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Garnet International Ltd.

BSE: 512493 Sector: Financials
NSE: N.A. ISIN Code: INE590B01010
BSE 00:00 | 16 Nov 54.50 -2.05
(-3.63%)
OPEN

56.80

HIGH

67.70

LOW

48.05

NSE 05:30 | 01 Jan Garnet International Ltd
OPEN 56.80
PREVIOUS CLOSE 56.55
VOLUME 2903
52-Week high 665.66
52-Week low 47.20
P/E
Mkt Cap.(Rs cr) 106
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 56.80
CLOSE 56.55
VOLUME 2903
52-Week high 665.66
52-Week low 47.20
P/E
Mkt Cap.(Rs cr) 106
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Garnet International Ltd. (GARNETINTL) - Auditors Report

Company auditors report

To the Members of

Garnet International Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of GarnetInternational Limited (the ‘Company') which comprise the Balance Sheet as at March31 2018 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory informationwhich we have signed under reference to this report.

Management's Responsibility for the Standalone Financial Statements

2. 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)Rules 2014 and Accounting Standard 30 Financial Instruments: Recognition and Measurementissued by the Institute of Chartered Accountants of India to the extent it does notcontradict any other accounting standard referred to in Section 133 of the Act read withRule 7 of Companies (Accounts) Rules 2014. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding the 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.

Auditors' Responsibility

3. 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 inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the 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.

5. 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

6. In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 and its Loss and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

7. As required by ‘the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure A a statement on thematters specified in paragraphs 3 and 4 of the Order.

8. 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 accompanying standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and Accounting Standard 30 Financial Instruments:Recognition and Measurement issued by the Institute of Chartered Accountants of India tothe extent it does not contradict any other accounting standard referred to in Section 133of the Act read with Rule 7 of Companies (Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164 (2) of theAct;

(f) With respect to 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.

(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;

(ii) The Company didn't have any long-term contracts or derivative contracts as atMarch 31 2018 for which there were no material foreseeable losses;

(iii) There has not been an occasion in case of the Company during the year underreport to transfer any Sums to the Investor Education and Protection Fund. The question ofdelay in transferring such sums does not arise.

For MVK Associates
Chartered Accountants
Firm Registration Number: 120222W
CA. Mittal Vora
Place : Mumbai Partner
Date : 30th May 2018. Mem. No. : 140786

Annexure A to Independent Auditors' Report

Referred to in paragraph 7 of the Independent Auditors' Report of even date to themembers of Garnet International Limited on the standalone financial statements as of andfor the year ended March 31 2018.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As informed the fixed assets are physically verified by the Management at regularintervals. No material discrepancies have been noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the company.

ii. The inventory of the company i.e. Shares has been kept in dematerialized form.Hence question of physically verification by the Management would not arise. Hence thisclause is not applicable. Hence the provisions of Clause 3(ii) of the Order are notapplicable to the Company.

iii. The company had granted unsecured loans to One (1) Subsidiary Company covered inthe register maintained under section 189 of the Companies Act during the year.

a) In our opinion the terms and conditions on which loans have been granted are notprejudicial to the interest of the company.

b) Such loan is repayable on demand and no demand for repayment has been raised.

c) There is no overdue amount of loans so granted to the parties.

iv. In our opinion and according to the information and explanations given to us theCompany has not given any loan guarantee or security in respect of loans or madeinvestments as per the provisions of section 185 and 186 of the Companies Act 2013.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits within the meaning of Sections 73 to 76 or any otherrelevant provisions of the Companies Act and the rules framed there under.

vi. Cost records under sub-section (1) of section 148 of the Companies Act is notapplicable to the Company.

vii. (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund employees' state insurance salestax service tax duty of customs duty of excise value added tax and other materialstatutory dues as applicable with the appropriate authorities in India.

According to the information and explanations given to us no undisputed amountspayable in respect of aforesaid dues were in arrears as at March 31 2018 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.

viii. According to the records of the Company the company has not borrowed fromfinancial institutions or banks or Government or has not issued any debentures till March31 2018. Accordingly provisions of Clause 3(viii) of the Order are not applicable to thecompany.

ix. According to the information and explanations given to us and the records of theCompany examined by us the Company has not raised any money by way of initial publicoffer or further public offer and term loans during the year. Accordingly provisions ofClause 3(ix) of the Order are not applicable to the company.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. As the Company has not paid any Managerial remuneration during the year theprovisions of Clause 3(xi) of the Order are not applicable to the Company.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii. In our opinion and as per information and explanations provided to us bymanagement all the transactions with the related parties are in compliance with theprovisions of sections 177 and 188 of Companies Act 2013 where applicable and the detailshave been disclosed in the financial statements as required under Accounting Standard (AS)18 Related Party Disclosures specified under Section 133 of the Act read with rule 7 ofthe Companies (Accounts) Rules 2014.

xiv. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review except conversionof share warrants into equity shares during the year. The Company has complied with therequirements of Section 42 of the Companies Act 2013 and the amounts raised have beenused for the purposes for which they were raised.

xv. According to the records of the Company examined by us and the information andexplanation given to us the company has not entered into any non-cash transactions withits directors or persons connected with him. Accordingly the provisions of Clause 3(xv)of the Order are not applicable to the Company.

xvi. The company is required to be registered under section 45-IA of the Reserve Bankof India Act 1934. In lieu of this Company has changed its main object clause and isalso under process of registration itself with RBI under section 45- IA.

For MVK Associates
Chartered Accountants
Firm Registration Number: 120222W
CA. Mittal Vora
Place : Mumbai Partner
Date : 30th May 2018 Mem. No. : 140786