TO THE MEMBERS OF
DOLLAR INDUSTRIES LIMITED
Report on the Financial Statements
We have audited the accompanying financial! statements of Dollar industries Limited ("''''the Company''''} which comprise the Balance Sheet as al March 31 2015, the Profit and Loss Account and The Cash flow Statement for the year then ended, and a summary of significant: accounting policies and other Explanatory. information.
Management''''s Responsibility for the Financial Statements
The Company''''s Brand of Directors is responsible to the matters stated in Section 134(5) of the Companies Act. 2013 ("the Act ") with respect to the preparation of these financial statements that give a true and fair value Of the financial position and financial performance and cash flows of the Company In accordance with the accounting principles 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 record in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities. selection and application of appropriate accounting policies, making Judgment 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 tree from material misstatement, whether due to fraud or error.
Auditor s Responsibility
Our responsibility is to express an opinion on these 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 have conducted our audit in accordance with the Standards on Auditing specked 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 audit the amounts and disclosures in the financial statements, The procedure selected depend on the auditor''''s Judgment, including the assessment of the risks of material misstatement of the financial statements, whether cue lo fraud or error. In making those risk assessments, the auditor considers internal control relevant lo the Company''''s preparation of the financial statements that give a true and fair view in order- to design audit procedures that are appropriate in the circumstances, but ml for the purpose of expressing an opinion on Whether the company has in place an adequate internal financial controls system over financial reporting and the opening effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company''''s directors, as wet as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have attained is sufficient and appropriate Id provide a basis for our audit opinion on the financial statements.
In our opinion and to the test of our information and according to the explanations given to us. the aforesaid 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, at the slate of affairs of the Company as al March 31. 2015. and its profit and loss cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirement
1. As required by the Companies (Audit or''''s Report) Order, 2015( the Order) issued by the Government of India, Ministry of Corporate Affairs dared 19th April, 2016 in terms of sub-section 11 of section 143 of the Act, we give in the Annexure a statement on me mailers specified in paragraphs 3 and A of the Order.
2. As required by section 143(3) of the Act, we report that.
- We have sought and obtained all the information and explanations which to the best of our knowledge and belie) were necessary for the purpose of our audit:
- In our opinion proper, proper books of account as required by Jaw have been kept by the Company so far as appears from our examination of those books.
- The Balance Sheet the Profit and Loss Account and the Cash Flow- Statement deal with by this Report are in agreement with the books of account.
- in our opinion, the aforesaid financial statements comply with the Accounting Standards specified und& Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014
- On the basis of the written representation received from the directors as on March 31,2015, taken on record by the Board of D rectors, none of the directors is disqualified as on March 31 2015. from being appointed as a director in terms of section 164(2) of the Act.
- in our opinion, ''''here exists adequate infernal financial control- system with its operating electiveness, in commensurate with the size and nature of the acclivities of the Company.
- With respect to other matters to be included in the Auditor''''s Report in accordance With Rule 11 of the Companies (Audit and Auditors) Rules. 2014, in our opinion and to me best or our information and according to the explanations given to us:
(i) The Company does not have any pending litigations which would impact its financial position.
(ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
( Referred to in our report of even date to the members of Dollar Industries Limited on the Accounts for the year ended March 31, 2015)
1 a. The compare has maintained proper records showing full particulars, including quantitative derails and situation of Fixed Assets.
b The Fixed Assets have ten physically verified by the management at reasonable intervals. which in our opinion is reasonable having regard to the size of the company and the nature of its Fixed Assets.
c, No material discrepancies have been noticed on such verification.
2 Physical verification of the finished goads, stores, spare parts and raw materials have been conducted by the management at reasonable intervals, except in case of stocks lying with third parties tor which certificates have been obtained the procedures if physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. The company has maintained proper records of inventory. The discrepancies noticed on physical verification of shocks as compared to book records, were hot manual and have been properly dealt with in the books of accounts
3 a The company has granted leans to three parties covered in the register mainlined under section 189 of the Companies Act, 2013.
b According to the information and explanations given to us, in our opinion, the rate al interest and other terms and conditions of loan granted by the company, are not prima facie prejudicial to the interest of the company.
c. According to the information and explanations given to us, the parties are regular in repaying the principal amounts as stipulated and are also regular in payment of interest
d. There is no overdue amount of loans granted by the company to the parties covered in the register maintained under section 109 of the Companies Art. 2013.
4 In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurable with the size of the company and the nature of its easiness w.th regard Id purchases of inventory, fixed assets and with regard to the sale of goods and services During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal controls.
5 Based on our scrutiny of the company''''s records and according to the information and explanations provided by the management, in our opinion, the company has not accepted any loans or deposits, which are deposits'''' within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit s) Rules. 2014
6 According Ito the information and exploitations provided by the management. the company is not engaged in production of any Such goods or provision of any such services for which the Central Govern men! has prescribed particulars relating to utilization of material or labour or other items of cost. Hence, the provisions of section 143(1) Of the Art do not apply to the company. Hence, in our opinion, no comment on maintenance of cost records under section 148(1) of the Act is required
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 Stale Insurance. Income-tax, Sales-tax, Wealth tax. Custom duty, value added lax. Excise duty, cess and any other statutory dues as applicable to the Company.
b) According to the information and explanations given no undisputed amounts payable in respect of Income-tax. Wealth-tax, Sales tax, Value added tax, Customs duty and Excise duly worn outstanding as al 31.03 2015 for a period of more man six months from the date they decame payable. Also, There are no dues of Sales Tax/income Tax/ Value Added Tax Customs Duty/ Wealth Tax Excise duty/Cess, which have not been deposited on account of any dispute
C) According to the records of the company and explanations given to us and upon our enquiries in this regard, the company was not required to deposit any amount to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956} and rules made there under.
8 The Company has neither accumulated losses at the end of the financial year nor has ii incurred cash losses in the financial year under report or in the immediately preceding financial year.
9. Based on our audit procedures and on the informal ion and explanations given by the management, we are of the opinion that the company has not defaulted in repayment ct dues to a financial institution. Bank or debenture holders.
10. According to the records of the company and the information and explanations provided by the management the company has not given any guarantee for loans taken by others from bank or financial institutions
11 The term loans obtained by the company have teen applied for the purpose for which they were raised.
12 Based On the audit procedures performed and information and explanations given by the management!, we- report that no fraud on or by the Company has been noticed or reported during the course of out audit
For AWITVEOGARG & CO-
Firm Regn. N0.325121E
(CA. A. GARG)
May 30, 2015. Membership No .061677