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Dangee Dums Ltd.

BSE: 535104 Sector: Agri and agri inputs
NSE: DANGEE ISIN Code: INE688Y01014
BSE 05:30 | 01 Jan Dangee Dums Ltd
NSE 09:44 | 08 Dec 207.10 0.65
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Dangee Dums Ltd. (DANGEE) - Auditors Report

Company auditors report

To.

The Members of Dangee Dums Limited

Report on the Audit of the Financial Statements Opinion

1. We have audited the accompanying financial statements of DangeeDums Limited (the 'Company') which comprise the Balance Sheet as at 31 March 2020 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid financial statements give the informationrequired by the Companies Act 2013 (the 'Act') in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at 31 March 2020 and its profit and its cash flowsfor the year ended on that date.

Basis for Opinion

3. We conducted our audit In accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Our responsibilities under those standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India CICAI') togetherwith the ethical requirements that are relevant to our audit of the financial statementsunder the provisions of the Act and the rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Emphasis of Matter

4. As described in note 38 to the standalone annual standaloneFinancial Statement the extent to which the COVID-19 Pandemic will impact thecompany's operations and financial performance is dependent on future developmentswhich are highly uncertain. Our opinion is not modified in respect of the above matters.

Key Audit Matters

5. Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

6. We have determined that there are no key audit matters to becommunicated in our report.

Information other than the Financial Statements and Auditor's Reportthereon

7. The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the financial statements and our auditor's report thereon.The Annual Report is expected to be made available to us after the date of this auditor'sreport.

Our opinion on the financial statements does not cover the otherinformation and we will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information identified above when it becomes availableand in doing so consider whether the other information is materially inconsistent withthe financial statements or our knowledge obtained in the audit or otherwise appears tobe materially misstated.

When we read the Annual Report if we conclude that there is a materialmisstatement therein we are required to communicate the matter to those charged withgovernance and as may be legally advised.

Responsibilities of Management and Those Charged with Governance forthe Financial Statements

8. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these financialstatements that give a true and fair view of the state of affairs profit and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaspecified under Section 133 of the Act This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

9. In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

10. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

11. Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith Standards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

12. As part of an audit in accordance with Standards on Auditing weexercise professional judgment and maintain professional skepticism throughout the audit.We also:

• Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3) (i) of the Act we are also responsible for explaining our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report However future events or conditions may cause the Company tocease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

13. We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

14. We also provide those charged with governance with a statement thatwe have complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

15. From the matters communicated with those charged with governancewe determine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

16. As required by the Companies (Auditor's Report) Order 2016 (the'Order') issued by the Central Government of India in terms of Section 143(11) of the Actwe give in the "Annexure A" a statement on the matters specified in paragraphs3 and 4 of the Order.

17. Further to our comments in Annexure A as required by Section143(3) of the Act we report that:

a) We have sought and obtained all the information and explanationswhich to the best of 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 beenkept by the Company so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit & Loss and the cashFlow Statement deal with by this report are in agreement with the books of account;

d) In our opinion the aforesaid financial statements comply accountingprinciples generally accepted in India specified under Section 133 of the Act.

e) On the basis of the written representations received from thedirectors and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2020 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 overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in " Annexure B";

g) With respect to the other matters to be included in the Auditor'sReport in accordance with rule 11 of the Companies (Audit and Auditors) Rules 2014 (asamended) in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company does not have any pending Litigation which would impactits Financial position;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

ANNEXURE-A TO THE AUDITORS REPORT

Referred to in paragraph 16 of our Report of even date to the Membersof Dangee Dums Limited for the year ended on 31st March 2020.

1. In respect of Fixed Assets:

a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of Fixed Assets on the basis of availableinformation.

b) As per the information and explanations given to us the managementat reasonable intervals during the year in accordance with a programme of physicalverification physically verified the fixed assets and no material discrepancies werenoticed on such verification as compared to the available records.

c) As explained to us the title deeds of all the immovable propertiesare held in the name of the Company.

2. In respect of Inventories:

As per the information and explanations given to us inventories werephysically verified during the year by the management at reasonable intervals. No materialdiscrepancy was noticed on such physical verification.

3. The company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013 and therefore the Clauses (Mi) (a) to (c) of the Companies(Auditor's Report) Order 2016 are not applicable.

4. In our opinion and according to information and explanations givento us the Company has not granted any loan or made any investment or provided anyguarantee or security to the parties covered under section 185 and 186. Therefore clauses(iv) of Companies (Auditor's Report) Order 2016 is not applicable.

5. During the year the Company has not accepted any deposits and hencethe directives issued by the Reserve Bank of India and the provisions of sections 73 to 76or any other relevant provisions of the Companies Act20l3 and the rules framed thereunder are not applicable to the Company. Therefore clauses (v) of Companies (Auditor'sReport) Order 2016 is not applicable.

6. According to the information and explanations given to us theCompany is not required to maintain cost records as required by the central governmentunder sub section (1) of section 148 of the Companies Act 2013. Hence clause (vi) of the(Auditor's Report) Order 2016 is not applicable.

7. In respect of Statutory Dues:

a) According to the records of the Company the Company is by and largeregular in depositing with appropriate authorities undisputed statutory dues includingValue Added Tax Tax Deducted at Source Provident Fund Employee State Insurance andother statutory dues with the appropriate authorities applicable to it except there werefew instances of delay in payment of Goods & Service Tax & Professional Tax.According to the information and explanations given to us no undisputed amount payable inrespect of statutory due were outstanding as at 31st March 2020 for a period of more thansix months from the date they became payable.

b) According to the records of the Company there are no dues of incometax service tax duty of customs duty of excise value added tax central sales taxService Tax Goods & Service Tax or cess which have not been deposited on account ofdisputes.

8.ln our Opinion and according to the information and explanationsgiven to us there was a delay ranging up to 25 days in repayment of principal of Rs.341675/- & Interest of Rs. 40681/- to banks & FinancialInstitution which have been since paid. Further no default exists as on Balance Sheet datein repayment of principal & Interest to Banks & Financial institutions. TheCompany has no debenture holder during the year.

9 According to the information and explanations given to us theCompany has not raised any money by way of Public Issue during the year. According to theinformation and explanations given to us and on an overall examination of the balancesheet of the Company in our opinion the term loans taken during the year were appliedfor the purpose for which they were obtained.

10 .Based upon the audit procedures performed and information andexplanations given by the management we report that no fraud by the Company or any fraudon the Company by it's officer or employees has been noticed or reported during the courseof our audit.

11. In our opinion and according to the information and explanationsgiven to us the company had paid managerial remuneration which is in accordance with therequisite approvals mandated by the provisions of section 197 read with schedule V of TheCompanies Act 2013.

12. In our opinion and according to the information and explanationsgiven to us the provisions of special statute applicable to chit funds and nidhi / mutualbenefit funds / societies are not applicable to the Company hence clause 3(xii) of theCompany's (Auditor's Report) Order 2016 is not applicable.

13. In our opinion and according to the information and explanationsgiven to us the transactions entered by the Company with related parties are incompliance with the provisions of section 177 and 188 of the Companies Act 2013 anddetails thereof are properly disclosed in the financial statements as required by theapplicable accounting standard.

14. In our opinion and according to the information and explanationgiven to us no preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review was made by the company and henceclause (xiv) of the company's (Auditors' Report) Order 2016 is not applicable.

15. The Company had not entered in to any non-cash transactions withthe directors or persons connected with him during the year hence section 192 of theCompanies Act 2013 is not applicable hence clause Owi) of Company's (Auditor's Report)Order 2016 is not applicable.

16. According to information and explanation given to us the Companyis not required to be registered u/s 45-IA of Reserve Bank of India Act 1934 henceclause (xvi) of Company's (Auditor's Report) Order 2016 is not applicable.

 

ANNEXURE-B TO THE AUDITORS REPORT

Referred to in paragraph 17 (f) to The Independent Auditor's Report ofEven Date on the Financial Statements of Dangee Dums Limited

Report on the Internal Financial Controls under Clause (I) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act").

We have audited the internal financial controls over financialreporting of DANGEE DUMS LIMITED ("the Company") as of 31st March 2020 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. 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 safeguarding ofits 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 internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's Internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial control overfinancial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany;

(2) Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorizations of management and directors of theCompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the Company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the 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 financialcontrols over financial reporting were operating effectively as at 31st March 2020 basedon 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 J. T. Shah & Co.
Chartered Accountants.
[Firm Regd. No. 109616W]
(A. R. Pandit)
Partner
Place: Ahmedabad [M. No. 127917]
Date: 14/07/2020 UDIN:20127917AAAACD5746

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