. 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 (Audit Report) Order 2003, issued by
the Central Government in terms of Section 227 (4A) of the Companies
Act, 1956, and on the basis such checks as considered appropriate and
according to the information and explanations given to us during the
course of the audit, we enclose in the Annexure hereto a statement on
the matters specified in Paragraphs 4 and 5 of the said Order.
4. Further our comments in the Annexure referred to in above
paragraphs, 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) The Company has not carried out any business operation during year.
c) 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 the
books of the Company;
d) The Balance Sheet, Statement of Profit and Loss and cash flow
statement dealt with by this report are in agreement with the books of
accounts;
e) In our opinion, the Balance sheet, Statement of Profit and Loss and
cash flow statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of the Section 211
of the Companies Act, 1956.
f) On the basis of written representations received from the directors
of the Company as on March 31, 2012, and taken on record by the Board
of Directors, we report that none of the directors is disqualified as
on March 31, 2012, from being appointed as a director in terms of
Section 274(1) (g) of the Companies Act, 1956.
g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a. in the case of the balance sheet, of the state of affairs of the
Company as at March 31, 2012.
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 Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Annexure referred to in paragraphs 3 of the Report of even date
Re: DSJ Communications Limited ("the Company")
1. (a) There are no Fixed Assets in the Company, hence this clause
does not apply to the Company.
(b) As there are no fixed assets there is no question of physical
verification of fixed assets.
(c) As there are no fixed assets there is no question of disposal of
fixed assets during the period.
2. (a) There are no Inventories during the year, hence reporting under
this clause does not apply.
(b) As there are no stocks reporting under this clause does not apply.
3. (a) As informed to us, the Company has accepted loans during the
period from the parties covered in the register maintained under
section 301 of the Companies act, 1956. We are of the opinion that
particulars of contracts or arrangements referred to in section 301 of
the Act that needs to be entered into the register required to be
maintained under Section 301 have not been so entered. The Company has
not granted any loans during the period to the parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) Based on the information received and the explanations given, as
there are no loans granted, this Clause does not apply.
(c) In view of closure of operations of the Company, interest and
principal amount are not repaid regularly in respect of such loans.
(d) All loans are overdue as on the March 31, 2012.
4. In our opinion, and according to the information and explanations
given to us, as there are no business operation reporting on internal
control procedure does not apply.
5. The Company has not accepted any deposits falling under the
provisions of Section 58A and 58AA of the Companies Act, 1956 and the
rules made there under, during the period under review.
6. We are inform that the Company has no internal audit system
commensurate with the size and nature of its business.
7. We are informed that the maintenance of cost records has not been
prescribed by the Central Government under Section 209 (I) (d) of the
Companies Act, 1956, in respect of the Company's products.
8. (a) The Company is generally regular in depositing undisputed
statutory dues with the appropriate authorities. We are informed that
at the year end there were no Overdue outstanding. Income Tax
authorities have raised a demand of Rs. 37.98 lacs in respect of the
Assessment year 95-96, the same has been disputed by the Company and an
appeal has been filed against the same.
(b) We are informed that there are no disputed dues to be deposited at
various forums.
9. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
10. As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions. of clause 4(xiii) 'the of Companies (Auditor's
Report) Order, 2003 are not applicable to the Company.
11. As the Company is not dealing or trading in shares, securities,
debentures and other investments, the provision of clause(xiv) of the
Companies (Auditor's Report) Order, 2003 is not applicable to the
Company.
13. The Company has not given any guarantees during the period.
14. No term loan was obtained during the period.
15. According to the information and explanations received, the Company
has not applied short terms borrowings for long term use and vice
versa.
16. The Company has not made any preferential allotment of shares
during the period .
17. The Company has not issued any debentures during the period.
18. The Company has not raised any money by way of public issue during
the period.
19. Based upon the audit procedures performed and on the basis of
information and explanations provided 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 S. V. Navalkar & Associates
Chartered Accountants
(FRN: 106981W)
S. V. Navalkar
Proprietor
M. No. 40433
Place : Mumbai
Date : August 31, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of DSJ Communications Ltd as
at 31st March, 2011 and the Profit& Loss Account of the company for the
period ended on that date, annexed thereto and report that:
1. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sec.227 (4-A) of the
Companies Act, 1956 we enclose in the Annexure, a statement on the
matters specified in the paragraphs 4 & 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph 1
above:
(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 the law have
been kept by the company, so far as appears from our examination of
these books.
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
(d) In Our opinion the Balance Sheet, the Profit and Loss Account and
cash flow statement dealt with by this report comply with the
accounting standard referred to in the sub section (3C) of section 211
of the Companies Act, 1956, to the extent applicable.
(e) On the basis of written representations received from the Directors
of the Company as at 31st March, 2011 and taken on record by the Board
of Directors, we report that no director is disqualified from being
appointed as a Director of the company under clause ( g ) of sub-
section (1) of Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No. 5
(c) of the Notes to accounts, regarding provision for fluctuation in
value of investments and Provision of deferred tax liability / tax
assets, give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view:-
(i) in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011
(ii) in the case of the Profit and Loss Account, of the Profit of the
company for the period ended 31sl March, 2011
iii) In the case of Cash flows Statement, of the Cash Flow for the
period ended on that date.
ANNEXURE REFERRED IN PARAGRAPH 1 OF THE AUDITORS TO THE MEMBERS OF
COMMUNICATION LIMITED FOR THE YEAR ENDED 31ST MARCH 2011
1(a) The company has maintained proper records showing full particulars
quantitative details and location of the fixed Assets.
(b) There is a regular of physical verification, which in our opinion
is reasonable having regard to the company and the nature of fixed
assets. Material discrepancies have been noticed in respect of the
assets physical verified during the period.
(c) The Company has not disposed off written off sustained part of
fixed assets during the period.
(d) There are no inventories during the year hence reporting under this
clauses does not apply.
(e) As there are no stocks reporting under this clause does not apply.
3.(a) The company has not accepted loans during the period from the
parties covered in the register maintained under section 301 of the
companies act, 1956. The company has not granted any loans during the
period to the parties covered in the register maintained under section
301 of the companies Act, 1956.
(b) Based on the information received and the explanations given, the
rate of interest and the terms and conditions of loans granted is prima
face not prejudicial to the interest of the company.
(c) In view of closure of operations of the company Interest amount are
to repaid regularly in respect of such loans.
(d) All loans are overdue as on the 31/03/2011.
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
purchase of stores raw material, Including accompaniments packing
materials plant machinery, equipment and other assets and with regard
to sale of goods there is no major weakness in the internal control
procedures.
5. Company has not entered unto any transaction with any parties
covered under section 301 of the companies Act, 1956.
6. Company has not accepted any deposits falling under the provisions
of section 58A and 58A of the companies Act, 1956 and the rules made
under during the period under review.
7. In our opinion the company has an internal audit systems
commensurate with rage size and nature of its business However these
reports are not made available for our review.
8. We are informed that the maintenance of cost records has not been
prescribed by the central Government under section 29 (1) of the
companies Act, 1956 in respect of the company products.
9. (a) The company is generally regular in depositing undisputed
statutory dues with the appropriated authorities At the year there were
no overdue outstanding Income Tax authorities have raised a demand of
Rs. 37.98 laces in respect of the assessment year 95-96 the same been
disputed by the company and an appeal has been filed against the same.
(B) There are no disputed dues to be deposited at various forums.
10. The company has not granted any loans and advances on the basis of
security by way of pledge of shares debentures and other securities.
11. As the company is not a chit fund nidhi, mutual benefit fund or
society the provisions. of clause 49xill) the of companies (Auditors
Report) Order, 2003 are not applicable to the company.
12. As the company is not dealing or trading in shares securities
debentures and other investments the provisions of clause Z(xiv) of the
companies (Auditors Report) Order 2003 is not applicable to the
company.
13. The Company has not given any guarantees during the period.
14. No term loan was obtained during the period.
16. The Company has not made any preferential allotment of shares
during the period .
17. The Company has not issued any debentures during the period.
18.The Company has not raised any money by way of public issue during
the period.
19. Based upon the audit procedures performed and on the basis of
information and explanations provided 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 S. V. Navalkar & Associates
Chartered Accountants
S. V. Navalkar
Proprietor
M.N. 40433
Place : Mumbai
Date SEP 2011
Mar 31, 2010
We have audited the attached Balance Sheet of DSJ Communications Ltd as
at 31st March, 2010 and the Profit& Loss Account of the company for the
period ended on that date, annexed thereto and report that:
1. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sec.227 (4-A) of the
Companies Act, 1956 we enclose in the Annexure, a statement on the
matters specified in the paragraphs 4 & 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph 1
above:
(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 the law have
been kept by the company, so far as appears from our examination of these
books.
(c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
(d) In Our opinion the Balance Sheet, the Profit and Loss Account and
cash flow statement dealt with by this report comply with the
accounting standard referred to in the sub section (3C) of section 211
of the Companies Act, 1956, to the extent applicable.
(e) On the basis of written representations received from the Directors
of the Company as at 31st March, 2008 and taken on record by the Board of
Directors, we report that no director is disqualified from being appointed
as a Director of the company under clause ( g ) of sub- section (1) of
Section 274 of the Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts subject to Note No. 5
(c) of the Notes to accounts, regarding provision for fluctuation in
value of investments and Provision of deferred tax liability / tax
assets, give the information required by the Companies Act, 1956 in the
manner so required and give a true and fair view:-
(i) in the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010
(ii) in the case of the Profit and Loss Account, of the Profit of the
company for the period ended 31st March, 2010
(iii) In the case of Cash Flows Statement, of the Cash Flow for the
period ended on that date.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and location of the Fixed Assets.
(b) There is a regular program of physical verification, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of fixed assets. No material discrepancies have been noticed in
respect of the assets physically verified during the period.
(c) The Company has not disposed off/written off substantial part of
fixed assets during the period.
2. (a) There are no Inventories during the year, hence reporting under
this clause does not apply.
(b) As there are no stocks reporting under this clause does not apply.
3 (a) The Company has not accepted loans during the period from the
parties covered in the register maintained under section 301 of the
Companies act, 1956. The Company has not granted any loans during the
period to the parties covered in the register maintained under section
301 of the Companies Act, 1956.
(b) Based on the information received and the explanations given, the
rate of interest and the terms and conditions of loan granted is prima
facie not prejudicial to the interest of the Company.
(c) In view of closure of operations of the Company, Interest and
principal amount are not repaid regularly in respect of such loans.
(d) All loans are overdue as on the 31/03/2010.
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 with regard to purchase of stores, raw material, including
components, packing materials, plant and machinery, equipment and other
assets and with regard to sale of goods. There is no major weakness in
the internal control procedures.
5. Company has not entered into any transaction with any parties
covered under section 301 of the Companies Act, 1956.
6. Company has not accepted any deposits falling under the provisions
of Section 58A and 58AA of the Companies Act, 1956 and the rules made
there under, during the period under review.
7. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business. However, these
reports are not made available for our review.
8. We are informed that the maintenance of cost records has not been
prescribed by the Central Government under Section 209 (I) (d) of the
Companies Act, 1956, in respect of the Company's products.
9(a) The Company is generally regular in depositing undisputed
statutory dues with the appropriate authorities. At the year end there
were no Overdue outstanding. Income Tax authorities have raised a
demand of Rs 37.98 laces in respect of the Assessment year 95-96 the
same has been disputed by the Company and an appeal has been filed
against the same.
(b) There are no disputed dues to be deposited at various forums.
10 The Company's commercial operations are closed as on date and 100%
net -worth has been eroded as per the balance sheet as on 31/03/2008. A
reference has already been made to BIFR in this regard, As per order
dated 26/09/02, the BIFR has dismissed the reference filed by the
Company. Company has preferred an appeal to the AAIFR against the same
which is registered under Sr. No. 369/02.
11 Due to closure of commercial operations, there has been a default in
repayment of dues to all financial institutions, banks and suppliers.
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.
As the Company is not a chit fund, nidhi, mutual benefit fund or
society the provisions, of clause 4i iii) 'the of Companies (Auditor's
Report) Order, 2003 are not applicable to the Company.
14 As the Company is not dealing or trading in shares, securities,
debentures and other investments, to the provision of clause (xiv) of
the Companies (Auditor's Report) Order, 2003 is not applicable to the 3
Company.
15 The Company has not given any guarantees during the period.
16 No term loan was obtained during the period.
17 According to the information and explanations received, the Company
has not applied short terms A narrowing for long term use and vice
versa.
18 The Company has not made any preferential allotment of shares during
the period .
19 The Company has not issued any debentures during the period.
20 The Company has not raised any money by way of public issue during
the period.
Based upon the audit procedures performed and on the basis of
information and explanations 1 provided by the management, we report
that no fraud on or by the company has been noticed or in ported during
the course of our audit.
For S. V. Navalkar & Associates
Chartered Accountants
S. V. Navalkar
Proprietor
M. No. 40433