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Dhoot Industrial Finance Ltd.

BSE: 526971 Sector: Others
NSE: N.A. ISIN Code: INE313G01016
BSE 00:00 | 17 Jan 19.40 0.90
(4.86%)
OPEN

18.05

HIGH

19.40

LOW

18.05

NSE 05:30 | 01 Jan Dhoot Industrial Finance Ltd
OPEN 18.05
PREVIOUS CLOSE 18.50
VOLUME 60
52-Week high 39.70
52-Week low 16.25
P/E
Mkt Cap.(Rs cr) 12
Buy Price 18.30
Buy Qty 30.00
Sell Price 19.40
Sell Qty 50.00
OPEN 18.05
CLOSE 18.50
VOLUME 60
52-Week high 39.70
52-Week low 16.25
P/E
Mkt Cap.(Rs cr) 12
Buy Price 18.30
Buy Qty 30.00
Sell Price 19.40
Sell Qty 50.00

Dhoot Industrial Finance Ltd. (DHOOTINDLFIN) - Auditors Report

Company auditors report

To the Members of

Dhoot Industrial Finance Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of DHOOT INDUSTRIALFINANCE LIMITED (‘the Company’) which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013(‘the Act’) with respect to thepreparation of these standalone financial statements that give a true and fair view of thestate of affairs (financial position) profit or loss (financial performance includingother comprehensive income) cash flows and changes in equity of the Company in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (‘Ind AS’) specified under Section 133 of the Act. Thisresponsibility also includes maintenance of adequateaccounting records in accordance withthe provisions of the Act for safeguarding 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 standalone 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 standalone financial statementsbased on our audit.

4. 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.

5. 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 whetherthese standalone financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand 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. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

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

Opinion

8. 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 including the Ind AS specified undersection 133 of the Act of the state of affairs (financial position) of the Company as at31st March 2018 and its Profit (financial performance including other comprehensiveincome) its cash flows and the changes in equity for the year ended on that date

Report on Other Legal and Regulatory Requirements

9. 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" a statement on the mattersSpecified in paragraphs 3 and 4 of the Order.

10. Further to our comments in Annexure A as required by section 143(3) of the Act wereport 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 it appears from our examination of those books;

c. the standalone financial statements dealt with by this report are in agreement withthe books of account;

d. in our opinion the aforesaid standalone financial statements comply with Ind ASspecified under Section 133 of the Act;

e. on the basis of written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on 31st March2018 from being appointed as a director in terms of Section 164(2) of the Act.

f. we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as on 31st March 2018 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport as per Annexure B expressed Unmodified opinion;

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 (as amended) inour opinion and to the best of our information and according to the explanations given tous:

(i) the Company has disclosed the Impact of pending litigations on its financialpositions in the standalone financial statements.

(ii) the Company has made provision as required under the applicable law or Ind ASfor material foreseeable losses if any on long-term contracts including derivativescontracts;

(iii) there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company; and

(iv) the disclosures requirements relating to holdings as well as dealings in Specifiedbank Notes were applicable for the period from 8th November 2016 to 30th December 2016which are not relevant to these standalone financial statements. Hence reporting thisclause is not applicable.

For BOHRA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No.136492W
Sd/-
Place: MUMBAI RAMESH CHAND BOHRA
Date: 15.05.2018 Partner (M. NO. 073480)

Annexure – A to the Independent Auditors’ Report of even date to the membersof Dhoot Industrial Finance Limited on the standalone financial statements for the yearended 31st March 2018.

Annexure A

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that;

(i) (a) The Company is maintain proper records to show full particulars includingquantitative details and situation of fixed assets.

(b) The Fixed assets have been physically verified by the management during the year.We are informed that no material discrepancies were noticed by the management on suchverification.

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

(II) The Company is engaged in trading of chemicals papers electronics. All the goodspurchased in respect of above are directly supplied from the principal’sfactory/warehouses to the respective consignee’s. Hence there are no stocks lying atthe company’s disposal at any point of time. Thus requirements regarding physicalverification of inventory is not applicable.

(III) As per the information furnished to us the Company has not granted any loanssecured or unsecured to companies firms or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Accordingly Clause (iii)(a)relating to regularly of receipt of principal amount and interest and Clause (iii)(b)relating to steps taken for recovery of overdue principal and interest of more than rupeesone lakh are not applicable.

(IV) In our opinion and according to information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investment guarantees and security.

(V) During the year the Company has not accepted any deposits from public. Accordinglyprovisions of section 73 to 76 of the Act and other relevant provisions of the Act and therules framed there under and the directives issued by the Reserve Bank of India are notapplicable. As informed to us No order has been passed by Company Law Board or ReserveBank of India or any Court or any other Tribunal during the year.

(VI) The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Act read with Rule 3 of the Companies (Cost Records andAudit) Rules 2014 notified by Ministry of Corporate Affairs Government of India videnotification dated December 31 2014 (VII) (a) According to the information andexplanations given to us and the records examined by us the Company has generally beenregular in depositing with appropriate authorities undisputed statutory dues.

a) According to the information and explanations given to us and the records examinedby us the Company has generally been regular in depositing with appropriate authoritiesundisputed statutory dues (except in respect of Central Sales Tax Rs. 239/- &Gujarat Value Added Tax of Rs.20433/- outstanding as at March 31 2018 for a periodof more than six months from the date they became payable.

(b) According to the information and explanations given to us and on the basis of thebooks and records examined by us as applicable given here in below are the details ofdues of Income-tax Wealth Tax Service Tax Customs Duty Excise Duty Value Added TaxCess which have not been deposited with appropriate authority on account of disputes andthe form where the dispute is pending.

Name of the Nature of the Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 227160 2014-15 Commissioner of Income tax (Appeals)

(IX) Since the Company has not raised money by way of initial public offer or furtherpublic offer including debt instruments and term loans. Accordingly paragraph 3(VIII) ofthe Order is not applicable.

(X) Based on the audit procedures performed and information and explanations given tous by the management we report that no fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the course of our audit.

(XI) The Management remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with schedule V to theAct.

(XII) In our opinion the Company is not a Nidhi Company accordingly paragraph 3(XII)of the Order is not applicable.

(XIII) According to the information and explanation given to us all transactions withthe related parties are in compliance with section 177 and 188 of the Act where applicableand the details have been disclosed in the standalone Ind AS Financial Statements asrequired by the applicable accounting standards.

(XIV) According to the information and explanations given to us and on the basis of thebooks and records examined by us the company has made preferential allotment of 284000fully paid equity shares to Mr. Rohit Rajgopal Dhoot @Rs.53/- per shares on receipt offull consideration Rs.15052000/- the money used by the company for the purpose forwhich it was raised.

(XV) The Company has not entered into any non cash transaction during the year withpersons connected with him as contemplated in section 192 of the Act.

(XVI) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For BOHRA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No.136492W
Sd/-
Place: MUMBAI RAMESH CHAND BOHRA
Date: 15.05.2018 Partner (M. NO. 073480)

"Annexure - B" to the Independent Auditor’s Report of even date to themembers of Dhoot Industrial Finance Limited on the standalone financial statements for theyear ended 31st March 2018.

Independent Auditor’s Report on the Internal Financial Controls under Clause (i)of Sub-section 3 of Section 143 of the Companies Act 2013( the "Act")

1. In Conjunction with our audit of the standalone financial statements of DhootIndustrial Finance Limited (the "Company") as at and for the year ended 31stMarch 2018 we have audited the internal financial controls over financial reporting(IFCoFR) of the Company as on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s Board of Directors 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( the "Guidance note") issued by the ICAI. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of the Companies business including adherence to company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company’s IFC oFR based onour audit. We conducted our audit in accordance with the Standards on Auditing issued byICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of IFC oFR and the Guidance Note issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate IFCoFR wereestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s IFCoFR.

Meaning of Internal Financial Controls Over Financial Reporting

6. A company’s IFCoFR is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company’s IFCoFR 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 that receipts and expenditures of the company are being made only inaccordance with 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 havea material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that the IFCoFR may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31st March 2018 based on theinternal controls over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note issued by theICAI.

For BOHRA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No.136492W
Sd/-
Place: MUMBAI RAMESH CHAND BOHRA
Date: 15.05.2018 Partner (M. NO. 073480)