To the Members of Dollex Industries Limited,
Report on the Financial Statements
We have audited the accompanying financial statements of Dollex Industries Limited CIN
L67120MH1994PLC080560, which comprise the Balance Sheet as at March 31, 2017, the
Statement of Profit and Loss and Cash Flow Statement for the yearthenended,and significantaccounting
policies summaryof and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys 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 of
these standalone financial statements that give a true and fair of the financial
financialperformance of the Company in accordance with the accounting principles
position,and generally accepted in India, including the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, 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 standalone financial statements
based on our audit. We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in the audit report
under the provisions of the Act and the Rules made there under. We conducted our audit in
accordance with the Standards on Auditing specified under Section 143(10) of the Act.
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
the disclosures in the financial statements. The procedures selected depend on the
auditors judgment, 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 financial control relevant to the Companys preparation of the
financial statements that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of the accounting
estimates made by the Companys Directors, 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 on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Act 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 March 31, 2017; (a) in the case of the Profit
and Loss Account, of the profit for the year ended on that date; and (b) in the case of
the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.
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 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 Statement of Profit and Loss dealt with by this
Report are in agreement with the books of account; d) In our opinion, the
aforesaidstandalonefinancialstatements comply with the Accounting Standards 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 31st March,
2017 taken on record by the Board of Directors, none of the directors is disqualified as
on 31st March, 2017 from being appointed as a director in terms of Section 164 (2) of the
Act.
3. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate report in Annexure.
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For P.K. Shishodiya & Co. |
|
Chartered Accountants |
|
Sd/- |
|
Mr.P. K. Shishodiya |
|
Proprietor |
| Date: 29th May, 2017 |
M. No 036015 |
| Place: Indore |
FR No.03233C |
ANNEXURE REFERRED TO IN POINT 1 OF REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS OF
THE REPORT OF THE AUDITORS ON THE ACCOUNTS OF DOLLEX INDUSTRIES LIMITED, CIN
L67120MH1994PLC080560 FOR THE YEAR ENDED 31st MARCH, 2017
1. (a) The company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
(b) A major portion of the assets has been physically verified by the management in
accordance with the phased programme of verification adopted by the company. In our
opinion, the frequency of verification is reasonable. To the best of our knowledge, no
material discrepancies have been noticed on such verification.
(c) The title deeds of immovable property are held in the name of the company.
2. The inventory has been physically verified by the management during the year at
reasonable intervals. In our opinion, the frequency of verification is reasonable. On the
basis of our examination of stock records, we are of the opinion that no material
discrepancies were noticed on physical verification.
3. The company has not granted any secured or unsecured loans to any companies, firms,
limited liability partnership or other parties covered in the register maintained under
section 189 of the Companies Act, 2013.
4. The company has no such transaction during the year to which the provisions of
section 185 and 186 of the Companies Act, 2013 gets attracted.
5. In our opinion and according to the information and explanations given to us, the
company has not accepted any deposits from the public within the meaning of section 73 to
76 of the Companies Act, 2013 or any other relevant provisions of the Act and the rules
framed there under.
6. The company is not covered under the clause regarding maintenance of cost records as
prescribed by the Central Government under section 148 (1) of the Companies Act, 2013.
7. (a) According to the records of the company, the company is regular in depositing
with appropriate authorities undisputed statutory dues including provident fund,
employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty,
excise duty, cess and other statutory dues applicable to it.
(b) According to the records of the company, there are no dues of sales tax, service
tax, custom duty, excise duty or value added tax on account of any dispute.
8. According to information and explanation given to us the company has not taken any
loan from any financial institution, bank or government. The company has not issued any
debentures.
9. The company has not raised any money by way of initial public offer or further
public offer (including debt instrument) and term loan during the year.
10. No fraud on or by the company has been noticed or reported during the year.
11. According to information and explanation given to us the company has paid or
provided the managerial remuneration in accordance with the requisite approvals mandated
by the provisions of section 197 of the Companies Act, 2013.
12. The said company is not a Nidhi company. Hence the provisions of Nidhi company are
not applicable. 13. According to information and explanation given to us the company has
disclosed all the transactions with the related parties in compliance with the sections
177 and 188 of the Companies Act, 2013 and details have been enclosed in the Financial
Statements as required by applicable accounting standard.
14. The company has not made any preferential allotment or private placements of
shares.
15. According to information and explanation given to us the company has not entered
into any non cash transactions with directors or persons connected with them.
16. The company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934.
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For P.K. Shishodiya & Co. |
|
Chartered Accountants |
|
Sd/- |
|
Mr. P. K. Shishodiya |
|
Proprietor |
| Date: 29th May, 2017 |
M. No 036015 |
| Place: Indore |
FR No.03233C |
ANNEXURE TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL
STATEMENTS OF DOLLEX INDUSTRIES LIMITED, CIN L67120MH1994PLC080560 Report on the Internal
Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 ("the Act")
We have audited the internal financial controls over financial reporting of DOLLEX
INDUSTRIES LIMITED, CIN L67120MH1994PLC080560 ("the Company") as of March 31,
2017 in conjunction with our audit of the standalone financial statements of the Company
for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to companys policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the CompaniesAct, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance 168 Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controlsoverfinancialreporting was established and maintained
and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls systemoverfinancialreporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial assessing the
risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditors judgement, including the assessment of the risks of material
misstatement of the financial due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that: 1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; 2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and
3) Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the companys 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 financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at March 31, 2017, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
|
For P.K. Shishodiya & Co. |
|
Chartered Accountants |
|
Sd/- |
|
Mr. P. K. Shishodiya |
|
Proprietor |
| Date: 29th May, 2017 |
M. No 036015 |
| Place: Indore |
FR No.03233C |
+91-9892691696
