You are here » Home » Companies » Company Overview » Dollar Industries Ltd

Dollar Industries Ltd.

BSE: 541403 Sector: Industrials
NSE: DOLLAR ISIN Code: INE325C01035
BSE 00:00 | 16 Jan 296.75 6.20
(2.13%)
OPEN

287.20

HIGH

310.95

LOW

287.20

NSE 00:00 | 16 Jan 302.15 6.25
(2.11%)
OPEN

299.00

HIGH

309.50

LOW

296.00

OPEN 287.20
PREVIOUS CLOSE 290.55
VOLUME 2010
52-Week high 380.00
52-Week low 248.00
P/E 24.05
Mkt Cap.(Rs cr) 1,683
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 287.20
CLOSE 290.55
VOLUME 2010
52-Week high 380.00
52-Week low 248.00
P/E 24.05
Mkt Cap.(Rs cr) 1,683
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Dollar Industries Ltd. (DOLLAR) - Auditors Report

Company auditors report

TO THE MEMBERS OF DOLLAR INDUSTRIES LIMITED

REPORT ON THE CONSOLIDATED IND AS FINANCIAL STATEMENTS

1. We have audited the accompanying Consolidated Ind AS financial statements of DollarIndustries Limited (hereinafter referred to as "the Company") and its jointventure comprising the Consolidated Balance Sheet as at 31st March 2018 the ConsolidatedStatement of Profit and Loss (including Other Comprehensive Income) the Consolidated CashFlow Statement and the Consolidated Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "the Consolidated Ind AS FinancialStatements").

MANAGEMENT'S RESPONSIBILITY FOR THE CONSOLIDATED IND AS FINANCIAL STATEMENTS

2. The Company's Board of Directors is responsible for the preparation of theseConsolidated Ind AS financial statements in terms of the requirements of the CompaniesAct 2013 (hereinafter referred to as "the Act") that give a true and fair viewof the consolidated financial position consolidated financial performance including othercomprehensive income consolidated cash flows and consolidated changes in equity of theCompany and its joint venture in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed undersection 133 of the Act. The respective Board of Directors of the Company and its jointventure are responsible for maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the of the Company and its jointventure and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error which have been used for the purpose ofpreparation of the Consolidated Ind AS financial statements by the Directors of theCompany and its joint venture as aforesaid.

AUDITOR'S RESPONSIBILITY

3. Our responsibility is to express an opinion on these

While conducting the audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

4. We conducted our audit of the Consolidated Ind AS financial statements in accordancewith the Standards on Auditing specified under Section 143(10) of the Act and otherapplicable authoritative announcements issued by Institute of Chartered Accountants ofIndia. Those Standards and pronouncements require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether theConsolidated Ind AS financial statements are free

from material misstatement.

5. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the Consolidated Ind AS financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Consolidated Ind AS financial statements whether due tofraud or error. In making those risk assessments the auditor considers internal financialcontrol relevant to the Company's preparation of the Consolidated Ind AS financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Board of Directors as well as evaluating the overall presentation of theConsolidated Ind AS financial statements.

6. We believe that the audit evidence obtained by us and the audit evidence obtained byother auditors in terms of their report referred to in the sub-paragraph of the othermatters below is sufficient and appropriate to provide a basis for our audit opinion onthe Consolidated Ind AS financial statements.

OPINION

7. In our opinion and to the best of our information and according to the explanationsgiven to us and based on the consideration of reports of other auditors on separatefinancial statements of the joint venture referred to below in the other mattersparagraph the aforesaid Consolidated 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 Consolidated state ofaffairs of the Company and its joint venture as at 31st March 2018 and theirConsolidated profit (including Consolidated total comprehensive income) theirConsolidated cash flows and the Consolidated statement of changes in equity for the yearended on that date.

OTHER MATTERS

8. The statement includes the Company's share of net loss of H38.13 Lakhs for the yearended 31st March 2018 in respect of one joint venture whose financial statements /financial information have not been audited by us. These financial statements / financialinformation have been audited by other auditors whose reports have been furnished to us bythe management and our opinion on the consolidated financial statements in so far as itrelates to the amounts and disclosures included in respect of the joint venture is basedsolely on the report of other auditors.

Our opinion is not modified in respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

9. As required by Section 143(3) of the Act based on our audit and on theconsideration of the report of the other auditors on the separate financial statements ofthe subsidiaries referred to in the other matter paragraph above we report to the extentapplicable 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 of the aforesaidConsolidated Ind AS financial statements.

b) In our opinion proper books of account as required by law relating to thepreparation of aforesaid Consolidated Ind AS financial statements have been kept so far asit appears from our examination of those books and reports of the other auditors.

c) The Consolidated Balance Sheet the Consolidated Statement of Profit and Lossincluding Other Comprehensive Income the Consolidated Cash Flow Statement andConsolidated Statement of Changes in Equity dealt with by this Report are in agreementwith the books of accounts maintained for the purpose of preparation of the ConsolidatedInd AS financial statements.

d) In our opinion the aforesaid Consolidated Ind AS financial statements comply withthe Indian Accounting Standards prescribed under section 133 of the Act.

e) On the basis of the written representations received from the directors of theCompany as on 31st March 2018 taken on record by the Board of Directors of the Companyand the reports of the statutory auditor of its joint venture none of the directors ofthe Company and its joint venture are disqualified as on 31st March 2018 from beingappointed as a director in terms of Section 164(2) of the Act.

f ) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A" which is based on the audit reports of theCompany. Our report expresses an unmodified opinion on the adequacy and operatingeffectiveness of the Company's internal financial controls over financial reporting. Thejoint venture has been exempted from the requirement of its auditor reporting on whetherthe Company has adequate internal financial controls in place and operating effectivenessof such controls (clause (i) of section 143(3));

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 Consolidated Ind AS financial statements has disclosed the impact of pendinglitigations on the Consolidated financial position of the Company and its joint venture asstated in note 38 to the Consolidated financial statement;

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

iii. The clause related to delay in transferring amounts to the Investor Education andProtection Fund is not applicable to the company.

iv. The disclosures in the consolidated financial statements regarding holdings as wellas dealings in specified bank notes during the period from 8th November 2016 to 30thDecember 2016 have not been made since they do not pertain to the financial year ended31st March 2018.

For Singhi & Co.

Chartered Accountants Firm Registration No.302049E

Sd/_ (RAJIV SINGHI)

Place: Kolkata Partner Date: 29 May 2018 Membership No. 053518

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT

The annexure referred to in paragraph 9 (f) under the heading "Report on OtherLegal and Regulatory Requirements" of our Independent Auditor's Report of even datein respect to the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") of M/s Dollar Industries Limited forthe year ended 31st March 2018 we report that:

1. We have audited the internal financial controls over financial reporting of DollarIndustries Limited ("the Company") as of March 31 2018 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date. Thejoint venture has been exempted from the requirement of its auditor reporting on whetherthe Company has adequate internal financial controls in place and operating effectivenessof such controls (clause (i) of section 143(3));

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

2. 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'). 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.

AUDITOR'S RESPONSIBILITY

3. 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 and maintained and if suchcontrols operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due 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 internal financial controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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

7. 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

8. 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 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Singhi & Co.

Chartered Accountants Firm Registration No.302049E

Sd/_ (RAJIV SINGHI)

Place: Kolkata Partner Date: 29 May 2018 Membership No. 053518