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श्री गणेश ज्वेलरी हाउस

बीएसई: 533180  |  NSE: SGJHL  |  ISIN: INE553K01019  |  Diamond Cutting & Jewellery & Precious Metals

खोजें श्री गणेश ज्वेलरी हाउस कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
 We have audited the accompanying standalone financial statements of
 SHREE GANESH JEWELLERY HOUSE (I) LIMITED (the Company), which
 comprise the Balance Sheet as at 31st March, 2015, the Statement of
 Profit and Loss, the Cash Flow Statement for the year then ended, and a
 summary of the significant accounting policies and other explanatory
 information.
 
 Management''s Responsibility for the Standalone Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (the Act) with respect
 to the preparation of these standalone financial statements that give a
 true and fair view of the financial position, financial performance and
 cash flows of the Company in accordance with the accounting principles
 generally accepted in India, including the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that 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, but not for the purpose of expressing
 an opinion on whether the company has in place an adequate internal
 financial control system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Director, 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 qualified audit opinion on the
 standalone financial statements.
 
 Basis for Qualified opinion
 
 (i) Note No. 52 regarding fixed Deposits amounting to Rs. 3,031.08 Lacs
 pledged as security with axis bank against cash credit sanctioned was
 adjusted with cash credit balance in the company''s book on maturity of
 the fixed deposits. However as per cash credit account statement
 furnished by the bank, fixed deposits figure was not adjusted with the
 cash credit account balance.  Thus, cash credit balance as per bank
 statement showed excess by Rs. 3,031.08 lacs;
 
 (ii) Note No. 53 regarding Cash credit balance of Dhanalaxmi bank was
 Rs. 1,827.27 Lacs and Rs. 91.59 Lacs reflecting less balance in
 Company''s books. The Company had contested the excess amount claimed by
 the bank in the High Court of Kolkata and had received a stay order on
 the excess claim made by the bank;
 
 (iii) Note No.7 regarding Cash Credit A/c (Account No: 911030049091869)
 balance of Rs. 98,641.67 Lacs as on March 31, 2015 in which impact of
 Rs. 18.20 Lacs debited by Bank on dated 31st January, 2014 and Rs.
 290.27 Lacs credited by Bank on 28th August, 2014 in the CC account has
 not been considered. These are subject to reconciliation and
 consequential impact if any, presently not ascertainable;
 
 (iv) Note No.7 includes Short-term borrowings of Rs. 44,655.46 Lacs
 have not been confirmed as on March 31, 2015, hence we are unable to
 comment the consequential impact on confirmation/ reconciliation of
 such balances if any,
 
 We further report that the overall impact of the matters reported by us
 in the aforesaid paragraphs cannot be determined and commented.
 
 Qualified Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, except for the effects of matter described in
 the Basis for Qualified Opinion paragraph, 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 Loss and its
 cash flows for the year ended on that date.
 
 Emphasis of Matters
 
 We draw attention to the following notes :
 
 a) Note No.33 Contingent Liability, which describes the uncertainty
 related to the outcome of the demand raised against the Company by
 Sales Tax authorities;
 
 b) Note No. 51 and 54 in the financial statements regarding preparation
 of these accounts on going concern basis and is facing financial crunch
 with its inability to meet the financial obligations. The Company had
 applied for Composite Corporate Debt Restructuring with the banks to
 mitigate the above which was withdrawn by the banks in the consortium
 meeting held on 22nd January, 2015. As stated the company had again
 requested for reconsideration of restructuring proposal by all the
 lenders. These facts have been disclosed in above referred notes by the
 management, in view of which, the accounts have been continued to be
 prepared under the going concern assumption.
 
 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
 sub-section (11) of Section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the Order.
 
 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, except as reported in clause (iii) & (iv) of the
 Basis for Qualified Opinion Paragraph above;
 
 b) Except the effects of matters referred in Basis for Qualified
 Opinion Paragraph above, 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, 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) The matters described in Basis for Qualified Opinion paragraph and
 Emphasis of Matters paragraph above, in our opinion, may have an
 adverse effect on the functioning of the Company.
 
 f) On the basis of written representations received from the directors
 as on March 31, 2015, and taken on record by the Board of Directors,
 except two directors, none of the other directors is disqualified as on
 March 31, 2015 from being appointed as director under the sub-section
 (2) of Section 164 of the Companies Act.
 
 g) The qualification relating to the maintenance of accounts and other
 matters connected therewith, are as stated in the Basis for Qualified
 Opinion Paragraph and Emphasis of Matters paragraph above.
 
 h) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements. [Refer Note No.33(i)&
 (ii)]
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii. There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the Company.
 
 Annexure to the Auditors'' Report
 
 (Referred to in Paragraph 1 of Other Legal and Regulatory
 requirements of our Audit Report)
 
 i) In respect of Fixed Assets:
 
 a) The Company has maintained proper records showing full particulars
 including quantitative details and situation of its fixed assets.
 
 b) The Company has a regular program of physical verification of fixed
 assets by which fixed assets are verified in a phased manner over a
 period of three years. In accordance with this program, certain fixed
 assets were verified during the year and no material discrepancies were
 noticed on such verification. In our opinion, this periodicity of
 physical verification is reasonable having regard to the size of the
 company and the nature of its assets.
 
 ii) In respect of Inventories:
 
 a) The inventories have been physically verified by the management as
 at year end. In our opinion, the frequency of such verification is
 reasonable.
 
 b) In our opinion, and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c) In our opinion, and according to the information and explanations
 given to us, the Company is maintaining proper records of its
 inventories and no material discrepancies noticed on such physical
 verification.
 
 iii) The Company has granted loans to its subsidiary companies covered
 in register maintained under Section 189 of the Companies Act, 2013.The
 maximum amount involved during the year and the year-end balance was
 INR. 6,763.51 Lacs and INR. 6,763.51 Lacs respectively.
 
 a) In our opinion and according to the information and explanations
 given to us, the rate of interest and other terms and conditions on
 which loans have been granted to its subsidiary companies and listed in
 the register maintained under section 189 of the Companies Act, 2013
 are not prima facie, prejudicial to the interest of the Company.
 
 b) According to the information and explanation given to us, loans
 granted and interest thereon are recoverable on demand.  There are no
 stipulations made for the recovery of the loan. Hence we cannot comment
 on the regularity of receipt of principal amounts and interest thereon.
 
 c) Based on the information and explanations, there is no overdue
 amount outstanding at the end of the year in respect of the above said
 loans.
 
 iv) There is an adequate internal control system commensurate with the
 size of the Company and the nature of its business with regard to
 purchases of inventory, fixed assets and with regard to the sale of
 goods and services. We have not observed any major weakness in internal
 control system during the course of the audit.
 
 v) According to the information and explanations given to us, the
 Company has not accepted any deposits from the public within the
 meaning of directives issued by the Reserve Bank of India and
 provisions of Sections 73 to 76 or any other relevant provisions of the
 Companies Act, 2013 and the rules framed there under.
 
 vi) We have broadly reviewed the cost records maintained by the Company
 pursuant to the Rule made by the Central Government for the maintenance
 of cost records under Section 148(1) of the Companies Act, 2013 and we
 are of the opinion that prima facie the prescribed accounts and records
 have been made and maintained. However, we have not made a detailed
 examination of the cost records with the view to determine whether they
 are accurate or complete.
 
 vii) a) According to the information and explanations given to us and
 on the basis of our examination of the books of accounts,the Company is
 generally been deposited regularly the undisputed statutory dues
 including Provident Fund, Employee State Insurance, Income Tax, Sales
 Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value
 Added Tax, Cess and any other statutory dues with the appropriate
 authorities except delay some cases and some of the amounts are still
 not paid as detailed below:-
 
 Service Tax -Rs. 2.20 Lacs and
 
 Sales Tax -Rs. 94.68 Lacs
 
 Except West Bengal Value Added Tax aggregating of'' 41.34 Lacs, there
 were no un-disputed statutory dues as at the end of the year concerned
 outstanding for a period of more than six months from the date they
 became payable.
 
 b) According to the information and explanations given to us, there
 were no dues of Wealth Tax, Custom Duty, and Cess which have not been
 deposited with the appropriate authorities on account of any dispute.
 Based on the information and explanations available, the following
 Sales Tax dues have not been deposited with the appropriate authorities
 on account of Dispute:-
 
 
 Sl. Name of the Status            Nature of Dues
 No.
 
 1.  West Bengal Sales Tax Act/    Claim of Export rejected by Appellate
     Central Sales Tax Act         Authority on ground of non accepting
                                   Form 12A on quarterly basis but the
                                   commercial taxes authority issued it
                                   on quarterly basis.
 
 2.  West Bengal Sales Tax Act/    Export Sales and Input Tax Credit
     Central Sales Tax Act         disallowed and Gross Turnover
                                   enhanced by 63%.
 
 3.  West Bengal Sales Tax Act/    Input tax disallowed due to Purchase
     Central Sales Tax Act         / Sale from the same party and
                                    further,Purchase tax levied on fixed
                                    assets purchased during the year.
 
 4.  West Bengal Sales Tax Act/    Tax on sales at branch outside the
     Central Sales Tax Act         State of West Bengal @ 12.5% and
                                   CST sales taxed @ 1% thereon.
 
 5.  West Bengal Sales Tax Act/    Disallowance of export sale and
     Central Sales Tax Act         purchase tax on Unregistered
                                   purchase.
 
 6   West Bengal Sales Tax Act/    Disallowance of Form F''
     Central Sales Tax Act
 
 
 Sl. Name of the Status                   Amount         Period to which
 No.                                  ( Rs.In Lacs)        the Amount
                                                             Relates
 
 1.  West Bengal Sales Tax Act/           291.07             2006-07
     Central Sales Tax Act
 
 2.  West Bengal Sales Tax Act/          1,807.33            2007-08
     Central Sales Tax Act
 
 3.  West Bengal Sales Tax Act/            27.44             2008-09
     Central Sales Tax Act
 
 4.  West Bengal Sales Tax Act/           519.46             2009-10
     Central Sales Tax Act
 
 5.  West Bengal Sales Tax Act/          2,078.83            2010-11
     Central Sales Tax Act
 
 6   West Bengal Sales Tax Act/             83.18            2011-12
     Central Sales Tax Act
 
 
 Sl.   Name of the Status                Forum Where the dispute is
 No.                                     Pending
 
 1.    West Bengal Sales Tax Act/        Revisional  Board, Sales tax
       Central Sales Tax Act             Kolkata (South Circle)
 
 2.    West Bengal Sales Tax Act/        Appellate  Authority,  Sales
       Central Sales Tax Act             Tax Kolkata (South Circle)
 
 3.    West Bengal Sales Tax Act/        Appellate  Authority,  Sales
       Central Sales Tax Act             Tax Kolkata (South Circle)
 
 4.    West Bengal Sales Tax Act/        Appellate  Authority,  Sales
       Central Sales Tax Act             Tax Kolkata (South Circle)
 
 5.    West Bengal Sales Tax Act/        Senior Joint Commissioner
       Central Sales Tax Act             Kolkata (South Circle)
 
 6     West Bengal Sales Tax Act/        Appellate Authority, Sales
       Central Sales Tax Act             Tax, Kolkata (South Circle)
 
 
 
 c) According to the information and explanations given to us, there is
 no amount required to be transferred to investor education and
 protection fund in accordance with the relevant provisions of the
 Companies Act,1956 (1 of 1956) and rules made there under during the
 year.
 
 viii) The Company has no accumulated losses at the end of the financial
 year and has incurred cash losses amounting to Rs. 76,037.33 Lacs
 during current financial year. The Company had incurred cash losses in
 the immediately preceding financial year also.
 
 ix) In our opinion and according to the information and explanations
 given to us, the Company has defaulted in repayment of dues to its
 banker and debenture holders. The Company has applied for
 reconsideration of Composite Corporate Debt Restructuring as stated by
 the management in Note No.51 of the financial statements.
 
 x) In our opinion and according to the information given to us, in
 respect of the guarantee given by the Company for the loans taken by
 others from a bank, the terms and conditions thereof are not, prima
 facie, prejudicial to the interest of the company.
 
 xi) In our opinion and according to the information and explanations
 given to us, the term loans have been applied for the purpose for which
 they were raised.
 
 xii) As represented to us by the management and based on our
 examination of the books and records of the Company in accordance with
 the generally accepted auditing practices in India, we have neither
 come across any material fraud on or by the Company noticed or reported
 during the year nor we have been informed of any such case by the
 management that causes the financial statements to be materially
 misstated.
 
 
                                              For CHATURVEDI & PARTNERS
                                                  Chartered Accountants
                                           Firm Registration No.307068E
 
                                                                   Sd/-
                                                         Pratik Niyogi
 Date: 30th May, 2015                                          Partner
 Place: Kolkata                                   Membership No.066514
 
 
 
स्रोत: रेलीगरे टेचनोवा

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