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. () - Auditors Report

Company auditors report

DOLPHIN INVESTMENT LIMITED ANNUAL REPORT 2007-2008 AUDITORS' REPORT TO THE MEMBERS OF THE COMPANY DOLPHIN INVESTMENT LIMITED 1. We have audited the attached Balance Sheet of DOLPHIN INVESTMENT LIMITED, as at 31st March 2008, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in. India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in. the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 (the Order) duly amended by the Notification issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters Specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to above, we report that: (i) We have obtained all the information and explanations, which to the best of our knowledge 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 the company so far as appears from our examination of those books; (iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance sheet, Profit and, Loss account and Cash Flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; (v) On the basis of written representation received from the directors, as on 31st March 2008 and taken on record by the Board of- Directors, we report that none of the directors is disqualified as 31' March 2008 from being appointed as director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; (ii) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Balance Sheet,,of the state of affairs of the Company as at 31st March 2008; (b) in the case of the Profit and Loss Account, of the profit for the year ended on that date; and (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. FOR K.M. BANDEKAR & CO. CHARTERED ACCOUNTANTS (K.M. BANDEKAR) PLACE: VASCO DA GAMA PROPRIETOR DATED: 30-07-2008 M.No.: 40162 ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph 3 of our report of even date) (i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) The fixed assets were physically verified once during the year by the management. According to the information and explanations given to us and the records produced to us for our verification, no material discrepancies were noticed on such verification. (c) As per the information and explanation given to us on our enquiries, there has been no disposal of assets during the year. (ii) (a) The inventory of shares has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. The company has no closing stock of goods. (b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) The company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. (iii) (a) The Company has not granted any loan secured or unsecured to any company, firm or other parties, which is listed in the register maintained under section 301 of the Companies Act, 1956. Hence no reporting is necessary under clause (iii) (b), (c) & (d) of the Companies (Audit Report) (Amendment) Order, 2004. (e) The Company has not taken any loan secured or unsecured from any company, firm or other parties, which is listed in the register maintained under section 301 of the Companies Act, 1956. Hence no reporting is necessary under clause (iii) (f) & (g) of the Companies (Audit Report) (Amendment) Order, 2004. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. (v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956: (a) To the best of our knowledge and belief and according to the information and explanations given to us, there are no transactions that need to be entered into the register. (b) According to the information and explanations given to us, there are no transactions during the year with parties covered in the register maintained under Section 301 of the Act. Hence this clause does not apply. (vi) The Company has not accepted any deposits from the public during the year. Hence this clause is not applicable. (vii) The Company's does not have any internal audit system. However, the internal control procedures are adequate and commensurate with the size of the Company and the nature of its business. The company is in the process of establishing Internal Audit System. (viii) According to the information and explanation given to us; the Company is not required to maintain cost records under section 209 (1) (d) of the Companies Act, 1956. (ix) According to the information and explanation given to us in respect of statutory and other dues: (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Income Tax, Sales Tax, Wealth Tax; Service Tax, Customs Duty and Excise Duty and other material statutory dues as applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty and Excise Duty were in arrears, as at 31st March, 2008 for a period of more than six months from the date they became payable. Provisions of Investor Education Protection Fund, Employees' State Insurance, and Cess are not applicable to the Company (b) According to the information and explanation given to us, there are no dues of Income Tax, Income Tax, Wealth Tax, Service Tax other material statutory dues, which have not been deposited on account of any dispute. (x) The company does not have any accumulated losses at the end of the year. The company has not' incurred cash losses during the financial year covered by our audit and the immediately preceding financial year. (xi) The Company does not have any loans from financial institutions and banks. Company has not issued debentures that were outstanding during the year. (xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the company is not a chit fund or a, nidhi / mutual benefit fund/ society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company. (xiv) In our opinion, the company has maintained proper records of transactions and contracts and timely entries have been made therein; the shares, securities, debentures and other investments have been held by the company in its own name. (xv) In our opinion, and according to the information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions. (xvi) To the best of our knowledge and belief and according to the explanations given to us, no term loans were availed by the Company during the year. (xvii) According to the information and explanations given to us and on overall basis, funds raised on short-term basis have, prima facie, not been used during the year for long term investment (fixed assets, etc.) (xviii) According to the information and explanations given to us, the Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. (xix) According to the information and explanations given to us, and the records examined by us, the Company has not issued any debentures during the year. (xx) The Company has not raised any money by public issue during the year. (xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. FOR K.M. BANDEKAR & CO. CHARTERED ACCOUNTANTS (K.M. BANDEKAR) PLACE: VASCO DA GAMA PROPRIETOR DATED: 30-07-2008 M.No.: 40162