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Dalmia Industrial Development Ltd.

BSE: 539900 Sector: Others
NSE: N.A. ISIN Code: INE642P01019
BSE 00:00 | 19 Jul 10.55 0
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NSE 05:30 | 01 Jan Dalmia Industrial Development Ltd
OPEN 10.55
PREVIOUS CLOSE 10.55
VOLUME 100
52-Week high 10.55
52-Week low 9.75
P/E
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.55
CLOSE 10.55
VOLUME 100
52-Week high 10.55
52-Week low 9.75
P/E
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Dalmia Industrial Development Ltd. (DALMIAINDUST) - Auditors Report

Company auditors report

TO THE MEMBERS OF DALMIA INDUSTRIAL DEVELOPMENT LIMITED Report on theFinancial Statements

We have audited the accompanying financial statements of DALMIA INDUSTRIALDEVELOPMENT LIMITED ("the Company") which comprise the Balance Sheet as at31st March 2017 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that 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 theamounts and the disclosures in the financial statements. The procedures selected depend onthe auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained 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: i. In the case of the Balance Sheet of the stateof affairs of the Company as at 31st March 2017; ii. In the case of the Statement ofProfit and Loss of the Profit for the year ended on that date; and

iii. In the case of the Cash Flow Statement of the cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (‘theOrder’) as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the Annexure-A a statementon the matters specified in the Order.

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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) The observations on financial transactions does not reveal any matter which haveany adverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2)of the Act. (g) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in

Annexure-B.

(h) 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 does not have any pending litigations which would impact its financial position.

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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 with Specified Bank Notes during the period from 08thNovember 2016 to 30th December 2016 and these are in accordance with the Books ofAccounts maintained by the Company. Refer Note 9.1 to the Financial Statements.

For RKP Associates

Chartered Accountants

Firm’s Registration No-322473E

(ADITYA CHIRIMAR)

Partner

M No 056752

Dated :30th day of May 2017

Place :- Kolkata

ANNEXURE-A TO THE AUDITOR’S REPORT

The Annexure referred to in paragraph 1 under the heading of "Report on OtherLegal and Regulatory Requirements" of our report of even date to the members of DALMIAINDUSTRIAL DEVELOPMENT LIMITED(The Company) for the year ended 31st March 2017.Wereport That

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification

(c) The title deeds of immovable properties are held in the name of the company

2. The physical verification of inventory has been conducted at reasonable intervals bythe management and no material discrepancies were noticed and they have been properlydealt with in the books of account.

3. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013.

4. The provisions of section 185 and 186 of the Companies Act 2013 in respect ofloans investment guarantees and security have been complied with.

5. The Company has not accepted any deposits under the provisions of section 73 to 76or any other relevant provisions of the Companies Act 2013.

6. Clause (vi) is not applicable as the Company is not liable to maintain any costrecords u/s 148(1).

7. a) According to the information and explanations given to us the Company is regularin depositing undisputed statutory dues including income tax cess and any other statutorydues to the appropriate authorities. b) According to the information and explanationsgiven to us the company does not have any disputes pending with any authorities.

8. According to the information and explanations given to us the company has not takenany loans or borrowing from any financial institution bank government or dues todebenture holders.

9. Clause (ix) of the order is not applicable in case of this company as it has notraised money by way of initial public offer or further public offer (including debtinstruments) and term loans.

10. According to the information and explanations given to us there is no noticed orunreported fraud on or by the company during the year under audit.

11. No managerial remuneration has been paid or provided during the reporting financialyear. Hence the requisite approvals mandated by the provisions of section 197 read withschedule V to the Companies Act is not questionable. 12. Clause (xii) is not applicable asthe Company is not a Nidhi Company. 13. According to the information and explanationsgiven to us all transactions with the related parties are in compliance with Section 188and 177 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc as required by the accounting standards and Companies Act 2013.14. The Company has not made any preferential allotment / private placement of shares orfully or partly convertible debentures during the year under review. 15. According to theinformation and explanations given to us the Company has not entered into any non-cashtransactions with directors or persons connected with him. 16. Clause (xvi) is notapplicable as the Company is not a Non Banking Financial Company.

For RKP Associates

Chartered Accountants

Firm’s Registration No-32247

(ADITYA CHIRIMAR)

Partner

M No 056752

Dated :30th day of May 2017

Place :- Kolkata

ANNEXURE – B TO THE AUDITOR’S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of DALMIAINDUSTRIAL DEVELOPMENT LIMITED ("the Company") as of March 31 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear 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". 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 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 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 ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated 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 judgement 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 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For RKP Associates

Chartered Accountants

Firm’s Registration No-32247

(ADITYA CHIRIMAR)

Partner

M No 056752

Dated :30th day of May 2017

Place :- Kolkata