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Mini Diamonds (India) Ltd.

BSE: 523373 Sector: Consumer
NSE: N.A. ISIN Code: INE281E01010
BSE LIVE 14:27 | 23 May Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.93
PREVIOUS CLOSE 4.13
VOLUME 200
52-Week high 3.93
52-Week low 0.00
P/E 3.78
Mkt Cap.(Rs cr) 1
Buy Price 3.93
Buy Qty 300.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.93
CLOSE 4.13
VOLUME 200
52-Week high 3.93
52-Week low 0.00
P/E 3.78
Mkt Cap.(Rs cr) 1
Buy Price 3.93
Buy Qty 300.00
Sell Price 0.00
Sell Qty 0.00

Mini Diamonds (India) Ltd. (MINIDIAMONDSI) - Auditors Report

Company auditors report

To The Members of MINI DIAMONDS (INDIA) LIMITED

Report on the Financial Statements

We have audited the attached financial statements of Mini Diamonds (India) Limited("The Company") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and Cash Flow Statement for the year ended on that date and asummary 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows 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) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' 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.

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

Basis for Qualified Opinion

The Company has not made provision of it's obligation under the defined benefit planviz: Gratuity which constitutes a departure from the Accounting Standard 15"Employee Benefits" referred to in section 133 of the Act.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph the aforesaid financial statements give the information required bythe Act in the manner so required and gives 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 2015 and its profit/loss and its 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 2015 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Companies Act2013 we enclose in the Annexure a statement on the matters specified in paragraphs 4 and5 of the order to the extent applicable 2. As required by Section 143(3) of the Act wereport that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books and proper returns adequatefor the purposes of our audit have been received from the branches not visited by us.

c. The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of Account and with the returnsreceived from the branches not visited by us.

d. Except for the matter described in the basis for qualified opinion paragraph in ouropinion the aforesaid standalone 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 31stMarch 2015 taken on record by the Board of Directors none of the directors disqualifiedas on 31st March 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f. 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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection

Fund by the Company.

For V. A. Parikh &Associates LLP
Chartered Accountants
F. R. No:112787W/W100073
(Jinesh J. Shah)
Place : Mumbai Partner
Date : September 1 2015 Membership No. 111155

ANNEXURE TO AUDITOR'S REPORT Re: MINI DIAMONDS (INDIA) LIMITED

Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date:

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

b) As explained to us all the assets have been physically verified by the Managementat the end of the accounting year and no material discrepancies were noticed verificationphysical as compared to the book records.

2. a) The stocks of finished goods and raw-materials have been physically verified bythe management at the end of the accounting year.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verifications of stocks followed by the management are reasonableand adequate in relation to the size of the Company and nature of its business.

c) In our opinion the Company has maintained proper records of inventory. No materialdiscrepancies were verification noticed physical as compared to the book records.

3. a) The Company has not granted loans unconditional and interest free to companiesfirms or other parties covered in the register maintained under Section 189 of the Act.

b) The Company has taken unsecured loan from a firm and other parties covered in theregister maintained under Section 301 of the Act. The number of parties involved are onethe aggregate loan amount is Rs 1000000/- maximum amount involved is Rs 1000000/-and year end balance is Rs 11596382/-. The loans taken are unconditional and interestfree in view of this sub clause (f) and (g) of this clause are not applicable.

4. In our opinion and according to the information and explanations given to us thecompany has an adequate internal control system commensurate with the size of the Companyand the nature of its business with regard to purchases of inventory and fixed assets andalso for sale of goods and services. During the course of our audit no major weaknesseswere noticed in the internal control system.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of the directivesissued by the Reserve Bank of India and provisions of Section 73 to 76 or any otherrelevant provisions of the Companies Act 1956 and rules framed there under.

6. We have broadly reviewed the cost records maintained by the company pursuant to theCompanies (Cost Accounting Records) Rules 2011 prescribed by the Central Government forthe maintenance of cost records under section 209(1)(d) of the Companies Act 1956 and areof the opinion that prima facie the prescribed accounts and records have been maintained.We have however not made a detailed examination of the cost records with a view todetermine whether they are accurate or complete.

7. a) According to the records of the Company the Company is generally regular indepositing undisputed statutory dues including Income Tax Sales Tax Customs Duty Cessand other statutory dues with appropriate authorities. According to the information andexplanations given to us following undisputed amounts payable have remained outstandingas at 31st March 2015 for a period more than six months from the date they becamepayable:

Name of the Statute Nature of Dues Amount (Rs.) Financial Year: Due Date
Income Tax Act1961 Tax Deducted at Source 219384/- April' 14 To Sep'14 7th of immediate succeeding month
Maharashtra Value Added Tax Act 2002. VAT 588211/- April '13 to March ‘14 30th of immediate month succeeding the relevant Quarter
Maharashtra Value Added Tax Act 2002. VAT 2755229/- April' 14 To Sep'14 30th of immediate month succeeding the relevant Quarter.

b) According to the records of the Company there were no dues of income tax or salestax or wealth tax or service tax or duty of customs or duty of excise or value added taxor cess which have not been deposited on account of any dispute.

8. The Company neither has any accumulated losses at the end of the financial year norhas it incurred any cash loss during the financial year or immediately preceding financialyear.

9. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to any Financial Institution or Bank.

10. In our opinion and according to the information and explanations given to us thecompany has not given any guarantee for loans taken by others from banks or financialinstitutions.

11. To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not obtained any term loans.

12. In our opinion and according to the information and explanations given to us nofraud on or by the Company has been reported during the year.

For V. A. Parikh &Associates LLP
Chartered Accountants
F. R. No:112787W/W100073
(Jinesh J. Shah)
Place : Mumbai Partner
Date : September 1 2015 Membership No. 111155