The Members Of Dhanleela Investments and Trading Company Limited Report on theFinancial Statements
We have audited the accompanying financial statements of Dhanleela Investments andTrading Company Limited ("the Company") which comprise the Balance Sheet as at31/03/2015 the Statement of Profit and Loss for the year then ended and a summary ofthe significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(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 position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments 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.
Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 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 andthe disclosures in the financial statements. The procedures selected depend on theauditors 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 Companyspreparation 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 the reasonableness ofthe accounting estimates made by the Companys 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 financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid 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 of the state of affairs of the Company as at31/03/2015 and its Profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the companies (Auditors Report) Order 2015 ("the order")issued by the central government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the annexure a statement on the matters specified in paragraph 3and 4of the order to the extent applicable.
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 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 of those books.
(c) The Balance Sheet the Statement of Profit and Loss and dealt with by this Reportare 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 on31/03/2015 taken on record by the Board of Directors none of the directors isdisqualified as 31/03/2015 from being appointed as a director in terms of Section 164
(2) of the Act.
(f) 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 our opinionand to the best of our information and according to the explanations given to us:
i. The Company did not have any pending litigations on its financial position in itsfinancial 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 which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For Manisha & Co. |
| ||Chartered Accountants |
| ||Sd/- |
| ||Manisha Patel |
|Place: Mumbai. ||Proprietor |
|Date: 29th May2015 ||Membership No. 148127 |
Annexure to the Independent Auditors' Report
(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)
(1) The company does not have any fixed assets. Consequently the provisions of clauses1
(a) & (b) are not applicable to the company.
(2) (a) Physical verification of inventory has been conducted at reasonable intervalsby the management.
(b) Procedures for physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness. There is no inadequacies in such procedures that should be reported.
(c) Company is maintaining proper records of inventory. No material discrepancies werenoticed on physical verification.
(3) Based on the audit procedures performed and the information and explanations givento us the Company has neither granted nor taken any loans secured or unsecured to/ fromthe companies firms or other parties covered in the register maintained under Section 189of the Companies Act 2013;
(a) The loans granted are re-payable on demand. As informed the company has notdemanded repayment of any such loan during the year thus there has been no default on thepart of the parties to whom the money has been lent. The payment of interest has beenregular.
(b) There is no overdue amount of any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Companies Act
(4) Based on the audit procedures performed and the information and explanations givento us there are adequate internal control system commensurate with the size of thecompany and the nature of its business for the purchase of inventory and fixed assets andfor the sale of goods and services. During the course of audit We have not observedcontinuing failure to correct major weaknesses in internal control system.
(5) The Company has not accepted any deposits from the public.
(6) The Company is not required to maintain cost records pursuant to the Rules made bythe Central Government for the maintenance of cost records under sub-section (l) ofsection 148 of the Companies Act.
(7) (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including Income tax Service tax and other material statutory duesapplicable to it.
(b) According to records of the Company examined by us there are no dues of Sales TaxValue Added Tax Wealth Tax Service Tax Custom Duty Excise Duty and Cess which have notbeen deposited on account of any dispute. The particulars of dues of Income Tax as at 31stMarch 2015 which have not been deposited on account of any dispute are as follows.
|Nature of the Statute ||Nature of Dues ||Amount (Rs.) ||Period to which Amount relates ||Forum where dispute is pending |
|The Income Tax Act 1961 ||Income Tax Dues ||170405 ||A.Y. 1997-1998 ||The Commissioner of Income Tax (Appeals) |
(c) The Company does not required to transfer fund to the Investor Education andProtection Fund.
(8) The company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses during current financial year and in the immediatelypreceding financial year.
(9) The company has not availed any loan from financial institution or bank.
(10) As Company has not availed any loan from financial institution or bank hencethis clause is not applicable.
(11) The Company has not availed any term loans..
(12) Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.
|For Manisha & Co. |
|Chartered Accountants |
|Manisha Patel |
|Mem. No. 148127 |
|Place: Mumbai |
|Dated: 29.05.2015 |