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Gemstone Investments Ltd.

BSE: 531137 Sector: Financials
NSE: N.A. ISIN Code: INE503D01027
BSE 15:17 | 23 Feb 0.95 0
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NSE 05:30 | 01 Jan Gemstone Investments Ltd
OPEN 0.99
PREVIOUS CLOSE 0.95
VOLUME 119471
52-Week high 1.01
52-Week low 0.44
P/E 47.50
Mkt Cap.(Rs cr) 7
Buy Price 0.95
Buy Qty 1384.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.99
CLOSE 0.95
VOLUME 119471
52-Week high 1.01
52-Week low 0.44
P/E 47.50
Mkt Cap.(Rs cr) 7
Buy Price 0.95
Buy Qty 1384.00
Sell Price 0.00
Sell Qty 0.00

Gemstone Investments Ltd. (GEMSTONEINVEST) - Auditors Report

Company auditors report

TO THE MEMBERS OF GEMSTONE INVESTMENTS LIMITED

Report on Financial Statements

We have audited the accompanying financial statements of Gemstone Investments Limited("the Company") which comprise the Balance Sheet as at March 31 2017 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information.

Management's Responsibility for the financial statements

Management is responsible for the matter stated in section 134(5) of the Companies Act2013 ("the Act") with respect to preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibilityincludes the design implementation and maintenance of internal control relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 ouraudit. Subject to the matters discussed in this report we conducted our audit inaccordance with the Standards on Auditing issued by the Institute of Chartered Accountantsof India. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Companies (Auditor's Report) Order 2015 (CARO)

As required by the Companies (Auditor's Report) Order 2016 (CARO) issued by theCentral Government in terms of Sub Section (11) of Section 143 the Companies Act 2013("the Act") we give in the Annexure a statement on the matters specified inparagraphs 4 and 5 of the said Order.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31stMarch 2017 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 sub-section (11) of section 143 of the Act wegive in the

Annexure-A 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 obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Account) Rules 2014.

e) On the basis of written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director interms of Section 164 (2) of the Act.

f) Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act 1956 nor has it issued anyRules under the said section prescribing the manner in which such cess is to be paid nocess is due and payable by the Company.

For Tejas Nadkarni & Associates

Chartered Accountants FRN No.: 135197W

Sd/-

Tejas Nadkarni

(Proprietor)

Membership No.: 122993

Place: Mumbai Date: 30/05/2017

ANNEXURE A TO THE AUDITORS' REPORT

The Annexure referred to in our report to the members of GEMSTONE INVESTMENTS LIMITEDfor the year ended 31st March 2017.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) These fixed assets have been physically verified by the management at reasonableintervals there was no material discrepancies were noticed on such verification.

(c) Total Assets of company includes immovable property also and the title deeds ofimmovable properties are held in the name of the company.

2. According to information and explanation given to us the company is Non-BankingFinance Company which does not carry any inventory.

3. The Company has not granted loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under Section189 of the Companies Act 2013 during the year.

(a) All terms and conditions are as per the benefits of company and are not prejudicialto the company's interest

(b) Schedule of repayment of principal and interest has been stipulated and receiptsare regular

(c) There is no such amount which is overdue more than 90 Days of above mentioned loan.

4. In respect of loans investments guarantees and security all mandatory provisionsof Section 185 of the Companies Act 2013 have been complied with. As the company isNon-Banking Financial Company Section 186 of the Companies Act 2013 is not applicable tothe Company.

5. The Company has not accepted any deposits.

6. Maintenance of cost records has not been specified by the Central Government undersubsection (1) of Section 148 of the Companies Act 2013.

7. (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employee's state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities.

(b) Dues of income tax or sales tax or service tax or duty of customs or duty of exciseor value added tax have been deposited on time there is no dispute is pending on the partof company.

8. The Company hasn't made any default in repayment of loans or borrowing to afinancial institution bank Government or dues to debenture holders.

9. The Company doesn't raise any money by way of initial public offer or further publicoffer (including debt instruments).

10. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

11. Managerial remuneration has been paid or provided in accordance with the requisiteapprovals Mandated by the provisions of Section 197 read with Schedule V of the CompaniesAct.

12. Company is not a Nidhi Company hence nothing to be disclosed for any provisionsapplicable on Nidhi Company.

13. The Company hasn't made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

14. The Company hasn't entered into any non-cash transactions with directors or personsconnected with him.

15. The Company is registered under Section 45-IA of the Reserve Bank of India Act1934.

For Tejas Nadkarni & Associates

Chartered Accountants FRN No.: 135197W

Sd/-

Tejas Nadkarni

(Proprietor)

Membership No.: 122993

Place: Mumbai Date: 30/05/2017

ANNEXURE B TO THE AUDITORS' REPORT

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF GEMSTONE INVESTMENTS LIMITED

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of GemstoneInvestments Limited (‘the Company") as of 31st March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Financial Reporting issued bythe Institute of Chartered Accountants of India". These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperation effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We have conducted audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing both issued bythe Institute of Chartered Accountants of India and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial reporting includes thosepolicies and procedures that:

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of management and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting of future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operation effectively as at 31st March 2017.However the Company is in the process of establishing the internal control over financialreporting criteria considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For Tejas Nadkarni & Associates

Chartered Accountants FRN No.: 135197W

Sd/-

Tejas Nadkarni

(Proprietor)

Membership No.: 122993

Place: Mumbai

Date: 30/05/2017