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DSJ Communication Ltd.

BSE: 526677 Sector: Media
NSE: DALALSTCOM ISIN Code: INE055C01020
BSE LIVE 15:45 | 27 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.36
PREVIOUS CLOSE 0.37
VOLUME 1500
52-Week high 0.36
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.36
Sell Qty 41828.00
OPEN 0.36
CLOSE 0.37
VOLUME 1500
52-Week high 0.36
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.36
Sell Qty 41828.00

DSJ Communication Ltd. (DALALSTCOM) - Auditors Report

Company auditors report

To

The Members of DSJ Communications Limited

Mumbai

Report on the Financial Statements

We have audited the accompanying financial statements of DSJ Communications Limited("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss Statement of the Company for the year then ended and asummary of significant explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Management is responsible for the matters stated in Section 134(5)of Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial of the Company inaccordance with the Accounting principles position financial generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility includes the designimplementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors’ 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. These 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 but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal Control. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Management as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a reasonable basis for our audit opinion.

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:

(a) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

(b) in the case of the Statement of Profit and Loss of the loss of the Company for theyear ended on that date; and

(c) in the case of Cash Flow Statements 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 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of Companies Act 2013 we give in the "Annexure A" statement on thematters specified in paragraphs 4 and 5 of the 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 bythe Company so far as appears from our examination of those books.

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

d) In our opinion the Balance Sheet the Statement of Profit and Loss and CashFlow Statement comply with the Accounting Standards referred under Section 133 of theCompanies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the Directors as on March31 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms ofsub-section (2) of section 164 of the Companies Act 2013.

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 A".

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 itsfinancial positions.

ii. The Company did not have any long-term contracts including derivativecontracts; as such the question of commenting on any material foreseeable losses thereondoes not arise.

iii. There has been no amount which was required to be transferred to the InvestorEducation and Protection Fund by the Company.

For J. D. Jhaveri & Associates
Chartered Accountants
Firm Registration No. 111850W
Jatin Jhaveri
Place: Mumbai Proprietor
Date: 30.05.2016 Membership No. 045072

Annexure A to the Independent Auditor’s Report

Referred to in paragraph 1 on Report on Other Legal and Regulatory Requirements of ourreport.

1. (a) There are no Fixed Assets in the Company; hence this clause does not apply tothe company.

(b) As there are no Fixed Assets there is no question of physical verification of FixedAssets.

(c) As there are no Fixed Assets there is no question of disposal of Fixed Assetsduring the year.

2. The Company is in Service Industry. Accordingly it does not hold any physicalinventory. Therefore the provisions of the clause (ii) of paragraph 3 of the CARO 2015is not applicable to the company.

3. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has accepted loans during the periodfrom the parties covered in the register maintained under section 189 of the CompaniesAct 2013. According to the information and explanation provided by the Management we areof the opinion that the transactions that need to be entered into the register maintainedunder section 189 of the act have been so entered. The Company has not granted any loansduring the period to the parties covered in the register maintained under section 189 ofthe Companies Act 2013.

(b) Based on the information received and explanations given as there are no loansgranted this clause does not apply.

(c) In view of closure of operations of the Company Interest and Principal amount arenot repaid regularly in respect of such loans.

(d) All Loans are overdue as on March 31 2016.

4. In our opinion and according to the information and explanations given to us asthere is no business operation reporting on internal control procedure does not apply.

5. The Company has not renewed/accepted any deposits from the public and shareholderscovered under section 73 and 76 of the Companies Act 2013 and rules framed thereunder.

6. As per information & explanations given by the management the Company has aninternal audit system commensurate with its size and the nature of its business.

7. We are informed that the maintenance of cost records has not been prescribed by theCentral Government under section 148 (1) (d) of the Companies Act 2013 in the respect ofthe Company’s products.

8. (a) The Company is generally regular in depositing undisputed statutory dues withthe appropriate authorities. We are informed that at the year end there were no overdueoutstanding. Income Tax authorities have raised a demand of Rs. 39.27 lacs in respect ofthe assessment year 1995-1996 the same has been disputed by the Company and an appeal hasbeen filed against the same.

(b) The writ petition pending with Delhi High Court in the matter of the Directorate ofGeneral of Foreign Trade (DGFT) Division for a claim on the Company for the imports ofcapital goods made by them in the year 1994-1995 for an amount of Rs. 28956965/-(Principal Rs. 13386476/- Interest Rs. 8877251/- and Penalty Rs. 6693238/-) hasbeen dismissed and the matter is remanded back to the Directorate of General of ForeignTrade (DGFT) Division.

(c) We are informed that there are no undisputed dues to be deposited at variousforums.

9. The Company has not granted any loans and advances on the basis of security by wayof pledge of shares debentures and other securities.

10. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Thereforethe provision of this clause 4 (xiii) of the Companies (Auditor’s Report) Order 2003(as amended) are not applicable to the Company.

11. The accumulated losses of the Company at the end of the financial year are morethan fifty its net worth. The Company has incurred cash loss only during the precedingfinancial year but has not incurred any cash loss during the current financial year.

12. According to information and explanations given to us the Company has not givenany guarantees for loan taken by others from a bank or financial institution.

13. No Term loan was obtained during the period.

14. According to the information and explanation received the Company has not appliedshort terms borrowings for long term use vice versa.

15. The Company has not made any preferential allotment of shares during the period.

16. The Company has not issued any debentures during the period.

17. The Company has not raised any money by the way of public issue during the period.

18. Based on the audit procedures performed and on the basis of information andexplanations given to us we report that no fraud on or by the Company has been noticed orreported during the year nor have we been informed of such case by the management.

For J. D. Jhaveri & Associates
Chartered Accountants
Firm Registration No. 111850W
Jatin Jhaveri
Place: Mumbai Proprietor
Date: 30.05.2016 Membership No. 045072

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 ("the Act") referred to in paragraph 2 (f) onReport on Other Legal and Regulatory Requirements of our report.

We have audited the internal financial controls over financial reporting of the Companyas of 31st March 2016 in conjunction with our audit of the financialstatements 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’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 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 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 financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 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 the transactions in reasonable detail accurately and fairlyreflect and dispositions of the assets of the company; (2) provide reasonable assurancethat transactions are recorded as necessary to permit preparation of financial statementsin accordance 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 ‘the Company’ has in all material respects an adequateinternal financial controls system over financial reporting and such internal financial 31stMarch 2016 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.

For J. D. Jhaveri & Associates
Chartered Accountants
FRN: 111850W
Jatin Jhaveri
Place: Mumbai Proprietor
Date: 30.05.2016 Membership No. 045072