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DSJ Communication Ltd.

BSE: 526677 | NSE: DALALSTCOM | Series: | ISIN: INE055C01020 | SECTOR: Printing & Stationery

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Annual Report

For Year :
2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of DSJ Communications Limited as at March 31, 2013, and also the Statement of Profit and Loss and Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Audit Report) Order 2003 as amended issued by the Central Government of India in terms of Section 227 (4A) of the Companies Act, 1956, and on the basis such checks as considered appropriate and according to the information and explanations given to us during the course of the audit, we enclose in the Annexure hereto a statement on the matters specified in Paragraphs 4 and 5 of the said Order. 4. Further our comments in the Annexure referred to in above paragraphs, 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) The Company has not carried out any business operation during year. c) In our opinion, proper books of accounts, as required by law have been kept by the Company so far as appears from our examination of the books of the Company; d) The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of accounts; e) In our opinion, the Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of the Section 211 of the Companies Act, 1956. f) On the basis of written representations received from the directors of the Company as on March 31, 2013, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of Section 274(1) (g) of the Companies Act, 1956. g) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 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, 2013; b. in the case of the Statement of Profit and Loss , of the loss for the year ended on that date and c. in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS'' REPORT Referred to in paragraphs 3 of the Report of even date: On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that: 1. (a) There are no Fixed Assets in the Company, hence this clause does not apply to the Company. (b) As there are no Fixed Assets there is no question of physical verification of fixed assets. (c) As there are no Fixed Assets there is no question of disposal of Fixed Assets during the period. 2. (a) There are no Inventories during the year, hence reporting under this clause does not apply. (b) As there are no stocks reporting under this clause does not apply. 3. (a) As informed to us, the Company has accepted loans during the period from the parties covered in the register maintained under section 301 of the Companies Act, 1956. According to the information and explanation provided by the management, we are of the opinion that, the transactions that need to be entered into the register maintained under section 301 of the act have been so entered. The Company has not granted any loans during the period to the parties covered in the register maintained under section 301 of the Companies Act, 1956. (b) Based on the information received and the explanations given, as there are no loans granted, this Clause does not apply. (c) In view of closure of operations of the Company, Interest and principal amount are not repaid regularly in respect of such loans. (d) All loans are overdue as on the March 31, 2013. 4. In our opinion and according to the information and explanations given to us, as there is no business operation reporting on internal control procedure does not apply. 5. The Company has not accepted any deposits falling under the provisions of Section 58A and 58AA of the Companies Act, 1956 and the rules made there under, during the period under review. 6. We are informed that the Company has no internal audit system commensurate with the size and nature of its business. 7. We are informed that the maintenance of cost records has not been prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956, in respect of the Company''s products. 8. (a) The Company is generally regular in depositing undisputed statutory dues with the appropriate authorities. We are informed that at the year end there were no Overdue outstanding. Income Tax authorities have raised a demand of Rs. 39.27 lacs in respect of the Assessment year 1995-1996, the same has been disputed by the Company and an appeal has been filed against the same. (b) The Directorate General of Foreign Trade (DGFT), Division has raised a claim on the Company for the imports made by them in the year 1994-1995 for an amount of Rs. 28,956,965/- (Principal- Rs. 13386476/-, Interest- Rs. 8,877,251/- and Penalty- Rs. 66,93,238/-). The writ petition is pending with Delhi High Court. (c) We are informed that there are no disputed dues to be deposited at various forums. 9. The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 10. As the Company is not a chit fund, nidhi, mutual benefit fund or society the provisions of clause 4(xiii) ''the of Companies (Auditor''s Report) Order, 2003 are not applicable to the Company. 11. As the Company is not dealing or trading in shares, securities, debentures and other investments, the provision of clause (xiv) of the Companies (Auditor''s Report) Order, 2003 is not applicable to the Company. 12. The Company has not given any guarantees during the period. 13. No term loan was obtained during the period. 14. According to the information and explanations received, the Company has not applied short terms borrowings for long term use and vice versa. 15. The Company has not made any preferential allotment of shares during the period. 16. The Company has not issued any debentures during the period. 17. The Company has not raised any money by way of public issue during the period. 18. Based upon the audit procedures performed and on the basis of information and explanations provided by the management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit. For M/s. S. V. Navalkar & Associates Chartered Accountants (FRN: 106981W) S. V. Navalkar Proprietor Membership No. 40433 Place: Mumbai Date: May 29, 2013