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Dhunseri Investments Ltd.

BSE: 533336 Sector: Financials
NSE: DHUNINV ISIN Code: INE320L01011
BSE LIVE 15:05 | 23 Nov 346.55 -1.90
(-0.55%)
OPEN

353.00

HIGH

358.00

LOW

346.55

NSE 15:48 | 23 Nov 346.00 -2.20
(-0.63%)
OPEN

345.60

HIGH

354.70

LOW

344.00

OPEN 353.00
PREVIOUS CLOSE 348.45
VOLUME 328
52-Week high 442.00
52-Week low 155.15
P/E 24.44
Mkt Cap.(Rs cr) 211
Buy Price 341.00
Buy Qty 3.00
Sell Price 353.00
Sell Qty 1.00
OPEN 353.00
CLOSE 348.45
VOLUME 328
52-Week high 442.00
52-Week low 155.15
P/E 24.44
Mkt Cap.(Rs cr) 211
Buy Price 341.00
Buy Qty 3.00
Sell Price 353.00
Sell Qty 1.00

Dhunseri Investments Ltd. (DHUNINV) - Auditors Report

Company auditors report

To The Members of

DHUNSERI INVESTMENTS LIMITED

Report on Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of DHUNSERIINVESTMENTS LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in Section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of theseFinancial Statements that give a true and fair view of the financial position financialperformance and cash flows 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 the maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; makingjudgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' 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 there under.

We have conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

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 accompanying Financial Statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) In the case of the Statement of Profit and Loss of the Profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Companies Act2013 we give in Annexure-A a statement on the matters specified inparagraphs 3 and 4 of the said Order.

2. As required by Section 143 (3) of the Act we report that:

i. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit;

ii. 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;

iii. The Balance Sheet Statement of Profit and Loss and Cash Flow statement dealt withby this report are in agreement with the books of account;

iv. In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014;

v. On the basis of written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on 31st March 2017 from being appointed as a director interms Section 164(2) of the Companies Act 2013.

vi. 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 B"; and

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

a. The Company does not have any pending litigations as on balance sheet date whichwould impact its financial position

b. The Company does not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses

c. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company during the year ended March 31st 2017

d. The Company has disclosed as to holdings as well as dealing in Specified Bank Noteduring the period from 8th November 2016 to 30th December 2016. Based on auditprocedures and relying on the management representation we report that the disclosuresare in accordance with books of account maintained by the Company (Refer note no.27).

SUNIL OSWAL FCA PARTNER
(Membership No. 071678)
For and on behalf of
DHANDHANIA & ASSOCIATES
Place: Kolkata Chartered Accountants
Date: The 29th day of May 2017 Firm Registration No.316052E

Annexure-A to Independent Auditors' Report

Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

i) (a) The Company is maintaining proper records showing full particulars includingquantitative details & situation of Property Plant and Equipments.

(b) The Property Plant and Equipments of the Company have been physically verified bythe management during the year and discrepancy noticed on such verification has been dulyprovided in the books of accounts.

(c) The title deeds of immovable properties are held in the name of the Company.

ii) According to the records of the Company examined by us and the information andexplanations given to us the Company does not hold any inventories. Thus paragraph 3(ii)of the Order is not applicable to the Company.

iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under Section 189 of the Act.Consequently clauses (iii) (a b&c)of paragraph 3 of the Order are not applicable.

iv) The Company has not entered into loans investments guarantees and securitytransactions falling within provisions of Section 185 and 186 of the Companies Act 2013.

v) The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder.

vi) The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Companies Act 2013 for any of the services rendered by theCompany. Accordingly paragraph 3(vi) of the Order is not applicable to it.

vii) (a) In our opinion and according to the information and explanations given to usthe Company is depositing undisputed statutory dues including Provident Fund EmployeeState Insurance income tax sales tax service tax duty of customs duty of excisevalue added tax and cess and any other statutory dues with appropriate authority.

(b) According to the information and explanations given to us there are no dues ofprovident fund employees state insurance income tax sales tax service tax cess andany other statutory dues outstanding on account of any dispute.

viii) According to the records of the Company examined by us and the information andexplanations given to us there are no dues payable to any financial institutions or banksor debenture holders as at the balance sheet date.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

x) According to the records of the Company examined by us and information andexplanation given to us any fraud by the Company or any fraud on the Company by itsofficers or employees has not been noticed or reported during the year.

xi) Managerial remuneration has been paid in accordance with Section 197 read withSchedule V to Companies Act 2013.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii) All transactions with the related parties are in compliance with Sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

xiv) According to the information and explanations given to us the Company has notmade preferential allotment of shares during the year under review; thereforerequirements of Section 42 of the Companies Act 2013 are not applicable.

xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him.Accordingly paragraph 3(xv) of the Order is not applicable.

xvi) The Company has obtained registration as required under Section 45-IA of theReserve Bank of India Act 1934.

SUNIL OSWAL FCA PARTNER
(Membership No. 071678)
For and on behalf of
DHANDHANIA & ASSOCIATES
Place: Kolkata Chartered Accountants
Date: The 29th day of May 2017 Firm Registration No.316052E

Annexure-B to Independent Auditors' Report

of Even Date on the Standalone Financial Statements of Dhunseri Investments Limited

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

We have audited the internal financial controls over financial reporting of DHUNSERIINVESTMENTS LIMITED ("the Company") as of March 31 2017 in conjunction with ouraudit 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 Financial Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 and deemedto be prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the 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 overfinancial 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 misstatement 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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Financial Statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial 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 overfinancialreporting 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India."

SUNIL OSWAL FCA PARTNER
(Membership No. 071678)
For and on behalf of
DHANDHANIA & ASSOCIATES
Place: Kolkata Chartered Accountants
Date: The 29th day of May 2017 Firm Registration No.316052E