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Dynamic Microsteppers Ltd.

BSE: 531330 Sector: Others
NSE: N.A. ISIN Code: INE443N01017
BSE 00:00 | 24 Feb Dynamic Microsteppers Ltd
NSE 05:30 | 01 Jan Dynamic Microsteppers Ltd
OPEN 6.67
PREVIOUS CLOSE 6.67
VOLUME 100
52-Week high 6.67
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 6.05
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.67
CLOSE 6.67
VOLUME 100
52-Week high 6.67
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 6.05
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Dynamic Microsteppers Ltd. (DYNAMICMICRO) - Auditors Report

Company auditors report

Report on Financial Statements

We have audited the accompanying financial statements of DYNAMIC MICROSTEPPERSLIMITED ("the Company") which comprise the Balance Sheet as at 31s1March 2017 and the Statement of Profit and Loss and the Cash Flow Statement for the yearended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors of is responsible for the matters stated in Section134(5)

Of the Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under section 133 of the Act read with rule 7 of Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; design implementation and maintenance of adequate internalfinancial controls that are operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone 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 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 whetherthe financial statements are free from material misstatement.

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 financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

Opinion

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 of the state of affairs of the Companyas at 31st March 2017 and its profit/ loss and its cash flows for the yearended on that date.

Report on Other Legal & Regulatory Requirements

1. As required by the Companies ( Auditor's Report ) Order 2016 (‘theorder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order.

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

(i) 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;

(ii) in our opinion proper books of accounts as required by law have been kept by theCompany so far as it appearsjtom our examination of those books;

(iii) 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;

(iv) in our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

(v) on the basis of the written representation received from the Directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of section164(2) of the Act;

(vi) 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 B ".

(vii) 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:

(a) the Company does not have any pending litigations which would impact its financialposition;

(b) the Company did not have any long term contracts including derivative contracts assuch the question of commenting on any material foreseeable losses thereon does not arise;

(c) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For: P.JASANI & ASSOCIATES
[Chartered Accountants]
FRN:-116628W
Place : MUMBAI P.R. JASANI ( Partner)
Date : 29/05/2017 Mem. No. 032477

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31st March 2017 wereport that

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

(b) As explained to us fixed assets have been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and on the basis of our(i) examination of Original Agreement for Plot No 24 alongwith Factory Premises

(ii) examination of Xerox Copies of Agreement for Leasehold Plot bearing Plot No W-6Aat Additional Dhule Industrial Estate Village Laling Dhule

(iii) examination of Xerox Copies of Agreement for Freehold Plot bearing Plot No TPS 7Final Plot No 37A Industrial Estate Dhule the title deeds of immovable properties areheld in the name of the Company.

2. The company does not hold any physical inventories. Thus paragraph 3(ii) of of theorder is not applicable to the company.

3 According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe Register maintained under section 189 of the Act and therefore the provision of clause3 (iii) of the Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has not given any loans or made investments referred to in Section 185 and 186 ofthe Act and therefore the provision of clause 3 (iv ) of the Order are not applicable tothe Company.

5. The company has not accepted any deposits from the public and therefore theprovision of clause 3 ( v) of the Order are not applicable to the Company.

6. The Central Government has not prescribed maintenance of cost records under section148(1) of the Act for any of the services rendered by the Company.

7. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing undisputedstatutory dues including Provident Fund Income Tax Sales Tax Service Tax Custom Dutyand other statutory dues as applicable with the appropriate authorities in India.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Service Tax Sales Tax andCustom Duty which have not been deposited on account of any disputes.

8. The Company does not have any loans or borrowings from any Financial InstitutionBanks Government or Debenture Holders during the year. Accordingly paragraph 3 ( viii )of the Order is not applicable.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3(ix) of the Order is not applicable.

10. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11 According to the information and explanations given to us the Company has not paidmanagerial remuneration. Accordingly paragraph 3(xi) of the Order is not applicable.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company is in compliance with S. 177 and S.188 of the Act where applicable for all transactions with the related parties and thedetails thereof have been disclosed in the financial statements as required by theapplicable accounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

15. 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 paragraph 3(xv) ofthe Order is not applicable.

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

For: P. JASANI & ASSOCIATES
[Chartered Accountants]
FRN : 116628W
Place : MUMBAI P.R. JASANI (Partner)
Date : 29/05/2017 Mem. No. 032477

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub Section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of DYNAMICMICROSTEPPERS LIMITED ("the Company") as of 31st March 2017 inconjunction with our audit of the financial statements of the Company comprising of theBalance Sheet as at 31st March 2017 and the Statement of Profit and Loss Account for theperiod then ended.

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 Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (the ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its 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 Companies Act 2013.

Auditor's 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 reportingand the standards on auditing issued by the ICAI deemed to be prescribed under section 143(10) OF THE Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the ICAI. Those 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 system over financial reporting includedobtaining and understanding of internal financial controls system over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of the riskof material misstatement of the financial statement 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 system over financial reporting :

A Company's internal financial controls system over financial reporting is processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the accepted accounting principles. A Company's internal financial controls systemover financial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that in reasonable details 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 risk that the internal financial controlssystem over financial reporting may become inadequate because of changes in conditions orthat the 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 controlssystem over financial reporting were operating effectively as at March 31st2017 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For: P. JASANI & ASSOCIATES

[Chartered Accountants]

FRN # 116628W

P R. Jasanf

Partner

M. No. 032477

Place: Mumbai

Date: MAY 292017