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Dune Mercantile Ltd.

BSE: 539786 Sector: Others
NSE: N.A. ISIN Code: INE322Q01016
BSE 00:00 | 11 Jun Dune Mercantile Ltd
NSE 05:30 | 01 Jan Dune Mercantile Ltd
OPEN 3.76
PREVIOUS CLOSE 3.76
VOLUME 100
52-Week high 3.90
52-Week low 3.76
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.76
CLOSE 3.76
VOLUME 100
52-Week high 3.90
52-Week low 3.76
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Dune Mercantile Ltd. (DUNEMERCANTILE) - Auditors Report

Company auditors report

To

The Members of

Dune Mercantile Limited

Report on the Financial Statements:

We have audited the accompanying standalone financial statements of Dune MercantileLimited ("the Company") which comprise the Balance Sheet as at March 312016 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of the 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 standalone financial statements that give a true and fair view of the financialposition and financial performance 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.

Auditors' Responsibility:

Our responsibility is to express an opinion on standalone financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing issued by the Institute of Chartered Accountantsof India specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation of the financialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by themanagement as well 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.

Opinion:

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(i) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(ii) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

(iii) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

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 of India in terms of Section 143(11) of the Act we givein the Annexure "A" a statement on the matters specified in paragraphs 3 and 4of the Order to the extent possible.

2. As required by Section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the Standalone 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 March31 2016 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2016 from being appointed as a Director in terms of Section 164(2) of theAct.

f. With respect to the adequacy of internal financial controls over financial reportingof the Company and operating effectiveness of such controls our separate report inAnnexure "B" may be referred;

g. With respect to the other matters to be included in the Auditors" 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 explanation given to us:

i. The Company does not have any pending litigations which would impact its financialposition;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts;

iii. There has been no delay in transferring the amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Hemant C.Parikh & Co.
Chartered Accountants
Place: Ahmedabad Hemant Parikh
Date: May 30 2016 (Proprietor)
M.NO. - 031780

Annexure A to Independent Auditors' Report

Referred to in Paragraph 1 under the heading of "Report on other legal andregulatory requirements" of our report of even date

1. In respect of the Company's fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The fixed assets were physically verified by the management at reasonable intervalsduring the year in a phased periodical manner in accordance with a programmed of physicalverification. No material discrepancies were noticed on such physical verification.

c) In our opinion the Company has not disposed of substantial part of its fixed assetsduring the year and the going concern status of the Company is not affected.

2. In respect of the Company's inventories:

a) As explained to us inventories have been physically verified by the management atregular intervals during the year.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) The Company has maintained proper records of inventories. As explained to us therewas no material discrepancies noticed on physical verification as compared to the bookrecords

3. In respect of the loans secured or unsecured granted or taken by the Company to /from Companies firms or other parties covered in the register maintained under Section189 of the Companies Act 2013:

According to the information & explanations given to us the Company has notgranted any loan to companies firms or other parties covered in the register maintainedu/s. 189 of the Companies Act 2013. The Company has not granted loans secured orunsecured to Companies Firms LLP's or other parties covered in the register maintainedU/s. 189 of the Companies Act 2013.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

5. According to the information and explanations given to us the Company has notaccepted any deposit covered under Section 73 to 76 of the Companies Act 2013 during theyear.

6. According to the information and explanations provided by the Company the CentralGovernment has not prescribed to Maintenance of cost records under Section 148(1) of theCompanies Act 2013 in respect of product of the Company.

7. According to the information and explanations given to us in respect of statutorydues:

a) According to the records of the Company undisputed statutory dues includingprovident fund employee state insurance sales tax wealth tax service tax income taxcustom duty excise duty value added tax cess and other material statutory dues havebeen generally regularly deposited with appropriate authorities wherever applicable toit.

b) According to information and explanation given to us there are no undisputedamounts payable in respect of Income Tax Sales Tax Service Tax or duty of custom orduty of excise or value added tax or cess and other statutory bodies which have remainedoutstanding as on 31st March 2016 for a period of more than six months from the date theybecome payable. Further as per information and explanations there are no such statutorydues which have not been deposited on account of any dispute.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitutions banks and government and dues to debenture holders.

9. In our opinion and according to the information and explanations given to us theCompany had not raised any term loans during the year. The Company has not raised moneysby way of initial public offer or further public offer. Accordingly paragraph 3(ix) ofthe Order is not applicable.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no fraud on the Company by its officers oremployees has been noticed or reported during the year.

11. The Managerial remuneration has been paid / provided in accordance with therequisite approvals mandated by section 197 r/w schedule V to the Companies act 2013.

12. The Company is not a Nidhi Company and hence reporting under clause (xii) of theCARO 2016Order is not applicable.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 188 and 177 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc. as required by theapplicable accounting standards.

14. According to information and explanations given to us and based on our examinationof the records of the Company the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year interms of section 42 of the Act. Accordingly paragraph 3(xiv) of the Order is notapplicable.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non cash transactions with itsdirectors or persons connected with him and hence provisions of Section 192 of theCompanies Act 2013 are not applicable.

16. The Company is not required to be registered under section 45-I of the Reserve Bankof India Act 1934.

For Hemant C.Parikh & Co.
Chartered Accountants
Place: Ahmedabad Hemant Parikh
Date: May 30 2016 (Proprietor)
M.NO. - 031780

Annexure B to Independent Auditors' Report

(Referred to in paragraph 2 (f) under „Report on Other Legal and RegulatoryRequirements" section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

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 responsibilities includethe design implementation and maintenance of adequate Internal Financial Controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 auditors" judgment 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 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 authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized 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 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 31 2016 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 Hemant C.Parikh & Co.
Chartered Accountants
Place: Ahmedabad Hemant Parikh
Date: May 30 2016 (Proprietor)
M.NO. - 031780