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Dhabriya Polywood Ltd.

BSE: 538715 Sector: Industrials
NSE: N.A. ISIN Code: INE260R01016
BSE LIVE 19:40 | 19 Oct 154.80 2.60
(1.71%)
OPEN

155.00

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155.00

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154.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 155.00
PREVIOUS CLOSE 152.20
VOLUME 4210
52-Week high 196.00
52-Week low 85.00
P/E 44.87
Mkt Cap.(Rs cr) 167
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 155.00
CLOSE 152.20
VOLUME 4210
52-Week high 196.00
52-Week low 85.00
P/E 44.87
Mkt Cap.(Rs cr) 167
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Dhabriya Polywood Ltd. (DHABRIYAPOLY) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To the Members of

Dhabriya Polywood Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of DHABRIYA POLYWOOD LIMITED

("the Company") which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summaryof the significant accounting policies and other explanatoryinformation.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matter stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theAccounting Standards notified under Section 133 of the Act as applicable. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a 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 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 theaudit report under theprovisions of the Act and the Rules made thereunder and the Order under section 143(11) ofthe Act.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatements.

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 dueto fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation 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 accounting policies used and the reasonableness of theaccounting estimates made by the Company’s Directors as well as evaluating theoverall 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 on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by Section 143(3) of the Act we report that: (a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes 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 ofthose books.

(c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act as applicable.

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a Director in termsof Section 164(2) of the Act.

(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 A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company’s internalfinancial controls over financial reporting.

(g) 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 opinion and to the best of our information andaccording to the explanations given to us: i. The Company has disclosed the impact ofpending litigations on its financial position in its financial statements Refer Note 34 tothe financial statements;

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There were no amounts required to be transferred to the Investor EducationandProtection Fund by the Company during the year.

2. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in"Annexure B"a statement on the matters specified in paragraphs 3and 4 of the Order.

For NARENDRA SHARMA & CO.
Chartered Accountants
(Firm Regn No. 004983C)
(YOGESH GAUTAM)
Partner
Jaipur May30 2016 Membership No. 072676

ANNEXURE "A" TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in Paragraph 1(f) under "Report on Other Legal and RegulatoryRequirements" of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DHABRIYAPOLYWOOD 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 FinancialReporting" (the "Guidance Note") issued by the Institute of CharteredAccountants of India. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 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 accordancewith the Guidance Note and the Standards on Auditing prescribed under Section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. Those Standards andthe 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 mis-statement 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 processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of 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 mis-statements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting tofuture 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 based on the internal controlover financial reporting criteria established by the

Company considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For NARENDRA SHARMA & CO.
Chartered Accountants
(Firm Regn No. 004983C)
(YOGESH GAUTAM)
Partner
Jaipur May30 2016 Membership No. 072676

ANNEXURE "B" TO THEINDEPENDENT AUDITOR’S REPORT

(Referred to in Paragraph 2 under "Report on Other Legal and RegulatoryRequirements" of our report of even date)

(i) In respect of itsfixed assets: a. The Company has maintained proper records showingfull particulars including quantitative details and situation of fixed assets. b. TheFixed Assets were physically verified by the management during the year in accordance witha regular program of verification which in our opinion provides for physicalverification of all the fixed assets at reasonable intervals. According to the informationand explanations given to us no discrepancies were noticed on such verification. c.According to the information and explanations given to us and the records examined by usand based on the examination of the registered sale deeds and lease agreements provided tous we report that the title deeds comprising the immovable properties of land (freeholdand leasehold) and buildings are held in the name of the Company.

(ii) As explained to us the inventories were physically verified during the year bythe Management at reasonable intervals and no material discrepancies were noticed onphysical verification.

(iii) The Company has not granted any loans secured or unsecured to Companies FirmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013.

(iv) In our opinion and according to the informationand explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

(v) According to the information and explanations given to us the Company has notaccepted any deposit during the year.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under clause 148(1) of the Companies Act 2013.

(vii) According to the information and explanation given to us in respect of statutorydues:

a. The Company has generally been regular in depositing the undisputed statutory duesincluding Provident Fund Employees’ State Insurance Income Tax Sales Tax CustomDuty Service Tax Excise Duty Cess Value Added Tax and any other material statutorydues applicable to it with the appropriate authorities. b. There were no undisputed amountpayable in respect of Provident Fund Employees’ State Insurance Sales Tax IncomeTax Wealth Tax Customs Duty Excise Duty Service Tax Cess Value Added Tax and othermaterial statutory dues in arrears as at 31st March 2016 for a period of morethan six months from the date they became payable. c. There were no dues pending to bedeposited on account of any dispute in respect of Income Tax Wealth Tax Sales TaxCustom Duty Service Tax Excise Duty Cess Value Added Tax except:

Name of the Statue Nature of Dues Period to which amount related (FY) Forum where dispute is pending Amount Involved* (in Rs.) Amount Paid under Protest(in Rs.) Amount Unpaid (in Rs.)
Income Tax Demand for 2012-13 CIT Appeal- 34709/= 17520/= 17189/=
Act 1961 Interest on III Jaipur
TDS
Income Tax Demand for 2011-12 Income Tax 308156/= 155560/= 152596/=
Act 1961 Intereston Appellate
TDS Tribunal
Jaipur Bench
Income Tax Income Tax 2011-12 CIT Appeal- 474150/= Nil 474150/=
Act 1961 II Jaipur

The following matter has been decided in favour of the Company although the departmenthas preferred appeal at higher levels:

Statue Dues amount related (FY) dispute is pending (in Rs.)
Rajasthan VAT Demand for 2010-11 Rajasthan Tax 3503676/=
Act 2003 Penalty Board Ajmer
Rajasthan VAT Demand for 2011-12 Rajasthan Tax 11780600/=
Act 2003 Penalty Board Ajmer

(viii) In our opinion and according to the information and explanations given to usthe Company has notdefaulted in the repayment of dues to financial institutions banks andgovernment.

(ix) In our opinion and according to the information and explanations given to usmoney raised by way ofthe term loans have been applied by the Company during the year forthe purposes for which they were raised.

The Company has not raised moneys by way of initial public offer/ further public offer(including debt instruments) during the year.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

(xii)The Company is not a Nidhi Company and hence reporting under clause (xii) of theCARO

2016 Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 188 and

177 of the Companies Act 2013 where applicable for all transactions with the relatedparties and the details of related party transactions have been disclosed in the financialstatements etc. as required by the applicable accounting standards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of CARO 2016 is not applicable to the Company.

(xv)In our opinion and according to the information and explanations given tous duringthe year the Company has not entered into any non-cash transactions with its Directors orDirectors of its subsidiary companies or persons connected with him and hence provisionsof section 192 of the Companies Act 2013 are not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For NARENDRA SHARMA & CO.
Chartered Accountants
(Firm Regn No. 004983C)
(YOGESH GAUTAM)
Partner
Jaipur May30 2016 Membership No. 072676