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Dharti Proteins Ltd.

BSE: 531171 Sector: Others
NSE: N.A. ISIN Code: INE248C01013
BSE LIVE 15:15 | 24 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.45
PREVIOUS CLOSE 3.42
VOLUME 50
52-Week high 3.45
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 3.45
Buy Qty 450.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.45
CLOSE 3.42
VOLUME 50
52-Week high 3.45
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 3.45
Buy Qty 450.00
Sell Price 0.00
Sell Qty 0.00

Dharti Proteins Ltd. (DHARTIPROTEINS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF DHARTI PROTEINS LTD.

Report on the Financial Statements :

We have audited the accompanying financial statements of DHARTI PROTEINS LTD.("the Company") which comprise the Balance Sheet as at 31/03/2015 theStatement of Profit and Loss the cash flow statement for the year then ended and asummary of the significant 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 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 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.

Auditor’s Responsibility :

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 thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures 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 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 the accounting policies used and the reasonableness ofthe accounting 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 financial statements.

Opinion :

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 Loss and it's cash flows for the year ended on that date.

Emphasis of Matters :

We draw attention to the following matters in the Notes to the financial statements:

Note no. XXIII to the financial statements which describes that going concern statusis effected due to above blockage of funds of the company is affected due to blockage offunds.

1) we comment that:

a) Most of the funds of company are block and movements in those accounts arenegligible so we are of opinion that going concern status may be effected due to aboveblockage of funds and less movement of accounts.

Our opinion is not modified in respect of this matter.

Other Matters

1) we comment that:

a) Company has not made provision for doubtful trade receivable more than six months ofRs.21855685/- and long term loans and advances of Rs. 50006583/- shall resulting in toincreasing loss for the year and over statement of debtors and loans and advances to theextent of above amount.

b) Permanent diminution in market value of quoted investments of book value of Rs.617550/- and unquoted shares of Rs. 8000100/- have not been provided shall resulting intoincreasing loss for the year and over statement of Investments.

c) Confirmations were not available for debtors loans advances taken and given andcreditors.

We doubt on these balances.

d) Company has granted interest free loans and advance of Rs. 13120405/- to two numbersof parties covered under register maintained under section 189 of Companies Act 2013prejudicial to the interest of the company.

e) Internal control system need to be strengthened for recovery of outstanding dues andproper financial management

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements :

As required by the Companies (Auditors’ Report) Order2015("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Companies Act 2013. We give in the Annexure A statements on the matters specified inparagraphs 3 and 4 of 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 the cash flow statementdealt with 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 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 except stated below; Mr. Dhiren Thakkar has filed MGT 14 to MCA that he isqualified for being as director however as per our view he is disqualified to be appointedas director of a company as T J R Sons Ltd in which he is director has not filed itsannual returns and accounts since 2005.

(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 has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

FOR NIMESH M. SHAH & CO.
(Chartered Accountants)
Reg No.: 115204W
Date : 26/05/2015 NIMESH SHAH
Place : AHMEDABAD Partner
M.No.: 047856

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(i) (a) The company is maintaining fixed assets records to show full particularsincluding quantitative details and situation of fixed assets. Such register is at thestage of updating during the year.

(b) According to the information and explanations given to us fixed assets have beenphysically verified by the management in phase periodical manner during 3 the years. Wehave been informed that discrepancies were noticed on such verification. All the Assetshave been written off during the year as they have no existence or have NIL releasablevalue.

(ii) (a) According to the information and explanation given to us inventories havebeen physically verified by the management during the year. In our opinion the frequencyof verification is reasonable having regard to the size of the company and the nature ofits business.

(b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory. No material discrepancieswere noticed on physical verification between the physical stocks and the book records.

(iii) In respect of the Loans and advances granted to companies firms or other partiescovered in the register maintained under section 189 of the Companies Act 2103

(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. Further company is not charging anyinterest on such advance thus question of interest is regular or not does not arise.

(b) In respect of the loan granted by the company there is no repayment scheduletherefore the question of overdue amount does not arise.

(iv) In respect of Internal Control in reference to Purchase of Inventory and FixedAssets and whether there is continue failure of Internal control In our opinion andaccording to the information and explanation given to us there are adequate internalcontrol procedure commensurate with size of the company and the nature of its businessthrough personal supervision of management of the company with regard to purchase ofinventories fixed assets and for the sale of goods and services. According to usInternal control system needs to be strengthening for recovery of loans advances and debtrecovery.

(v) On the basis of information and explanations given to us company has openingbalance of deposit in violation within in violation of section 73 to 76 and other relevantprovisions of the Companies act 2013 and the rules framed there under with regard toacceptance and payment of deposits from public.

Company has accepted deposit from two persons other than director and corporate withoutcomplying provision of section 73 to 76 and other relevant provisions of the Companies act2013.

We have been informed by the management that no order has been passed by the companylaw Board National Company Law Tribunal or Reserve Bank of India or any Court or anyother Tribunal.

(vi) Based on the information and explanations given to us the Company is not requiredto maintain cost records pursuant to the Rules made by the Central Government for themaintenance of cost records under sub-section (l) of section 148 of the Companies Act.

(vii) (a) According to the information and explanation given to us the company is notregular in depositing the undisputed statutory dues including provident fundemployees’ state insurance income-tax sales-tax wealth tax service tax duty ofcustoms duty of excise value added tax or cess and any other statutory dues with theappropriate authorities.

According to the information and explanation given to us company has no undisputedamounts payable in respect of provident fund employees’ state insurance income-taxsales-tax wealth tax service tax duty of customs duty of excise value added tax orcess and any other statutory dues were in arrears as at 31st March 2015 for a period ofmore than 6 months from the date they became payable to it otherwise than mentioned below.

Statement of arrears of Statutory Dues Outstanding for More than Six Months :

Nature of the Dues Amount Period to which the amount relates Due Date Date of Payment
(Rs.)
Sales Tax 1812421/- 2005-06
2006-07 Already Due
Income Tax 113660/- 2009-10 14/11/2014

In absence of Sales Tax return copy and non filling for 2005-06 2006-07 and 2007-082008-09 2009-10 2010-11 2011-12 2012-13 and 2013-14. We cannot quantify theliabilities of sales tax. We cannot quantify for interest and penalty on all undisputeddue.

(vii) (b) According to the information and explanation given to us there are no duesof provident fund employees’ state insurance income-tax sales-tax wealth taxservice tax duty of customs duty of excise value added tax or cess and any otherstatutory dues with the appropriate authorities that have been not been deposited onamount of any dispute except followings.

Statement of Disputed of Statutory Dues as on 31.3.2015 :

Name of the Statute Nature of the Dues Amount Period to which the amount relates Due Date Date of Payment
(Rs.)
Income Tax CIT Appeal 2033191/- 2004-05 17/12/2010
Income Tax CIT Appeal 1901976/- 2005-06 17/12/2010
Income Tax CIT Appeal 665060/- 2006-07 24/02/2011
Income Tax CIT Appeal 382518/- 2007-08 17/12/2010

Details of Accounting Year 2004-05 2005-06 2006-07 and 2007-08 are considered on thebasis of notice received of Income Tax office dated 21/12/2012. We do not have any otherdetails. Liabilities on account of interest on tax cannot be ascertainable.

In absence of details of ITAT Appeal and its disposal we have given same amount asdisputed amount.

(vii) (c) According to the information and explanations given to us no amount wasrequired to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there under.

(viii) Accumulated losses at the end of the financial year is not less than fiftypercent of company’s net worth and company has incurred cash losses in the currentyear and immediately preceding financial year.

(ix) In our opinion and according to the information and explanation given to us thecompany has not generally defaulted in repayment of dues to Financial Institutions Banksor Debenture holders.

(x) According to the information and explanation given to us the company has not givenduring the year any guarantee for loans taken by others from Banks or financialInstitutions. As a result the question of our commenting whether the term and conditionsare prejudicial to the interest of the company does not arise.

(xi) The company did not have any term loans outstanding during the year.

(xii) On the basis of our examination of the books of accounts and other relevantrecords and information made available to us prima-facie we have not noticed any fraud onor by the company during the year Further the management has represented to us that nofraud on or by the company has been reported during the year. However we are unable todetermine/ verify as to whether any such reporting has been made during the year.

FOR NIMESH M. SHAH & CO.
(Chartered Accountants)
Reg No.: 115204W
Date : 26/05/2015 NIMESH SHAH
Place : AHMEDABAD Partner
M.No.: 047856