You are here » Home » Companies » Company Overview » Precious Trading & Investments Ltd

Precious Trading & Investments Ltd.

BSE: 506107 Sector: Financials
NSE: N.A. ISIN Code: INE629R01012
BSE 00:00 | 28 Sep Precious Trading & Investments Ltd
NSE 05:30 | 01 Jan Precious Trading & Investments Ltd
OPEN 52.50
PREVIOUS CLOSE 52.50
VOLUME 50
52-Week high 52.50
52-Week low 0.00
P/E 0.02
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 52.50
CLOSE 52.50
VOLUME 50
52-Week high 52.50
52-Week low 0.00
P/E 0.02
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Precious Trading & Investments Ltd. (PRECIOUSTRDG) - Auditors Report

Company auditors report

To the Members of

PRECIOUS TRADING AND INVESTMENTS LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone Ind AS financial statements of M/s. Precious TradingAnd Investment Limited ("the Company") which comprise the balance sheet asat 31st March 2019 and the statement of profit and loss including Other ComprehensiveIncome statement of changes in equity and statement of cash flows for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred to as‘the standalone financial statements').

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended (‘IndAS') and other accounting principles generally accepted in India of the state of affairsof the Company as at March 31 2019 and its profit and total comprehensive incomechanges 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 Companies Act 2013. 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 issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

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. During thecourse of our audit there were no significant Key Audit Matters to be reported in contextof audit of our financial statements as a whole and in forming our opinion thereon hencethe same has not been reported.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisReport including Annexure to Board's Report Corporate Governance and Shareholder'sinformation and the chairman's statement' but does not include the financial statementsand our auditor's report thereon which we obtained prior to the date of this auditor'sreport.

Our opinion on the financial statements does not cover the other information and we donot and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above and in doing so consider whether the otherinformation is materially inconsistent with the financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed on the other information that we obtained priorto the date of this auditor's report we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance (changes in equity) and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian accounting Standards (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 Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Ind AS financial statements the Board of Directors 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 unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism 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 omissions 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 Companies Act 2013 we are also responsible for expressing 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 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

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 alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships 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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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 (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the 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 (the Statement of Changes inEquity) and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of accounts of the company.

d. In our opinion the aforesaid standalone Ind AS 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 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms of Section164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g. With respect to the other matters to be included in the Auditor's 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:

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 contracts forwhich 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 during the year ended March 31 2019

For S M Gupta & Co.
Chartered Accountants
FRN No: 310015E
Neena Ramgarhia
Place: Mumbai Partner
Date: 30/05/2019 Membership No: 067157

Annexure – A to Independent Auditors' Report

(Referred to in Paragraph 10 of the Independent Auditors' Report to the Members of evendate)

i. The Company does not have any fixed assets. Accordingly paragraph (i) of theOrder is not applicable.

ii. The Company does not have any stock of Inventories. Accordingly paragraph (ii)of the Order is not applicable.

iii. According to the information and explanations given to us the Company hasgranted unsecured loan to one party covered in the register maintained under section 189of the Companies Act 2013 in respect of which :

(a) The terms and conditions of the grant of such loan are in our opinion primafacie not prejudicial to the Company's interest.

(b) In case of loan granted to the body corporate listed in the register maintainedunder Section 189 of the Act the borrower have been regular in the payment of theprincipal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to a body corporatelisted in the register maintained under Section 189 of the Act.

iv. The Company has complied with Section 185 and Section 186 of the Companies Act2013 by passing special resolution in the meeting of shareholders of the Company.

v. According to information and explanations provided to us the company has notobtained deposit from public as defined according to the provisions of Section 73 to 76 ofthe Companies Act 2013 and the Rules framed there under.

vi. According to information and explanations provided to us the Company hasmaintained accounts and cost records pursuant to the Companies (Cost Accounting Records)Rules 2011 and as specified by the Central Government of India under Section 148(1) ofthe Companies Act 2013. We have however not carried out a detailed examination of thesame.

vii.

(a) According to information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositing theundisputed statutory dues including provident fund employees' state insurance duty ofcustoms duty of excise income tax sales tax service tax value added tax goods andservice tax cess and other material statutory dues as applicable with the appropriateauthorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance duty of customs duty ofexcise income tax sales tax service tax value added tax goods and service tax cessand other material statutory dues were in arrears as at March 31st 2019 for a period ofmore than six months from the date they became payable.

(c) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of provident fund employees' stateinsurance duty of customs duty of excise income tax sales tax service tax valueadded tax goods and service tax cess and other material statutory dues which have notbeen deposited on account of any disputes.

viii. In our opinion and according to the information and explanations given to usthe company has not raised any loans or borrowings from financial institutions banks andGovernment or debenture holders. Accordingly para 3(viii) of the Order is not applicable.

ix. The company has not raised any money via initial public offer or by way offurther public offer or term loans and hence reporting under para 3(ix) of the Order isnot applicable.

x. According to the information and explanations given to us we have neither comeacross any instance of materialfraud on or by the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The Company has not paid any Managerial Remuneration during the year underaudit. Accordingly paragraph 3(xi) of the Order is not applicable.

xii. In our opinion the company is not a Nidhi Company. Accordingly paragraph3(xii) of the Order is not applicable.

xiii. According to the information and explanations provided to us and based onour examination of the records of the Company all transactions with the related partiesare in compliance with Section 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the standalone Ind AS financial statements as required bythe applicable Indian accounting standards.

xiv. During the year the Company has not made any preferential allotment orprivate placement of shares or fully or partly paid convertible debentures and hencereporting under clause 3 (xiv) of the Order is not applicable to the Company.

xv. According to the information and explanations provided to us and based on ourexamination of the records of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For S M Gupta & Co.
Chartered Accountants
FRN No: 310015E
Neena Ramgarhia
Place: Mumbai Partner
Date: 30/05/2019 Membership No: 067157

Annexure – B to Independent Auditors' Report

(Referred to in Paragraph 10(f) of the Independent Auditors' Report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

1. We have audited the internal financial controls over financial reporting ofPrecious Trading and Investments Limited ("the Company") as of March 31st 2019in conjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

3. 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 Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 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 established and maintained and if such controls operatedeffectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about theadequacy 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. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) 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

(c) 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 Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 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 M Gupta & Co.
Chartered Accountants
FRN No: 310015E
Neena Ramgarhia
Place: Mumbai Partner
Date: 30/05/2019 Membership No: 067157