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Asian Star

BSE: 531847|ISIN: INE194D01017|SECTOR: Diamond Cutting & Jewellery & Precious Metals
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« Mar 14
Auditor's Report (Asian Star) Year End : Mar '15
We have audited the accompanying financial statements of ASIAN STAR
 COMPANY LIMITED (The Company], which comprise the Balance Sheet as at
 31st March, 2015, the Statement of Profit and Loss and the 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 Standalone Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5] of the Companies Act, 2013 (the Act] with respect
 to the preparation of these standalone 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
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets of the Company and
 for preventing and detecting 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 adequate internal financial controls,
 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.
 
 Auditors'' Responsibility
 
 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
 thereunder.
 
 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 the 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 financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s 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 standalone
 financial statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as
 at 31st March, 2015, and its profit/loss and its 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, 2015, issued
 by the Central Government of India in terms of sub- section (11) of
 Section 143 of the Companies Act, 2013, we enclose in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the order,
 to the extent applicable.
 
 2. As required by Section 143(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 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 and proper returns adequate for the purposes of our audit have
 been received from the branches not visited by us.
 
 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 and with the returns received from the branches not visited by
 us.
 
 d. In our opinion, the aforesaid standalone 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 the written representations received from the
 directors as on 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 f. With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 30 to the
 financial statements.
 
 ii. The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 and as required on long-term contracts including derivative contracts.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred to the Investor Education and Protection Fund by the
 Company.
 
 Re: Asian Star Company Limited
 
 Referred to in paragraph 1 under ''Report on Other Legal and Regulatory
 Requirements'' section of our report of even date:
 
 1. a. The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 b. As explained to us, all the assets have been physically verified by
 the Management at the end of the accounting year and no material
 discrepancies were noticed on physical verification as compared to the
 book records.
 
 2. a. The stocks of finished goods and raw-materials have been
 physically verified by the management at the end of the accounting
 year.
 
 b.  In our opinion, and according to the information and explanations
 given to us, the procedures of physical verifications of stocks
 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 the Company has maintained proper records of
 inventory. No material discrepancies were noticed on physical
 verification as compared to the book records.
 
 3. a. The Company has granted loans, unconditional and interest free,
 to a company covered in the register maintained under Section 189 of
 the Act.
 
 b. The principal amounts are repayable on demand and there is no
 repayment schedule. In view of this sub clause (b) of this clause is
 not applicable.
 
 4. In our opinion and according to the information and explanations
 given to us, the company has an adequate internal control system
 commensurate with the size of the Company and the nature of its
 business with regard to purchases of inventory and fixed assets and
 also for sale of goods and services. During the course of our audit, no
 major weaknesses were noticed in the internal control system.
 
 5. In our opinion and according to the information and explanations
 given to us the Company has not accepted any deposits from the public
 within the meaning of the directives issued by the Reserve Bank of
 India and provisions of Section 73 to 76 or any other relevant
 provisions of the Companies Act, 1956 and rules framed there under.
 
 6. 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 148(1) of the Companies Act 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.
 
 7. a. According to the records of the Company and as per information
 and explanation given to us, the Company is generally 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 applicable to it with appropriate authorities and
 there were no undisputed dues outstanding as on 31st March, 2015 for a
 period of more than six months from the date they become payable.
 
 b.  Details of dues which have not been deposited as at March 31,2015
 on account of disputes are given below:
 
 Nature of Dues    Period to which the           Forum where the dispute
                      amount relates                   is pending
 
 Service Tax       May''06 to September''12         Assistant Commissioner
                                                    of Service Tax
 
 Custom Duty       December''09 to September''13    Directorate of Revenue
                                                     Intelligence
 
 
 Nature of Dues              Amount (in Lacs)
 
 Service Tax                 446.43
 
 Custom Duty                 163.46
 
 
 c.  The amounts required to be transferred to investor education and
 protection fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules made there under have been
 transferred to such fund within time.
 
 8. The Company neither has any accumulated losses at the end of the
 financial year nor it has incurred any cash loss during the financial
 year or immediately preceding financial year.
 
 9. In our opinion and according to the information and explanations
 given to us the Company has not defaulted in repayment of dues to any
 Financial Institution or Bank.
 
 10. In our opinion and according to the information and explanations
 given to us, the guarantee given by the Company in respect of loans
 taken by others from bank, the terms and conditions thereof is not
 prejudicial to the interest of the Company.
 
 11. 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.
 
 12. In our opinion and according to the information and explanations
 given to us no fraud on or by the Company has been reported during the
 year.
 
                                       FOR V. A. PARIKH & ASSOCIATES LLP
                                                   Chartered Accountants
                                                          FRNo : 112787W
 
 
                                                          JINESH J. SHAH
 Place : Mumbai                                                  Partner
 Date : May 18, 2015                               Membership No. 111155
 
Source : Dion Global Solutions Limited
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