Mar 31, 2023
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial
statements of GOLDIAM INTERNATIONAL LIMITED
(âthe Companyâ) which comprises the Balance Sheet
as at March 31, 2023, the Statement of Profit and Loss,
(including Other Comprehensive Income), statement of
changes in Equity and statement of cash flows for the
year then ended, and notes to the financial statements,
including a summary of significant accounting policies and
other explanatory information.
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Ind AS standalone financial statements give the
information required by the Companies Act, 2013 (the
Act) in the manner so required and give a true and fair
view in conformity with the accounting principles generally
accepted in India including Indian Accounting Standards
(âInd AS) specified under section 133 of the Act, of the
state of affairs of the Company as at March 31,2023, and
its profits including other comprehensive income), its cash
flows and the changes in equity for the year ended on that
date.
We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of
the Act. Our responsibilities under those Standards are
further described in the Auditorâs Responsibilities for the
Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India (ICAI) together with the
ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the
Act and the Rules made thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these
requirements and the ICAIâs Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
We have determined that there are no key audit matters to
communicate in our report.
The Companyâs Board of Directors is responsible for the
other information. The other information comprises the
information included in the Management Discussion and
Analysis, Boardâs Report including Annexures to Boardâs
Report, Report on Corporate Governance, Business
Responsibility Report and Shareholderâs Information, but
does not include the consolidated financial statements,
standalone financial statements, and our auditorâs report
thereon.
⢠Our opinion on the standalone financial statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.
⢠In connection with our audit of the standalone
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
the other information is materially inconsistent with
the standalone financial statements or our knowledge
obtained during the course of our audit or otherwise
appears to be materially misstated.
⢠If, based on the work we have performed, we
conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
The Companyâs Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act,
2013 (âThe Actâ) with respect to the preparation of these
standalone financial statements that give a true and fair
view of the financial position, financial performance,
(including Other Comprehensive Income), changes in
equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India,
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and other
irregularities; selection and application of appropriate
implementation and maintenance of 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 Ind AS financial statement that give a
true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the Ind AS financial statements, management
is responsible for assessing the Companyâs ability to
continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
concern basis of accounting unless management either
intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.
The respective Board of Directors is also responsible for
overseeing the companyâs financial reporting process.
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error,
and to issue an auditorâs report that includes our opinion.
Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
(i) Identify and assess the risks of material misstatement
of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.
(ii) Obtain an understanding of internal controls relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances, Under Section
143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls system in place
and the operating effectiveness of such controls.
(iii) Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures in the standalone financial
statements made by the Management.
(iv) Conclude on the appropriateness of managementâs
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
ability of the company to continue as a going concern.
If we conclude that a material uncertainty exists, we
are required to draw attention in our auditorâs report
to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditorâs
report. However, future events or conditions may
cause the Company to cease to continue as a going
concern.
(v) Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the standalone
financial statements represent the underlying
transactions and events in a manner that achieves
fair presentation.
Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the standalone
financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning
the scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified
misstatements in the standalone financial statements.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and
to communicate with them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the standalone financial
statements of the current period and are therefore the key
audit matters. We describe these matters in our auditorâs
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated
in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditorâs Report)
Order, 2020 (âthe Orderâ), 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 âAnnexure-Aâ statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent
applicable.
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
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, (including other comprehensive income)
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 the written representations
received from the directors as on 31st March,
2023 taken on record by the Board of Directors,
none of the directors is disqualified as on 31st
March, 2023 from being appointed as a director
in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal
financial controls over financial reporting of the
Company and the operating effectiveness of
such controls, refer to our separate Report in
âAnnexure-Bâ.
g) With respect to the other matters to be included
in the Auditorâs Report in accordance with the
requirements of Section 197(16) of the Act, as
amended,
In our opinion and to the best of our information
and according to the explanations given to us,
the remuneration paid by the Company to its
directors during the year is in accordance with
the provisions of Section 197 of the Act.
3) With respect to the other matters to be included in
the Auditorâs 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:
a) The company has disclosed the impact of pending
litigations as at 31st March, 2023 on its financial
position in its Ind AS financial position in its standalone
financial statements - refer note 43 to the Ind AS
financial statements.
b) The Company did not have any long-term contracts
including derivate contracts as at 31st March, 2023.
c) There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
and Protection fund by the company during the year
ended 31st March, 2023.
d) (i) The management has represented that, to the
best of its knowledge and belief, no funds have
been advanced or loaned or invested (either
from borrowed funds or share premium or any
other sources or kind of funds) by the Company
to or in any other persons or entities, including
foreign entities (âIntermediariesâ), with the
understanding, whether recorded in writing or
otherwise, that the Intermediary shall:
⢠directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever (âUltimate Beneficiariesâ) by or
on behalf of the Company or
⢠provide any guarantee, security or the like
to or on behalf of the Ultimate Beneficiaries;
(ii) The management has represented that, to
the best of its knowledge and belief, no funds
have been received by the Company from any
persons or entities, including foreign entities
(âFunding Partiesâ), with the understanding,
whether recorded in writing or otherwise, that
the Company shall:
⢠directly or indirectly, lend or invest in other
persons or entities identified in any manner
whatsoever (âUltimate Beneficiariesâ) by or
on behalf of the Funding Party or
⢠provide any guarantee, security or the
like from or on behalf of the Ultimate
Beneficiaries; and
(iii) Based on such audit procedures that we
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
contain any material misstatement.
e) The dividend declared or paid during the year by the
Company is in compliance with Section 123 of the
Act.
f) As proviso to rule 3(1) of the Companies (Accounts)
Rule, 2014 is applicable for the Company only with
effect from 1st April, 2023, reporting under this clause
is not applicable.
Chartered Accountants
FIRM REGN. NO. 115187W
MEMBERSHIP NO. 048991
Place : Mumbai UDIN: 23048991BGWING2252
Date : 20th May, 2023
Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of GOLDIAM INTERNATIONAL LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss (Including other comprehensive income) and Cash Flow Statement and the statement of changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Ind As Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134 (5) of the Companies Act, 2013 (âThe Actâ) with respect to the preparation of Ind As these standalone financial statements that give a true and fair view of the financial position, financial performance ( including other comprehensive income), cash flows and changes in equity of the Company in accordance with accounting principles generally accepted in India, including the Indian Accounting Standards specified in the companies (Indian Accounting Standard) rules 2015 (as amended) under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act and the Rules made there under including 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 of the Ind AS Financial Statement in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Ind As 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 Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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, 2018, and its total comprehensive income ( comprising of profit and other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, (The Order) and on the basis of such checks of the books and records of the company as we consider appropriate and according to the information and explanations given to us , we give in âAnnexure Bâ a statement on the matters specified in paragraph 3 and 4 of the Order to the extent applicable.
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 those books.
(c) The Balance Sheet, Statement of Profit and Loss (including other comprehensive income), the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under section 133 of the Act.
(e) On the basis of written representations received from the directors as on March 31, 2018, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of section 164 (2) of the Companies Act, 2013.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ.
(g) With respect to the other matters to be included in the Auditorâs 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 explanations given to us :
i) The company has disclosed the impact of pending litigations as at 31st March, 2018 on its financial position in its Ind AS financial position in its standalone financial statements - refer Note 38 to the Ind AS financial statements.
ii) The Company did not have any long term contracts including derivate contracts as at 31st March, 2018.
iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection fund by the company during the year ended 31st March, 2018.
iv) The reporting of on disclosure relating to Specified Bank Note is not applicable to the Company for the year ended 31st March, 2018.
Annexure (A) to the independent Auditorâs Report
[Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirementsâ in the Independent Auditorâs Report of even date to the members of Goldiam International Limited on the standalone financial statements for the year ended 31st March, 2018]
1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) All fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) As per the information and explanations given to us, the immovable properties owned by the company are held in the name of the company. In respect of immovable property taken on lease and disclosed as fixed assets in standalone financial statements, the lease agreement is in the name of the Company.
2. The Inventories have been physically verified during the year by the management. In our opinion, frequency of verification of inventory is reasonable. There are no material discrepancies noticed by the management.
3. According to the information and explanations given to us, the company has not granted any loans secured or unsecured to companies, firms Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act. Accordingly, the provisions of clause 3(iii) (a), (b,) and (c) of the Order are not applicable to the Company and hence not commented upon.
4. As per the information and explanations provided to us, there is no loans, investments, guarantees and securities given by the company, except guarantee provided to wholly owned subsidiary to which provisions of section 185 of the Companies Act, 2013 do not apply.
5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the provisions of Section 73 to 76 of the Companies Act, 2013 and the rules framed there under.
6. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under subsection (1) of Section 148 of the Companies Act, 2013 and are of the opinion that prima facie the prescribed cost records have been so made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7. a) According to the information and explanations given to us and on the basis of the examination of the books of account, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employeesâ State Insurance, Income-tax, Sales-tax, Service tax, Value Added Tax Customs Duty, Excise Duty, and other statutory dues applicable to it with the appropriate authorities.
b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employeesâ State Insurance, Income tax, Sales tax, Service tax, Customs Duty, Excise Duty and other undisputed statutory dues were outstanding, at the year end for a period of more than six months from the date they became payable.
According to the records of the Company, disputed Municipal Property Tax together with Penalty not deposited on account of dispute are as follows.
Name of |
Amount |
Period to which |
Forum where |
Statute / |
Rs. in lacs |
the amount |
dispute is |
Description |
relates |
pending |
|
Property |
136.97 |
1997-98 |
Bombay High |
Tax |
Court |
8. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of loans or borrowings to banks. The Company does not have any borrowings by way debentures.
9. The Company has not raised money by way of initial public offer including debt instruments during the year and did not have any term loans outstanding during the year.
10. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practice in India, and according to the information and explanations given by the management, we report that no fraud by the Company or any fraud on the Company by its officers or employees has been noticed or reported during the course of our audit.
11. As per the information and explanations given to us the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V of the Companies Act, 2013.
12. As per the information and explanations given to us the company is not a Nidhi Company.
13. As per the information and explanations given to us the company all transactions with the related parties are in compliance with section 177 and 188 of the Companies Act, 2013 where applicable and details have been disclosed in the Standalone Financial Statements, etc., as required by the applicable accounting standards.
14. As per 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 year review.
15. As per the information and explanations given to us, the company has not entered into any non- cash transactions with the directors or persons connected with him.
16. As per the information and explanations given to us, the company is not required to get it registered under section 45-IA of the Reserve Bank of India Act, 1934.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORâS REPORT
REFERRED TO IN PARAGRAPH 1(F) OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF GOLDIAM INTERNATIONAL LIMITED:
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Goldiam International Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs 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.
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 companyâs 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 under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs 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 âGuidance Noteâ) and the Standards on Auditing, to the extent applicable to an audit of internal financial controls, 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 auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence, we have obtained is sufficient and appropriate to provide a basis for our adverse audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting:
A companyâs 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. A companyâs internal financial control over financial reporting 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 the assets of the company;
(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 companyâs 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 internal financial controls over financial 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, or that the 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 March 31,2018, 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.
Independent Auditorâs Report on Standalone Financial Results of Goldiam International Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
1. We have audited the standalone financial results of Goldiam International Limited (âthe Companyâ) for the year ended 31 March 2018, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Attention is drawn to Notes of the standalone financial results regarding the figures for the quarter ended 31 March 2018 as reported in these standalone financial results, which are the balancing figures between audited standalone figures in respect of the full financial year and the published standalone year to date figures up to the end of the third quarter of the financial year. Also, the figures up to the end of the third quarter had only been reviewed and not subjected to audit.
These standalone financial results are based on the standalone financial statements for the year ended 31 March 2018 prepared in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards (âInd ASâ) specified under Section 133 of the Companies Act, 2013 (âthe Actâ) and published standalone year to date figures up to the end of the third quarter of the financial year prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, Interim Financial Reporting, specified under Section 133 of the Act, and SEBI Circulars CIR/CFD/CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5 July, 2016, which are the responsibility of the Companyâs management. Our responsibility is to express an opinion on these standalone financial results based on our audit of the standalone financial statements for the year ended 31 March 2018 and our review of standalone financial results for the nine months period ended 31 December 2017.
2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimate made by management. We believe that our audit provides a reasonable basis for our opinion.
In our opinion and to the best of our information and according to the explanations given to us, the standalone financial results :
(i) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing obligation and Disclosure Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circulars and CIR/CFD/ CMD/15/2015 dated 30 November 2015 and CIR/CFD/FAC/62/2016 dated 5th July 2016 in this regard; and
(ii) give a true and fair view of the standalone net profit (including other comprehensive income) and other financial information in conformity with the accounting principles generally accepted in India including Ind AS specified under Section 133 of the Act for the year ended 31 March 2018.
4. The comparative financial information for the year ended 31 March 2017 prepared in accordance with Ind AS included in these standalone financial results have been audited by the predecessor auditor, on which they had expressed an unmodified opinion vide their report dated 26 May 2017.
For J.D. Zatakia & Co.
Chartered Accountants
FRN No. 111777W
Jeetendra Zatakia
Proprietor
Membership No. 17669
Place: Mumbai
Date : 18th May, 2018
Mar 31, 2016
INDEPENDENT AUDITORSâ REPORT
To the Members of GOLDIAM INTERNATIONAL LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of GOLDIAM INTERNATIONAL LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134 (5) of the Companies Act, 2013 ( â The Actâ) 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 accounting principles generally accepted in India, including the Accounting Standards prescribed 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 of 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.
Auditorâs 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 performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs 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.
Opinion
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 31st March, 2016, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 ( â the Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in âAnnexure Aâ a statement on the matters specified in paragraph 3 and 4 of the Order to the extent applicable.
2. As required by section 143 (3) of the Act, 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) 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, 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 standalone financial statements comply with the Accounting Standards specified under section 133 of the Companies Act, 2013, 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, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of section 164 (2) of the Companies Act, 2013.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
(g) With respect to the other matters to be included in the Auditorâs 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 explanations given to us :
i) The company has disclosed the impact of pending litigations on its financial position in its financial position in its standalone financial statements - refer Note 24 ( b ) to the standalone financial statements.
ii) The Company has made provision, as required under the applicable law or accounting standard for material foreseeable losses on long term contracts including derivative contracts.
iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection fund by the company.
[Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirementsâ in the Independent Auditorâs Report of even date to the members of Goldiam International Limited on the standalone financial statements for the year ended 31st March, 2016]
1. (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) All fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) As per the information and explanations given to us, the immovable properties owned by the company are held in the name of the company. In respect of immovable property taken on lease and disclosed as fixed assets in standalone financial statements, the lease agreement is in the name of the Company.
2. The Inventories have been physically verified during the year by the management. In our opinion, frequency of verification of inventory is reasonable. There is no material discrepancies noticed by the management.
3. According to the information and explanations given to us, the company has not granted any loans secured or unsecured to companies, firms Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act.
4. As per the information and explanations provided to us, there is no loans, investments, guarantees and securities given by the company, except guarantee provided to wholly owned subsidiary to which provisions of section 185 of the Companies Act, 2013 do not apply.
5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public within the provisions of Section 73 to 76 of the Companies Act, 2013 and the rules framed there under.
6. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 prescribed by the Central Government under subsection (1) of Section 148 of the Companies Act, 2013 and are of the opinion that prima facie the prescribed cost records have been so made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7. a) According to the information and explanations given to us and on the basis of the examination of the books of account, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employeesâ State Insurance, Income-tax, Sales- tax, Service tax, Value Added Tax Customs Duty, Excise Duty, and other statutory dues applicable to it with the appropriate authorities.
b) According to the information and explanations given to us, no undisputed amounts payable in respect of Provident Fund, Investor Education and Protection Fund, Employeesâ State Insurance, Income tax, Sales tax, Service tax, Customs Duty, Excise Duty and other undisputed statutory dues were outstanding, at the year end for a period of more than six months from the date they became payable.
According to the records of the Company, disputed Municipal Property Tax together with Penalty not deposited on account of dispute are as follows.
Name of |
Amount |
Period to |
Forum |
Statute / |
Rs. in |
which the |
where |
Description |
lakhs |
amount |
dispute is |
|
|
relates |
pending |
Property Tax |
136.97 |
1997-98 |
Bombay High Court |
8. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the company has not defaulted in repayment of loans or borrowings to banks. The Company does not have any borrowings by way debentures.
9. The Company has not raised money by way of initial public offer including debt instruments during the year and did not have any term loans outstanding during the year.
10. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practice in India, and according to the information and explanations given by the management, we report that no fraud by the Company or any fraud on the Company by its officers or employees has been noticed or reported during the course of our audit.
11. As per the information and explanations given to us the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V of the Companies Act, 2013.
12. As per the information and explanations given to us the company is not a Nidhi Company.
13. As per the information and explanations given to us the company all transactions with the related parties are in compliance with section 177 and 188 of the Companies Act, 2013 where applicable and details have been disclosed in the Standalone Financial Statements, etc., as required by the applicable accounting standards.
14. As per 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 year review.
15. As per the information and explanations given to us, the company has not entered into any non- cash transactions with the directors or persons connected with him.
16. As per the information and explanations given to us, the company is not required to get it registered under section 45-IA of the Reserve Bank of India Act, 1934.
For Pulindra Patel & Co.
Chartered Accountants
FRN No.115187W
(Pulindra Patel)
Place : Mumbai Proprietor
Date : 27th May, 2016 Membership No. 048991
Mar 31, 2015
We have audited the accompanying financial statements of GOLDIAM
INTERNATIONAL LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31,2015, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
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 accounting principles
generally accepted in India, including the Accounting Standards
prescribed 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 of 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.
Auditor's 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 performing procedures to obtain audit evidence about
the amounts and the 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. 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.
Opinion
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 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
subÂsection (11) of section 143 of the Companies Act, 2015, we give
in the Annexure a statement on the matters specified in paragraph 3 and
4 of the Order to the extent applicable.
2. As required by section 143 (3) of the Act, 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) 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, 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 standalone financial statements
comply with the Accounting Standards specified under section 133 of the
Companies Act, 2013, 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 a director in terms of section 164 (2) of the Companies
Act, 2013.
(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 explanations given to us :
i) The company has disclosed the impact of pending litigations on its
financial position in its financial position in its standalone
financial statements - refer Note 24 (b) to the standalone financial
statements.
ii) The Company has made provision, as required under the applicable
law or accounting standard for material foreseeable losses on long term
contracts including derivative contracts.
iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection fund by the
company.
Annexure to the independent Auditor's Report
[Referred to in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' in the Independent Auditor's Report of even date to the
members of Goldiam International Limited on the standalone financial
statements for the year ended 31st March, 2015]
1. (a) The Company has maintained proper records
showing full particulars, including quantitative details and situation
of fixed assets.
(b) All fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
2. a) The Inventories have been physically verified during the year by
the management. In our opinion, frequency of verification of inventory
is reasonable.
b) In our opinion and according to the information & explanations given
to us, the procedure of physical verification of inventories followed
by the management is 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 inventory and no
material discrepancies were noticed on physical verification
3. According to the information and explanations given to us, the
company has not granted loans secured or unsecured to companies, firms
or other parties covered in the register maintained under section 189
of the Companies 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 purchase of inventory and fixed assets and for the
sale of goods and service. During the course of our audit, no major
weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the provisions of Section 73 to 76 of the Act and the rules
framed there under.
6. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Records and Audit) Rules, 2014
prescribed by the Central Government under sub- section (1) of 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 complete.
7. a) According to the information and explanations given to us and on
the basis of the examination of the books of account, the Company has
been regular in depositing undisputed statutory dues including Provident
Fund, Investor Education and Protection Fund, Employees' State
Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Value Added
Tax Customs Duty, Excise Duty, cess and other statutory dues applicable
to it with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees' State Insurance, Income tax,
Sales tax, Wealth tax, Service tax, Customs Duty, Excise Duty, cess and
other undisputed statutory dues were outstanding, at the year end for a
period of more than six months from the date they became payable.
According to the records of the Company, disputed Municipal Property Tax
together with Penalty not deposited on account of dispute are as
follows.
Name of Amount Rs. Period to which Forum where
Statute / in lacs the amount dispute is
Description relates pending
Property Tax 136.97 1997-98 Bombay High
Court
c) The company has been regular in transferring amounts to the Investor
Education and Protection fund in accordance with the relevant
provisions of companies Act, 1956 (1 of 1956) and rules made there
under.
8. The Company does not have accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
has not incurred cash losses in the immediately preceding financial
year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings by way debentures.
10. According to the information and explanations given to us, the
Company has given guarantee for loans taken by its subsidiary from
banks or financial institutions. In our opinion the terms and
conditions on which guarantee is given is not prima facie prejudicial
to the interest of the Company.
11. The Company did not have any term loans outstanding during the
year.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practice in India, and according to the information and
explanations given 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 Pulindra Patel & Co.
Chartered Accountants
FRN No.115187W
(Pulindra Patel)
Place : Mumbai Proprietor
Dated : May 25, 2015 Membership No. 048991
Mar 31, 2014
We have audited the accompanying financial statements of GOLDIAM
INTERNATIONAL LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the 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
accounting principles generally accepted in India, including the
Accounting Standards notified under the Companies Act, 1956, read with
General Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act, 2013.
This responsibility includes the design, implementation and maintenance
of internal control 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 Responsibility
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
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 and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing
an opinion on the effectiveness of the entity''s internal 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 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 financial statements give the information
required by the Companies Act, 1956 ("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 March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs4 and 5 of the Order.
2. As required by section 227(3) of the Act, 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) 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, 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956, read with General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of section 133 of the Companies Act, 2013.
(e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure (Referred to in 3rd paragraph of our report of even date)
1. (a) The Company has maintained proper records showing
full particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(c) In our Opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. a) The Inventories have been physically verified during the
year by the management. In our opinion, frequency of verification of
inventory is reasonable.
b) In our opinion and according to the information & explanations given
to us, the procedure of physical verification of inventories followed
by the management is 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 inventory and no
material discrepancies were noticed on physical verification
3. a) According to the information and explanations given to
us, the company has granted loans to one party covered in the
registered maintained under section 301 of the Act. The maximum
involved during the year was Rs.37.00 lacs and year end balance of the
loans granted was Rs. Nil.
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
company.
c) In respect of loans granted, repayment of the principal amount is as
stipulated and payment of interest has been regular.
d) There is no overdue amount of loans granted to companies, listed in
the register maintained under section 301 of the Companies Act, 1956.
e) According to the information and explanations given to us, the
Company has not taken unsecured loans from any party covered in the
register maintained under section 301 of the Companies Act, 1956.
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 purchase of inventory and fixed assets and for the
sale of goods and service. During the course of our audit, no major
weakness has been noticed in the internal controls.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act,1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in the Register maintained under
Section 301 of the Act, have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees Five lacs have been entered into
during the financial year at prices which are reasonable having regard
to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. We have reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 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 complete.
9. a) According to the information and explanations given to
us and on the basis of the examination of the books of account, the
Company has been regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales- tax, Wealth tax, Service
tax, Customs Duty, Excise Duty, cess and other statutory dues
applicable to it with the appropriate authorities. b) According to the
information and explanations given to us, no undisputed amounts payable
in respect of Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income tax, Sales tax, Wealth tax, Service
tax, Customs Duty, Excise Duty, cess and other undisputed statutory
dues were outstanding, at the year end for a period of more than six
months from the date they became payable.
According to the records of the Company, disputed Municipal Property
Tax together with Penalty not deposited on account of dispute are as
follows.
Name of Statute / Amount Period to which Forum where
Description the amount relates dispute is pending
Property Tax 136.97 1997-98 Bombay High Court
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred cash losses in the current and has not
incurred cash losses in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings by way debentures.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statue applicable to chit fund and nidhi / mutual benefit
fund societies.
14. In respect of dealing in shares, debentures, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other investments have been held
by the Company in its own name.
15. According to the information and explanations given to us, the
Company has given guarantee for loans taken by its associates from
banks or financial institutions. In our opinion the terms and
conditions on which guarantee is given is not prima facie prejudicial
to the interest of the Company.
16. The Company did not have any term loans outstanding during the
year.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been utilized for
long-term investment.
18. As per the information and explanations given to us the Company
has not made preferential allotment of shares during the year to the
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given 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 Pulindra Patel & Co.
Chartered Accountants
FRN No. 115187W
(Pulindra M. Patel)
Place: Mumbai Proprietor
Date: 27th May, 2014 Membership No. 48991
Mar 31, 2013
Report on the Financial Statements
We have audited the attached Balance Sheet of GOLDIAM INTERNATIONAL
LIMITED as at 31st March, 2013 and also the Profit and Loss Account of
the Company for the year ended on that date annexed thereto and Cash
Flow Statement for the year ended on that date.
Managements Responsibility for the Financial Statements
Management is responsible for the 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
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 ("the Act"). This responsibility includes the design,
implementation and maintenance of internal control 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.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with auditing standards issued by the Institute of Chartered
Accountants of India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statement. An audit includes
examining on a test basis, evidence supporting the amounts and
disclosures in the 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 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 said accounts together with notes
thereon, 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: i) in the case
of Balance Sheet, of the state of affairs of the Company as at 31st
March, 2013; ii) in the case of Profit and Loss Account, of the Profit
of the Company for the year ended on that date; and iii) in the case of
Cash Flow Statement, of the cash flows of the Company for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order.
Further to our comments in the Annexure referred to above, 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) In our opinion, proper books of accounts 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 and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
accounting standards referred to in sub- section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March, 2013 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2013 from being appointed as director in terms of clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
Annexure
(Referred to in 3rd paragraph of our report of even date)
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) All fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) In our Opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. a) The Inventories have been physically verified during the year by
the management. In our opinion, frequency of verification of inventory
is reasonable.
b) In our opinion and according to the information & explanations given
to us, the procedure of physical verification of inventories followed
by the management is 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 inventory and no
material discrepancies were noticed on physical verification.
3. a) According to the information and explanations given to
us, the company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Act. b) According to the information and
explanations given to us, the Company has not taken unsecured loans
from parties covered in the register maintained under Section 301 of
the Companies Act, 1956. Accordingly, the provisions of Clauses (iii)
(f) and (iii) (g) of Paragraph 4 of the Order are not applicable.
4. 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, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act,1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in the Register maintained under
Section 301 of the Act, have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees Five lakhs have been entered
into during the financial year at prices which are reasonable having
regard to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system commensurate with the
size and nature of its business.
8. We have reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 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 complete.
9. a) According to the information and explanations given to us and on
the basis of the examination of the books of account, the Company has
been regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax,
Customs Duty, Excise Duty, cess and other statutory dues applicable to
it with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees'' State Insurance, Income tax,
Sales tax, Wealth tax, Service tax, Customs Duty, Excise Duty, cess and
other undisputed statutory dues were outstanding, at the year end for a
period of more than six months from the date they became payable.
According to the records of the Company, disputed Municipal Property
Tax together with Penalty not deposited on account of dispute are as
follows.
Name of Statute
/ Description Amount Rs. Period to
which the amount
relates Forum where
dispute is pending
Property Tax 13,696,775/- 1997-98 Bombay High Court
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by the audit and has not incurred cash losses in
the immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings from financial institution or by way of
debentures.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4 (xiii) of the Companies
(Auditor''s Report) Order, 2003 (as amended) are not applicable to the
Company.
14. In respect of dealing in shares, debentures, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other investments have been held
by the Company in its own name.
15. According to the information and explanations given to us, the
Company had given guarantee for loan taken by subsidiary from a bank;
in our opinion the terms and conditions on which guarantee is given is
not prima facie prejudicial to the interest of the Company.
16. The Company did not have any term loans outstanding during the
year.
17. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment, though
surplus funds which were not required for immediate utilisation have
been gainfully invested in Shares, Mutual Fund, Liquid Fund and
investments payable on demand.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given 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 Pulindra Patel & Co.
Chartered Accountants FRN No. 115187W
(Pulindra M. Patel)
Place: Mumbai Proprietor
Date: 24th May, 2013 Membership No. 48991
Mar 31, 2012
1. We have audited the attached Balance Sheet of GOLDIAM INTERNATIONAL
LIMITED as at 31st March, 2012 and also the Profit and Loss Account of
the Company for the year ended on that date annexed thereto and Cash
Flow Statement for the year ended on that date. 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. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the 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 (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to above, 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) In our opinion, proper books of accounts 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 and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as director in terms of clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) 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
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2012;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date ; and
iii) in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Annexure
(Referred to in 3rd paragraph of our report of even date)
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) All fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) In our Opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. a) The Inventories have been physically verified during the year by
the management. In our opinion, frequency of verification of inventory
is reasonable.
b) In our opinion and according to the information & explanations given
to us, the procedure of physical verification of inventories followed
by the management is 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 inventory and no
material discrepancies were noticed on physical verification.
3. a) According to the information and explanations given to us, the
company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Act.
b) According to the information and explanations given to us, the
Company has not taken unsecured loans from parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the provisions of Clauses (iii) (f) and (iii) (g) of
Paragraph 4 of the Order are not applicable.
4. 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, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal control system in respect of these areas.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act, 1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in the Register maintained under
Section 301 of the Act, have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees Five Lakhs have been entered
into during the financial year at prices which are reasonable having
regard to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system commensurate with the
size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1) (d) of the
Act.
9. a) According to the information and explanations given to us and on
the basis of the examination of the books of account, the Company has
been regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax,
Customs Duty, Excise Duty, cess and other statutory dues applicable to
it with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees' State Insurance, Income
tax, Sales tax, Wealth tax, Service tax, Customs Duty, Excise Duty,
cess and other undisputed statutory dues were outstanding, at the year
end for a period of more than six months from the date they became
payable.
According to the records of the Company, disputed Municipal Property
Tax together with Penalty not deposited on account of dispute are as
follows.
Name of Statute /
Description Rs in Lakhs Period to
which
the amount
relates Forum where dispute is
pending
Property Tax 136.97 1997-98 Bombay High Court
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by the audit and has not incurred cash losses in
the immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings from financial institution or by way of
debentures.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi/mutual benefit fund/
society. Therefore, the provisions of clause 4 (xiii) of the Companies
(Auditor's Report) Order, 2003 (as amended) are not applicable to the
Company.
14. In respect of dealing in shares, debentures, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other investments have been held
by the Company in its own name.
15. According to the information and explanations given to us, the
Company had given guarantee for loan taken by subsidiary from a bank;
in our opinion the terms and conditions on which guarantee is given is
not prima facie prejudicial to the interest of the Company.
16. The Company did not have any term loans outstanding during the
year.
17. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment, though
surplus funds which were not required for immediate utilisation have
been gainfully invested in Shares, Mutual Fund, Liquid Fund and
investments payable on demand.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given 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 Pulindra Patel & Co.
Chartered Accountants
FRN No. 115187W
(Pulindra M. Patel)
Place: Mumbai Proprietor
Date: 26th May, 2012 Membership No. 048991
Mar 31, 2011
1. We have audited the attached Balance Sheet of GOLDIAM INTERNATIONAL
LIMITED as at 31st March, 2011 and also the Profit and Loss Account of
the Company for the year ended on that date annexed thereto and Cash
Flow Statement for the year ended on that date. These financial
statements are the responsibility of the Companys 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. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the 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 (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to above, 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) In our opinion, proper books of accounts 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 and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March, 2011 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2011 from being appointed as director in terms of clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) 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
i) in the case of Balance Sheet, of the state of affairs of the Company
as at 31st March, 2011;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Annexure
(Referred to in 3rd paragraph of our report of even date)
1. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) All fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
c) There was no substantial disposal of fixed assets during the year
and the going concern status of the Company is not affected.
2. a) The management has conducted physical verification of inventory
at reasonable intervals.
b) In our opinion and according to the information & explanations given
to us, the procedure of physical verification of inventories followed
by the management is 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 inventory and no
material discrepancies were noticed on physical verification.
3. a) According to the information and explanations given to us, the
company has granted loans to two parties of which one is wholly owned
subsidiary company, covered in the register maintained under Section
301 of the Act. The maximum amount involved during the year was
Rs.88,388,637/- and year end balance of the loans granted was Rs. Nil.
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
company.
c) In respect of loans granted, repayment of the principal amount is as
stipulated and payment of interest has been regular.
d) In respect of said loans there are no overdue amounts. In respect
of Interest, there are no overdue amounts.
e) According to the information and explanations given to us, the
Company has not taken unsecured loans from parties covered in the
register maintained under Section 301 of the Companies Act, 1956.
Accordingly, the provisions of Clauses (iii) (f) and (iii) (g) of
Paragraph 4 of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal controls 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 of goods and services.
During the course of our audit, no major weakness has been noticed in
the internal control system in respect of these areas.
5. In respect of the contracts or arrangements referred to in Section
301 of the Companies Act,1956:
a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in the Register maintained under
Section 301 of the Act, have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees Five lacs have been entered into
during the financial year at prices which are reasonable having regard
to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system commensurates with the
size and nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records under Section 209(1) (d) of the
Act.
9. a) According to the information and explanations given to us and on
the basis of the examination of the books of account, the Company has
been regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income tax, Sales tax, Wealth tax, Service tax,
Customs Duty, Excise Duty, cess and other statutory dues applicable to
it with the appropriate authorities. b) According to the information
and explanations given to us, no undisputed amounts payable in respect
of Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income tax, Sales tax, Wealth tax, Service tax,
Customs Duty, Excise Duty, cess and other undisputed statutory dues
were outstanding, at the year end for a period of more than six months
from the date they became payable.
According to the records of the Company, disputed Municipal Property
Tax together with Penalty not deposited on account of dispute are as
follows.
Name of Statute
/ Description Amount Rs. Period to
which the
amount relates Forum where dispute
is pending
Property Tax 13,696,775/- 1997-98 Bombay High Court
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by the audit and has not incurred cash losses in
the immediately preceding financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings from financial institution or by way of
debentures.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of Clause 4 (xiii) of the Companies
(Auditors Report) Order, 2003 (as amended) are not applicable to the
Company.
14. In respect of dealing in shares, debentures, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other investments have been held
by the Company in its own name.
15. According to the information and explanations given to us, the
Company had given guarantee for loan taken by subsidiary from a bank;
in our opinion the terms and conditions on which guarantee is given is
not prima facie prejudicial to the interest of the Company.
16. The Company did not have any term loans outstanding during the
year.
17. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment, though
surplus funds which were not required for immediate utilisation have
been gainfully invested in Shares, Mutual Fund, Liquid Fund and
investments payable on demand.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given 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 Pulindra Patel & Co.
Chartered Accountants
FRN No. 115187W
(Pulindra Patel)
Place: Mumbai Proprietor
Date: 28th May, 2011 Membership No. 048991
Mar 31, 2010
1. We have audited the attached Balance Sheet of GOLDIAM INTERNATIONAL
LIMITED as at 31st March, 2010 and also the Profit and Loss Account of
the Company for the year ended on that date annexed thereto and Cash
Flow Statement for the year ended on that date. These financial
statements are the responsibility of the Companys 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. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit
includes examining on a test basis, evidence supporting the amounts and
disclosures in the 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 (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to above, 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) In our opinion, proper books of accounts 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 and Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the mandatory
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
e) On the basis of the written representations received from the
directors, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as director in terms of clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes thereon, 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
i) in the case of Balance Sheet, of the state of affairs
of the Company as at 31st March, 2010;
ii) in the case of Profit and Loss Account, of the profit
of the Company for the year ended on that date;
and
iii) in the case of Cash Flow Statement, of the cash
flows of the Company for the year ended on that
date
Annexure
(Referred to in 3rd paragraph of our report of even date)
1.(a) The Company has maintained proper records showing full particul
-ars, including quantitative details and situation of fixed assets.
(b) All fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
(c) There was no substantial disposal of fixed assets during the year
and the going concern status of the Company is not affected.
2. a) As explained to us, the management has conducted physical
verification of inventory at reasonable intervals.
b) In our opinion and according to the information & explanations given
to us, the procedure of physical verification of inventories followed
by the management is reasonable and adequate in relation to the size of
the Company and the nature of its business.
c) In our opinion and according to the information & explanations given
to us, the Company has maintained proper records of inventory and no
material discrepancies were noticed on physical verification.
3. a) According to the information and explanations given to us, the
company has granted loans to two parties of which one is wholly owned
subsidiary company, covered in the registered maintained under section
301 of the Act. The maximum amount involved during the year was Rs.
193,991,393/- and year end balance of the loans granted was
Rs. 87,706,445/-.
b) In our opinion and according to the information and explanations
given to us, the rate of interest and other terms and conditions for
such loans are not prima facie prejudicial to the interest of the
company.
c) In respect of loans granted, repayment of the principal amount is as
stipulated and payment of interest has been regular.
d) There is no overdue amount of loans granted to companies, listed in
the register maintained under section 301 of the Companies Act, 1958.
e) According to the information and explanations given to us, the
Company has not taken unsecured loans from parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, the provisions of Clauses (iii) (f) and (iii) (g) of
Paragraph 4 of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal controls 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 of goods and services.
During the course of our audit, no major weakness has been noticed in
the internal control system in respect of these areas.
5. In respect of the contracts or arrangements referred to in section
301 of the Companies Act, 1956:
(a) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements, that need to be entered in the Register maintained under
section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value of Rupees five lakhs have been entered
into during the financial year at prices which are reasonable having
regard to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public.
7. The Internal Audit of the company has been carried out by an
independent firm of Chartered Accountants. In our opinion, the internal
audit functions carried out have been commensurate with the size and
nature of its business.
8. We have been informed that the Central Government has not
prescribed maintenance of cost records under section 209(1) (d) of the
Companies Act, 1956.
9. According to the information and explanations given to us and on
the basis of the examination of the books of account, the Company has
been regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax,
Customs Duty, Excise Duty, cess and other statutory dues applicable to
it with the appropriate authorities. According to the information and
explanations given to us, no undisputed amounts payable in respect of
Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income tax, Sales tax, Wealth tax, Service tax,
Customs Duty, Excise Duty, cess and other undisputed statutory dues
were outstanding, at the year end for a period of more than six months
from the date they became payable.
According to the records of the Company, disputed Municipal Property
Tax together with Penalty not deposited on account of dispute are as
follows.
Name of Statute /
Description Amount Rs. Period to which the
amount relates
Forum where
dispute is pending
Property Tax 13,696,775/- 1997-98- Bombay High Court
10. The Company has no accumulated losses at the end of the financial
year and it has not incurred any cash losses in the current financial
year and has incurred cash losses in the immediately preceding
financial year.
11. Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings from financial institution or by way of
debentures.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, the provisions of clause 4 (xiii) of the Companies
(Auditors Report) Order, 2003 (as amended) are not applicable to the
Company.
14. In respect of dealing in shares, debentures, securities and other
investments, in our opinion and according to the information and
explanations given to us, proper records have been maintained of the
transactions and contracts and timely entries have been made therein.
The shares, securities, debentures and other investments have been held
by the Company in its own name.
15. According to the information and explanations given to us, the
Company had given guarantee for loan taken by subsidiary / Joint
venture from a bank; in our opinion the terms and conditions on which
guarantee is given is not prima facie prejudicial to the interest of
the Company.
16. The Company did not have any term loans outstanding during the
year.
17. We have been informed by the management that the funds raised on
short-term basis have not been used for long-term investment, though
surplus funds which were not required for immediate utilisation have
been gainfully invested in Shares, Mutual Fund,Liquid Fund and
investments payable on demand.
18. The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the information and explanations given 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 Puiindra Patel & Co.
Chartered Accountants
(Puiindra Patel)
Proprietor
Membership No. 48991
FRNNo. T15187W
Place: Mumbai
Date: 30* May, 2010