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Dune Mercantile Ltd.

BSE: 539786 Sector: Others
NSE: N.A. ISIN Code: INE322Q01016
BSE LIVE 15:15 | 05 Oct 4.53 -0.01
(-0.22%)
OPEN

4.53

HIGH

4.53

LOW

4.53

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.53
PREVIOUS CLOSE 4.54
VOLUME 200
52-Week high 7.61
52-Week low 4.53
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.53
Sell Qty 670.00
OPEN 4.53
CLOSE 4.54
VOLUME 200
52-Week high 7.61
52-Week low 4.53
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.53
Sell Qty 670.00

Dune Mercantile Ltd. (DUNEMERCANTILE) - Auditors Report

Company auditors report

To the Members of

DUNE MERCANTILE LIMITED

Report on the Financial Statements

1. We have audited the accompanying Financial Statements of DUNE MERCANTILE LIMITED("the Company") which comprise the Balance Sheet as at March 31 2015 theStatement of Profit & 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

2. The management and Board of Directors of the Company are responsible for thematters stated in Section 134(5) of the Companies Act 2013 ("the Act") withrespect to the preparation of these financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with rule 7 of Companies (Accounts)Rules 2014. This responsibility 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 judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting 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

3. Our responsibility is to express an opinion on these financial statements basedon our audit.

4. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.

5. We conducted our audit in accordance with the Standards on Auditing specifiedunder Section 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatements.

6. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures 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 financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols An audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of the accounting estimates made by the Company’s managementand Board of Directors as well as evaluating the overall presentation of the financialstatements.

7. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.

Opinion

8. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Financial Statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theAccounting Principles generally accepted in India of the state of affairs of the Companyas at March 31 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the

Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of theOrder.

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

a) We have sought and obtained all the information and explanations which to the bestof our knowledge 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the applicableAccounting 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 March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s

Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014.

i) The Company does not have any pending litigations which would impact its financialposition.

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts.

iii) There has been no instance of transferring funds to Investor Education andProtection Fund and therefore question of delay in transferring funds does not arise.

For Hemant C.Parikh & Co.
Chartered Accountants
Hemant Parikh
Proprietor Place: Ahmedabad
Mem. No. 031780 Date: 20.05.2015

Annexure referred to in paragraph 9 of Our Report of even date to the Members of DUNEMERCANTILE LIMITED ("the Company") on the accounts of the Company for the yearended 31st March 2015

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

1. In respect of the Company’s fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b) As explained to us all the fixed assets have been physically verified by themanagement during the year in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company and nature of its fixed assets. Nomaterial discrepancies were noticed on such physical verification.

2. In respect of the Company’s inventories:

a) As explained to us the management has physically verified inventories during theyear. In our opinion the frequency of verification is reasonable

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) The Company has maintained proper records of inventories. As explained to us therewas no material discrepancies noticed on physical verification as compared to the bookrecords.

3. In respect of the loans secured or unsecured granted or taken by the Company to /from companies firms or other parties covered in the register maintained under Section189 of the Companies Act 2013:

According to the information & explanations given to us the Company has notgranted any loan to companies firms or other parties covered in the register maintainedu/s. 189 of the Companies Act 2013.

4. In our opinion and according to the information and explanations given to us thereare generally adequate internal control systems commensurate with the size of the Companyand the nature of its business for the purchase of inventory fixed assets and also forthe sale of goods and services during the course of our audit. In our opinion andaccording to the information and explanations given to us there is no continuing failureto correct major weakness in internal control system.

5. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013

6. According to the information and explanations provided by the Company the Companydoes not required to maintained accounts as prescribed by the Central Government for costrecords under Section 148(1) of the Companies Act 2013.

7. In respect of statutory dues:

a) According to the records of the Company undisputed statutory dues includingprovident fund employee state insurance sales tax wealth tax service tax income taxcustom duty excise duty value added tax cess and other material statutory dues asapplicable have been generally regularly deposited with appropriate authorities whereverapplicable to it.

b) According to information and explanation given to us there are no undisputedamounts payable in respect of Income Tax Sales Tax Service Tax or duty of custom orduty of excise or value added tax or cess and other statutory bodies which have remainedoutstanding as on 31st March 2015 for a period of more than six months from the date theybecome payable. Further as per information and explanations there are no such statutorydues which have not been deposited on account of any dispute.

c) According to information and explanations given to us there is no instance oftransferring amounts to Investor Education and Protection Fund.

8. The Company does not have accumulated losses at the end of the financial year. Thecompany has not incurred any cash losses during the financial year covered by the auditand in the immediately preceding financial year.

9. Based on our audit procedures and according to the information and explanation givento us we are of the opinion that the Company has not taken any amounts from financialinstitutions and banks and therefore question of default in the repayment does not ariseand said clause is not applicable. The Company does not hold any debentures.

10. According to the information and explanation given to us the Company has not givenany guarantee for loans taken by others from banks or financial institutions.

11. In our opinion and according to the information and explanation given to us theCompany had not availed any term loan during the year and therefore caluse for utilizationof term loan is not applicable.

12. During the course of our examination of the books and records of the Companycarried out in accordance with the auditing standards generally accepted in India we haveneither come across any instance of material fraud on or by the Company noticed orreported during the course of our audit nor have we been informed of any such instance bythe Management.

For Hemant C.Parikh & Co.
Chartered Accountants
Hemant Parikh
Proprietor Place: Ahmedabad
Mem. No. 031780 Date: 20.05.2015