| We have audited the accompanying financial statements of SHANTIVIJAY
JEWELS LIMITED, which comprise the Balance Sheet as at 31st March,
2015, 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 in
Section 134 (5) of the Companies Act, 2013 ("The Act") with respect to
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 the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. The responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the 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 internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these 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 disclosures in the financial statements. The
procedures selected depend on the Auditor's judgement, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give true
and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by 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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit & Loss, of the Loss 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.
Our opinion is not qualified & modified in respect of these matters.
Report on other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 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 Annexure a statement on
the matters specified in the paragraphs 3 and 4 of the Order, to the
extent applicable.
As required by Section 143 (3) of the Act, we report that ;
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purpose of our audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) the Balance Sheet, the Statement of Profit and Loss, 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 Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the Directors
as on 31st March, 2015, taken on record by the Board of Directors, none
of the Directors is disqualified as on 31st March, 2015, from being
appointed as a Director in terms of Section 164 (2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our best of our information and according to the explanations
given to us ;
g) The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - [Refer Note 2.26 to
the financial statements]
h) The Company has made provision, as required under the applicable law
or accounting standards, for material foreseeable losses, if any, and
as required on long term contracts. There were no outstanding
derivative contracts.
i) There has been no delay in transferring amounts, required to be
transferred, to the investor Education and Protection Fund by the
Company
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Shantivijay Jewels Limited on the accounts of the
company for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. In respect of its fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
2. In respect of its inventories:
(a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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 on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from Companies, firms or other parties covered in the
register maintained under Section 189 of the Companies Act, 1956.
a) According to information & explanations given to us during the year
the company has not granted any loans, secured/unsecured to the
Companies, Firms & other parties covered by section 189 of the
Companies Act 1956
(b) During the year Company had not taken any fresh loans from such
parties.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. In our opinion and according to the information and explanations
given to us Company has not accepted any deposits, from the directives
issued by the Reserve Bank of India and as per the provisions of
section 73 to 76 or any other relevant provisions of the Companies Act.
6 As per information & explanation given by the management, maintenance
of cost records has been prescribed by the Central Government under
clause (d) of sub-section (1) of section 209 of the Act. Company have
made and maintained such records properly.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State
Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, cess to the extent applicable and any other statutory dues
have generally been regularly deposited with the appropriate
authorities. According to the information and explanations given to us
there were no outstanding statutory dues as on 31st of March, 2015 for
a period of more than six months from the date they became payable
except unquantified penalty for 2000-2001 for Income tax.
(b) According to the information and explanations given to us, the
disputed statutory dues aggregating to Rs. 2378.53 lacs, that have not
been deposited on account of matters pending before appropriate
authorities are as under:
Sr.Name of the Nature of the Forum where Amount
Statute dues dispute is (Rs. in
Pending Lacs)
1 Indian Income Income Tax CIT (A ) 673.95
Tax Act 1961. A.Y.2011-2012
2 IndianIncome Income Tax CIT (A ) 1700.07
Tax Act 1961. A.Y.2007-2008
3 Customs Custom Duty Custom & 4.51
excise & Service tax
Service Tax Act Appellate Tribunal
c) According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund with in time.
8. The Company do not have accumulated losses and there were no cash
losses in the immediately preceding years. During the year under report
Company has incurred cash loss.
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 the bank.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. No Term loan taken during the year.
12. Based on the audit procedure 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, which have
been relied upon by us, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit.
For B. F. CHORDIA & CO
CHARTERED ACCOUNTANTS
FRN:101914W
Sd/-
B. F. CHORDIA
PLACE : MUMBAI PROPRIETOR
DATE : Aug 5th, 2015 MEMBERSHIP No. :9026 | 