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Dhunseri Ventures Ltd.

BSE: 523736 Sector: Industrials
NSE: DVL ISIN Code: INE477B01010
BSE 00:00 | 17 Jan 74.20 0.20
(0.27%)
OPEN

73.25

HIGH

75.00

LOW

73.25

NSE 00:00 | 17 Jan 74.20 0.35
(0.47%)
OPEN

74.70

HIGH

75.00

LOW

72.50

OPEN 73.25
PREVIOUS CLOSE 74.00
VOLUME 1488
52-Week high 117.00
52-Week low 65.00
P/E 3.67
Mkt Cap.(Rs cr) 260
Buy Price 73.20
Buy Qty 60.00
Sell Price 77.00
Sell Qty 2.00
OPEN 73.25
CLOSE 74.00
VOLUME 1488
52-Week high 117.00
52-Week low 65.00
P/E 3.67
Mkt Cap.(Rs cr) 260
Buy Price 73.20
Buy Qty 60.00
Sell Price 77.00
Sell Qty 2.00

Dhunseri Ventures Ltd. (DVL) - Auditors Report

Company auditors report

To

The Members of Dhunseri Petrochem Limited

Report on the Audit of the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of DhunseriPetrochem Limited("the Company") which comprise of the Balance Sheet as at31 March 2018 the Statement of Profit and Lossthe Statement of Changes in Equity and theStatement of Cash Flows for the year then ended and a summary of the significantaccounting policies and other explanatory information(hereinafter referred to as "thefinancial statements").

Management's Responsibility for the Standalone Ind AS 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 Ind AS financial statements that give a true and fair view of the stateof affairs profit and other comprehensive income changes in equity and cash fiows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) prescribed under section 133 ofthe Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the Standalone Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

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 thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) ofthe Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness ofthe accountingpolicies used and the reasonableness ofthe accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation ofthe standalone Ind ASfinancialstatements.

We are also responsible to conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the entity's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in the auditor's report tothe related disclosures in the financial statements or if such disclosures areinadequate to modify the opinion. Our conclusions are based on the audit evidenceobtained up to the date ofthe auditor's report. However future events or conditions maycause an entity to cease to continue as a going concern.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs oftheCompany as at 31 March 2018 its profit and other comprehensive income changes in equityand its cash flows for the year ended on that date.

Other matters

The comparative financial information of the company for the year ended 31 March 2017prepared in accordance with Ind AS included in these standalone Ind AS financialstatements have been audited by the predecessor auditor who had audited the financialstatements for the relevant periods. The report of the predecessor auditor on thecomparative financial information dated 22 May 2017 expressed an unmodified opinion.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure A" a statement on the matters specified in paragraphs 3 and 4of 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 ofthose books.

c) The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement andStatement of Changes in Equity dealt with by this Report are in agreement with the booksof account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under section 133 ofthe Act.

e) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none ofthe directors is disqualifiedas on 31 March 2018 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

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. The Company does not have any pending litigations which would impact it's financialpositions;

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; and

iv. The disclosures in the financial statements regarding holdings as well as dealingsin specified bank notes during the period from 8 November 2016 to 30 December 2016 havenot been made since they do not pertain to the financial year ended 31 March 2018. Howeveramounts as appearing in the audited standalone Ind AS financial statements for the periodended 31 March 2017 have been disclosed.

For BSR& Co. LLP

Chartered Accountants

Firm's registration number: 101248W/W-100022

Jayanta Mukhopadhyay
Place: Kolkata

Partner

Date: 21 May 2018 Membership no: 055757

The Annexure referred to in Independent Auditor's Report to the members of the Companyon the standalone Ind AS financial statements for the year ended 31 March 2018 we reportthat:

(i) (a) The Company has maintained proper records showing

full parficulars including quanfitafive details and situafion offixed assets.

(b) The Company has a regular programme of physical verificafion of its fixed assets bywhich all fixed assets are verified every year. In accordance with this programme fixedassets were verified during the year and no material discrepancies were noficed on suchverificafion. In our opinion this periodicity of physical verificafion is reasonablehaving regard to the size of the Company and the nature of its assets.

(c) According to the informafion and explanafions given to us and on the basis of ourexaminafion of the records of the Company the fitle deeds of immovable properfies areheld in the name of the Company except for the following:

Particulars Class of Asset Gross Block Net Block
Three properfies located in Kolkata Buildings 1049.17 993.72

(ii) The Company is in trading business and holds inventories in the form of goods intransit only. Accordingly the provisions of paragraph 3(ii) of the Order are notapplicable to the Company.

(iii) According to the informafion and explanafions given to us and on the basis of ourexaminafion of the records of the Company the Company has not granted any loans securedor unsecured to companies firms limited liability partnership or other parfies coveredin the register required to be maintained under Secfion 189 of the Act. Accordingly theprovisions of paragraph 3 (iii) of the Order are not applicable to the Company.

(iv) According to the informafion and explanafions given to us the Company hascomplied with the provisions of Secfion 185 and 186 of the Companies Act2013 in respectof the loans and investment made and guarantees and security provided by it asapplicable.

(v) In our opinion and according to the informafion and explanafions given to us theCompany has not accepted deposits as per the direcfives issued by the Reserve Bank ofIndia under the provisions of secfion 73 to 76 or any other relevant provisions of the Actand the rules framed thereunder. Accordingly the provisions of paragraph 3(v) ofthe Orderis not applicable to the Company.

(vi) According to the informafion and explanafions given to us the Central Governmenthas not prescribed the maintenance of cost records under secfion 148(1) of the Act forany ofthe services rendered bythe Company.

(vii) (a) According to the informafion and explanafions given to us and on the basis ofour examinafion of the records of the Company the amounts deducted / accrued in the booksof account in respect of undisputed statutory dues including provident fund income-taxservice tax goods and services tax duty of custom cess and other material statutorydues have been regularly deposited during the year by the Company with the appropriateauthorifies. As explained to us the Company did not have any dues on account ofemployees' state insurance value added tax sales taxduty of excise.

According to the informafion and explanafions given to us no undisputed amountspayable in respect of provident fund income-tax service tax goods and services taxduty of customs cess and other material statutory dues were in arrears as at 31 March2018 for a period of more than six months from the date they became payable.

(b) According to the informafion and explanafions given to us there are no dues ofincome tax and duty of custom which have not been deposited with the appropriateauthorifies on account ofany dispute.

(viii) In our opinion and according to the informafion and explanafions given to usthe Company has not defaulted in the repayment of loans or borrowings from financialinstitutions or banks. The Company did not have any outstanding loan or borrowings fromgovernment or debenture holders during the year.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theprovisions of paragraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during theyear.

(xi) According to the information and explanations given to us and based on ourexamination of the records the Company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly the provisions of paragraph 3(xii) of theOrder is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company all the transactions with the related partiesare in compliance with section 177 and section 188 of the Act where applicable and thedetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement ofshares or fully or partlyconvertible debentures during the year. Accordingly the provisions of paragraph 3 (xiv)of the Order is not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofparagraphs (xv) of the Order is not applicable.

(xvi) According to the information and explanations provided to us the Company is notrequired to be registered under section 45 IA of the Reserve Bank of India Act 1934.Accordingly the provisions of paragraphs (xvi) of the Order is not applicable to theCompany.

For BSR& Co. LLP
Chartered Accountants
Firm's registration number: 101248W/W-100022
Jayanta Mukhopadhyay
Place: Kolkata Partner
Date: 21 May 2018 Membership no: 055757

Annexure B to the Independent Auditors'Report

(Referred to in our report of even date)

Report on the Internal Financial Controls with reference to financial statements underClause (i) of Sub-section 3 of Section 143 ofthe Companies Act 2013 ("the Act")

We have audited the internal financial controls with reference to financial statementsof Dhunseri Petrochem Limited ("the Company") as of 31 March 2018 in conjunctionwith our audit ofthe Ind AS financial statements ofthe Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls with reference to financialstatements

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 (ICAI). 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 assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancialcontrolswith reference tofinancial statements based on our audit. We conducted our auditin accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls with reference to financialstatements. 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 with reference to financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements and theiroperating effectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that whether a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of theInd AS 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 controls systemwith reference to financial statements.

Meaning of Internal financial controls with reference to financial statements

A company's internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Ind AS financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol with reference to financial statements 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) providereasonable assurance that transactions are recorded as necessary to permit preparation ofInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures ofthe company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial statements.

Inherent Limitations of Internal financial controls with reference to financialstatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements 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 withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion the Company has in all material respects anmadequate internalfinancial controls system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effectively as at31 March 2018 based on the internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issuedbythe ICAI.

For BSR& Co. LLP
Chartered Accountants
Firm's registration number: 101248W/W-100022
Jayanta Mukhopadhyay
Place: Kolkata Partner
Date: 21 May 2018 Membership no: 055757