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Dhoot Industrial Finance Ltd.

BSE: 526971 Sector: Others
NSE: N.A. ISIN Code: INE313G01016
BSE LIVE 13:09 | 23 Oct 45.10 0.15
(0.33%)
OPEN

46.45

HIGH

46.45

LOW

44.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 46.45
PREVIOUS CLOSE 44.95
VOLUME 1798
52-Week high 52.00
52-Week low 26.30
P/E 5.10
Mkt Cap.(Rs cr) 24
Buy Price 45.10
Buy Qty 24.00
Sell Price 45.80
Sell Qty 500.00
OPEN 46.45
CLOSE 44.95
VOLUME 1798
52-Week high 52.00
52-Week low 26.30
P/E 5.10
Mkt Cap.(Rs cr) 24
Buy Price 45.10
Buy Qty 24.00
Sell Price 45.80
Sell Qty 500.00

Dhoot Industrial Finance Ltd. (DHOOTINDLFIN) - Auditors Report

Company auditors report

TO

THE MEMBERS OF DHOOT INDUSTRIAL FINANCE LIMITED Report on the Financial Statements

We have audited the accompanying standalone financial statements of DHOOT INDUSTRIALFINANCE LIMITED which comprise the Balance Sheet as at March 31 2017 the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 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 principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with relevant rules of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularitiesselection and application of appropriate accounting policies making judgments andestimates that are reasonable and prudent and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditor's Responsibility

1. 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement.

2. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's management and Board of Directors as well as evaluating the overallpresentation of the financial statements.

3. 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

4 . In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including the stateof affairs of the Company as at 31st March 2017 its Profit and its cash flows for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

5. As required by the Companies (Auditor's Report) Order 2016 as amended issued bythe Central Government of India in terms of sub-section 11 of section143 of the Act wegive in the "Annexure – A" a statement on the matters Specified inparagraphs 3 and 4 of the Order.

6. 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 purpose of our audit; b. in our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c. the Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount; d. in our opinion the aforesaid standalone financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with relevantRules of the Companies (Accounts) Rules 2014. e. on the basis of written representationsreceived from the directors as on March 31 2017 taken on record by the Board ofDirectors none of the directors is disqualified as on March 31 2017 from being appointedas a director in terms of Section 164(2) of the Act. f . with respect to the adequacy ofthe internal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure –B". g. with respect to the other matters to be included in the Auditor's Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and 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 did 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 transfer to the InvestorEducation and Protection Fund by the Company; and (iv) The Company has provided requisitedisclosures in its standalone financial statements as to holdings as well as dealings inSpecified Bank Notes during the period from 8th November 2016 to 30th December 2016 andthese are in accordance with the books of accounts maintained by the Company.

For BOHRA & CO.

CHARTERED ACCOUNTANTS

Firm Registration No.136492W

Sd/-

RAMESH CHAND BOHRA

Partner (M. NO. 073480)

Place: MUMBAI

Date: 19th May 2017

"Annexure – A" to the Independent Auditors' Report

[Referred to in paragraph 5 of the Independent Auditor's Report of even date to themembers of the Company on the standalone financial statements for the year ended March 312017] On the basis of such checks as we considered appropriate and in terms ofinformation and explanations given to us we report that; (I) (a) The Company ismaintaining proper records to show full particulars including quantitative details andsituation of fixed assets.

(b) The Fixed assets have been physically verified by the management during the year.We are informed that no material discrepancies were noticed by the management on suchverification.

(c) The title deeds of immovable properties are held in the name of the Company exceptin case of certain land for which conveyance is pending to be executed (Refer Note No.9to the Financial Statements).

(II) The Company is engaged in trading of chemicals papers electronics and shares.All the goods purchased in respect of above except (trading in shares) are directlysupplied from the principal's factory/warehouses to the respective consignee's. Hencethere are no stocks lying at the company's disposal at any point of time. Thusrequirements of paragraph 3(II) of the Order regarding physical verification of inventoryis not applicable.

However in respect of shares held as Stock in Trade the Company physically verifiesthe same lying in dematerialized or physical form time to time.

(III) As per the information furnished to us the Company has not granted any loanssecured or unsecured to companies firms or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Accordingly Clause (iii)(a)relating to regularity of receipt of principal amount and interest and Clause (iii)(b)relating to steps taken for recovery of overdue principal and interest of more than rupeesone lakh are not applicable.

(IV) In our opinion and according to information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investment guarantees and security. (V) During the year the Companyhas not accepted any deposits from public. Accordingly provisions of section 73 to 76 ofthe Act and other relevant provisions of the Act and the rules framed thereunder and thedirectives issued by the Reserve Bank of India are not applicable.

As informed to us no order has been passed by the Company Law Board or Reserve Bank ofIndia or any Court or any other Tribunal during the year.

(VI) The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Act read with Rule 3 of the Companies (Cost Records andAudit) Rules 2014 notified by Ministry of Corporate Affairs Government of India videnotification dated 31st December 2014 (VII) (a) According to the information andexplanations given to us and the records examined by us the Company has generally beenregular in depositing with appropriate authorities undisputed statutory dues (except inrespect of Central Sales Tax ` 239/- & Gujarat Value Added Tax of `95249/-) outstanding as at March 31 2017 for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us and on the basis of thebooks and records examined by us as applicable given hereinbelow are the details of duesof Income Tax Wealth Tax Service Tax Customs Duty Excise Duty Value Added Tax Cesswhich have not been deposited with appropriate authority on account of disputes and theform where the dispute is pending.

Name of the Statute Nature of the Dues Amount (`) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 22716/- 2014-15 Commissioner of Income Tax (Appeals)

(VIII) As per the information and explanation given to us the Company has notdefaulted in the repayment of loans or borrowings to a financial institution bankGovernment or dues to debenture holders during the year.

(IX) Since the Company has not raised money by way of Initial Public Offer or FurtherPublic Offer (including debt instruments) and term loans. Accordingly paragraph 3(VIII)of the Order is not applicable.

(X) Based on the audit procedures performed and information and explanations given tous by the management we report that no fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the course of our audit.

(XI) The Management remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

(XII) In our opinion the Company is not a Nidhi Company accordingly paragraph 3(XII)of the Order is not applicable. (XIII) According to the information and explanation givento us all transactions with the related parties are in compliance with Section 177 and188 of the Act where applicable and the details have been disclosed in the StandaloneFinancial Statements as required by the applicable Accounting Standards.

(XIV) According to the information and explanations given to us and on the basis of thebooks and records as examined by us the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debenture during the year.

(XV) The Company has not entered into any non cash transaction during the year withpersons connected then as contemplated in Section 192 of the Act.

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

For BOHRA & CO.

CHARTERED ACCOUNTANTS

Firm Registration No.136492W

Sd/-

RAMESH CHAND BOHRA

Partner (M. NO. 073480)

Place: MUMBAI

Date: 19th May 2017

"Annexure - B" to the Independent Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of DhootIndustrial Finance Limited as of March 31 2017 in conjunction with our audit ofthe standalone 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 ICAI. 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 of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required 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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about 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 reporting assessing 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 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 financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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 including the state of affairs of theCompany as at 31st March 2017 its Profit and its cash flows for the year ended on thatdate

For BOHRA & CO.

CHARTERED ACCOUNTANTS

Firm Registration No.136492W

Sd/-

RAMESH CHAND BOHRA

Partner (M. NO. 073480)

Place: MUMBAI

Date: 19th May 2017