| We have audited the accompanying financial statements of Dollex
Industries Limited, which comprise the Balance Sheet as at March 31,
2015, the Statement of Profit and Loss and 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 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 view of the financial position, and financial performance
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 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.
Auditor's 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 auditor's 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 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. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's 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 31,2015;
(b) in the case of the Profit and Loss Account, of the loss for the
year ended on that date; and
(c) 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 (Auditor's Report) Order, 2015 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 aforesaid standalone financial statements 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, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
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 FOR THE YEAR ENDED 31st MARCH, 2015
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.
2. (a) The inventory has been physically verified by the management
during the year at reasonable intervals. In our opinion, the frequency
of verification is reasonable.
(b) The procedure followed by the management for physical verification
of stocks is reasonable and adequate in relation to the size of the
company and nature of its business.
(c) On the basis of our examination of stock records, we are of the
opinion that the record of stocks is fair and proper in accordance with
the normally accepted accounting principles and no material
discrepancies were noticed on physical verification.
3. (a) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(b) We do not find any terms of repayment of principal amount and
interest thereon.
(c) There is no overdue amount excess to one lakh rupees of loans taken
from companies, firms or other parties listed in the registers
maintained under section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods and services. During the course of our random checking,
no major weaknesses have been noticed in the internal controls.
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, it has not deposited the
following dues on account of any dispute:
Dues Year (Rs. In Lacs) Pending Before
Income Tax FY 2006-07 248.17 CIT (A) - 19, Mumbai
Income Tax FY 2007-08 203.57 CIT (A) - 19, Mumbai
Income Tax FY 2008-09 74.32 CIT (a) - 19, Mumbai
(c) The company is not required to transfer any amount to Investor
Education and Protection fund in accordance with the relevant provision
of The Companies Act, 1956 (1 of 1956) and rules made thereunder.
8. The company does not have accumulated losses at the end of the
year. However, it has incurred cash losses of Rs. 17.61 Lacs during the
current financial year and Rs. 3.41 Lacs in the immediately preceding
financial year.
9. According to information and explanation given to us the company
has not defaulted in repayment of dues to any financial institution or
bank.
10 The company has not given any guarantee to any bank or financial
institution for loan taken by others.
11. The term loans have been applied for the purpose for which they
were raised.
12. No fraud on or by the company has been noticed or reported during
the year.
For P.K. Shishodiya & Co.
Chartered Accountants
Sd/-
Abhilasha Bhagat
Partner
M.No 418027
Indore: 30th May, 2015 FR No.03233C
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