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Gold Rock Investments Ltd.

BSE: 501111 Sector: Financials
NSE: N.A. ISIN Code: INE598F01014
BSE 00:00 | 15 Jun Gold Rock Investments Ltd
NSE 05:30 | 01 Jan Gold Rock Investments Ltd
OPEN 11.02
PREVIOUS CLOSE 11.02
VOLUME 25
52-Week high 11.02
52-Week low 10.50
P/E 0.27
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.02
CLOSE 11.02
VOLUME 25
52-Week high 11.02
52-Week low 10.50
P/E 0.27
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gold Rock Investments Ltd. (GOLDROCKINVES) - Auditors Report

Company auditors report

TO THE MEMBERS OF

GOLD ROCK INVESTMENTS LIMITED

Report on the Standalone financial statements

We have audited the accompanying standalone financial statements of GOLD ROCKINVESTMENTS LIMITED (‘The Company") which comprise the Balance Sheet as atMarch 31 2021 Statement of the Profit & Loss (including other comprehensive income)changes in equity and the cash flow statement for the year ended including a summary ofthe significant accounting policies and other explanatory information (hereinafterreferred to as "the standalone financial statements"). In our opinion and to thebest of our information and according to the explanations given to us the aforesaidstandalone financial statements give the information required by the Companies Act 2013("the Act") in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 and Profit & Loss and other comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

We have determined the matter described below to be the key audit matter in our auditof the Company for the year ended March 31 2021:

Key Audit Matter Auditor's Response
1. Fair Valuation of investments
The Company's investments (other than investment in Subsidiary and Associates) are measured at fair value at each reporting date and these fair value measurements significantly impact the Company's results. We have assessed the Company's process to compute the fair value of various investments.
Within the Company's investment portfolio the valuation of certain assets such as unquoted equity requires significant judgement as a result of quoted prices being unavailable and limited liquidity in these markets. For quoted instruments we have independently obtained NSDL valuation report and recalculated the fair valuations.
For the unquoted instruments we have obtained an understanding of the various valuation methods used by management and analysed the reasonableness of the principal assumptions made for estimating the fair values and various other data used while arriving at the fair value measurement.

Information other than the standalone Financial Statements and Auditor's Report Theron

The Company's management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company'sannual report Management Discussion and analysis Board's Report including Annexures toBoard's Report Business Responsibility Report Corporate Governance and Shareholder'sInformation but does not include the standalone financial statements and our auditors'report thereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's management and Board of Directors are responsible for the matters statedin Section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the state of affairs profit and loss (including other comprehensive income) changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone financial statements management and Board of Directors areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Board of Directors is also responsible for overseeing the Company's financial reportingprocess.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalonefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher thanfor one resulting from error as fraud may involve collusion forgery intentionalomissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to standalone financial statements inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditors' report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

• Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial thatindividually or in aggregate makes it probable that the economic decisions of areasonable knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and factors in

(i) planning the scope of our audit work and in evaluating the results of our work; and

(ii) to evaluate the effect of any identified misstatements in the financialstatements.

We communicative with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors' report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein "Annexure A" a statement on the matters specified in paragraphs 3 and 4 ofthe 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 (including other comprehensiveincome) the Standalone Statement of Changes in Equity and the Statement of Cash Flowsdealt with by this Report are in agreement with the relevant 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 March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B". Our Report express an unmodifiedopinion on the adequacy and operating effectiveness of the company's internal financialcontrols over financial reporting.

g) With respect to the matter to be included in the Auditors' Report in accordance withthe requirements of section 197(16) of the act as amended In our opinion and accordingto the information and explanations given to us the remuneration paid by the Company toits directors during the current year is in accordance with the provisions of Section 197of the Act. The remuneration paid to any director is not in excess of the limit laid downunder Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed otherdetails under Section 197(16) which are required to be commented upon by us.

h) With respect to the other matters to be included in the Auditors' 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 wefurther report that:

i. The Company has disclosed the impact of pending litigations as at March 31 2021 onits financial position in its standalone financial statements;

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

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

ANNEXURE A TO THE AUDITORS' REPORT

The Annexure referred under "Report on other Legal and RegulatoryRequirement's" section of our Independent Auditors report to the members of thecompany on the standalone financial statements for the year ended March 31 2021 wereport that:

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

b) The Company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner over a period of three years. Inour opinion this periodicity of physical verification is reasonable having regard to thesize of the Company and the nature of its assets. Pursuant to the programme certain fixedassets were physically verified during the year and no material discrepancies were noticedon such verification.

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 propertiesincluded in fixed assets are held in the name of the Company as at balance sheet date. Inrespect of immovable properties been taken on lease and disclosed as property plant andequipment in the standalone financial statements the lease agreements are in the name ofthe Company.

ii) According to the information and explanation given to us and on the basis ofexamination of the records of the company company does not have any inventory andtherefore the provisions of the clause 3(ii) of the order are not applicable to thecompany.

iii) According to the information and explanations given to us and on the basis ofexamination of the records of the company

a) The Company has granted loans to parties covered in the register maintained underSection 189 of the Companies Act 2013. The maximum amount involved during the year wasRs. 91566698/- and the year end balance of loans taken from such parties was Rs.91566698/-.

b) As per the information and explanation given to us the loan taken are repayable ondemand and no repayment schedule is stipulated.

c) In the view of c) above there is no overdue amount in respect of the loan taken bythe company.

d) The company has taken unsecured loan from parties covered in the register maintainedunder section 189 of the companies Act 2013. The maximum amount involved during the

year was Rs. 2679879/- and the year end balance of loans taken from such parties wasRs. 2679879/-.

e) As per the information and explanation given to us the loan taken are repayable ondemand and no repayment schedule is stipulated.

f) In the view of c) above there is no overdue amount in respect of the loan taken bythe company.

iv) In our opinion and according to the information and explanations given to us and onthe basis of examination of the records of the company the company has complied with theprovisions of Section 185 and 186 of the Act with respect to the loans given investmentsmade guarantees and securities given.

v) The Company has not accepted any deposits from the public within the meaning of thedirectives issued by the Reserve Bank of India provisions of Section 73 to 76 of the Actany other relevant provisions of the Act and the relevant rules framed there under anddoes not have any unclaimed deposits as at March 31 2021 and therefore the provisions ofthe clause 3(v) of the order are not applicable to the company.

vi) According to the information and explanation given to us and on the basis ofexamination of the records of the company the maintenance of cost records has not beenspecified by the Central Government under the sub-section (1) of section 148 of theCompanies Act 2013 for the business activities carried out by the company therefore theprovisions of the clause 3(vi) of the order are not applicable to the company.

vii) According to the information and explanation given to us and on the basis of ourexamination of the books of account in respect of statutory dues:

a) The company has generally been regular in depositing undisputed statutory duesincluding provident fund employees state insurance income tax Goods and service taxcustom duty cess and any other material statutory dues applicable to it with theappropriate authorities.

b) There were no disputed amounts payable in respect of provident fund Employee Stateinsurance income tax duty of customs Goods and service tax cess and other materialstatutory dues were in arrears as at March 31 2021 for the period of more than 6 monthsfrom date they became payable except for income tax demands shown on the income taxportal.

viii) The company has not taken any loans or borrowings from financial institutiongovernment or bank or has not issued any debentures therefore the provisions of theclause 3(viii) of the order are not applicable to the company.

ix) In our opinion and according to the information and explanations given to us and onthe basis of examination of the records of the company the Company has not raise anymoney by way of initial public offer or further public offer (including debt instruments)and terms loans during the year therefore the provisions of the clause 3(ix) of the orderare not applicable to the company.

x) In our opinion and according to the information and explanations given to us and onthe basis of examination of the records of the company no material fraud by the companyor on the company by its officers or employees has been noticed or reported during thecourses of our audit therefore the provisions of the clause 3(x) of the order are notapplicable to the company.

xi) In our opinion and according to the information and explanations given to us andbased on examination of the records of the Company the Company has paid / providedmanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act.

xii) In our opinion and according to the information and explanations given to us thecompany is not a Nidhi Company; therefore the provisions of the clause 3(xii) of theorder are not applicable to the company.

xiii) 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 & 188 of the Companies Act 2013 where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.

xiv) According to the information and explanations given to us 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 therefore the provisions of the clause 3(xiv) of the order are not applicable tothe company.

xv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into any non-cashtransactions with directors or person connected to its directors and hence provisions ofsection 192 of the companies Act 2013 are not applicable to the company. Accordinglyparagraph 3(xv) of the Order is not applicable to the Company

xvi) According to the information and explanations given to us and based on ourexamination of the records of the company the company is required to be registered underSection 45-IA of the Reserve Bank of India Act 1934. Its continues to hold thecertificate at the year end.

ANNEXURE B TO AUDITOR'S REPORT

Referred to in paragraph 2 (f) under "Report on other Legal and RegulatoryRequirement's" section of our report to the members of GOLD ROCK INVESTMENTS LIMITEDof even date Report on the Internal Financial Controls under clause (i) of sub section 3of section 143 of the Companies Act 2013 ( ‘the Act')

We have audited the internal financial controls over financial reporting of GOLD ROCKINVESTMENTS LIMITED as of March 31 2021 in conjunction with our audit of the financialstatements of the Company for the year ended on that date.

Management's Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal controls 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) these responsibilitiesinclude the design implementation and maintenance and adequacy internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct ofits business including adherence to the Company's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Companies Act 2013.

Auditors' Responsibilities

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 Guidance Note in Audit of Internal Financial Controls over Financial Reporting (theGuidance Note) and the Standards on Auditing issued by ICAI and deemed to be prescribedunder Section 143 (10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India (ICAI). ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate InternalFinancial Controls over financial reporting were established and maintained and if suchcontrols 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 Financial Controls based on the assessed risk. Theprocedures selected depend on the auditors' judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained in sufficient and appropriate toprovide a basis for our audit opinion on the Company's Internal Financial Controls overfinancial reporting.

Meaning Of Internal Financial Controls over Financial Reporting

A company's Internal Financial Controls 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 Controls over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofthe records that in reasonable detail accurately and fairly reflect the transactions anddispositions 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 expenditure of the Company are being made only inaccordance with authorization of the 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 Limitation of Internal Financial Controls Over Financial Reporting

Because of the inherent limitation of Internal Financial Controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or frauds may occur and not be detected.Also projection of any evaluation of the Internal Financial Controls over financialreporting to future periods are subject to the risk that the Internal Financial Controlsover financial reporting may become inadequacy because of changes in condition or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the company has in all material respects an adequate Internal Financial Controlsover financial reporting and such Internal Financial Controls over financial reportingwere operating effectively as at March 31 2021 based on the Internal Controls overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For S G N & CO
Chartered Accountant
FRN - 134565W
Nirmal Jain Partner
Membership No.: 154074
UDIN: 21154074AAAADA1925
Place: Mumbai
Date: 30th June 2021

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