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INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF
Palm Jewels Ltd.
Report on the Financial Statements
We have audited the accompanying financial statements of Palm Jewels Ltd. which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss for the year ended, and a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companys preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Companys Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2018; b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Our opinion is not modified in respect of these matters.
Report on other Legal and Regulatory Requirements 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 best of 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 the Company so far as appears from our examination of those books. c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid financial statements comply with the Accounting Standards 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 the directors as on 31 March, 2018, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2018, from being appointed as a director in terms of Section 164(2) of the Act. f) With respect to the other matters included in the Auditors Report and to our 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 financial position. ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses. iii. There were no amounts which required to be transferred to the Investor Education and Protection Fund by the Company .
|FOR, A.K.SHAH & ASSOCIATES|
|Firm Reg. No. 109478W|
|Dated: 30.05.2018||(Ajit K. Shah)|
|Membership No. 44602|
Annexure to the Auditors Report
The Annexure referred to in our report to the members of Palm Jewels Limited. (the Companys) for the year Ended on 31/03/2018. We report that:
|(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;||Yes.|
|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;||No Material Discrepancies.|
|(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.|
|(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 companys 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 time 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 Act,2013 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 Act, whether such accounts and records have been made and maintained;||Not Specified By C.G.|
|(vii)||(a) whether the company 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 ;||N.A.|
|(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||Yes.|
|(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 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||No.|
|(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|
|(Firms Reg. No.: 109478W)|
|Place : Ahmedabad|
|Date : 30.05.2018|
|(Ajit K. Shah)|
|Membership number: 044602|