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Golden Carpets Ltd.

BSE: 531928 Sector: Industrials
NSE: N.A. ISIN Code: INE595D01015
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NSE 05:30 | 01 Jan Golden Carpets Ltd
OPEN 7.39
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VOLUME 1
52-Week high 7.93
52-Week low 4.30
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.39
CLOSE 7.39
VOLUME 1
52-Week high 7.93
52-Week low 4.30
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Golden Carpets Ltd. (GOLDENCARPETS) - Auditors Report

Company auditors report

T o the Members of Golden Carpets Limited

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR 2020-21

Opinion

We have audited the accompanying standalone financial statements ofGolden Carpets Limited ('the Company') which comprise the Standalone Balance Sheet as atMarch 31 2021 the Standalone Statement of Profit and Loss (including Other ComprehensiveIncome) the Standalone Cash Flow Statement and the Standalone Statement of Changes inEquity for the year then ended and a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us except for the information referred to in Basis for Qualifiedopinion of our report the aforesaid standalone financial statements give the informationrequired by the Companies Act 2013('Act') in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in Indiaincluding Indian Accounting Standards ('Ind AS') specified under section 133 of the Actof the state of affairs(Financial position) of the Company as at March 312021 and itsprofit (financial performance including other comprehensive income) its cash flows andthe changes in equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10)of the Act. Our responsibilities under thosestandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issue d by the Institute of Chartered Accountants ofIndia ('ICAI')together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the rules there under and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

KEY AUDIT MATTER

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 financialstatements as a whole and in forming our opinion thereon and wed o not provide aseparate opinion on these matters.

We have determined the matter described below to be the key auditmatters to be communicated in our report.

Key Audit Matter How our Audit addressed the key audit matter
Nil NA

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S REPORTTHEREON

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the financial statements and our auditor's report thereon.Our opinion on the financial statements does not cover the other information and we willnot express any form of assurance conclusion thereon. In connection with our audit of thefinancial statements our responsibility is to read the other information and in doingso consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. 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.

RESPONSIBILITIES OF MANAGEMENT FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is 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 (financial position)profit or loss (financial performance including other comprehensive income) cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Ind AS specified under section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors is also responsible for over seeing theCompany's financial reporting process.

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report on Standalone Financials that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted in accordance with Standards on Auditing will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesefinancial statements.

As part of an audit in accordance with Standards on Auditing weexercise professional judgment and maintain professional skepticism throughout the audit.We also:

Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional commissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Undersection143(3)(i) of the Act we are also responsible for explaining our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness 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' issues of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are in adequateto modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

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 financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould 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 ('theOrder') issued by the Central Government of India in terms of section 143(11) of the Actwe give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of theOrder.

2. Further to our comments in Annexure A as required by section 143(3)of the Act we report that:

a) we have sought and obtained all the information and explanationswhich to the best of 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 beenkept by the Company so far as it appears from our examination of those books;

c) the standalone financial statements dealt with by this report are inagreement with the books of account;

d) In our opinion the aforesaid standalone financial statements complywith Ind AS specified under section 133 of the Act;

e) on the basis of the written representations received from thedirectors and taken on record y the Board of Directors none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms ofsection164(2) of the Act;

f) we have also audited the internal financial controls over financialreporting (IFCoFR) of the Company as on 31st March 2021 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate and our report as per Annexure B expressed unmodified opinion; and

g) with respect to the other matters to be included in the Auditor'sReport in accordance with rule11 of the Companies (Audit and Auditors) Rules2014 (asamended) in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position as at 31 March 2021;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses as at 31 March2021;

iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended 31March 2021; and

iv. The disclosure requirements relating to holdings as well asdealings in specified banknotes were applicable for the period from8 November 2016 to 30December 2016 which are not relevant to these standalone financial statements. Hencereporting under this clause is not applicable.

3. As required by section 197(16) of the Act we report that theCompany has paid remuneration to its directors during the year in accordance with theprovisions of and limits laid down under section 197 read with Schedule V to the Act.

For M/S. T R M & ASSOCIATES
Chartered Accountants
Firm's Registration No.: 009224S
T RAM MURTHY
Partner
Membership No.: 024789
Place: Hyderabad UDIN: 21024789AAAAAZ9638
Date: 29.06.2021

Annexure A to the Independent Auditor's Report of even date to themembers of Golden Carpets Limited on the standalone financial statements for the yearended March 31 2021

1. Based on the audit procedures performed for the purpose of reportinga true and fair view on the standalone financials statements of the Company and takinginto consideration the information and explanations given to us and the books of accountand other records examined by us in the normal course of audit and to the best of ourknowledge and belief we report that:

2. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The Company has a regular program of physical verification of itsfixed assets under which fixed assets are verified in a phased manner over a period ofthree years which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. In accordance with this program certain fixed assets wereverified during the year and no material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties (which are includedunder the head 'Property plant and equipment') are held in the name of the Company.

3. In our opinion the management has conducted physical verificationof inventory at reasonable intervals during the year No material discrepancies werenoticed on the aforesaid verification.

4. The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under Section 189 of the Act. Therefore the provisions of Clause 3(iii)(iii)(a) (iii)(b) and (iii)(c) of the said Order are not applicable to the Company

5. In our opinion the Company has complied with the provisions ofSection 186 in respect of investments and loans. Further in our opinion the Company hasnot entered into any transaction covered underSection185 and Section 186 of the Act inrespect of guarantees and security.

6. In our opinion the Company has not accepted any deposits within themeaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits)Rules2014 (as amended). Accordingly the provisions of clause 3(v) of the Order are notapplicable.

7. The provisions of sub-section (1) of Section 148 of the CompaniesAct 2013 for the maintenance of cost records are not applicable to the Company.

8. Undisputed statutory dues including provident fund employees' stateinsurance income- tax goods and service tax duty of customs cess and other materialstatutory dues as applicable have generally been regularly deposited with theappropriate authorities though there has been a slight delay in a few cases. Further noundisputed amounts payable in respect there of were outstanding at the year-end for aperiod of more than six months from the date they became payable.

9. The Company has does not have any loans or borrowings from any banksor financial institutions and has no outstanding payable to any bank as at 31stMarch 2021.

10. In our opinion the Company has not raised any moneys by way ofterm loans initial public offer or further public offer (including debt instruments)

11. During the course of our examination of the books and records ofthe Company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us we have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year nor have we been informed of any such caseby the Management

12. Managerial remuneration has been paid / provided by the Company inaccordance with the requisite approvals mandated by the provisions of Section 197of theAct read with Schedule V to the Act.

13. In our opinion the Company is not a Nidhi Company .Accordinglyprovisions of clause 3(xii) of the Order are not applicable.

14. In our opinion all transactions with the related parties are incompliance with Sections 177 and 188 of Act where applicable and the requisite detailshave been disclosed in the standalone financial statements etc. as required by theapplicable Ind AS.

15. During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures.Accordingly provisions of the clause 3(xiv) of the order are not applicable.

16. In our opinion the Company has not entered into any non-cashtransactions with the directors or persons connected with them covered under Section 192of the Act. Accordingly the provisions of clause 3(xv) of the order are not applicable.

17. The Company is not required to be registered under Section 45-IA ofthe Reserve Bank of India Act 1934.

For T R M & ASSOCIATES
Chartered Accountants
Firm's Registration No.: 0092245
T RAM MURTHY
Partner
Membership No.: 024789
UDIN: 21024789AAAAAZ9638
Place: Hyderabad
Date: 29.06.2021

Annexure B to the Independent Auditor's Report of even date to themembers of Golden Carpets Limited on the standalone financial statements for the yearended March 31 2021

Independent Auditor's Report on the Internal Financial Controls underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ('the Act')

Opinion

1. In conjunction with our audit of the financial statements of GoldenCarpets Limited ('the Company')as at and for the year ended March 31 2021 we haveaudited the internal financial controls over financial reporting ('IFCoFR') of the Companyas at that date.

2. In our opinion the Company has in all material respects adequateinternal financial controls over financial Reporting and such controls were operatingeffectively as at March 31 2021 based on the internal control over financial reportingcriteria established by the company considering the essential components of internalcontrol stated in the Guidance Note issued by the ICAI.

Management's Responsibility for Internal Financial Controls

3. The Company's Board of Directors is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting ('the Guidance Note') issued by the Institute of Chartered Accountantsof India('ICAI').These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of the Company's business including adherence to theCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor's Responsibility

4. Our responsibility is to express an opinion on the Company's IFCoFRbased on our audit. We conducted our audit in accordance with the Standards on Auditingissued by the ICAI and deemed to be prescribed under Section 143(10) of the Act to theextent applicable to an audit of IFCoFR and the Guidance Note issued by the 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 IFCoFR wereestablished and maintained and if such controls operated effectively inall materialrespects.

5. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the IFCoFR and their operating effectiveness. Our audit of IFCoFRincludes obtaining an understanding of IFCoFR assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

6. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

7. A company's IFCo FR is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company's IFCo FR include those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(3) Provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

8. Because of the inherent limitations of IFCo FR including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the IFCo FR to future periods are subject to the risk that the IFCoFRmay become in adequate because of changes in conditions or that the degree of compliancewith the policies or procedures may deteriorate.

For T R M & ASSOCIATES
Chartered Accountants
Firm's Registration No.: 0092245
T RAM MURTHY
Partner
Membership No.: 024789
UDIN: 21024789AAAAAZ9638
Place: Hyderabad
Date: 29.06.2021

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