Independent Auditors Report
To the Shareholders of
DCM HYUNDAI LIMITED
We have audited the accompanying financial statements of DCM HYUNDAI LIMITED
which comprise the Balance Sheet as at 31st March, 2014, and the Statement of Profit and
Loss for the year then ended, and a summary of significant accounting policies andother
explanatory information.
Managements Responsibility forthe Financial Statements
Management is responsible for the preparation of these financial statements that give
atrue andfair view of the financial position, financial performance and cash flows of the
Company in accordance with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 ("the Act").
This responsibility includes the design, implementation and maintenance of internal
control relevant to the preparation and presentation of the financial statements that give
a true and fair view and are free from material misstatement, whether due to fraud or
error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with the Standards onAuditing issued by the
Institute of CharteredAccountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the
auditorsjudgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entitys preparation and fair
presentation of the financial statement in order to design audit procedures that are
appropriate in circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entitys internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Report onOther Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order, 2003 ("the Order")
issued by the Central Government of India in terms of sub-section (4A) of section 227 of
the Act, we give in the Annexure a statement on the matters specified in paragraphs 4
and5of the Order.
As required by section 227(3) of theAct, we report that:
a. we have obtained all the information and explanations which to the best of our
knowledge 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 the
Company so far as appears from our examination of those books;
c. the Balance Sheet and the Statement of Profit and Loss dealt with by this report are
in agreement with the books of account;
d. in our opinion, the Balance Sheet and the Statement of Profit and Loss dealt with by
this report comply with theAccounting Standards referred to in subsection (3C) of section
211 of the CompaniesAct, 1956;
e. On the basis of written representations received from the directors as on March
31,2014 and taken on record by the Board of Directors, we report that none of the
directors is disqualified as on March 31,2014 from being appointed as a director in terms
of clause (g) of sub-section (1) of section 274 of the CompaniesAct, 1956;
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the financial statements give the information required by theAct in the
manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31
st March 2014;
(b) in the case of the Statement of Profit and Loss, of the Loss for the year ended on
that date.
|
For RITEN GIRISH & CO. |
|
Chartered Accountants |
|
(FRNo. 015492N) |
|
CA Girish Kumar Narang |
|
Partner |
|
(Membership No. 076750) |
| New Delhi |
|
| Dated: 22.05.2014 |
|
Annexure referred to in the Independent Auditors Report to the Shareholders of DCM
Hyundai Limited on the accounts for the year ended March 31, 2014.
1. (a) The Company has maintained proper records showing full particulars including
quantitative details and situation offixed assets.
(b) All the assets have been physically verified by the management during the year
ended March 31, 2014. No material discrepancieswere noticedonsuch verification
(c) The company has not disposed off substantial part of fixed assets during the year
ended March 31, 2014.
2. (a) The inventory has been physically verified during the year by the management. In
our opinion, the frequency of verification is reasonable.
(b) The procedures of physical verification of inventories followed by the management
are reasonable and adequate in relation to the size of the company and nature of its
business.
(c) The company is maintaining proper records of inventory. No material discrepancies
were noticed on physical verification.
3. (a) According to the information and explanations given to us, the Company has,
during the year ended March 31, 2014, not granted any loans, secured or unsecured from
companies, firms and other parties covered in the register maintained under section 301 of
the Companies Act, 1956. Accordingly, matters specified in clauses (iii)(a), (iii)(b),
(iii)(c) and (iii)(d) of paragraph 4 of CARO 2003 do not apply to the Company.
(b) According to the information and explanations given to us, the Company has, during
the year, not taken any loans, secured or unsecured from companies, firms and other
parties covered in the register maintained under section 301 of the Companies act, 1956.
Accordingly, matters specified in clauses (iii)(e), (iii)(f) and (iii)(g) of paragraph 4
of CARO 2003 do not apply to the Company.
4. In our opinion and according to the information and explanations given to us, there
is an adequate internal control system commensurate with the size of the company and the
nature of its business with regard to purchases of inventory, fixed assets and with regard
to the sale of goods and services. Further, on the basis of our examination and according
to the information and explanations given to us, we have neither come across nor have been
informed of anycontinuingfailure to correct major weaknesses in internal controls.
5. In our opinion and according to the information and explanations given to us, there
are no transactions that need to be entered into the register required to be maintained
under section 301 of the CompaniesAct, 1956.
6. The Company has not accepted any deposits from the public during the year ended
March 31,2014.As such, in our opinion, matters specified in clauses (vi) of paragraph 4 of
CARO 2003 do not apply to the Company.
7. In our opinion, the Company has an internal audit system commensurate with the size
and nature of its business.
8. We have been informed that the Central Government has not prescribed maintenance of
cost records under section 209(1)(d) of the Companies Act, 1956. As such, matters
specified in clauses (viii) of paragraph 4 of CARO 2003 do not apply to the Company.
9. (a) The Company is generally regular in depositing with appropriate authorities,
undisputed statutory dues, including provident fund, investor education protection fund,
employees state insurance, income tax, sales tax, wealth tax, custom duty, excise duty,
cess and other material statutory dues applicable to it. According to the information and
explanations given to us, no undisputed amounts payable in respect of income tax, wealth
tax, sales tax, customs duty, excise duty and cess were in arrears, as at March 31, 2014 a
period of more than six months from the date they became payable.
(b) According to the records of the company and the information and explanations given
to us, disputed tax dues have not been deposited by the Company with the appropriate
authorities as detailed below:]
Statement of disputed dues
| Name of the Statute |
Nature of the dues |
Amount Rs./Lac |
Period towhich amount relates |
Forum Where dispute is pending |
| Income TaxAct |
IncomeTax |
1452.00 |
2009-10 |
CIT(Appeals) |
| Sales Tax Law |
Sales Tax |
2.22 |
2002-03 |
AppellateAsstt. Commissioner |
|
|
0.53 |
2012-13 |
Addl. Commissioner |
| Central Excise Law |
Excise Duty |
17.30 |
2003-04 |
CESTAT |
|
|
11.00 |
2007-08 |
CESTAT |
|
|
16.73 |
2006-07 |
Commissioner (Appeals) |
10. The Company does not have any accumulated losses as at March 31,2014. The Company
has not incurred any cash losses during the current financial year. However, company had
incurred cash losses of Rs. 27.16 lacs during the immediately preceding financial year.
11. The Company does not have any borrowings from financial institutions, banks and
debenture holders. As such, matters specified in clauses (xi) of paragraph 4 of CARD 2003
do notapply to the Company.
12. According to the information and explanations given to us, the Company has not
granted any loans and advances on the basis of security by way of pledge of shares,
debentures and other securities. As such, matters specified in clauses (xii) of paragraph
4 of CARD 2003 do not apply to the Company.
13. In our opinion the Company is not a chit fund/nidhi/mutual benefit fund/society to
which the provisions of special statute relating to chit fund are applicable. Matters
specified in clauses (xiii) of paragraph 4 of CARO 2003 do not apply tothe Company.
14. In our opinion the Company is not dealing or trading in shares, securities,
debentures and other investments. Accordingly, matters specified in clauses (xiv) of
paragraph4 of CARO 2003 do not apply to the Company.
15. According to the information and explanations given to us, the Company has not
given any guarantee for loans taken by others from banks orfinancial institutions.As such,
matters specified in clauses (xv) of paragraph4 of CARO 2003 do not apply to the Company.
16. According to the information and explanations given to us, the Company has not
obtained any term loans during the year ended March 31,2014. Accordingly, matters
specified in clauses (xvi) of paragraph 4 of CARO 2003 do not apply to the Company.
17. According to the information and explanations given to us, the Company has not
raised short-term funds that have prima-facie been used for long-term investment and
vice-versa. As such, matters specified in clauses (xvii) of paragraph 4 of CARO 2003 do
not apply to the Company.
18. According to the information and explanations given to us, the Company has not made
preferential allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year ended March 31, 2014. As
such, matters specified in clauses (xix) of paragraph 4 of CARO 2003 do not apply tothe
Company.
20. The Company has not raised money by way of public issues during the year ended
March 31, 2014. Accordingly, matters specified in clauses (xx) of paragraph 4 of CARO 2003
do not apply to the Company.
21. According to the information and explanations given to us and the best of our
knowledge and belief, no fraud on or by the Company has been noticed or reported during
the year ended March 31, 2014. Accordingly, matters specified in clauses (xxi) of
paragraph 4 of CARO 2003 do not apply to the Company.
|
For RITEN GIRISH & CO. |
|
Chartered Accountants |
|
(FRNo. 015492N) |
|
CA Girish Kumar Narang |
| Place: New Delhi |
Partner |
| Dated: 22.05.2014 |
(Membership No. 076750) |
+91-9892691696
