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Divinus Fabrics Ltd.

BSE: 538432 Sector: Others
NSE: N.A. ISIN Code: INE478P01018
BSE 00:00 | 21 Jan 18.75 0
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NSE 05:30 | 01 Jan Divinus Fabrics Ltd
OPEN 18.75
PREVIOUS CLOSE 18.75
VOLUME 2
52-Week high 144.00
52-Week low 18.75
P/E 468.75
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 18.75
CLOSE 18.75
VOLUME 2
52-Week high 144.00
52-Week low 18.75
P/E 468.75
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Divinus Fabrics Ltd. (DIVINUSFABRICS) - Auditors Report

Company auditors report

TO THE MEMBERS OF DIVINUS FABRICS LIMITED

Report on the Ind AS Financial Statements

1. We have audited the accompanying Ind AS financial statements of Divinus FabricsLimited ("the Company") which comprises the Balance Sheet as at 31st March2018 and the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Cash Flows & Changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information (herein afterreferred to as " Ind AS Financial Statement").

Management's Responsibility for the Ind AS Financial Statements

2 The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act. read with Indian Accounting Standard Rules 2015 issued thereunder as amended.

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 judgments 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 ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

3 Our responsibility is to express an opinion on these Ind AS financial statementsbased 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 Ind AS financial statements in accordance with theStandards on Auditing specified under Section143 (10) of the Companies Act 2013. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the Ind AS financial statements are free frommaterial misstatement.

4 An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the Ind AS financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe Ind AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give 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 reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the Ind AS financial statements.

5. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 of the financialposition of the Company as at 31st March2018 and its financial performance includingother comprehensive income its cash flows and the changes in equity for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued 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 inparagraph 3 and 4 of the order.

8 As required by Section143 (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 purpose of our audit;

b. in our opinion proper books of accounts as required by the law have been kept by theCompany so far as it appears from our examination of those books;

c. the Balance Sheet Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisreport are in agreement with the books of accounts;

d. In our opinion the aforesaid Ind AS Financial Statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act. read with relevant rulesissued thereunder;

e. on the basis of the written representation received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of section164(2) of the Companies Act 2013;

f. With respect to the adequacy of the internal financial controls over the financialreporting of the Company and operating effectiveness of such controls refer to ourseparate Report in "Annexure B"; our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial control overfinancial reporting.

g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule11 of the Companies (Audit and Auditors) Rules2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has no pending litigation as at 31st March 2018 which has impact on itsfinancial position in its Ind AS financial statement;

ii. The Company did not have any long-term contracts and had no derivative contractso/s as at 31st March 2018 and;

iii. The Company did not have any dues required to be transferred by it to the InvestorEducation and Protection Funds.

For Amit Manoj & Co.
Chartered Accountants
FRN: 009905C
CA Manoj Kumar
(Partner) Date: 30th May 2018
Membership No. 505131 Place: New Delhi

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure "A" referred to in paragraph 7 of our report of even date to themembers of DIVINUS FABRICS LIMITED on the Ind AS Financial Statements for the yearended 31st March 2018.

(i) In respect of its fixed Assets:

-There are no fixed assets in the company.

ii) (a) The inventories have been physically verified during the year lying at variousproject sites by the management at reasonable intervals.

(b) In our opinion no material discrepancies were noticed on physical verification ofstocks.

iii) According to the information and explanations given to us during the year theCompany has not granted any loans secured or unsecured to companies firm LimitedLiability Partnership or other parties covered in the register maintained under section189 of the Companies Act 2013. Therefore the provisions of clauses (iii) (a) & (b) ofthe said order is not applicable.

iv) According to the information and explanation given to us there are no loansinvestments guarantees and securities granted in respect of which provisions of section185 and 186 of the Companies Act 2013 are applicable. Hence clause 3(iv) of the orderis not applicable.

v) The Company has not accepted any deposits during the year and hence paragraph 3(v)of the Order is not applicable to the Company.

vi) The Central Government has not prescribed maintenance of cost records under clause(d) of Sub Section (1) of Section 148 of the Companies Act 2013. Thus reporting underclause 3(vi) of the order is not applicable to the company.

vii) According to the information and explanations given to us in respect of statutorydues:

a) The Company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees State Insurance Income Tax Sales Tax Service Tax Goodsand Service Tax (GST) Custom Duty Excise Duty Value Added Tax Cess and other statutorydues applicable to it with the appropriate authorities.

b) There is no undisputed amount payable in respect of Provident Fund Income TaxSales Tax Value Added Tax Custom Duty Service Tax Goods and Service Tax (GST) Cessand other material statutory dues in arrears as at 31st March 2018 for the period of morethan six months from the date they became payable.

(c) According to the records and information and explanation given to us and therecords examined by us of the Company there were no dues in respect of Income Tax SalesTax Service Tax Goods and Service Tax (GST) Customs Duty Excise Duty Value Added TaxCess and other statutory dues which have not been deposited on account of disputes.

viii) In our opinion and according to the information and explanations given to us thecompany has not taken any loans from financial institutions and banks and has not issuedany debentures.

ix) In our opinion and according to the information and explanations given to us theCompany has not done any initial public offer or further public offer (including debtinstrument) and the monies raised by way of term loans were applied for the purpose forwhich the loans were obtained.

x) Based upon the audit procedures performed and to the best of our knowledge andaccording to the information and explanations given to us by the management we reportthat no fraud by the Company or any fraud on the company by its officer or employees hasbeen noticed or reported during the course of our audit.

xi) Based upon the audit procedures performed and the information and explanation givenby the management the managerial remuneration has been paid or provided in accordancewith the provisions of section 197 read with Schedule V to the Companies Act.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company and hence paragraph 3 (xii) of the Order is not applicableto the Company.

xiii) As explained to us and as per the records of the company in our opinion thetransactions with the related parties are in Compliance with Section 177 and Section 188of the Companies Act 2013 and the details have been disclosed in the financial statementsas required by the applicable Accounting Standards.

xiv) Based upon the audit procedures performed and the information and explanationgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview.

xv) During the year the Company has not entered into any non-cash transaction withDirector or person connected with him. Hence paragraph 3 (xv) of the Order is notapplicable to the Company.

xvi) The Company is not required to be registered under section 45-1A of the ReserveBank of India Act 1934 and hence paragraph 3 (xvi) of the Order is not applicable to theCompany.

For Amit Manoj & Co.
Chartered Accountants
FRN: 009905C
CA Manoj Kumar
(Partner) Date: 30th May 2018
Membership No. 505131 Place: New Delhi

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE IND

AS FINANCIAL STATEMENTS OF DIVINUS FABRICS LIMITED

Report on the Internal Financial Controls over Financial reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DivinusFabrics Limited ("the Company") as at 31st March 2018 in conjunctionwith our audit of the Ind AS financial statements of the Company for the year ended onthat 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 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 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 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 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 31st 2018 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 of Chartered Accountants of India"

For Amit Manoj & Co.
Chartered Accountants
FRN: 009905C
CA Manoj Kumar
(Partner) Date: 30th May 2018
Membership No. 505131 Place: New Delhi