| We have audited the accompanying financial statements of DAULAT
SECURITIESLIMITED("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss and for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
MANAGEMENT'S RESPONSIBILTY 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 these Financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the company in Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance of the Company in accordance with the
Accounting Standards specified under section 133 of the Act, read with
rule 7 of the companies (Accounts) Rules, 2014. The responsibility also
includes the maintenance of adequate accounting records in accordance
with provisions of the act for safeguarding the assets of the companies
and for preventing and detecting fraud and other irregularities;
selection and application of appropriate accounting policies; making
judgements and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate financial internal control,
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 RESPONSIBILTY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. 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 disclosures in the financial statements. The
procedures selected depend on the auditor's judgement, 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 control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, 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.
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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March,2015;
b) In the case of the Statement of Profit and Loss, of the Profit of
the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. 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 those
books;
c) The Balance Sheet, the Statement of Profit and Loss 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 written representations received from the directors
as on 31st March,2015 and 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 to the Auditor's Report
The Annexure referred to in our report to the members of the Daulat
Securities Limited for the year ended 31st March 2015. We report that:
1) In Respect of Fixed Asset:
(a) The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;
(b) The company has a regular programme of physical verification of its
fixed assets; and no material discrepancies were noticed on such
verification.
2) In respect of Inventory
(a) The physical verification of inventory has been conducted at
reasonable intervals by the management;
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) In our opinion the company is maintaining proper records of
inventory and no material discrepancies were noticed on physical
verification by the management as compared to book records.
3) In respect of Loans secured & unsecured to parties covered under
register maintained u/s 189 of companies Act 2013.
(a) According to the information & explanation given to us, the company
has not granted any loans to (Companies, firms or other parties)
covered in the register maintained u/s 189 of Companies Act 2013.
(b)The rate of interest and other terms and conditions of unsecured
loans given by the company, the terms and condition of these loans are
prima facie not prejudicial to the interest of the company, the loans
are not overdue as per terms of such loans.
4) Internal Control
In our opinion and according to the information and explanations given
to us there is an adequate internal control procedure 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. We have not
observed any continuing failure to correct major weaknesses in internal
control system.
5) Cost Audit
As per information & explanation given by the management, maintenance
of cost records has not been prescribed by the Central Government under
sub-section (1) of Section 148 of the Act.
6) Statutory Dues
a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax/VAT, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable and
any other statutory dues have generally been regularly deposited with
the appropriate authorities. According to the information and
explanations given to us there were no outstanding statutory dues as on
31st of March, 2015 for a period of more than six months from the date
they became payable.
b) According to the information and explanation given to us there is
amount payable in respect of Income Tax, service tax which is not been
deposited on account of any dispute is as follows:
Sr Nature of Nature of dues Amount Period to
No Statute (Rs) which the
Amount
relates
1 Income Tax Outstanding Demand Rs 61162/- 2004-05
Department raised by CPC on
26/03/2015
2 Income Tax Outstanding demand Rs 38821/- 2006-07
Department raised by AO on
31/12/2009
3 Income Tax Outstanding demand Rs 9822/- 2009-10
Department raised by AO on
28/01/2011
4 Income Tax Outstanding demand Rs 2570/- 2011-12
Department raised by CPC on
04/07/2013
7) Accumulated Losses
The company does not have accumulated loss at the end of the financial
year and has not incurred cash losses in current financial year and in
the financial year immediately preceding financial year also;
8) Loans from Bank or Financial Institutions
The company has not availed any loan from financial institutions or
Banks during current year or in preceding financial year.
9) Guarantees given
According to the explanation and information given to us, the company
has not given any guarantees for Loan taken by others from bank or
Financial institutions.
10) Term Loans
Based on our Audit procedures and on the information given by the
management, we report that the company has not raised money through
term loan during the year.
11) Public Issues : The company has not raised any money by public
issues during the year.
12) Fraud : In our opinion and according to the information and
explanations given to us, no material fraud on or by the Company has
been noticed or reported during the year.
For BAHETY & GOENKA.
Place : Kolkata Chartered Accountants
Date: 25th June,2015 FRN: 31711IE
(R.K Bahety)
Partner
MemberShipNo. 053255
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