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Daikaffil Chemicals India Ltd.

BSE: 530825 Sector: Industrials
NSE: N.A. ISIN Code: INE789B01018
BSE LIVE 15:40 | 09 Dec 67.45 0.40
(0.60%)
OPEN

66.10

HIGH

68.00

LOW

66.10

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 66.10
PREVIOUS CLOSE 67.05
VOLUME 3121
52-Week high 80.60
52-Week low 23.25
P/E 14.23
Mkt Cap.(Rs cr) 40.47
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 66.10
CLOSE 67.05
VOLUME 3121
52-Week high 80.60
52-Week low 23.25
P/E 14.23
Mkt Cap.(Rs cr) 40.47
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Daikaffil Chemicals India Ltd. (DAIKAFFILCHEM) - Auditors Report

Company auditors report

To the Members of

Daikaffil Chemicals India Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial Daikaffil Chemicals IndiaLimited ("the Company") which statementsof comprises the Balance Sheet asat March 31 2016 the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("The Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards Specified under section 133 of the Act read with Rule 7 of theCompanies (Account) Rules 2014. This responsibility also includes Maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the standalone financial in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byCompany’s Board of Directors as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the standalone financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that:

a) we have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books;

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

d) in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013 read with rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Companies Act 2013.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B".

g) With respect to the other matters included in the auditor’s report inaccordance with rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to best of our information and according to the explanation given to us :

a. The company has disclosed the impact of pending litigation on its financial positionin its standalone financial statement.

b. The Company has made provision as required under the applicable law or AccountingStandards for material foreseeable losses if any on long term contracts includingderivatives contracts.

c. There has been no delay in transferring amounts required to be transferred to theinvestor’s education and protection fund by the company.

For MANISH PATEL & COMPANY
Chartered Accountants
Firm Reg. No. 126272W
MANISH PATEL
Proprietor
Membership No.107367
Mumbai: 13th May 2016

ANNEXURE A TO THE AUDITORS REPORT

ADDITIONAL INFORMATION ANNEXED THE INDEPENDENT AUDITORS’ REPORT

1. a. Records showing full particulars including quantitative details and situation offixed assets have not been adequately maintained by the Company.

b. As explained to us the fixed assets have been physically verified by the managementonce during the year and in our opinion the frequency of verification is reasonablehaving regard to the size of the company and nature of its assets. No materialdiscrepancies were noticed on such physical verification.

c. During the year the Company has not disposed off any substantial / major part offixed assets

d. According to the information and explanations given to us and the records of theCompany examined by us the title deeds of the immoveable properties are held in thecompany’s name.

2. As per information and explanations given to us the inventories have beenphysically verified by the management during the year at reasonable intervals. In ouropinion the frequency of verification is reasonable. The discrepancies noticed onverification between the physical stocks and the book records were not material inrelation to the size of the Company and the same have been properly dealt with in thebooks of account.

3. The Company has not granted / taken any loans secured or unsecured to / fromCompanies firms limited liability partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013.

4. In our opinion and according to the information and explanations given to us theCompany has complied with provisions of section 185 & 186 of the Companies Act 2013in respect of loans investments guarantees and securities.

5. The Company has not accepted any deposits during the year from the public within themeaning of provisions of the Companies Act 2013 and rules made there under.

6. As informed to us the Central Government has not prescribed maintenance of CostRecords under sub section (1) of section 148 of the Act.

7. a. According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company has generally been regular indepositing undisputed statutory dues including Provident Fund Investor Education andProtection Fund Employees’ State Insurance Income Tax Sales Tax Wealth TaxCustoms Duty Excise Duty cess and any other statutory dues with the appropriateauthorities.

b. According to the information and explanation given to us and the records of theCompany examined by us there are no disputed amounts in case of dues of sales tax/incometax/custom duty/wealth tax/excise duty/cess.

8. In our opinion and according to the information and explanation given to us theCompany has not defaulted in the repayment of dues to banks. There are no dues tofinancial institutions and debenture holders.

9. The Company did not raise any moneys by way of initial /further public offer duringthe year. In our opinion and according to the information and explanations given to usthe term loans have been applied for the purposes for which they have been obtained.

10. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V of the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with sections 177 & 188 of the Act and details of such transactions havebeen disclosed in the financial statements as per applicable accounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non cashtransactions with directors or persons connected with him.

16. The Company is not required to be registered under section 45IA of the Reserve Bankof India Act 1934.

For MANISH PATEL & COMPANY
Chartered Accountants
Firm Reg. No. 126272W
MANISH PATEL
Proprietor
Membership No.107367
Mumbai: 13th May 2016

ANNEXURE B TO THE AUDITORS REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of DaikaffilChemicals India Limited ("the Company") as of March 31 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancialcontrols that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparations of reliable financialinformation as required under the CompaniesAct 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequired that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operation effectiveness of internal control based on the assessment risk. Theprocedures selected depend on the auditor’s judgment including the assessment of therisk of material misstatement of the financial whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the presentation of financial statements for external purpose in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transaction and disposition of the assets of the company;

(2) provide reasonable assurance that transaction are recorded as necessary to permitpreparation of financial accordance with generally accepted accounting principles andthat receipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea material effects on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financialoverfinancial the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For MANISH PATEL & COMPANY
Chartered Accountants
Firm Reg. No. 126272W
MANISH PATEL
Proprietor
Membership No.107367
Mumbai: 13th May 2016

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