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Devine Impex Ltd.

BSE: 531585 | NSE: | Series: NA | ISIN: INE455C01014 | SECTOR: Finance - Investments

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Dec 27, 11:22
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Devine Impex is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2008 2007 2006

Auditor's Report

We have audited the accompanying financial statements of DEVINE IMPEX LIMITED (the. Company), which comprise the Balance Sheet as at March 31, 2015, the Profit and Loss Statement, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information. 2. 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, 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 records 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 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. 3. 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 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, but not 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 operating effectiveness of such controls. 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. 4. Opinion In our opinion and to the best 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, of the state of affairs of the Company as at 31st March, 2015, and its profit and its cash flows for the year ended on that date. 5. Report on Other Legal and Regulatory Requirements As required by the Companies (Auditor''s Report) Order, 2015 (the Order), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. As required by Section 143 (3) of the Act, we report that: a) We have sought and obtained all the information and explanations which to the best of our Knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account d) In our opinion, the aforesaid 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. f) With respect to the 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 the best of our information and according to the explanations given to us: 1) The Company has disclosed the impact of pending litigations on its financial position in its financial statements referred in Note No. 2.20 (a) to the financial statements; 2) The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, and as required on long-term contracts including derivative contracts. 3) No amount was required to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE TO INDEPENDENT AUDITOR''S REPORT Referred to in Paragraph 5 under the heading Report on Other Legal and Regulatory Requirements as per our report of even date (i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of Fixed Assets; (b)As explained to us, the fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification. (ii) (a) According to the information and explanations given to us, the Company has conducted physical verification of inventory at year ended 31st March 2015. (b) In our opinion, the procedures of physical verification of inventory followed by the management are adequate in relation to the size of the company and the nature of its business (c) On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. As explained to us, the discrepancies noticed on physical verification between the physical stocks and the book records were not material and have been properly dealt in the books of accounts. (iii)According to the information and explanations given to us, the Company has during the year not granted loans, secured or unsecured, to Companies, Firms or other Parties Listed in the Register maintained under Section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a)&(b) of the Companies (Auditor Reports) Order 2015 are not applicable to the company. (iv) 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 purchase of inventory and fixed assets and the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system. - (v) According to the information and explanation given to us and the records of the Company examined by us the company has not accepted any deposits from the public hence provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under are not attracted (vi) According to the information and explanations given to us by the Management, the Central '' Government has not prescribed maintenance of cost records under section 148(1) of the Companies Act, 2013. (vii) (a) According to the information and explanation given to us and the records of the Company examined by us, the Company is generally regular in depositing the undisputed Statutory Dues including Provident Fund, Employee''s State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and no other material Statutory Dues were outstanding at the year end for a period of more than six months from the date they became payable. (b) According to the information and explanation given to us and records of the Company examined by us, there are no dues of Income Tax, Service Tax, Wealth Tax, Sales Tax, Duty of Customs, and Duty of Excise/Cess, which are outstanding as at 31st March, 2015, and have not been deposited on account of any dispute. (c) No amount is required to be transferred 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. (viii) The Company does not have accumulated losses as at 31st March 2015 and it has not incurred cash losses during the current financial year or in the immediately preceding financial year. (ix) According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in. repayment of dues to banks during the year. Further, the Company has not taken any loans from any Financial Institutions nor issued any debentures. (x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from Banks or Financial Institutions during the year. (xi) The company has not availed of any term loan and hence there is no requirement for compliance of term loans having been applied for the purposes for which they were obtained. (xii) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such cases by the Management. FOR DATTA SINGLA & CO. CHARTERED ACCOUNTANTS Place: Chandigarh FIRM REGN. NO. 006185N Date : 28.05.2015 Sd/- (MOHIT CHAWLA) PARTNER M. NO. 504889