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Moksh Ornaments Ltd.

BSE: 535041 Sector: Consumer
NSE: MOKSH ISIN Code: INE514Y01012
BSE 05:30 | 01 Jan Moksh Ornaments Ltd
NSE 00:00 | 22 Feb 20.40 2.40
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Moksh Ornaments Ltd. (MOKSH) - Auditors Report

Company auditors report

To

The Members of MOKSH ORNAMENTS LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of MOKSH ORNAMENTSLIMITED which comprise of Balance sheet as at 31st March 2018 the statementof profit and loss and the cash flow statement for the year ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 with respect to the preparation and presentation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting the frauds and other irregularities: selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility:

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depends upon theauditor's judgment including the assessment of the risk of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.

? In so far as it relates to the Balance sheet of the statement of affairs of theCompany as at 31st March2018 ? In so far as it relates to the profit &Loss Account the profit of the company for the year ended on that date. ? In so far as itrelates to the Cash Flow The Cash flow Statement of the company for the year ended 31stMarch 2018.

Report on other Legal and Regulatory Requirements

? As required by the Companies (Auditor's Report) order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act we give in theAnnexure a statement on the matters specified in the paragraph 3 & 4 of the order tothe extent applicable. ? As required by section 143 (3) of the Act we report that:

? We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purpose of our audit. ? In our opinionproper books of account as required by the law have been kept by the Company so far as itappears from our examination of those books. ? The balance sheet the statement of profit& loss account and the cash flow statement dealt with by this report are in agreementwith the books of accounts. ? In our opinion the aforesaid financial statements complywith the Accounting Standards specified under section 133 of the act read with Rule 7 ofthe Companies (Accounts) Rules 2014 . ? On the basis of the written representationsreceived from the Directors as on 31st March 2018 taken on record by the Boardof Directors none of the director is disqualified as on 31st March 2018 frombeing appointed as a director in terms of Section 164(2) of the Act; ? With respect to theadequacy of internal financial control over financial reporting of the company and theoperating effectiveness of such controls refer to our separate report in Annexure B' and? With respect to the other matters to be included in the Auditor's Report in accordancewith the Rule 11 of the Companies (Audit and Auditors) rules 2014 in our opinion and tothe best of our information and according to the explanations given to us :

a. There were no Pending Litigation on the Company. b. The provisions as required underthe applicable law or accounting standards for material foreseeable losses if any on thelong term contracts including derivative contracts are not applicable to the company. c.There has been no such requirement for transferring amounts required to be transferred tothe

Investor Education and Protection Fund transfer by the Company.

For S D JAIN & CO
CHARTERED ACCOUNTANTS
FRN:116309W
Date: 21st May 2018
Place: Mumbai SHANTILAL D JAIN
PROPRIETOR
MEMBERSHIP NO: 110218

ANNEXURE A TO INDEPENDENT AUDITOR'S REPORT

The annexure referred to in our Independent Auditor's Report to the members of theCompany on the standalone financial statements for the year ended 31st March2018 we report that:

? 1) The Company has maintained proper records showing full particulars includingdetails and situation of fixed assets.

2) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner at regular intervals. In accordancewith the programme certain fixed assets were verified during the year and no materialdiscrepancies were noticed on such verification . In our opinion the periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets.

3) According to the information and explanations given to us and on the basis of outexamination of the records of the company there are immovable properties held in the nameof the company and the Directors which are mortgaged with Bharat Co-operative Bank foravailing Bank guarantee and cash credit facilities. The details thereof are as follows:

? 1)Property at Bhiwandi-Company

? 2)Residential and Office Property – Direct

? In respect of its inventories:

Physical verification of inventories has been conducted at reasonable intervals by themanagement and no material discrepancies were noticed.

? The Company has not generated any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register under section 189of the Companies Act 2013

? In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits and hence the directives issues by the Reserve Bankof India and the provisions of section 73 to 76 or any other relevant provisions to theact and the rules made thereunder are not applicable to the company

? The maintenance of cost records is not applicable as prescribed by the CentralGovernment under section 148 (1) of the Act to the Company.

? 1) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of unpublished statutory dues including provident fund income taxsales tax wealth tax service tax duty of customs value added tax cess GST and othermaterial statutory dues have been regularly deposited during the year by the company withthe appropriate authorities. As explained to us the Company did not have any dues onaccount of employees state insurance and duty to excise. According to the information andexplanations given to us no undisputed amounts payable in respect of provident fundincome tax sales tax wealth tax service tax duty of customs value added tax cessGST and other material statutory dues were in arrears as at 31st March 2018for a period of more than ^ months from the date they became payable.

? Based on the audit procedures and on the basis of information and explanations givenby the management the Company has not defaulted in repayment of loans or borrowings toany financial institutions or banks. The company has not taken any loans from thegovernment. The company has not issued any debentures as at the balance sheet date

? The company has not raised any money by way of initial public offer during the year.The company has not raised any money by way of further public issue (including debtinstruments) during the year. Accounting information and explanations given to us termsloans have been applied for the purpose for which they were obtained.

? According to the information and explanations given to us no material fraud by thecompany ao on the company by its officers or employees has been noticed or reported duringthe year nor have we been informed of any such case by the management.

? The Managerial remuneration has been paid or provided during the year which does notexceed the limits prescribed in section 197 read with the applicable schedule of the act.Accordingly requisite approvals mandated by the provisions of section 197 read withSchedule v of the Companies act 2013 are not applicable.

? In our opinion an according to the information and explanations given to us and basedon our examinations the company is not a Nidhi company. Accordingly paragraph 3xii) ofthe order is not applicable.

? According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 o the Act where applicable And details of suchtransactions have been disclosed in the financial statements are required and details ofsuch transactions have been disclosed in the financial statements as required by theapplicable accounting standards.

? 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. The company gas not issues any convertibledebentures during the year.

? 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 non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe order is not applicable.

? The company is not required to be registered under section 45-IA of the Reserve Bankof India Act 1934.

For S D JAIN & CO
CHARTERED ACCOUNTANTS
FRN: 116309W
Date: 21st May 2018
Place: Mumbai SHANTILAL D JAIN
PROPRIETOR
MEMBERSHIO NO: 110218

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls under clause (i) of Sub-section 3 of section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of MokshOrnaments Limited ("the company") as of 31st March 2018 inconjunction with our audit of the financial statements of the company for the period endedon that date.

Management's Responsibility for the Financial Statements

The company's management is responsible for establishing and maintaining internalfinancial controls based on the internal controls over internal financial reportingcriteria established by the company considering the essential components of internalcontrol stated in the Guidance note on internal financial control over internal financialreporting issued by the Institute of Chartered Accountants Of India ("ICAI") .These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to the company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theadequacy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies act 2013.

Auditor's Responsibility

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 the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingand the Standards on Auditing issued by the Institute of Chartered Accountants of India.And deemed to be prescribed under section 143(10) of the companies act 2013. The extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia . Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial reporting systems over financial reporting and their operatingeffectiveness Our audit if internal financial controls over financial reporting includedobtaining an understanding of internal controls over internal reporting assessing therisk that a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risk of materialmisstatements of financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the company's internal controls system overfinancial reporting

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial; statement for external purposes in accordance with generallyaccepted accounting principle . A company's internal financial control over financialreporting included those policies and procedures that:

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions 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 expenditures of the company are being made only inaccordance with authorizations of management and directors of the Company ; and

(3) provide reasonable assurance regarding prevention or timely detection of authorizedacquisition use or disposition of the company's assets that could have a materialeffect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusions or improper managements due to error orfraud may occur and not be detected. Also projections of any evaluations of the internalfinancial controls over financial reporting to future projects are subject to risk thatthe internal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or procedure maydeteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls systems over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31.03.2018 based on theinternal control over financial reporting criteria established by the company consideringthe essential components of internal control stated in the guidance note on audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India

For S D JAIN & CO
CHARTERED ACCOUNTANTS
FRN: 116309W
Date: 21st May 2018
Place: Mumbai SHANTILAL D JAIN
PROPRIETOR
MEMBERSHIP NO: 110218