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Delta Industrial Resources Ltd.

BSE: 539596 Sector: Others
NSE: N.A. ISIN Code: INE681Q01015
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NSE 05:30 | 01 Jan Delta Industrial Resources Ltd
OPEN 7.64
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VOLUME 1
52-Week high 18.95
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OPEN 7.64
CLOSE 7.64
VOLUME 1
52-Week high 18.95
52-Week low 7.01
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Delta Industrial Resources Ltd. (DELTAINDUSTRIAL) - Auditors Report

Company auditors report

To

The Shareholders of DELTA INDUSTRIAL RESOURCES LIMITED

Report on Financial Statements

We have audited the accompanying financial statements of DELTA INDUSTRIAL RESOURCESLIMITED which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and 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

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 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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the Company has in place the adequate internal financial control system overfinancial reporting and the operating effectiveness of such controls.

An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by the Company's Directors aswell as 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 the explanations given to us thefinancial statements give the information required by the Act in the manner so requiredand give a true and fair view in conformity with accounting principles generally acceptedin India:

i. In case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2017; ii. In case of Statement of Profit and Loss of theprofitfor the yearended on that date; and iii. In case of Cash Flow Statement of the cash flows forthe year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (the Order) as amendedissued by the Central Government of India in terms of sub- section (11) of Section 143 ofthe Act we give in the Annexure- A a statement on the matters specified inparagraphs 3 and 4 of the said 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 Statement dealt with by this Report are in agreement with the books ofaccount.

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. 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.

f. The observation of financial transactions does not reveal any matter which has anyadverse effect on the functioning of the Company.

g. With respect to adequacy of internal financial controls over financial reporting ofthe Company and the operating effectiveness of such controls refer to our separate Reportin

Annexure- B.

h. With respect to the other matters to be included in the

Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 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 litigations in its financial statements;

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses. However company doesnot enter into anylong-term contracts including derivative during the specified period;

iii) The Company is not required to transfer any amount to theInvestor Education andProtection Fund. iv) The company had provided requisite disclosures in its financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with the booksof accounts maintained by the company.

Signed for the purpose of identification

FOR V.N. PUROHIT & CO. Chartered Accountants

Firm Regn. No. 304040E

Sd/-

Gaurav Joshi

Partner

Membership No. 516027

New Delhi the 25thday of May 2017

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 DeltaIndustrial Resources Limited (the Company) for the year ended on 31st March2017.

(i) (a) As per information and explanation given to us the Company is maintainingproper records showing full disclosures of the fixed assets;

(b) As per information and explanation given to us physical verification of fixedassets has been conducted once in a year by the management and no material discrepancieswere noticed during the course of verification;

(c) According to information and explanation given to us the company does not hold anyimmovable property during the period dealt with by this report;

(ii) As per information and explanation given to us physical verification of inventoryhas been conducted once in a year by the management and no material discrepancies werenoticed during the course of verification;

(iii) According to information and explanations given to us the Company has notgranted unsecured loans to parties covered in register maintained under section 189 of theCompanies Act 2013 and hence provisions of this sub- clause are not applicable;

(iv) According to information and explanations given to us the Company has compliedwith the provisions of Section 185 of the Companies Act 2013.However the companyhas notpassed special resolution of members in respect of loans investments guarantees andsecurity given above the limit as prescribed under section 186 of the Companies Act 2013and accordingly has not complied with such provisions;

(v) According to information and explanations given to us the Company has not acceptedpublic deposits and the provision of section 73 to 76 or other relevant provisions of theCompanies Act 2013 and rules framed thereunder are not applicable to the Company;

(vi) According to information and explanations given to us the Company is not liableto maintain cost records as prescribed under section 148(1) of the Companies Act 2013;

(vii) (a) According to information and explanations given to us the company is regularin depositing undisputed statutory dues related to Service Tax and Tax Deducted at Sourceto the appropriate authorities and there are no outstanding statutory dues related to

Service Tax and Tax Deducted at Source as on the last day of the financial yearconcerned for a period of more than six months from the date they became payable;

(b) According to information and explanations given to us there are no outstandingstatutory dues on the part of Company which is not deposited on account of dispute;

(viii) According to information and explanations given to us the company has notobtained any loans and borrowings from any financial institution bank government or duesto debenture holders and hence question of default of repayment does not arise;

(ix) According to information and explanations given to us the Company has not raisedmoney by way of initial public offer or further public offer. The Company has not takenany term loans from any bank or financial institution;

(x) According to information and explanations given to us there is no noticed orunreported fraud on or by the Company during the year under audit;

(xi) According to information and explanations given to us the Company has paidmanagerial remuneration in accordance with applicable provisions of the Companies Act2013;

(xii) As per information the Company is not a Nidhi Company hence provisions of sub-clause (xii) of the Paragraph 3 of the Order are not applicable;

(xiii) According to information and explanations given to usall transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013wherever applicable and the details have been disclosed in the financial statements etc.as required by the applicable accounting standards;

(xiv) According to information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review;

(xv) According to information and explanations given to us the Company has not enteredinto non- cash transactions with directors or persons connected with him;

(xvi) According to information and explanations given to us the Company isnot a Non-Banking Financial Companyand does not requiredto be registered under Section 45-IA of theReserve Bank of India Act 1934.

Signed for the purpose of identification

FOR V.N. PUROHIT & CO. Chartered Accountants

Firm Regn. No. 304040E

Sd/-

Gaurav Joshi

Partner

Membership No. 516027

New Delhi the 25thday of May 2017

ANNEXURE- B TO THE AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub- section (3) ofSection 143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of DELTAINDUSTRIAL RESOURCES LIMITED (the Company) as on 31st March 2017 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for the 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 controlsstated in the Guidance Note on Audit of Internal Financial Control over FinancialReporting issued 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 safeguarding ofits assets the prevention and detection of fraud and errors the accuracy andcompleteness of accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's 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 deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialaspects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial control 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 risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidences we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and the receipt and expenditures of the Company are being only in accordancewith authorisations of management and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial 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 could not bedetected. Also projections of any evaluation of the internal financial control overfinancial reporting to future periods are subject to the risk that the internal financialcontrols over financial reporting may became 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 aspects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on "the internal financial controls over financial reporting criteriaconsidering 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 V.N. PUROHIT & CO. Chartered Accountants

Firm Regn. No. 304040E Sd/-

Gaurav Joshi

Partner

Membership No. 516027

New Delhi the 25th day of May 2017