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Dollar Industries Ltd.

BSE: 538421 Sector: Industrials
NSE: DOLLAR ISIN Code: INE325C01035
BSE LIVE 12:39 | 10 Aug Stock Is Not Traded.
NSE 19:31 | 19 Oct 405.80 2.20
(0.55%)
OPEN

411.00

HIGH

411.00

LOW

402.00

OPEN 10.00
PREVIOUS CLOSE 10.85
VOLUME 1
52-Week high 10.00
52-Week low 0.00
P/E 1.12
Mkt Cap.(Rs cr) 54
Buy Price 10.00
Buy Qty 1999.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.00
CLOSE 10.85
VOLUME 1
52-Week high 10.00
52-Week low 0.00
P/E 1.12
Mkt Cap.(Rs cr) 54
Buy Price 10.00
Buy Qty 1999.00
Sell Price 0.00
Sell Qty 0.00

Dollar Industries Ltd. (DOLLAR) - Auditors Report

Company auditors report

To The Members of Dollar Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Dollar Industries Limited("the Company") which comprise the Balance Sheet as at March 312017 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies ( Accounts )Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgment 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

We have conducted our audit of the financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat 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 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 financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence obtained by us 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 at March31 2017 its profit and its cash flows for the year ended on that date.

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 in terms of Section 143(11) of the Act we give in"Annexure A" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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

We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purpose of our audit;

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.

The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts )Rules 2014.

On the basis of the written representations received from the directors as on March312017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct.

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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest 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 subject to note 34 of the financial statements.

(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 transferred to the InvestorEducation and Protection Fund by the Company.

(iv) The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures performed and the representationsprovided to us by the management we report that the disclosures are in accordance withthe books of accounts maintained by the Company and as produced to us by the management.Refer to note no. 39 to the financial statements.

For AMIT VED GARG & CO.
Chartered Accountants
Firm Regn. No.325121E
sd/-
(CA. A. Garg)
Kolkata Proprietor
May 29 2017 Membership No. 061677

ANNEXURE A to the Auditors' Report

( Referred to in our report of even date to the members of Dollar Industries Limited onthe Accounts for the year ended March 312017)

(1) a. The company has maintained proper records showing full

particulars including quantitative details and situation of Fixed Assets.

b. The Fixed Assets have been physically verified by the management at reasonableintervals which in our opinion is reasonable having regard to the size of the company andthe nature of its Fixed Assets. According to the information and explanations given to usNo material discrepancies have been noticed on such verification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the company.

(2) Physical verification of the finished goods stores spare parts and raw materialshave been conducted by the management at reasonable intervals except in case of stockslying with third parties for which certificates have been obtained. The procedures ofphysical verification of stocks followed by the management are reasonable and adequate inrelation to the size of the company and the nature of its business. The company hasmaintained proper records of inventory. The discrepancies noticed on physical verificationof stocks as compared to book records were not material and have been properly dealt within the books of accounts.

(3) The company has not granted loans to any parties covered in the register maintainedunder section 189 of the Companies Act 2013.

(4) According to the records of the company and the information and explanationsprovided by the management the company has not given any guarantee for loans taken byothers from bank or financial institutions.

(5) Based on our scrutiny of the company's records and according to the information andexplanations provided by the management in our opinion the company has not accepted anyloans or deposits which are deposits' within the meaning of Rule 2(b) of the Companies(Acceptance of Deposit's ) Rules 2014.

(6) According to the information and explanations provided by the management thecompany is not engaged in production of any such goods or provision of any such servicesfor which the Central Government has prescribed particulars relating to utilization ofmaterial or labour or other items of cost. Hence the provisions of section 148(1) of theAct do not apply to the company. Hence in our opinion no comment on maintenance of costrecords under section 148(1) of the Act is required.

(7) a) According to the books and records of the company produced to us the Company isregular in depositing with the appropriate authorities undisputed statutory dues includingprovident fund employee's state insurance income tax sales-tax wealth tax customduty value added tax excise duty cess and other statutory dues as applicable.

b) According to the records of the company and the information and explanations givento us and upon our enquiries in this regard the following dues of income tax have notbeen deposited by the company on account of disputes:

. Name of the Statute Nature of Dues Amount (H) Period to which the amount relates (F. Y.) Forum where Dispute is pending
1. Income Tax Act 1961 Tax and Interest 148981.00 2008-09 ITO
2. Income Tax Act 1961 Tax and Interest 453923.00 2009-10 CIT (A)
3. Income Tax Act 1961 Tax and Interest 7802030.00 2011-12 CIT (A)
4. Income Tax Act 1961 Tax and Interest 405529.00 2013-14 CIT (A)

(8) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

(9) a) According to the records of the company the company has not raised any moneysby way of initial public offer or further public offer (including debt instruments).

b) On the basis of review or utilization of funds pertaining to term loans on overallbasis and related information as made available to us we are of the opinion that theCompany has applied the term loans for the purpose for which they were obtained during theyear.

(10) Based upon the audit procedures performed and information and explanations givenby the management we report that no fraud on the company by its officers or employees norany fraud by the Company has been noticed or reported during the course of our audit.

(11) Based upon the audit procedures performed and information and explanations givenby the management we report that the Company has paid/provided managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the companies Act 2013.

(12) In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the company is not anidhi company. Hence in our opinion the requirements of clause 3(xii) of the Order donot apply to the company.

(13) According to the information and explanations given to us the transactions of thecompany with the related parties during the year are in compliance with sections 177 and188 of the Companies Act 2013 where applicable. The details of the transactions havebeen disclosed in the Financial Statements etc. as required by the applicable accountingstandard.

(14) The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

(15) According to the information and explanations given to us and based on ourexamination of the records of the Company the company has not entered into non-cashtransactions with directors or persons connected with them during the year. Accordinglyparagraph 3(xv) of the Order is not applicable.

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

For AMIT VED GARG & CO.
Chartered Accountants
Firm Regn. No.325121E
sd/-
(CA. A. Garg)
Kolkata Proprietor
May 29 2017 Membership No. 061677

Annexure - B to the Auditors' Report

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

We have audited the internal financial controls over financial reporting of DollarIndustries Limited ("the Company") as of 31 March 2017 in conjunction with ouraudit of the 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 Institute of Chartered Accountants of India ('ICAI'). 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 accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial

controls over financial reporting was established and maintained and if such controlsoperated 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 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 judgment 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 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 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 31 March 2017 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For AMIT VED GARG & CO.
Chartered Accountants
Firm Regn. No.325121E
sd/-
(CA. A. Garg)
Kolkata Proprietor
May 29 2017 Membership No. 061677