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Palm Jewels Ltd.

BSE: 541444 Sector: Others
NSE: N.A. ISIN Code: INE838Z01012
BSE 00:00 | 26 Nov 16.85 -0.55
(-3.16%)
OPEN

18.15

HIGH

18.15

LOW

16.80

NSE 05:30 | 01 Jan Palm Jewels Ltd
OPEN 18.15
PREVIOUS CLOSE 17.40
VOLUME 35661
52-Week high 84.45
52-Week low 15.60
P/E 56.17
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 18.15
CLOSE 17.40
VOLUME 35661
52-Week high 84.45
52-Week low 15.60
P/E 56.17
Mkt Cap.(Rs cr) 17
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Palm Jewels Ltd. (PALMJEWELS) - Auditors Report

Company auditors report

To the Members of

Palm Jewels Ltd.

Report on the Audit of the Financial Statements Opinion

We have audited the accompanying financial statement of Palm Jewels Ltd. which comprisethe Balance Sheet as at 31st March 2020 the statement of Profit and Loss andStatement of Cash flows for the year then ended and a summary of the significantaccounting policies and other explanatory information(hereinafter referred to as "thefinancial statements")

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 thecompanies Act 2013 ("the Act") in the manner so required and give true and fairview in conformity with accounting principles generally accepted in india of the Financialposition (state of affairs) of the company as at 31st March 2020and itsfinancial performance 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) Prescribedunder section 143(10) of the Act. Our responsibilities under those standards are furtherdescribed in the Auditor's Responsibilities for the audit of the 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 together with the ethicalrequirements that are relevant to our audit of the financial statement under the provisionof the Act and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirement and the code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Information Other than the Standalone Financial Statements

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the standalone financial statements and our auditor's 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 during the course of our 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 Financial Statements

The Company's Board of Directors are responsible for the matters stated in section134(5) of the Companies Act 2013 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (‘Ind As') specifiedunder section 133 of the Act read with the Companies (Indian Accounting Standard) Rules2015 as amended.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting 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 standalone 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 are responsible for overseeing the Company's financial reportingprocess.

Auditors' Responsibility

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 misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances.

• 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 ourauditor's 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.

We communicate 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 requirement regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.

Report on Other Legal and Regularity Requirements

As required by the Companies (Auditor's Report) Order 2016 issued by the Central

Government in terms of sub section (11) of section 143 of the Act we give in"Annexure A" a statement on matters specified in paragraphs 3 and 4 of the saidorder.

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 purpose of our audit;

b) In our opinion proper books of accounts as required by law have been kept by thecompany so far as it appears from our examination in those books;

c) The Balance Sheet and the Statement of Profit and Loss Statement dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from Directors as on March 31 2020and taken on record by the Board of Directors we report that none of the Directors isdisqualified as on March 31 2020 from being appointed as a Director in terms of subsection (2) of section 164 of the Companies Act 2013.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company we found it to be in commensurate with size of the Company and interms of

operating effectiveness of such controls it is found to be operating effectively andefficiently.

g) With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

(i) The Company does not have any pending litigations which would impact its financialposition.

(ii) The company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

FOR A.K.SHAH& ASSOCIATES
Chartered Accountants
Firm Reg. No. 109478W
S/d
( Ajit K. Shah )
Place: Ahmedabad. Proprietor
Dated: 27.07.2020 Membership No. 44602

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of Palm Jewels Limited for theyear Ended on 31/03/2020. We report that:

Sr. No. Particulars Auditors Remarks
(i) (a) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets; Yes.
(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; Yes. No Material Discrepancies are noticed.
(c) whether the title deeds of immovable properties are held in the name of the company. If not provide the details thereof; Yes.
(ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management Yes.
(b) whether any material discrepancies were noticed on physical verification and if so whether the same have been properly dealt with in the books of account; No Material Discrepancies noticed.
(iii) whether the company has granted any loans secured or unsecured to companies firms or other parties covered in the register maintained under section 189 of the Companies Act. If so No
(a) whether the Terms and conditions of the grant of such loans are not prejudicial to the company's interest; N.A.
(b) whether schedule of repayment of principal amount and payment of interest has been stipulated and whether the repayments and receipts are regular; and N.A.
(c) if overdue amount is more than ninety days whether reasonable steps have been taken by the company for recovery of the principal and interest; N.A.
(iv) In respect of loans investments guarantees and security whether provision of section 185 and 186 of the Companies Act 2013 have been compiles with. If not provide the detail thereof. Yes.
(v) in case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under where applicable have been complied with? If not the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? Yes
(vi) where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Not Specified By C.G.
Act whether such accounts and records have been made and maintained;
(vii) (a) whether the company is regular in depositing undisputed statutory dues including provident fund employees' state insurance income-tax sales-tax wealth tax service tax duty of customs duty of excise value added tax cess and any other statutory dues with the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated by the auditor. Yes Regular Deposited.
(b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute). No.
(viii) whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders? If yes the period and amount of default to be reported; Not Defaulted.
(ix) Whether moneys raised by initial public offer or further public offer (including debt instruments) and term loans were applied for the purpose for which those are raised. If not the details together with delay or default and subsequent rectification if any as may be applicable be reported ; Yes
(x) Whether any fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated No.
(xi) Whether managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provision of section 197 read with schedule V to the companies Act? If not state the amount involved and steps taken by the company for securing refund of the same No. yet company has not taken any steps for securing refund.
(xii) Whether the Nidhi Company has complied with the Net Owned Funds to Deposits in the ratio of 1: 20 to meet out the liability and whether the Nidhi Company is maintaining ten per cent unencumbered term deposit as specified in the Nidhi Rules 2014 to meet out the liability N.A.
[xiii) Whether all the transaction with the related parties are in compliance with section 177 and 188 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards Yes.
[xiv) Whether the company has made any preferential allotment or private placements of share or fully or partly convertible debentures during the year under review and if so as to whether the requirement of section 42 of the Companies Act 2013 have been compiles with and No.
the amount raised have been used for the purpose for which the funds were raised. If not provided the details in respect of the amount involved and nature of non-compliance
(xv) Whether the company has entered into any non-cash transactions with directors or persons connected with him and if so whether the provision of section 192 of Companies Act 2013 have been compiled with; No.
(xvi) Whether the company is required to be registered under section 45-IA of the Reserve Bank Of India Act 1934 and if so whether the registration has been obtained No.

 

FOR A.K.SHAH& ASSOCIATES
Chartered Accountants
Firm Reg. No. 109478W
S/d
( Ajit K. Shah )
Place: Ahmedabad. Proprietor
Dated: 27.07.2020 Membership No. 44602

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