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Goldcrest Corporation Ltd.

BSE: 505576 Sector: Financials
NSE: GOLCRESFIN ISIN Code: INE505D01014
BSE LIVE 14:49 | 22 Sep 45.00 -1.00
(-2.17%)
OPEN

44.00

HIGH

48.30

LOW

44.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 44.00
PREVIOUS CLOSE 46.00
VOLUME 382
52-Week high 49.05
52-Week low 27.15
P/E 10.44
Mkt Cap.(Rs cr) 34
Buy Price 44.05
Buy Qty 5.00
Sell Price 0.00
Sell Qty 0.00
OPEN 44.00
CLOSE 46.00
VOLUME 382
52-Week high 49.05
52-Week low 27.15
P/E 10.44
Mkt Cap.(Rs cr) 34
Buy Price 44.05
Buy Qty 5.00
Sell Price 0.00
Sell Qty 0.00

Goldcrest Corporation Ltd. (GOLCRESFIN) - Auditors Report

Company auditors report

TO THE MEMBERS OF Goldcrest Corporation Limited Report on the Standalone FinancialStatements

We have audited the accompanying standalone financial statements of GoldcrestCorporation Limited ("the Company") which comprises of Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (hereinafter referred to as "the Act") withrespect to the preparation and presentation of these standalone financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records 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 standalone financial statementsbased on our audit. While conducting the audit we have taken into account the provisionsof the Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor’s judgment including the assessment of the risks of materialmisstatement of the standalone financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal financial control relevantto the Company’s preparation of the standalone financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances . An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Board of Directors as well as evaluating the overall presentation of thestandalone financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and their profit and their cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the Annexure ‘A’ a statement on thematters 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 to the extent applicable 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 of the aforesaidfinancial statements.

(b) In our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination of those books. (c) The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with in this Report are in agreement with the books ofaccount maintained.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. (e) On the basis of the written representations receivedfrom the directors of the Company as on 31st March 2016 taken on record by the Board ofDirectors of the Company none of the directors is disqualified as on 31st March 2016from being appointed as a director in terms of Section 164 (2) of the Act. (f) Withrespect to the adequacy of the Internal Financial Controls over financial reporting of theCompany and the operating effectiveness of such controls referred to in our separatereport in ‘Annexure B’; and (g) With respect to the other matters to beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditor’s) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us: i. The Company has disclosed the impact ofpending litigations on its financial position in its financial statements – ReferNote 26(5) to the financial statements. ii. The Company did not have any materialforeseeable losses on long-term contracts including derivative contracts. iii. There hasbeen no delay in transferring amounts required to be transferred to Investor Educationand Protection Fund by the company.

For Ramesh M. Sheth & Associates
Firm Registration No. : 111883W
Chartered Accountants
(Mehul R. Sheth)
(Partner)
(Membership No.101598)

Annexure – A to the Auditors’ Report

The Annexure referred to in Independent Auditor’s Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2016 we reportthat: (i) In respect to fixed assets of the Company (a) The Company has maintained properrecords showing full particulars including quantitative details and situation of fixedassets.

(b) The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this program certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regards to the size of the Company and thenature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the company.

(ii) The physical verification of inventory has been conducted at reasonable intervalsby the management and there is no material discrepancies found.

(iii) The Company has granted loans to a corporate covered in the register maintainedunder section 189 of the Companies Act 2013 (‘the Act’).

(a) In the absence of terms and condition we are unable to comment whether terms andcondition are prejudicial to the interest of the company.

(b) In the absence of terms and condition we are unable to comment on whether loansgranted to the bodies corporate listed in the register maintained under section 189 of theAct are regular in the payment of the principal and interest as stipulated.

(c) In the absence of terms and conditions we are unable to comment on whether thereare any overdue amounts in respect of the loan granted to a body corporate listed in theregister maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of the section 185 and 186 of the Act withrespect to the loans investments guarantees and securities made.

(v) In respect to statutory dues :

(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company undisputed statutory dues including providentfund employees’ state insurance income –tax sales tax value added tax dutyof customs services tax cess and other material statutory dues have been regularlydeposited during the year by the Company with appropriate authorities. No undisputedamounts payable in respect of provident fund income tax sales tax value added tax dutyof customs service tax cess and other material statutory dues were in arrears as at 31March 2016 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 are no materialdisputed dues of duty of customs income tax sales tax duty of excise service tax andvalue added tax.

(vi) According to the information and explanations given to us no material fraud bythe company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit.

(vii) 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.

(viii) According to the information and explanations give to us and based on ourexamination of the records of the Company all transactions with the related parties arein compliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the financial statements etc as required by the applicableaccounting standard.

(ix) Clause 3 (V) (VI) (VIII) (IX ) (XII) (XIV) (XV) (XVI) of CARO 2016are not applicable to the company.

For Ramesh M. Sheth & Associates
Firm Registration No. : 111883W
Chartered Accountants
(Mehul R. Sheth)
(Partner)
(Membership No.101598)

Annexure – B to the Auditor’s Report

Report on the Internal Financial Controls of Standalone Financial Statements underClause (i) of Subsection 3 of the Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of GoldcrestCorporation Limited ("the company") as of 31 March 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based in the internal control over financial reporting criteriaestablishment by the Company considering the essential components of internal controlstated in the Guidance Note on audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI’).This responsibility includes the design implementation and maintenance of adequateinternal financial controls that are operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the 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 conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAL and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 control system over financial reporting and it’s operatingeffectiveness. Our audit of internal financial control 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 procedureselected depends 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 controlssystems over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal controls over financial reportingincluding the possibility of collusion or improper management override of controlsmaterial misstatement due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance 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 operating effectively as at 31 March 2016 based on theinternal control over reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Ramesh M. Sheth & Associates
Firm Registration No. : 111883W
Chartered Accountants
(Mehul R. Sheth)
(Partner)
(Membership No.101598)