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Company Information

Home » Market » Company Information

D P Abhushan Ltd.

D P Abhushan Ltd. is not traded in BSE
Jun 15, 12:54
155.50 -2.30 ( -1.46 %)
 
VOLUME : 5102
Prev. Close 157.80
Open Price 162.85
TODAY'S LOW / HIGH
152.80
 
 
 
162.85
Bid PRICE (QTY.) 154.35 (4)
Offer PRICE (Qty.) 155.00 (1)
52 WK LOW / HIGH
48.50
 
 
 
169.90
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Market Cap. ( ₹ ) 346.06 Cr. P/BV 6.97 Book Value ( ₹ ) 22.31
52 Week High/Low ( ₹ ) 170/49 FV/ML 10/4000 P/E(X) 12.63
Bookclosure 22/09/2018 TTM EPS ( ₹ ) 0.00 Div Yield (%) 0.00
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2018-03 

INDEPENDENT AUDITOR'S REPORT

To,

The Members of

D.P.ABHUSHAN LIMITED

Ratlam

Reporton FinancialStatements

We have audited the accompanying financial statement of DP ABHUSHAN LIMITED (The Company') which comprises Balance Sheet as at 31 st March, 2018, the statement of the Profit and Loss and the Cash Flow Statement for the period ended on that date and a summary of significant accounting policiesand other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENT

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 preparation of these 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 companies accounting standards Rules 2006 (as amended) specified under section 133 of the act, read with companies (Accounts) Rules, 2014. This responsibility also includes the 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 the frauds and other irregularities; selection and application of appropriate accounting policies; making judgment and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal control that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to preparation of financial statements that give a true and fair view and are free from material misstatement, whetherdue to fraud orerror.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provision 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 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 thefinancialstatements 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 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 control relevant to the Company's preparation of thefinancialstatements that give 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 and adequate internal financial controls system over financial reporting and the operating effectiveness of such control. 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 thefinancialstatements.

We believe that theaudit evidence we have obtained issufficient and appropriate to provide a basis forourauditopinion.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the 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 ofthe Balance Sheet, of the stateof affairs of thecompany as at31st March 2018,

b) In the case ofthe statement of profit and loss, ofthe profit for the period ended on that date, and

c) In the case ofthe Cash Flow Statement, ofthe cash flows for the period ended on that date

REPORTON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor's Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act, 2013, we give in the "Annexure A" 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 further report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purpose of ouraudit;

b) In our opinion proper books of account as required by lawhave been kept by the Company so faras it appearsfrom our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss and 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 Companies Accounting Standards referred to in section 133 of the Companies Act 2013, read with rule 7 of The Companies (Accounts) Rules, 2014.

e) "On the basis of written representation received from Mr. Chitresh Mehta, who is an independent Director in D. P. Abhushan Limited, as on 31a March, 201 Sand taken on record by Board of Directors, we report that he is disqualified from being appointed as a director in terms of sub section (2) of section 164 of Companies Act, 2013.

On the basis of written representations received from other director as on March 31,2018, and taken on record by the Board Directors, none of the directors is disqualified as on March 31,2018, from being appointed as a director in terms of sub section (2) of section 164 of Companies Act, 2013.

f) we have also audited the internal financial controls over financial reporting of the Company as on 31 March 2018 in conjunction with ouraudit of thestandalonefinancialstatementsofthe Company fortheyearended on that date and our report dated 30thMay 2018, as per Annexure B, expressed unmodified opinion;

g) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014:

i) The Company hasdisclosed the impact of pending litigations on its financial positions in its financial statements- Refer Note 27.1 tothefinancialstatement;

ii) The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable loss thereon doesarise.

iii) There was no amount which was required to be transferred to the Investor Education and Protection Fund by the Company.

For, Jeevan Jagetiya & Co

Chartered Accountants

FRN:-121335W

Place: RatLam

Sd/-CA Jeevan Jagetiya

Date: May 30, 201 8

(Partner)

M. No. 046553

ANNEXURE-ATO THE AUDITORS' REPORT

With reference to the Annexure A referred to in our report to the members of the Company "D. P. Abhushan Limited" for the year ended 31 st March, 2018, we report the following:

i. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) The fixed assets have been physically verified by the management during the period and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of Company and the nature of assets.

(c) The title deeds of all the immovable propertiesare held in the name of Company.

ii. In our opinion the management has conducted physical verification of inventory at reasonable intervals during the year including inventory given to third parties/goldsmith on job work basis. As per the information and explanation given to us, no materialdiscrepancies were noticed on the aforesaid physicalverification.

iii. According to the information and explanation given to us, the company has not granted any loan, secured or unsecured loans to companies, firm, LLP or other parties covered in the register maintained under section 189 of the Companies Act, 201 S.Accordingly, Paragraph 3(iii)(a)and(b) of theorder is not applicable to the company.

iv. According to the information and explanation given to us, the company has not granted any loans or provides any guarantee or security to the parties covered under Section 185 of the Act. The company has complied with the provisions of thesectionl 86 ofthe Act with respect to investment made.

v. In our opinion and according to information given to us, the Entity/Firm (Now Company) has taken unsecured loan which is covered as Deposit u/s 73 of the Companies Act 2013 when it was Partnership Firm and the Provisions of the Companies Act were not applicable to it. However, after conversions of partnership firm into company no new loan or deposit prohibited u/s 73 have been accepted by the company. The old monies/deposits have been repaid during the period.

vi. Maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 ofthe Companies Act, 2013. Therefore the provisions of clause 3 (vi) ofthe Companies (Auditor's Report) Order, 2016, are not applicable to the Company.

vii. (a) The company is regular in depositing undisputed statutory dues including provident fund, Employee's state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, GST, cess and any other statutory dues to the appropriate authorities.

(b) The dues outstanding in respect of lncomeTax,Sales Tax, VAT, GST.Service Tax, Custom Duty.and Excise on account of any dispute, are as follows;

Name of Statue

Nature of Dues

Amt in (Lakhs)

Amt paid under protest

Period to which the amount relates

Forum where dispute is pending

Income Tax

TDS Penalty

0.47

NIL

AY. 14-1 5, AY 15-1 6

Commissioner of Income Tax (Appeal)

RajasthanVATAct

Penalty

76.40

NIL

FY.12-13

Rajasthan Tax Board Ajmer

RajasthanVATAct

Penalty

184.79

NIL

FY.13-14

Rajasthan Tax Board Ajmer

RajasthanVATAct

Penalty

135.77

NIL

FY.14-15

Rajasthan Tax Board Ajmer

RajasthanVATAct

Vat Tax & Int.

51.96

51.96

FY.12-13

Rajasthan Tax Board Ajmer

RajasthanVATAct

Vat Tax & Int.

116.42

116.42

FY.13-14

Rajasthan Tax Board Ajmer

RajasthanVATAct

Vat Tax & Int.

77.39

77.39

FY.14-15

Rajasthan Tax Board Ajmer

RajasthanVATAct

Vat Tax & Int.

19.55

1.50 (Paid in Month of April 201 8)

FY.15-16

Rajasthan Tax Board Ajmer

viii. The Company has not made any default in repayment of loans or borrowing to financial institution, bank, Government or dues to debenture holders.

ix. During the year, the company has raised money of Rs 1660.96 lacs (including premium Rs 1067.76 lacs) by way of initialpublicofferafterits conversion from Partnership Firm to Limited Company.

The Company has used the amount for the purpose for which it has been raised, there is no deviation regarding the same.

x. To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the company by its officers or employees during the period was noticed or reported, nor have we been informed of such case by the management

xi. In our opinion, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule Vto the Companies Act, 2013.

xii. In our opinion, the company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Companies Auditor's Report) Order,2016 are notapplicableto thecompany.

xiii. In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of the Companies act, 2013 where applicable and the details have been disclosed in the financial statements as required by applicable Accounting Standards (AS) 18.

xiv. According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the period under review and therefore, the provisions of clause 3(xiv) of the Companies (Auditor's Report) Order, 2016, are not applicable to the company.

xv. In our opinion and according to the information and explanations given to us, the company has not entered any transaction that require compliance of provision of Section 192 of Companies Act, 2013 with respect to non-cash transaction so the provisions of clause 3(xv) of the Companies (Auditor's Report) Order, 2016, are not applicable to the company.

xvi. In our opinion and according to information and explanations given to us, company is not required to be registered under section 45-IAof the Reserve Bankof India Act, 1934.

For, Jeevan Jagetiya & Co

Chartered Accountants

FRN:-121335W

Sd/-CA Jeevan Jagetiya

Place: Ratlam

(Partner)

Date: May 30, 201 8

M. No. 046553

ANNEXURE - B TO THE AUDITORS' REPORT

Annexure-B to the Audit Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of D.P. ABHUSHAN LIMITED ('The Company") as of 31 March 2018 in conjunction with our audit of the financial statements of the Company for the period ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India CICAO. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required underthe Companies Act, 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(1 Oof the Companies Act, 2013, to the extent applicable to an audit of internalfinancialcontrols, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment, including the assessment of the risksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on theCompany'sinternalfinancialcontrols system overfinancial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles-Acompany'sinternalfinancialcontroloverfinancialreporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of theassets of thecompany;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internalfinancial controls overfinancial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, orthatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For, Jeevan Jagetiya & Co

Chartered Accountants

FRN:-121335W

Sd/-CA Jeevan Jagetiya

Place: Ratlam

(Partner)

Date: May 30, 201 8

M. No. 046553