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Damodar Industries Ltd.

BSE: 521220 Sector: Industrials
NSE: DAMODARIND ISIN Code: INE497D01014
BSE LIVE 15:40 | 09 Dec 75.60 2.05
(2.79%)
OPEN

75.75

HIGH

76.45

LOW

72.85

NSE LIVE 15:27 | 09 Dec 76.50 3.15
(4.29%)
OPEN

75.00

HIGH

76.95

LOW

74.00

OPEN 75.75
PREVIOUS CLOSE 73.55
VOLUME 3236
52-Week high 101.70
52-Week low 55.15
P/E 9.08
Mkt Cap.(Rs cr) 84.14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 75.75
CLOSE 73.55
VOLUME 3236
52-Week high 101.70
52-Week low 55.15
P/E 9.08
Mkt Cap.(Rs cr) 84.14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Damodar Industries Ltd. (DAMODARIND) - Auditors Report

Company auditors report

To

The Members of

DAMODAR INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of DAMODAR INDUSTRIES LIMITED("the company") which comprise the Balance Sheet as at March 31 2016 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management' 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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of Companies Act 2013 read with rule 7 of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities selection and application ofappropriate accounting policies making judgments and estimates that are reasonable andprudent and design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the accuracy and completeness of accountingrecords relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on myaudit. 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 my 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation and fairpresentation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and reasonableness of theaccounting estimates made by the management as well as evaluating the overallpresentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 the affairs of the Company as atMarch 312016.

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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act We give in the Rs.Annexure A'a statement on the matters specified in paragraphs 3and 4 of the said 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 my 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 specified under section 133 of CompaniesAct 2013. Read with rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on March312016 and taken on record by the Board of Directors I report that none of the directorsis disqualified as on March 31 2016 from being appointed as a director in terms ofSection 164(2) of the Companies Act 2013.

f) With respect to the adequacy of the internal financial control over financialreporting of the Companyand the operative effectiveness of such controls refer to ourseparate report in 'Annexure B'.

g) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in my opinionand to the best of my information and according to the explanation given to me:

1. The Company has disclosed the impact of pending litigations on its financialstatement.

2. The Company does not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

3. The Company has transferred the amounts which were required to be transferred to theInvestor Education and Protection Fund.

For Jitendra Mishra & Company
Chartered Accountants
Firm Registration No: 125334W
Place: Mumbai (C.A. Jitendra Mishra)
Date : 27 May 2016 Proprietor
Membership No: FCA 116676

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in paragraph 1 under Report on other Legal and RegulatoryRequirements in the Independent Auditor's Report of even date to the members of DamodarIndustries Limited (the company) on the financial statements for the year ended March312016 we report that:

I In respect of its Fixed Assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

(b) The Fixed Assets were physically verified during the year by the management inaccording with a regular programme of verification which in our opinion provides forphysical verification of major portion of fixed assets at reasonable intervals. Accordingto the information and explanation given to us and no material discrepancies were noticedon such verification.

(c) According to the information and explanations given to us and on the basis ofexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

ii. In respect of its inventories:

(a) As explained to us the inventories were physically verified by the management atregular intervals during the year.In respect of inventory lying with third partiesthesehave substantially been confirmed by them.

(b) The discrepancies noticed on verification between the physical stocks and bookrecords were not material.

iii. The company has not granted any loans secured or unsecured to the companiesfirms Limited liability partnership or other parties covered in the register maintainedunder section 189 of the companies Act 2013. Accordingly provisions of paragraph 3 (iii)of the Companies (Auditor Report) ordered 2016 were not applicable to the Company.

iv. The Company has not made investments and granted any loans or provided anygurantees or security to the parties covered under section 185 and 186 of the CompaniesAct 2013. Accordingly provisions of paragraph 3 (iv) of the Companies (Auditor Report)ordered 2016 were not applicable to the Company.

v. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of sections 73 to 76 and other relevantprovisions of the Companies Act 2013 and the rules framed thereunder with regard to thedeposits accepted from the public. As per information given to us no order under theaforesaid sections has been passed by the company Law Board or National Company Law Boardor Reserve Bank of India or any court or any other tribunal on the company.

vi. We have broadly reviewed the cost records maintained by the Company pursuant to therules prescribed by the Central Government under sub section 1 of section 148 of theCompanies Act2013 and are of the opinion that prime facie the prescribed accounts andcost records have been maintained. We have however not made a detailed examination ofthe cost records with a view to determine whether they are accurate or complete.

vii. In respect of statutory dues:

(a) According to information and explanations given to us and on the basis of ourexamination of the records of the company has been regular in disposing undisputedstatutory dues including Provided Fund investor education and production fund employerstate insurance Income-Tax Sales tax Service Tax Duty of Customs Duty of Excise Valueadded Tax cess and other material statutory dues with the appropriate authorities .According to the information and explanations given to us no undisputed amounts payablein respect of the aforesaid dues were outstanding as at 31st March 2016 for a period ofmore than six months from the date of becoming payable.

b) According to the information and explanations given to me there are no dues inrespect of Wealth-Tax Excise Duty Service Tax or Cess outstanding on account of anydispute. The details of dues which have not been deposited on account of dispute are givenbelow:

Sr. No. Name of the Statute Nature of the dues Amount Period to which the amount relates Forum where disputei s pending
1. DEPB Entitlement Refund Custom 8118321/- F.Y. 2010-1 1 DGFT
2. Central Sales Tax Act 1956 C.S.T 7437996/- F.Y. 2006-07 Deputy C o mmi s s i oner (Appe a l)
3. Maharashtra Value Added Tax MVAT 4291001/- F.Y. 2006-07 Deputy Commissioner (Appeal)

viii. In our opinion and according to the information and explanations given to us the company has not defaulted in repayment of dues to any financial institutions and bankas at the Balance sheet date.

ix. In our opinion and according to the information and explanations given to usduring the year the company did not raised any money by way of initial public offer orfurther public offer (including debt instruments) and the term loans availed during theyear have been applied for the purpose for which they were raised.

x. 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 audit.

xi. According to the information and explanations given to us and based on ourexamination of records of the company the company has paid/ provided for managerialremuneration in accordance with requisite approvals mandated by the provision of Section197 read with Schedule V of the Companies Act.

xii In our opinion and according to the information and explanations given to us theCompany is not a nidhi company accordingly paragraph 3(xii) of the Order is notapplicable.

xiii According to the information and explanations given to us and based on ourexamination of records of the company transaction with the related parties are incompliance with Section 177 & 188 of the Act where applicable and details of suchtransaction have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv According to the information and explanations given to us and based on ourexamination of records of the company the company has not made any preferential allotmentor private placement of shares of fully or partly convertible debentures during the year.

xv According to the information and explanations given to us and based on ourexamination of records of the company the company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi According to the information and explanations given to us the company is notrequired to be registered under section 45 1A of the reserve bank of india Act 1934.Accordingly paragraph 3(xvi) of the Order is not applicable.

For Jitendra Mishra & Company
Chartered Accountants
Firm Registration No: 125334W
Place: Mumbai (C.A. Jitendra Mishra)
Date : 27 May 2016 Proprietor
Membership No: FCA 116676

Annexure B To The Independent Auditors' Report

The annexure referred to in paragraph 2 (f) under 'Report on Other Legal and RegulatoryRequirements' of our report of even date to the members of Damodar Industries Limited onthe financial statements for the year ended 31st March2016.

Report on the Internal Financial controls under clause (i) of sub-section 3 ofsection143 of the companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DamodarIndustries Limited ("the Company") as of March 312016 in conjunction with ouraudit of the financial statements of the Company for the year 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including 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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

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 controls systemover 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 standalone financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 on theinternal 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 Jitendra Mishra & Company
Chartered Accountants
Firm Registration No: 125334W
(C.A. Jitendra Mishra)
Place: Mumbai Proprietor
Date : 2/ May 2016 Membership No: FCA 1166/6

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