We have audited the accompanying standalone financial statements of DHP
INDIA LIMITED (the Company), which comprise the Balance Sheet as at
March 31,2015, and the Statement of Profit & Loss and the Cash Flow
Statement for the year ended and a summary of significant accounting
policies and other explanatory information.
2. Management''s Responsibility for the Standalone 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 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
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 matter which are required to be included in
the audit report under the provisions of the Act and the Rules made
We conducted our audit in accordance with Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plans and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depends on the auditor''s judgment, including the assessment of
the risk 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 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 audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
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, of the state of affairs of the Company as
at March 31, 2015, and its profit and its cash flow for the year ended
on that date.
5. Report on Other Legal and Regulatory Requirements
5.1 As required by the Companies (Auditors'' Report) Order, 2015 (''the
Order) issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the ANNEXURE, a statement on the matters
specified in paragraph 3 and 4 of the said Order.
5.2 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
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 the
(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 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 written representations received from the
directors, as on March 31,2015, and taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015
from being appointed as directors in terms of Section 164(2) of the
(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 :
(i) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in Note
26.1 (as stated Nil) to the financial statements.
(ii) 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 derivates contracts.
(iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
REFERRED TO IN PARAGRAPH 5.1 UNDERTHE HEADING OF REPORT ON OTHER LEGAL
AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE
1. In respect of its Fixed Assets :
(a) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, having regard
to the size of the Company and nature of its assets. No material
discrepancies were noticed on such physical verification.
(c) In our opinion, the Company has not disposed off a substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its Inventories :
(a) The inventory has been physically verified by the management during
the year. In our opinion, the frequency of verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to the
companies, firms or other parties covered in the Register maintained
under Section 189 of the Act.
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 purchased of inventory, fixed assets and with regard
to sale of goods. During the course of our audit, we have neither
observed nor have been informed of any major weaknesses in the said
internal control system.
5. According to information and explanations given to us, the Company
has not accepted any deposits from public during the year as per
Chapter V (Section 73 to 76) of the Companies Act, 2013. There are no
unclaimed deposits, lying with the Company during the year as per
provisions of Chapter V (Section 73 to 76) or any other relevant
provisions of the Companies Act, 2013, and rules made thereunder.
6. We have broadly reviewed the cost records maintained by the Company
pursuant to Companies (Cost Records and Audit) Rules, 2014 read with
Companies (Cost Records and Audit) Amendment Rules, 2014 prescribed by
the Central Government under Section 148 of the Companies Act, 2013 and
are of the opinion that, prima facie, the prescribed cost records have
been maintained. We have, however not made a detailed examination of
the cost records with a view to determine whether they are accurate or
7. (a) According to the information and explanations given to us and the
records of the company examined by us, in our opinion, the company is
(generally) regular in depositing the undisputed statutory dues
including provident fund, investor education and protection fund,
employees'' state insurance, employees group gratuity fund, income-tax,
sales-tax, wealth tax, service tax, customs duty, excise duty, cess and
other material statutory dues as applicable with the appropriate
(b) According to the information and explanations given to us and the
records of the company examined by us, there are no dues of Sales-Tax,
W.B. Vat, C.S.T., Wealth-Tax, Income-Tax, Service-Tax, Custom Duty,
Excise Duty, Cess, which has not been deposited on account of any
disputed for the year ended 31st March, 2015.
(c) The amounts 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 thereunder has been
transferred to such fund within the prescribed time.
8. The Company has no accumulated losses as at 31st March, 2015, and
it has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
9. The Company has not taken any borrowings from financial
institutions or by way of debentures. The Company utilize only a
short-term borrowing for working capital by way of Cash Credit/Packing
Credit and suitable disclosure mentioned in the financial statement.
Similarly the Company has not defaulted for repayment of above Cash
Credit/Packing Credit Loan to bank.
10. According to the information and explanation given to us and
records of the Company examined by us, the company has not given any
guarantees for loans taken by others from banks or financial
institutions. Accordingly, the provisions of clause 3(10) of the Order
are not applicable to the Company.
11. The Company has not taken any term loans during the year.
Accordingly, the provisions of clause 3(11) of the Order are not
applicable to the Company.
12. To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
For NAVIN NAYAR & CO.
Firm Registration No. 317117E
230A, A. J. C. Bose Road NAVIN NAYAR
Kolkata - 700 020 Proprietor
The 30th day of Julne, 2015 Membership No. 053267