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Darjeeling Ropeway Company Ltd.

BSE: 539770 Sector: Financials
NSE: N.A. ISIN Code: INE830S01014
BSE LIVE 09:45 | 31 Mar Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.50
PREVIOUS CLOSE 10.00
VOLUME 5
52-Week high 12.50
52-Week low 12.50
P/E 78.13
Mkt Cap.(Rs cr) 3.81
Buy Price 12.50
Buy Qty 225.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.50
CLOSE 10.00
VOLUME 5
52-Week high 12.50
52-Week low 12.50
P/E 78.13
Mkt Cap.(Rs cr) 3.81
Buy Price 12.50
Buy Qty 225.00
Sell Price 0.00
Sell Qty 0.00

Darjeeling Ropeway Company Ltd. (DARJEELINGROPEW) - Auditors Report

Company auditors report

To the Members of DARJEELING ROPEWAY CO LIMITED

Report on the Financial Statements for the F.Y. 2014-15

We have audited the accompanying financial statements of Darjeeling Ropeway Co Limited(“the Company”) which comprise the Balance Sheet as at March 31 2015 Profitand Loss Account and the Cash Flow Statement for the year the ended and a summary of thesignificant 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 Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparationand presentation of these Financial Statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a reasonable opinion on these financial statementsbased on our audit. We conducted our audit in accordance with the Standards on Auditingissued by the Institute of Chartered Accountants of India. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.

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.

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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

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

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 of the state of affairs of the Company as at 31stMarch 2015 and its statement of profit & loss and cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) Order 2015 ('the order') issued byCentral Government of India in terms of subsection (11) of section 143 of the Act weenclose in the annexure a statement on the matters specified in paragraphs 3 & 4 ofthe said order to the extent applicable.

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 Statement of Profit and Loss and statement of Cash Flow dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 31stMarch 2015 taken on record by the Board of Directors none of the director isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

I. The Company does not have any pending litigations which would impact its financialposition.

II. The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

III. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Gupta Saharia & Co
Chartered Accountants
Place: Kolkata FRN:-103446W
Date: 28/05/2015 Sd/
Pawan Gupta
Partner
Membership no-071471

Annexure to Auditors' Report

The Annexure referred to in our report to the members of Darjeeling Ropeway Co Limited(the Company') for the year ended on 31st March 2015. We report that:

(i) In respect of its fixed assets:

Based on our scrutiny of the Company's Book of Account and other records and accordingto the information and explanations received by us from the management we are of theopinion that the company have written off its fixed assets during the financial year2014-15 therefore physical Verification under the provision of clause 3(i) is notrequired to be done.

(n) In respect of its inventories:

The company does not have inventory during the year hence clause 3(ii) of the saidorder is not applicable.

(iii) The company has not granted loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013 and we are of the opinion that the term and condition of such loans are notprejudicial to the interests of the company also reasonable steps have been taken for therecovery/repayment of overdue of such loans.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control systems commensurate with the size of the Company andnature of its business. During the course of our Audit no major material weakness hasbeen noticed in internal controls.

(v) In our opinion and according to information and explanations given to us theCompany has not accepted any deposits from the public and hence clause 3(v) of the saidorder is not applicable.

(vi) According to the information & explanations provided by the management theCompany is not engaged in production processing manufacturing or mining activities.Hence the provisions of Section 148(1) of Company Act 2013 do not apply to the Company.Hence clause 3(vi) of the said order is not applicable.

(vii) According to the information and explanations given to us and on the basis of ourexamination of the records of the company amount deducted/accrued in the books of accountin respect of undisputed statutory dues including provident fund income tax sales taxwealth tax service tax duty of customs value added tax cess and other materialstatutory dues have been regularly deposited during the year by the company with theappropriate authorities. As explained to us the company did not have any dues on accountof employee's state insurance and duty of excise.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31st March2015 for a period of more than six months from the date they became payable.

(vii) The Company does not have accumulated losses of more than 50% of its net worth.The company has not incurred any cash loss during the financial year covered under audit.

(ix) The Company did not have any outstanding dues to Financial Institutions Banks orDebenture holders during the year.

(x) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for Loans taken by other from banks or financialinstitutions; hence clause (x) of Para 3 of the Order is not applicable.

(xi) According to the records of the company the company has not obtained any termloans. Hence comments under the clause are not called for.

(xii) Based on the audit procedures performed and information's and explanations givenby the management we report that no fraud on or by the company has been noticed orreported during the course of our audit.

For Gupta Saharia & Co
Chartered Accountants
Place: Kolkata FRN: - 103446W
Date: 28/05/2015 Sd/
Pawan Gupta
Partner
Membership no. 071471

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