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Pure Giftcarat Ltd.

BSE: 540492 Sector: Consumer
NSE: N.A. ISIN Code: INE594W01026
BSE LIVE 13:05 | 18 Oct 14.30 0.20
(1.42%)
OPEN

14.30

HIGH

14.30

LOW

14.30

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 14.30
PREVIOUS CLOSE 14.10
VOLUME 10000
52-Week high 17.30
52-Week low 8.32
P/E 357.50
Mkt Cap.(Rs cr) 31
Buy Price 11.45
Buy Qty 10000.00
Sell Price 16.85
Sell Qty 10000.00
OPEN 14.30
CLOSE 14.10
VOLUME 10000
52-Week high 17.30
52-Week low 8.32
P/E 357.50
Mkt Cap.(Rs cr) 31
Buy Price 11.45
Buy Qty 10000.00
Sell Price 16.85
Sell Qty 10000.00

Pure Giftcarat Ltd. (PUREGIFTCARAT) - Auditors Report

Company auditors report

To the Members of PURE GIFTCARAT LIMITED.

(Formerly known as "L'AVANCE DIRAYS LIMITED) CIN: L36910GJ2011PLC065141

Report on the Financial Statements

We have audited the accompanying financial statements of PURE GIFTCARAT LIMITED.("the Company") which comprise the Balance Sheet as at March 31 2017and the Statement of Profit and Loss the Cash Flow Statement for the period 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position and financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; 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. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 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.

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 and give a true and fair view in conformity with the accountingprinciples generally accepted in India. ]

(a) In the case of the condensed balance sheet of the state of affairs of the Companyas at 31st March 2017;

(b) In the case of the condensed statement of profit and loss of the profit for theperiod ended on that date; and

(c) In the case of the condensed cash flow statement of the cash flows for the periodended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the companies (Auditor's Report) Order 2016 "(the Order) issuedby the central government of India in terms of sub-section (11) of section 143 if the Actwe give in the "Annexure A" statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report 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 the statement of profit and loss and the cash flow statementdealt with by 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 Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) On the basis of the 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 in termsof Section 164 (2) of the Act;

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 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.

iv. The company has provided requisite disclosures in the standalone financialstatements as to holding as well as dealing in Specified Bank Notes during the period from8th November 2016 to 30th December 2016 and these are inaccordance with the books of accounts maintained by the company. (Refer Note D - XI)

FOR KANSARIWALA & CHEVLI
Chartered Accountants
(H. B. Kansariwala)
Partner
Membership No. 032429
Firm Registration No. 123689W
Peer Review No. PU0102793706
Place: Surat
Date: 30.05.2017

ANNEXURE - A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to Para 1 under the heading of " Report on Other Legal and RegulatoryRequirements" of our report of even date to the members of PURE GIFTCARAT LIMITEDfor the period 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 fixed assets;

(b). As explained to us the fixed assets have been physically verified by themanagement during the reporting period at reasonable intervals. No material discrepancieswere notices on such verification.

(c) The company has no immovable property.

2.(a). The inventory has been physically verified during the reporting period by themanagement. In our opinion the frequency of verification is reasonable.

(b). The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the company and the nature ofbusiness.

(c). The company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks and book records were not material and havebeen properly dealt with in the books of account.

3. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Act. Thereforethe provisions of sub clauses (a) (b) and (c) of clause 3(iii) are not applicable to thecompany.

4. The Company has not given any loan investments guarantees and security to thedirectors and therefore the provision of clause 3(iv) are not applicable to the Company;

5. In our opinion and according to the information and explanation given to us theCompany has not accepted any deposit from the public within the meaning of provisions ofSection 73 to 76 or any other relevant provisions of the Companies Act and rules framedthere under.

6. In our opinion and according to the information and explanations given to us theCentral Government has not prescribed the maintenance of cost records under sub-section(1) of section 148 of the Companies Act in respect of activities carried out by thecompany.

7.(a) In our opinion and according to the information and explanation given to us thecompany is regular in depositing with appropriate authorities undisputed statutory duesincluding provident fund ESIC Income tax Sales Tax Custom Duty Excise Duty Cess andother material statutory dues applicable to it and there are no undisputed amounts payablein respect of Income tax Sales Tax Wealth Tax Service Tax Customs Duty Excise Dutyand Cess outstanding as at the half year for a period of more than Six months from thedate they become payable. (b) According to the information and explanation given to usthere are no dues of income tax sales tax service tax duty of customs duty of excisevalue added tax outstanding on account of any dispute.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9. Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10. Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the reporting Period.

11. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

12. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company.

13. In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16. In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

FOR KANSARIWALA & CHEVLI
Chartered Accountants
(H. B. Kansariwala)
Partner
Membership No. 032429
Place: Surat Firm Registration No. 123689W
Date: 30.05.2017 Peer Review No. PU0102793706

ANNEXURE - B TO THE INDEPENDENT AUDITORS' REPORT

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 PUREGIFTCARAT LIMITED ("the Company") as of 31st March 2017 inconjunction with our audit of the standalone financial statements of the Company for theperiod 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 (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 ICAI 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 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 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 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 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 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

FOR KANSARIWALA & CHEVLI
Chartered Accountants
(H. B. Kansariwala)
Partner
Membership No. 032429
Firm Registration No. 123689W
Peer Review No. PU0102793706
Place: Surat
Date: 30.05.2017