You are here » Home » Companies » Company Overview » Goldcrest Corporation Ltd

Goldcrest Corporation Ltd.

BSE: 505576 Sector: Others
NSE: GOLCRESFIN ISIN Code: INE505D01014
BSE 00:00 | 25 Jan 162.65 7.70
(4.97%)
OPEN

147.25

HIGH

162.65

LOW

147.25

NSE 05:30 | 01 Jan Goldcrest Corporation Ltd
OPEN 147.25
PREVIOUS CLOSE 154.95
VOLUME 549
52-Week high 232.45
52-Week low 55.00
P/E 8.57
Mkt Cap.(Rs cr) 93
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 147.25
CLOSE 154.95
VOLUME 549
52-Week high 232.45
52-Week low 55.00
P/E 8.57
Mkt Cap.(Rs cr) 93
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Goldcrest Corporation Ltd. (GOLCRESFIN) - Auditors Report

Company auditors report

to the members of goldcrest corporation limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the accompanying standalone financial statements ofGoldcrest Corporation Limited ("the Company") which comprise the Balance Sheetas at March 31 2021 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Changes in Equity and the Statement of Cash Flows for the yearended on that date and a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the standalone financialstatements").

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312021the profit and total comprehensive income changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in theAuditor's Responsibilities for the Audit of the Standalone Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ("ICAI")together with the independence requirements that are relevant to our audit of thestandalone statements under the provisions of the Act and the Rules made thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matter described below to bethe key audit matter to be communicated in our report.

Key Audit Matter How our Audit addressed the Key Audit matter
Assessment of Litigations and related disclosure of Contingent Liabilities & Provisions Our audit procedures included the following:
As at March 31 2021 the Company has exposures towards litigations relating to various matters as stated below:- • We understood assessed and tested the design and operating effectiveness of key controls surrounding assessment of litigations relating to the relevant laws and regulations;
Name of Dues Forum where dispute is pending Period Amount (Rs) • We discussed with management the recent developments and the status of the material litigations which were reviewed and noted by the audit committee;
Income Tax CIT Appeals-4 AY 2013-14 Nil • We performed our assessment on a test basis on the underlying calculations supporting the contingent liabilities/ other significant litigations made in the Standalone Financial Statements;
Income Tax CIT-Appeals AY 2018-19 1264690/- • We used auditor's experts to gain an understanding and to evaluate the disputed tax matters;
Electricity Dues Refer Note No. 20 of the Financial Statement. 18559436/-
Significant management judgement is required to assess such matters to determine the probability of occurrence of material outflow of economic resources and whether a provision should be recognized or a disclosure should be made. The management judgement is also supported with legal advice in certain cases as considered appropriate. • We evaluated management's assessments by understanding precedents set in similar cases and assessed the reliability of the management's past estimates / judgments;
As the ultimate outcome of the matters are uncertain and the positions taken by the management are based on the application of their best judgement related legal advice including those relating to interpretation of laws/regulations it is considered to be a Key Audit Matter. • We evaluated management's assessment around those matters that are not disclosed or not considered as contingent liability as the probability of material outflow is considered to be remote by the management; and
• We assessed the adequacy of the Company's disclosures.
Based on the above work performed management's assessment in respect of litigations and related disclosures relating to contingent liabilities/other significant litigations in the Standalone Financial Statements are considered to be reasonable.

information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board's Report including Annexureto Board's Report Business Responsibility Report Corporate Governance andShareholder's Information but does not include the standalone financial statementsand our auditor's report thereon.

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

In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated.

If based on the work we have performed we conclude that there is amaterial misstatement of this other information; we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible 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.

The Board of Directors are responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial controls relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor's report. However future events orconditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 in terms of Section 143(11) ofthe Act we give in "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2) As required by Section 143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from thedirectors as on March 312021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 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 overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the Company'sinternal financial controls over financial reporting.

g) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 as amended in our opinion and to the best of our information and according tothe explanations given to us:

i. The Company has few pending litigations which will not materiallyimpact the financial position of the Company.

ii. The Company does not have any long-term contracts includingderivative contracts for which there were any material forceable losses.

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

Annexure - A to the Auditors' Report

(Referred to in paragraph 1 under ‘Report on other legal andregulatory requirements' section of our report to the members of GoldcrestCorporation Limited of even date for the year ended March 31 2021.)

(i) In respect to Fixed Assets:

a. The Company is maintaining proper records showing full particularsincluding quantitative details and situation of fixed assets.

b. As explained to us the Company has formulated a program of physicalverification of all the fixed assets. The fixed assets have been physically verified bythe management during the year which in our opinion is reasonable having regard to thesize of the Company and nature of its assets. No material discrepancies were noticed onsuch physical verification.

c. According to the information and explanations given to us and on thebasis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the company.

(ii) The Company does not hold any inventories during the year andhence para (ii) of the Order is not applicable.

(iii) The Company has granted loans to a corporate covered in theregister maintained under section 189 of the Companies Act 2013 (‘the Act').

(a) In the absence of any terms and conditions we are unable tocomment whether the granting of loan is prejudicial to the interest of the company.

(b) In the absence of terms and condition we are unable to comment onwhether loans granted to the bodies corporate listed in the register maintained undersection 189 of the Act are regular in the payment of the principal and interest asstipulated.

(c) In the absence of terms and condition we are unable to comment onwhether there are any overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of the section 185 and 186 ofthe Act with respect to the loans and investments made. The Company has not given andguarantees and securities to any parties.

(v) As represented the Company has not accepted any deposits from thepublic within the meaning of Sections 73 to 76 of the Act and the rules framed thereunder.

(vi) The maintenance of cost records has not been specified by thecentral government under section 148 (1) of the Act for the business activities carriedout by the company. Thus reporting under clause 3 (vi) of the order is not applicable tothe company.

(vii) In respect to statutory dues :

a) According to the information and explanations given to us andrecords of the Company examined by us in our opinion the Company is generally regular indepositing undisputed statutory dues including provident fund investor education andprotection fund employees state insurance income tax sales-tax Goods and Service Taxservice tax custom duty excise duty cess and any other material statutory dues asapplicable with the appropriate authorities.

b) According to the information and explanations given to us and therecords of the Company examined by us there are no undisputed amounts payable in respectof dues of Provident Fund Income Tax Sales Tax Goods and Service Tax Value added TaxService Tax Customs Duty Excise Duty Cess and other material statutory dues in arrearsas at March 312021 for a period of more than six months from the date they becomepayable.

Details of dues of Income Tax which has not been deposited on as atMarch 31 2021 on account of dispute are given below.

Sr. Name of Dues No. Forum where dispute is pending Period to which amount relates Amount involved in '
1 Income Tax CIT Appeals 4 A.Y. 2013-14 NIL
2 Income Tax CIT Appeals A.Y. 2018-19 1264690/-

(viii) According to the information and explanations given to us andbased on our verification of accounts the company has not taken any loans from BanksFinancial Institutions Debenture Holders or Government.

(ix) The Company did not raise any money by way of initial public offeror further public offer (including debt instruments) and term loans during the year.Accordingly paragraph 3(ix) of the Order is not applicable.

(x) Based upon the audit procedures performed and information andexplanations given by the management we report that we have not come across any instancesof fraud by the Company and no material fraud on the company by its officers / employeeshas been noticed or reported during the year nor have we been informed of such case bythe management.

(xi) According to the information and explanations give to us and basedon our examination of the records of the Company the Company has paid\provided formanagerial remuneration during the year which is in accordance with the provisions ofsection 197 read with Schedule V of the Act.

(xii) The Company is not a Chit Fund Company/or Nidhi/ Mutual benefitfund/Society and hence reporting under clause XII of the order is not applicable.

(xiii) According to information and explanation given to us and basedon our verification of accounts all transactions with related parties are in compliancewith sections 177 and 188 of the Act where applicable and the details have been disclosedin the Financial Statements as required by applicable accounting standards.

(xiv) The Company has not made any preferential allotment or privateplacement of shares or partly convertible debentures during the year and hence para (xiv)is not applicable.

(xv) The Company has not entered into any non-cash transactions withany of its directors and hence Para (xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45IAof the Reserve Bank of India Act 1934.

Annexure - B to the Auditor's Report

Referred to in paragraph (f) ‘Report on Other Legal and RegulatoryRequirements' in our Independent Auditor's Report to the members of theGoldcrest Corporation Limited on even date.

Report on the internal Financial Controls of Standalone FinancialStatements under Clause (i) of Sub-section 3 of the Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financialreporting of Goldcrest Corporation Limited ("the company") as of 31 March2021 in conjunction with our audit of the standalone Ind AS financial statements of theCompany for the year ended on that date.

Management's Responsibility for internal Financial Controls

The Company's management is responsible for establishment andmaintaining internal financial controls based in the internal control over financialreporting criteria establishment by the Company considering the essential components ofinternal control stated in the Guidance Note on audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India("ICAI"). This responsibility includes the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was establishment and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedure selected depends on the auditor's 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 is sufficient andappropriate to provide a basis for our audit opinion on the company's internalfinancial controls systems over financial reporting.

Meaning of internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover financial 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

inherent Limitations of internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatement due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal control over financialreporting may become inadequate because of changes in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31 March 2021 basedon the internal control over reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the ICAI.

For PANKAJ P. SANGHAVI & CO.
Chartered Accountants
ICAI Registration No. 107356W
Ankit P. Sanghavi
(Partner)
Membership No.131353
Place : Mumbai
Date : 23.06.2021
UDIN No. 21131353AAAABW2432

.