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મિનિ ડાયમંડ (ઇંડિયા)

બીએસઈ: 523373  |  ઍનઍસઈ : N.A  |  ISIN: INE281E01010  |  Diamond Cutting & Jewellery & Precious Metals

શોધો મિનિ ડાયમંડ (ઇંડિયા) કનેક્શન � Mar 12
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '13
Report on the Financial Statements
 
 We have audited the attached financial statements of Mini Diamonds
 (India) Limited (The Company), which comprise the Balance Sheet
 as at 31st March, 2013, the Statement of Profit and Loss and Cash Flow
 Statement for the year ended on that date and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for 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 Standards referred to in sub- section (3C) of section
 211 of the Companies Act, 1956 (the Act). This responsibility
 includes the design, implementation and maintenance of internal control
 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.
 
 Auditors'' Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance whether the financial statements are free from
 material misstatements.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements.  The
 procedures selected depend on the auditor''s 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 control relevant to the
 Company''s preparation and fair presentation of the financial
 statements 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 management, 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 qualified audit opinion.
 
 Basis for Qualified Opinion
 
 The Company has not made provision of it''s obligation under the
 defined benefit plan viz: Gratuity, which constitutes a departure from
 the Accounting Standard 15 Employee Benefits referred to in
 sub-section (3C) of section 211 of the Act.
 
 Qualified Opinion
 
 In our opinion, and to the best of our information and according to the
 explanations given to us, except for the effects of the matter
 described in the Basis for Qualified Opinion paragraph, the aforesaid
 financial statements, give the information required by the Companies
 Act, 1956 in the manner so required and gives, a true and fair view in
 conformity with the accounting principles generally accepted in India:
 
 i) in the case of the Balance Sheet of the state of affairs of the
 company as at 31st March, 2013; and
 
 ii) in the case of Statement of Profit and Loss, of the profit of the
 company for the year ended on that date; and
 
 iii) in the case of Cash Flow Statement of the cash flows for the year
 ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003
 (the order) issued by the Central Government of India, in terms
 of Section 227(4A) of the Companies Act, 1956 we enclose in the
 Annexure a statement on the matters specified in the paragraphs 4 and 5
 of the Order.
 
 2.  As required by Section 227(3) of the Act we report that:
 
 a) We have obtained all the information and explanations, which to the
 best of 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 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
 accounts;
 
 d) Except for the matter described in the basis for qualified opinion
 paragraph, in our opinion, the Balance Sheet, the Statement of Profit
 and Loss and the Cash Flow Statement dealt with by this report complies
 with the accounting standards referred to in sub-section (3C) of
 section 211 of the Companies Act, 1956;
 
 e) On the basis of written representations received from the Directors,
 as on 31st March 2013 and taken on record by the Board of Directors, we
 report that none of the Directors of the Company is disqualified as on
 31 st March, 2013 from being appointed as a Director in terms of clause
 (g) of subsection (1) of section 274 of Companies Act, 1956.
 
 ANNEXURE TO AUDITOR''S REPORT
 
 Referred to in paragraph 1 under ''Report on Other Legal and
 Regulatory Requirements'' section of our report of even date:
 
 i) a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b) As explained to us, the assets have been physically verified by the
 management which in our opinion is reasonable, considering the size and
 the nature of its business. The frequency of verification is reasonable
 and no material discrepancies have been noticed on such physical
 verification.
 
 c) The Company has not disposed off any substantial portion of fixed
 assets during the year.
 
 ii) a) As explained to us, the inventories have been physically
 verified by the management during the year. In our opinion, the
 frequency of verification is reasonable.
 
 b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of the inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and nature of its business.
 
 c) In our opinion and according to the information and explanation
 given to us and based on our examination of the records of inventories,
 the Company has maintained proper records of inventories and
 discrepancies noticed on physical verification of inventories as
 compared to book records were not material.
 
 iii) a. The Company has not granted any loan (secured or unsecured) to
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Act. In view of this sub clause (b), (c), and
 (d) of this clause are not applicable.
 
 b.  The Company has taken unsecured loan from a firm and other parties
 covered in the register maintained under Section 301 of the Act. The
 number of parties involved are three, the aggregate loan amount is Rs
 2,76,21,000 /-, maximum amount involved is Rs 42,512,882/- and year end
 balance is Rs 38,287,182/-. The loans taken are unconditional and
 interest free, in view of this sub clause (f) and (g) of this clause
 are not applicable.
 
 iv) There is an adequate internal system commensurate with the size of
 the Company and nature of its business with regard to purchase of
 inventories and fixed assets and for the sale of goods and services.
 
 v) a) In our opinion and according to the information and explanations
 given to us, we are of the opinion that the particulars of contracts or
 arrangements that need to be entered into the register maintained under
 Section 301 have been properly entered in the said register.
 
 b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under section 301 of
 Companies Act, 1956 and exceeding the value of Rs. 500,000 in respect
 of each party during the year, have been made at prices which appear
 reasonable as per information available with the Company.
 
 vi) The Company has not accepted any deposits from the public.
 
 vii) The Company, in our opinion, has an internal audit system
 commensurate with size and nature of the business.
 
 viii) We have broadly reviewed the cost records maintained by the
 company pursuant to the Companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central Government for the maintenance of cost
 records under section 209(1 )(d) of the Companies Act, 1956 and are of
 the opinion that prima facie, the prescribed accounts and records have
 been maintained. We have, however, not made a detailed examination of
 the cost records with a view to determine whether they are accurate or
 complete.
 
 ix) a) According to the records of the Company, the Company is
 generally regular in depositing undisputed statutory dues including
 Income Tax, Sales Tax, Customs Duty, Cess and other statutory dues with
 appropriate authorities. According to the information and explanations
 given to us, following undisputed amounts payable have remained
 outstanding as at 31 st March, 2013 for a period more than six months
 from the date they became payable:
 
 Name of the 
 Statute       Nature of Dues   Amount (Rs.)  Financial 
                                              Year:      Due Date
 
 Income Tax 
 Act,1961      Self Assessment 
               Tax                 760,650/-  2011-12    30th Sept,
                                                         2012
 
 Income Tax 
 Act,1961      Tax Deducted at
               Source                6,798/-  2011-12    30th April,
                                                         2012
 
 Income Tax 
 Act, 1961     Tax Deducted at 
               Source               28,581/-  2012-13    7th October, 
                                                         2012
 
 b) According to the records of the Company no statutory dues are
 payable which has not been deposited on account of disputes.
 
 x) The company neither has any accumulated losses at the end of the
 financial year nor has it incurred any cash loss in the financial year
 under report or in the immediately preceding financial year.
 
 xi) Based on our audit procedures, information and explanations given
 by the management, we are of the opinion that the Company has not
 defaulted in the repayment of dues to the financial institutions and
 banks.
 
 xii) The Company has not granted any loans or advances on the basis of
 security by way of pledge of shares, debentures or other securities.
 
 xiii) The provisions of any Special Statute applicable to the Chit
 Fund, Nidhi or Mutual Benefit Fund / Societies are not applicable to
 the Company.
 
 xiv) The Company is not a dealer or trader in Shares.
 
 xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks and financial institutions.
 
 xvi) To the best of our knowledge and belief and according to the
 information and explanations given to us, the Company has not obtained
 any term loans.
 
 xvii) The short term funds raised by the Company have not been used for
 long term investment. The company has not raised any long term funds.
 
 xviii) The Company has not made any preferential allotment of shares to
 parties and Companies covered in the register maintained under section
 301 of the Companies Act, 1956 during the year.
 
 xix) The Company has not issued any debentures.
 
 xx) The Company has not raised any money by way of public issues during
 the year.
 
 xxi) On the basis of our examination and according to the information
 and explanations given to us no fraud on or by the Company has been
 noticed or reported during the year.  
 
                                          For V. A. Parikh &Associates
 
                                                 Chartered Accountants
 
                                                     F. R. No: 112787W
 
                                                       (Jinesh J. Shah)
 
 Place: Mumbai                                                 Partner
 
 Date : May 29, 2013                             Membership No. 111155
સ્તોત્ર: રેલીગેર ટેકનોવા


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