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Tara Jewels Ltd.

BSE: 534756 Sector: Consumer
NSE: TARAJEWELS ISIN Code: INE799L01016
BSE LIVE 15:40 | 15 Dec 19.45 0.35
(1.83%)
OPEN

19.85

HIGH

19.85

LOW

19.05

NSE 15:31 | 15 Dec 19.45 0.40
(2.10%)
OPEN

19.45

HIGH

21.50

LOW

19.15

OPEN 19.85
PREVIOUS CLOSE 19.10
VOLUME 14452
52-Week high 48.50
52-Week low 17.50
P/E
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.85
CLOSE 19.10
VOLUME 14452
52-Week high 48.50
52-Week low 17.50
P/E
Mkt Cap.(Rs cr) 48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tara Jewels Ltd. (TARAJEWELS) - Auditors Report

Company auditors report

To the Members of Tara Jewels Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of Tara JewelsLimited ("the Company") which comprise the Balance Sheet as at March 312016 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

MANAGEMENT Rs S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company Rs 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 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; makingjudgements 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 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 Rs s preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company Rs s Directors as well as evaluating the overallpresentation 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 March 31 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 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure "I" a statement on the matters specified inparagraphs 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 sought and obtained all the information and explanations which to the bestof our knowledge 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 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 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 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 II".

(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 has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 26 to the financial statements;

(ii) the Company did not have any long-term contracts including derivative contractsfor which 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 C. B. Chhajed& Co.
Chartered Accountants
(Firm RegnNo : 101796W)
Place : Mumbai C. B. Chhajed
Dated : 23.05.2016 (Partner)
Membership No : 009447

ANNEXURE "I"

TO THE INDEPENDENT AUDITORS Rs REPORT

[REFERRED TO IN PARAGRAPH 1 OF "REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS" OF OUR REPORT OF EVEN DATE]

To the Members of Tara Jewels Limited ( Rs the company Rs )

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

(b) The fixed assets of the Company have been physically verified by the managementduring the year and no material discrepancies have been noticed on such verification. Inour opinionthe frequency of verification is reasonable.

(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.

2 The inventory has been physically verified by the management during the year. In ouropinion the frequency of verification is reasonable. The discrepancies noticed onphysical verification of inventory as compared to book records were not material and thesame were properly dealt with in the books of accounts.

3 In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms limitedliability partnerships or other parties covered in the register maintained under Section189 of the Act. Accordingly clauses (iii)(a) to (iii)(c) of paragraph 3 of the Order arenot applicable to the Company for the year.

4 In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 in respect of loansinvestments guarantees and securities wherever applicable.

5 According to the information and explanations given to us the Company has notaccepted any deposits from the public. Accordingly clause (v) of paragraph 3 of the orderis not applicable to the company.

6 The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.Accordingly clause (vi) of paragraph 3 of the Order is not applicable to the Company forthe year.

7 (a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion undisputed statutory dues including providentfund employees Rs state insurance income-tax sales-tax service tax duty of customduty of excise value added tax cess have not been regularly deposited with theappropriate authorities and there have been delays in a large number of cases.

According to information and explanation given to us no undisputed amounts payable inrespect of provident fund employees Rs state insurance sales-tax service tax customsduty excise duty value added tax and cess were in arrears as at March 31 2016 for aperiod of more than six months from the date they became payable. The undisputedincome-tax dues in arrears as at March 31 2016 for a period of more than six months fromthe date they became payable are as under:

Name of the Statute Nature of Dues Amount (Rs) Period to which the amount relates Due Date Date of Payment
Income Tax Act 1961 Income tax 168383187 F.Y. 2014-15 15.03.2015 Not Paid

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of sales-tax wealth tax excise duty and cesswhich have not been deposited on account of any dispute. The income-tax customs duty andservice tax dues which have not been deposited on account of disputed matters pendingbefore appropriate authority are as under :

Name of the Statute Nature of Dues Amount (Rs) Period to which the amount relates Forum where the dispute is pending
Customs Act 1962 Custom Duty 377133 1996-1997 Additional Commissioner of Customs Mumbai
Customs Act 1962 Custom Duty 1418430 1997-1998 Additional Tribunal of Customs
Customs Act 1962 Custom Duty 105000 2004-2005 Additional Tribunal of Customs
Income Tax Act 1961 Income Tax 38500000 2001-2012 CIT Appeals IT Tribunal and High court
Finance Act 1994 Service Tax 6723389 2006-2008 Joint Commissioner of Service Tax

8 According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of dues to anyfinancial institution or bank or Government or debenture holders.

9 The Company has not raised money by way of initial public offer or further publicoffer or debt instruments during the year. In our opinion and according to theinformation and explanations given to us on an overall basis the term loans have beenapplied for the purposes for which they were obtained.

10 According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11 According to the information and explanations given 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.

12 In our opinion and according to the information and explanations given to us thecompany is not a nidhi company. Accordingly clause (xii) of paragraph 3 of the order isnot applicable to the company.

13 According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14 According to the information and explanations given to us and and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly clause (xiv) of paragraph 3 of the order is not applicable to theCompany.

15 According to the information and explanations given to us the Company has notentered into any non-cash transactions during the year with the directors or personsconnected with him. Accordingly clause (xv) of paragraph 3 of the order is not applicableto the company.

16 In our opinion and according to the information and explanations given to us theCompany is not required to register under section 45-IA of the Reserve Bank of India Act1934. Accordingly clause (xvi) of paragraph 3 of the order is not applicable to thecompany.

For C. B. Chhajed& Co.
Chartered Accountants
(Firm RegnNo : 101796W)
Place : Mumbai C. B. Chhajed
Dated : 23.05.2016 (Partner)
Membership No : 009447

ANNEXURE "II"

TO THE INDEPENDENT AUDITORS Rs 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 of Tara JewelsLimited ("the Company") as of March 31 2016 in conjunction with our audit ofthe standalone financial statements of the Company for the year ended on that date.

Management Rs s Responsibility for Internal Financial Controls

The Company Rs 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 includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company Rs s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors Rs Responsibility

Our responsibility is to express an opinion on the Company Rs 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 judgement 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 Rs s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company Rs 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 Rs 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany Rs 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 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 31 2016 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 C. B. Chhajed & Co.

Chartered Accountants

(Firm Rs s Regn. No. 101796W)

C. B. Chhajed

{Partner}

Membership No. 009447

Place : Mumbai

Dated : 23.05.2016