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Alka Diamond Industries Ltd.

BSE: 531581 Sector: Consumer
NSE: N.A. ISIN Code: INE963D01015
BSE LIVE 15:10 | 21 Jun 9.24 -0.48
(-4.94%)
OPEN

9.24

HIGH

9.24

LOW

9.24

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.24
PREVIOUS CLOSE 9.72
VOLUME 500
52-Week high 16.50
52-Week low 9.24
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.24
Sell Qty 110.00
OPEN 9.24
CLOSE 9.72
VOLUME 500
52-Week high 16.50
52-Week low 9.24
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.24
Sell Qty 110.00

Alka Diamond Industries Ltd. (ALKADIAMONDIND) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS REPORT

To

The Board of Directors

Alka Diamond Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statement of ALKA DIAMOND INDUSTRIES LIMITED("the company") which comprise the Balance Sheet as at 31st MARCH 2016 and thestatement of Profit & Loss Account and the cash flow statement of the Company for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Financial Statement.

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act’) with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position and financial performance of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 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 (Auditor's Report) Order 2016 (‘the Order’)issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.

2. As required by section 143 (3) of the Act we repot that:

a. We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books;

c. The balance sheet and the statement of profit and loss dealt with by this Report arein agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the AccountingStandards 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 31March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164 (2) of the Act; and

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure "B"; and

g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For and on behalf of
K.K. Jhunjhunwala & Co.
Chartered Accountants
F. R. No. 111852W
Place: Mumbai
Date: 02.09.2016
Sd/-
K.K. Jhunjhunwala
(Partner)
Membership No. 045154

ANNEXURE TO THE AUDITOR’S REPORT Re: ALKA DIAMOND INDUSTRIES LIMITED.

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2016 we report that:

(i) In according to the information and explanation given to us company is not havingany fixed assets and hence clause 3 (i) of the Order is not applicable to the Company.

(ii) The Company is not a trading concern primarily rendering other businessactivities. Accordingly it does not hold any physical inventories. Thus paragraph 3(ii)of the Order is not applicable

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the Act.

(iv) In respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the Companies Act 2013 have been not complied with company.

(v) In our opinion and according to the information and explanation given to us TheCompany has not accepted any deposits during the year and does not have any unclaimeddeposits. Therefore the provisions of the clause 3(v) of the Order are not applicable tothe Company.

(vi) It has been explained to us that the maintenance of cost records has not beenprescribed under section 148(1) of the Act.

(vii) (a) According to the information and explanations given to us no undisputedamounts payable in respect of provident fund income tax sales tax wealth tax servicetax duty of customs value added tax cess and other material statutory dues were inarrears as at 31 March 2016 for a period of more than six months from the date they becamepayable.

(b) According to the information and explanations given to us the disputed statuarydues aggregating to Rs. 1.54 Crores have not been deposited on account of matters pendingbefore appropriate authorities as detailed bellow.

( Rs. in Crore)

Name of Statute Nature of Dues Amount Disputed Amount paid/Ad justed Net amount unpaid Period to which the amount relates Forum where dispute is pending
Income Tax Act 1956 Income Tax and Interest 1.53 1.53 A. Y. 2008-09 A. Y. 200910 A. Y. 2010-11 A. Y. 2011-12A. Y. 2012-13 Commissioner of Income Tax (Appeal) Mumbai
Sales Act 1956 Sales Tax 0.015 0.015 A. Y 2003-04 Sales Tax Office Mumbai

(viii) Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion the company has not defaulted in repayment of dues toa financial institution bank Government or dues to debenture holders.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into noncashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For and on behalf of
K.K. Jhunjhunwala & Co.
Chartered Accountants
F. R. No. 111852W
Place: Mumbai
Date: 02.09.2016 Sd/-
K.K. Jhunjhunwala
(Partner)
Membership No. 045154