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Dynemic Products Ltd.

BSE: 532707 Sector: Industrials
NSE: DYNPRO ISIN Code: INE256H01015
BSE LIVE 11:37 | 24 Oct 158.50 8.80
(5.88%)
OPEN

150.50

HIGH

165.00

LOW

147.00

NSE 11:20 | 24 Oct 159.10 9.45
(6.31%)
OPEN

151.85

HIGH

165.60

LOW

147.50

OPEN 150.50
PREVIOUS CLOSE 149.70
VOLUME 86152
52-Week high 165.00
52-Week low 78.75
P/E 13.16
Mkt Cap.(Rs cr) 180
Buy Price 157.60
Buy Qty 100.00
Sell Price 158.50
Sell Qty 761.00
OPEN 150.50
CLOSE 149.70
VOLUME 86152
52-Week high 165.00
52-Week low 78.75
P/E 13.16
Mkt Cap.(Rs cr) 180
Buy Price 157.60
Buy Qty 100.00
Sell Price 158.50
Sell Qty 761.00

Dynemic Products Ltd. (DYNPRO) - Auditors Report

Company auditors report

To The Members of

Dynemic Products Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of DYNEMIC PRODUCTSLIMITED ("The Company ") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and 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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 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.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the finacial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone 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 2016; and of the Statement of Profit and Loss of the profit for the yearended on that date; and of the Cash Flow Statement of the cash flows for the year endedon that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.

2. As required by Section 143(3) of the Act we 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 purposes of our audit.

(b) 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.

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

(d) In our opinion the aforesaid standalone financial statements 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 the written representations received from the directors as on 31stMarch 2016 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 terms of Section164 (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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company’s internal financial controlsover financial reporting.

(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. TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements

– Refer Note 27.1 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For SHAH RAJESH & ASSOCIATES
CHARTERED ACCOUNTS
FRN. 109767W
[RAJESH D. SHAH]
Place : Ahmedabad. PROPRIETOR
Date : 28/05/2016 M. No. 036232

ANNEXURE "A"

TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements’ of our report of even date) Report on the Internal Financial ControlsOver Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the CompaniesAct 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DynemicProducts Limited ("the Company") as of 31st March 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 ef ficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention 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 accordancewith the Guidance Note on Audit of Internal Financial Co ntrols Over Financial Reporting(the "Guidance Note") issued by the Institute of Chartered Accountants of Indiaand the St andards on Auditing prescribed under Section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financi al reporting was established and maintained and if such controlsoperated effectively in all material respects.

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 acc epted 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 31st March 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 SHAH RAJESH & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN. 109767W
Place : Ahmedabad [ RAJESH D. SHAH ]
Date : 28/05/2016 PROPRIETOR
M. No. 036232

ANNEXURE B TO

TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in Paragraph 1 under the heading of "Report on other legal andregulatory requirements" of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets; (b) Fixed Assets have been physicallyverified by the management periodically in a phased manner and no material discrepancieshave been noticed on physical verification as confirmed by the management; (c) The titledeeds of the immovable properties are held in the name of the company.

(ii) As explained to us inventories have been physically verified by the managementat reasonable inter vals except for minor items and the inventories lying with outsideparties which have been confirmed by them. As explained to us the material discrepanciesif any noticed have been properly dealt with in the books of accounts by the management.(ii i) The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.

(iv) In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of the loans investments security and guarantees. (v) In our opinion andaccording to the information and explanation given to us the company has complied withthe provisions of Section 73 to 76 or any relevant provisions of the Act and its Rulesand also the dir ectives of Reserve Bank of India with regard to acceptance of deposits.

(vi) According to the information and explanation given to us the maintenance of costrecords has been specified by the Central Government under sub section (1) of section 148of the Companies Act 2013 and we have broadly reviewed the accounts and recordsmainetained by the company as prescribed by the Government for the maintenance of the costrecords under section 148 (1) of the Companies Act and we are of the opinion that primafacie the prescribed accounts and records have been maintained. We have not however madedetailed examination of the records with a view to determine whether they are accurate andcomplete. The company has obtained the Cost Audit Report from the Cost Accountants. (vii)(a) According to the information and explanation given to us and on the basis of ourexamination of books of accounts the Company is regular in depositing undisputedstatutory dues including Provident Fund Employees State Insuarance Sales Tax IncomeTaxCustom Duty Excise Duty Wealth tax Service tax and other statutory dues with theappropriate authorities ; (b) According to the information and explanation given to usthe dues of Excise Duty and Income tax which have not been deposited on account of anydispute and the forum where the dispute is pending are as under :-

Name of the Statute Nature of Dues Amount Rs. Period to which matter relates Forum where dispute is pending
1 Central Excise Act 1944 Service Tax & Excise Duty 63992 2004-05 & 2005-06 Appeal pending with CESTAT West Banch Ahmedabad
2 Income Tax Act 1961 Income Tax 124470 AY 2013-14 Apeal pending with CIT(A)-VI

(viii) According to the information and explanation given to us the company has notdefaulted in repayment of dues to financial institutions and banks.

(ix) Based on the information and explanation given to us by the management term loanswere applied for the purpose for which the loans were taken. No moneys have been raised byway of initial public offer during the year under review. (x) According to the informationand explanation given to us and to the best of our knowledge and belief no fraud on or bythe company has been noticed or reported by the company during the year.

(xi) According to the information and explanation given to us and to the best of ourknowledge and belief the managerial remuneration has been paid or provided in accordancewith the requisite mandated by the provisions of Section 197 read with Schedule V to theCompanies Act.

(xii) The company is not Nidhi Company and so the clause is not applicable.

(xiii) According to the information and explanation given to us and to the best of ourknowledge and belief all the transactions with the related parties are in compliance withSection 177 and 188 of Companies Act 2013 where app licable and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards. (xiv) According to the information and explanation given to us and to the bestof our knowledge and belief the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review.

(xv) According to the information and explanation given to us and to the best of ourknowledge and belief the company has not entered into any non-cash transactions withdirectors or persons connected with him.

(xvi) According to the information and explanation given to us and to the best of ourknowledge and belief the company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1943.

For SHAH RAJESH & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN. 109767W
Place : Ahmedabad [RAJESH D. SHAH ]
Date : 28/05/2016 PROPRIETOR
M. No. 036232