We have audited the accompanying standalone quarterly financial results of Palm
Jewels Limited (The company) for the quarter ended 31st March, 2024 and the year to
date results for the period from 1st April, 2023 to 31st March, 2024, attached Herewith,
being submitted by the company pursuant to the requirement of Regulation 33of the
SEBI {Listing Obligations and Disclosure Requirements) Regulations, 2015, As
amended (“Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given
to us these standalone financial results:
i. presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
iL Give a true and fair view in conformity with the recognition and measurement
Principles laid down in the applicable accounting standards and other Accounting
principles generally accepted in India of the net profit/losss and other
Comprehensive income and other financial information for the quarter ended 31st
March, 2024 as well as the year to date results for the period from 1st April, 2023
to 31£l March, 2024.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143{10) of the Companies Act, 2013 (the Act). Our responsibilities under
those Standards are further described in the Auditor’s Responsibilities for the Audit of
the Standalone Financial Results section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the-lnsjityte of Chartered
Accountants of India together with the ethical requirements tba^eVe^ant to our audit
of the financial results under the provisions of the Companies/Act, 201$sind the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Standalone Financial Results
These quarterly financial results as well as the year to date standalone financial results
have been prepared on the basis of the interim financial statements. The Company’s
Board of Directors are responsible for the preparation of these financial results that give
a true and fair view of the net profit/loss and other comprehensive income and other
financial information in accordance with the recognition and measurement principles laid
down in Indian Accounting Standard 34, ’Interim Financial Reporting' prescribed under
Section 133 of the Act read with relevant rules issued there under and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations. 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 standalone financial results that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Board of Directors are responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of
accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial
reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone
financial results as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s 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 wilt 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 standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financia
I results, 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 riskpLp6£d_efecfing a material
misstatement resulting from fraud is higher than for pHeTesulting^from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations or
the override of internal control. ’
• Obtain an understanding of internal control relevant to the audit 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 company's internal
control.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by the
Board of Directors.
• Conclude on the appropriateness of the Board of Directors' 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 Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in
our auditors report to the related disclosures in the financial results or, if such
disciosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a qoinq
concern.
• Evaluate the overall presentation, structure and content of the standalone
financial results, including the disclosures, and whether the financial results
represent the underlying transactions and events in a manner that achieves fair
presentation.
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 deficienciGs in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with re evant 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.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”)
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 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 purDoses
of our audit. p
(b) In our opinion, proper books of account as require^ydawijbve been
kept by the Company so far as it appears from of thn~„
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, and the best of our information and explanation given to us,
the aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with relevant Rule.
(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 "Annexure B'\
(g) In our opinion, the managerial remuneration for the year ended March 31,
2023 has been paid / provided by the Company to its directors in
accordance with the provisions of Section 197 read with Schedule V to the
Act;
(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 does not have any pending litigations which would
impact its financial position,
ii. The Company did not have any long - term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
iv. a) 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 person(s) or entity(les),including
foreign entities (‘'Intermediaries”), 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 by or on behalf of the Company (‘‘Ultimate
Beneficiaries") or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries,
b) The Management has represented, that, to the best of its
knowledge and belief, no funds have been received by the
company from any person(s) or entity(ies), including foreign
entities ("Funding Parties”), 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 by or on behalf
of the Funding Party ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of the Ultimate
Beneficiaries. Based on the audit procedures performed that
have been 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) of Rule 11(e) contain any material
misstatement.
v. During the year company has neither paid any interim dividend nor
proposed any final dividend
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for
maintaining books of account using accounting software which has
a feature of recording audit trail (edit log) facility is applicable to
the Company with effect from April 1, 2023, and accordingly,
reporting under Rule 11(g) of Companies (Audit and Auditors)
Rules, 2014 is not applicable for the financial year ended March 31,
2024.
"i ' _____
I; lf\jy For A.K. Shah & Associates
' /j.......; - CHARTED ACCOUNTANTS
.j 'A \ ,, FRN: 0109478W
j J
Place : Ahmedabad CA. Ajit K. Shah
Date: 29/05/2024 M.No.: 044602
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