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Dhyana Finstock Ltd.

BSE: 538450 Sector: Financials
NSE: N.A. ISIN Code: INE774P01010
BSE LIVE 13:54 | 23 Dec Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 135.30
PREVIOUS CLOSE 150.30
VOLUME 155
52-Week high 135.30
52-Week low 0.00
P/E 501.11
Mkt Cap.(Rs cr) 128
Buy Price 0.00
Buy Qty 0.00
Sell Price 135.30
Sell Qty 88720.00
OPEN 135.30
CLOSE 150.30
VOLUME 155
52-Week high 135.30
52-Week low 0.00
P/E 501.11
Mkt Cap.(Rs cr) 128
Buy Price 0.00
Buy Qty 0.00
Sell Price 135.30
Sell Qty 88720.00

Dhyana Finstock Ltd. (DHYANAFINSTOCK) - Auditors Report

Company auditors report

TO THE MEMBERS OF

DHYANA FINSTOCK LIMITED

Report On the Financial Statements

We have audited the accompanying financial statements of DHYANA FINSTOCK LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss for the year ended the cash flow statement for the yearended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position and financialperformance of the Company in accordance with the Accounting Standards notified under theCompanies Act 1956 ("the Act") read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles respect of Section133 of Companies Act 2013 and in accordance with the accounting principles generallyaccepted in India. This responsibility includes the design implementation and maintenanceof internal control 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We 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 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 control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well 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 financial statements give the information required by the Act in themanner 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 at 31stMarch 2016 and its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the Annexure A hereto a statement on the mattersspecified in the paragraphs 3 and 4 of the said Order.

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

a. we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b. 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

c. the Balance Sheet and Statements of Profit and Loss dealt with by this Report are inagreement with the books of account.

d. in our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards specified under section 133 of the Act read with rule 7 of thecompanies (Accounts) Rules 2014.

e. on the basis of written representations received from the directors as on 31stMarch 2016 and 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 termssection 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 B".

g. With respect to the other matters to be included in the Auditor’s Report inaccordance with rule 11 the Companies (Audit and Auditor’s) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigation as at 31stMarch 2016 on its financial position in its 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 which were required to be transferred to the InvestorEducation and Protection Fund by the company during the year ended 31st March2016.

For Kamlesh Bhojani & Associates
Chartered Accountants
(Firm’s Registration No.127505W)
S/d
(KAMLESH BHOJANI)
Place : Ahmedabad (PROPRETOR)
Date : 05/09/2016 (M No. 119808)

ANNEXURE "A" TO INDEPENDENT AUDITOR’S REPORT

(Annexure referred to in paragraph 1 under the heading of "report on other Legaland Regulatory Requirements" of our report of even date to the members of DhyanaFinstock Limited on the Standalone Financial Statements for the year ended 31st March2016)

i. In respect to Fixed assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Fixed Assets have been physically verified by the management in a phasedmanner designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the company and nature of itsbusiness. Pursuant to the program a portion of the fixed asset has been physicallyverified by the management during the year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

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

ii. In respect of its inventories:

(a) The management has conducted the physical verification of inventory at reasonableintervals.

b) The discrepancies noticed on physical verification of the inventory as compared tobooks records which has been properly dealt with in the books of account were not material

c) There was no stock in trade as on year end.

iii. In our opinion the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Act.

iv. In our opinion and according to the information and explanations given to usthe company has not made any investments loans and guarantees under section 185 and 186of the Companies Act

v. The Company has not accepted any deposits from the public and hence thedirectives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 orany other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules2015 with regard to the deposits accepted from the public are not applicable.

vi. According to the information and explanations given to us Central Governmenthas not prescribed maintenance of cost records under sub-section (1) of Section 148 of theAct in respect of activities carried on by the company. Therefore the provisions of clause(vi) of paragraph 3 of the said Order are not applicable to the company.

vii. In respect to Statutory dues:

a. According to the records of the company the company has been generally regularduring the year in depositing undisputed statutory dues including Provident FundEmployees’ State Insurance Income tax Sales tax Wealth tax Service tax CustomsDuty Excise Duty Value Added tax Cess and any other statutory dues as applicable to itwith the appropriate authorities. According to the information and explanations given tous no undisputed amounts payable in respect of such statutory dues were outstanding as at31st March 2016 for a period of more than six months from the date of becomingpayable.

b. In our opinion and according to the information and explanations given to us thereare no disputed dues in respect of sales tax Income Tax excise duty Service Tax Cessand other statutory dues payable by the company as on 31st March 2016.

viii. In our opinion and according to the information and explanation given to usthe company has not defaulted in the repayment of loans or borrowing to banks or financialinstitutions. The company has not issued any debentures.

ix. The company did not raise any money by way of public offer or Further PublicOffer (including debt Instrument) and term loan during the year.

x. Based upon the audit procedures performed for the purposes of reporting the trueand fair view of the Standalone Financial Statements and as per the information andexplanations even by the management we report that no fraud by the Company and nomaterial fraud on the Company has been noticed or reported during the course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not paid or provided managerialremuneration. Therefore this clause is not applicable

xii. In our opinion and according to the information and explanation given to usthe company is not a nidhi company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii. In our opinion all transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial statements as required by the applicable Accounting Standards.

xiv. Based upon the audit procedure performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

xv. Based upon the audit procedures performed and the information and explanationgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3(xv) ofthe order are not applicable to the company and hence not commented upon.

xvi. In our opinion the company is not required to be registered under section45IA of the Reserve Bank of India Act 1934 and accordingly the provisions of clause3(xvi) of the order are not applicable to the company and hence not commented upon.

For Kamlesh Bhojani & Associates
Chartered Accountants
(Firm’s Registration No.127505W)
S/d
(KAMLESH BHOJANI)
Place : Ahmedabad (PROPRETOR)
Date : 05/09/2016 (M No. 119808)

ANNEXURE "B" TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph (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 DhyanaFinstock Limited. ("the Company") as of March 31 2016 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 responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding 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.

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 on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India andthe Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 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 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 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 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 essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Kamlesh Bhojani & Associates
Chartered Accountants
(Firm’s Registration No.127505W)
S/d
(KAMLESH BHOJANI)
Place : Ahmedabad (PROPRETOR)
Date : 05/09/2016 (M No. 119808)