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Patdiam Jewellery Ltd.

BSE: 539401 Sector: Consumer
NSE: N.A. ISIN Code: INE473T01011
BSE LIVE 10:12 | 14 Aug 97.70 0.15
(0.15%)
OPEN

97.70

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97.70

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97.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 97.70
PREVIOUS CLOSE 97.55
VOLUME 3000
52-Week high 124.00
52-Week low 87.00
P/E 41.57
Mkt Cap.(Rs cr) 42
Buy Price 97.50
Buy Qty 1500.00
Sell Price 102.50
Sell Qty 1500.00
OPEN 97.70
CLOSE 97.55
VOLUME 3000
52-Week high 124.00
52-Week low 87.00
P/E 41.57
Mkt Cap.(Rs cr) 42
Buy Price 97.50
Buy Qty 1500.00
Sell Price 102.50
Sell Qty 1500.00

Patdiam Jewellery Ltd. (PATDIAMJEWELLER) - Auditors Report

Company auditors report

To the Members of PATDIAM JEWELLERY LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of PATDIAM JEWELLERY LIMITED("the Company") which comprise the Balance Sheet as at March 31 2016 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended 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 preparationof these standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsprescribed 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 of 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 standalone financial statementsbased on our audit.

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 there under.

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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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.

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 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 ( " theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure a statement on the mattersspecified in paragraph 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 obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the puipose 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 aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Companies Act 2013 read withRule 7 of the Companies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164 (2) ofthe Companies Act 2013.

(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 explanations given to us :

i) As per the information given to us the company has no pending litigations on itsstandalone financial statements.

ii) The Company has made provision as required under the applicable law or accountingstandard for material foreseeable losses on long term contracts including derivativecontracts.

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

For Pulindra Patel &Co.
Chartered Accountants
FRN No. 115187W
Pulindra Patel
Place : Mumbai Proprietor
Date : 30h May 2016 Membership No. 48991

Annexure (A) to the independent Auditor’s Report

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ in the Independent Auditor’s Report of even date to the members ofPatdiam Jewellery Limited on the standalone financial statements for the year ended 31stMarch 2016]

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

(b) All fixed assets have been physically verified by the management in a phasedperiodical manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. According to the information and explanations givento us no material discrepancies were noticed on such verification.

(c) As per the information and explanations given to us the immovable properties ownedby the company are held in the name of the company.

2. The Inventories have been physically verified during the year by the management. Inour opinion frequency of verification of inventory is reasonable. There is no materialdiscrepancies noticed by the management.

3. According to the information and explanations given to us the company has notgranted loans secured or unsecured to companies firms Limited Liability Partnerships orother parties covered in the register maintained under section 189 of the Companies Act.

4. As per the information and explanations provided to us the company has executedcorporate bank guarantees to a partnership firm in which directors are partners by thecompany the company has complied with the provision of 185 of the Companies Act 2013.There are no other loans and investments made by the company to which provisions ofsection 185 of the Companies Act 2013 apply.

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 provisions of Section 73to 76 of the Companies Act 2013 and the rules framed there under.

6. We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government undersub-section (1) of Section 148 of the Companies Act 2013 and are of the opinion thatprima facie the prescribed cost records have been so made and maintained. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate or complete.

7. a) According to the information and explanations given to us and on the basis of theexamination of the books of account the Company has been regular in depositing undisputedstatutory dues including Provident Fund Investor Education and Protection FundEmployees’ State Insurance Income-tax Sales- tax Service tax Value Added TaxCustoms Duty Excise Duty and other statutory dues applicable to it with the appropriateauthorities.

b) According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Investor Education and Protection FundEmployees’ State Insurance Income tax Sales tax Service tax Customs Duty ExciseDuty and other undisputed statutory dues were outstanding at the year end for a period ofmore than six months from the date they became payable.

8. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of loansor borrowings to banks. The Company does not have any borrowings by way debentures.

9. The Company has raised money by way of initial public offer and has utilized theamount raised for the purpose for which it has been raised. The Company has not raised anymoney by way of debt instruments during the year and did not have any term loansoutstanding during the year.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practice in India andaccording to the information and explanations given by the management we report that nofraud by the Company or any fraud on the Company by its officers or employees has beennoticed or reported during the course of our audit.

11. As per the information and explanations given to us the managerial remuneration hasbeen paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V of the Companies Act 2013.

12. As per the information and explanations given to us the company is not a NidhiCompany.

13. As per the information and explanations given to us the company all transactionswith the related parties are in compliance with section 177 and 188 of the Companies Act2013 where applicable and details have been disclosed in the Financial Statements etc.as required by the applicable accounting standards.

14. As per the information and explanations given to us the company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year review.

15. As per the information and explanations given to us the company has not enteredinto any non- cash transactions with the directors or persons connected with him.

16. As per the information and explanations given to us the company is not required toget it registered under section 45-1A of the Reserve Bank of India Act 1934.

For Pulindra Patel &Co.
Chartered Accountants
FRNNo. 115187W
Pulindra Patel
Place : Mumbai Proprietor
Date : 30h May 2016 Membership No. 48991

ANNEXURE ( B)

TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF PATDIAM JEWELLERY 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 GoldiamInternational Limited ("the Company") as of March 31 2016 in conjunction withour audit of the financial statements of the Company for the year ended on 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 Over Financial Reportingissued by the Institute of Chartered Accountants of India.

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were 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 to the extent applicable toan audit of internal financial controls both issued by the Institute of CharteredAccountants of India. 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgement including the assessment of the risks of materialmisstatement 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 adverse audit opinion on the Company’s internal financialcontrols system over 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 control over financialreporting includes those policies 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 authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorised 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 to 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 operating effectively as at March 312016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Pulindra Patel &Co.
Chartered Accountants
FRN No. 115187W
Pulindra Patel
Place : Mumbai Proprietor
Date : 30th May 2016 Membership No. 48991