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Dalal Street Investments Ltd.

BSE: 501148 Sector: Financials
NSE: N.A. ISIN Code: INE422D01012
BSE LIVE 09:49 | 21 Jul 135.00 -0.85
(-0.63%)
OPEN

135.00

HIGH

135.00

LOW

135.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 135.00
PREVIOUS CLOSE 135.85
VOLUME 20
52-Week high 141.05
52-Week low 92.45
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 135.00
Sell Qty 35.00
OPEN 135.00
CLOSE 135.85
VOLUME 20
52-Week high 141.05
52-Week low 92.45
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 135.00
Sell Qty 35.00

Dalal Street Investments Ltd. (DALALSTREETINV) - Auditors Report

Company auditors report

To the Members of

DALAL STREET INVESTMENTS LIMITED

Report on Financial Statements

We have audited the accompanying financial statements of DALAL STREET INVESTMENTSLIMITED ("the Company") which comprise the Balance Sheet as at March312016 and the Statement of Profit and Loss and Cash Flow Statement for theyear thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for Financial Statements

The Company’s Board of Directors is responsible for matters stated in 134(5) ofCompanies Act 2013("the Act") with respect to preparation of these financialstatementsthat give a true and fair view of the financial position financial performanceandcash flows of the Company in accordance with the Accounting principles generallyaccepted in India including the accounting standards specified under section 133 of theact read with rule 7 of the companies (Accounts) Rules 2014. This responsibility alsoincludes the maintenance of adequate accounting records in accordance with provision ofthe act for safeguarding the assets of the company and for preventing and detecting thefrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgement and estimates that are reasonable and prudent; and designimplementation and maintenanceof internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financialstatements that give a true and fairview and are free from materialmisstatement whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provision of the act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovision of the act and the rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the 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 control relevant to the Company’s preparation and fairpresentation of the financial statements 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 bymanagement as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient andappropriate toprovide a basis for our audit opinion on the financial statement.

Basis for Qualified Opinion

Company being listed company is required to appoint Internal Auditor under section 138of Company’s Act 2013 but company has not complied with such provision of theCompany’s Act 2013.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the possible effect of matter described in the basis for QualifiedOpinion paragraph the financial statements give the information required by the Act inthe 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 Statement 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 thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016’ issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanation s given to us we give in the "Annexure A" astatement on the matters specified in paragraph 3 and 4 of 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 ourknowledge 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 appears from our examination of those books

c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith 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 FlowStatement comply with the Accounting Standards referred to in section 133 of thecompanies’ act2013 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 matters included in the auditor’s report and to best of ourinformation and according to the explanation given to us.

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

For A K NEVATIA AND ASSOCIATES
(Chartered Accountants)
FRN: 107045W
CA ANIL KUMAR NEVATIA
(PROPRIETOR)
Membership No. : 040403
Place: MUMBAI
Date:30/05/2016

"ANNEXURE A" TO INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 1 of the Our Report of even date to the members of DALALSTREET INVESTMENTS LIMITED on the accounts of the company for the year ended 31stMarch 2016.

i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies have been noticed on such verification.

(c) The title deeds of Immovable properties are held in the name of the Company.

ii) On the basis of our examination of the inventory records in our opinion thecompany is maintaining proper records of inventory.

iii) The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.

iv) The company has not granted loan Investments guarantees and securities to partiesunder section 185.Company is registered as NBFC hence are exempted from the compliance ofsection 186 of Companies Act 2013.

v) Company has not accepted deposits from public within the meaning of section 73 and74 of the Act and rule framed there under to the extent notified.

vi) There is no requirement of maintenance of cost records has been specified by theCentral Government under sub-section (1) of section 148 of the Companies Act.

vii) (a) According to information and explanation given to us and the records of thecompany examined by us in our opinion the company is regular in depositing theundisputed statutory dues including provident fund employees' state insuranceincome-tax sales-Lax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues with the appropriate authorities and

(b) According to the information and explanation given to us there is no amountpayable in respect of income tax or sales tax or wealth tax or service tax or duty ofcustoms or duty of excise or value added tax or cess have not been deposited on account ofany dispute.

viii) The company has not defaulted in repayment of dues to a financial institutionbank government or debenture holders.

ix) The company has not raised money by way of initial public offer or further publicoffer (including debt instruments) and term loan during the year.

x) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanation given to us we have not come across anyinstance of material fraud on or by the company noticed or reported during the year.

xi) Company has not paid or provided managerial remuneration in respect of whichapprovals under provision of section 197 read with schedule v to the Companies Actrequired.

xii) The Company is not Nidhi Company.

xiii) Company has not enter in to transaction with related parties under section 188 ofCompanies Act 2013. Hence compliance of provision of section 177 of the Act for thosetransactions are not required.

xiv) The company has not made preferential allotment or private placement of shares orfully or partly convertible debenture during the year under audit.

xv) Company has not entered in to any non cash transaction with director or personconnected with him.

xvi) Company is registered under section 45-IAof the Reserve Bank of India.

For A K NEVATIA AND ASSOCIATES
(Chartered Accountants)
FRN: 107045W
CA ANIL KUMAR NEVATIA
(PROPRIETOR)
Membership No. : 040403
Place: MUMBAI
Date: 30/05/2016

"Annexure B" to the Independent Auditor’s Report of even date on theFinancial Statements of DALAL STREET INVESTMENTS LIMITED

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 DALALSTREET INVESTMENTS LIMITED ("the Company") as of March 31 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ 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 accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls and both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material 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 operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements 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 process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over 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 financial controlsover financial reporting were operating effectively as at March 31 2016 based ontheinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For A K NEVATIA AND ASSOCIATES
(Chartered Accountants)
FRN: 107045W
CA ANIL KUMAR NEVATIA
(PROPRIETOR)
Membership No: 040403
Place: MUMBAI
Date: 30/05/2016