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Asian Star
BSE: 531847|ISIN: INE194D01017|SECTOR: Diamond Cutting/Precious Metals/Jewellery
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« Mar 13
Auditor's Report (Asian Star) Year End : Mar '14
We have audited the accompanying financial statements of Asian Star
 Company Limited (The Company), which comprise the Balance Sheet as at
 31st March, 2014, 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 notified under the Companies Act, 1956 (the
 Act) read with the General Circular 15/2013 dated 13th September 2013
 of the Ministry of Corporate Affairs in respect of section 133 of the
 Companies Act, 2013.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 of
 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, but not for the
 purpose of expressing an opinion on the effectiveness of the Company''s
 internal control. 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 audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanation given to us, the aforesaid financial statements give the
 information required by the Companies Act, 1956 in the manner so
 required and give 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 the affairs of the
 Company as at 31st March, 2014 ; ii) In the case of the Statement of
 Profit and Loss, of the profit 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, as
 amended by Companies (Auditor''s Report) (Amendment) Order, 2004
 (together ''the order''), issued by the Central Government of India in
 terms of sub-section (4A) of section 227 of the Companies Act, 1956, we
 enclose in the Annexure a statement on the matters specified in
 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 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 Balance Sheet, the Statement of Profit and Loss
 and Cash Flow Statement dealt with by this report comply with the
 Accounting Standards notified under the Companies Act, 1956 read with
 the General Circular 15/2013 dated 13th September 2013 of the Ministry
 of Corporate Affairs in respect of section 133 of the Companies Act,
 2013.
 
 e) On the basis of written representations received from the Directors,
 as on 31st March 2014 and taken on record by the Board of Directors, we
 report that none of the Directors of the Company is disqualified as on
 31st March, 2014 from being appointed as a Director in terms of clause
 (g) of subsection (1) of section 274 of Companies Act, 1956.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 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.
 
 c.  The assets disposed off during the year are not significant and
 therefore do not affect the going concern assumption.
 
 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 to one company covered in the
 register maintained under Section 301 of the Act. The
 
 maximum amount involved during the year was Rs. 971.41 lacs and the
 year end balance was Rs. 790.41 lacs.
 
 b.  These loans are unsecured, interest free and unconditional.
 
 c.  The principal amounts are repayable on demand and there is no
 repayment schedule.
 
 d.  There is no overdue amount. In view of this sub clause (d) of this
 clause is not applicable.
 
 e.  The Company has not taken any loan (secured or unsecured) from
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Act excepting unsecured loan from five of it''s
 Directors.  The maximum amount involved during the year was Rs.
 6,108.05 lacs and the year end balance of loans taken was Rs. 5,818.05
 lacs.
 
 f.  These loans are unsecured, interest free and unconditional.
 
 g.  The principal amounts are repayable on demand and there is no
 repayment schedule.
 
 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.  a.  In our opinion and according to the information and
 explanations given to us, we are of the opinion that the
 
 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 entered in the register maintained under
 Section 301 in respect of each party have been made at prices which are
 reasonable having regard to the prevailing market prices at the
 relevant time and as per the Company''s business need and exigencies.
 
 6.  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 58A and 58AA or any other relevant
 provisions of the Companies Act, 1956 and rules framed there under.
 
 7.  In our opinion the Company has internal audit system commensurate
 with the size and nature of it''s business.
 
 8.  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.
 
 9.  a.  According to the records of the Company and as per information
 and explanation given to us, the Company is
 
 generally regular in depositing with appropriate authorities undisputed
 amount of Provident Fund, Investor Education and Protection Fund,
 Employee''s State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
 Tax, Custom Duty, Excise Duty, cess and other statutory dues applicable
 to it and there were no undisputed dues outstanding as on 31st March,
 2014 for a period of more than six months from the date they become
 payable.
 
 b.  In our opinion and according to the information and explanation
 given to us, there are no dues in respect of Sales Tax, Custom Duty,
 Wealth Tax, Excise Duty, and Cess that have not been deposited on
 account of any dispute.
 
 c.  Details of dues of Income Tax and Service Tax which have not been
 deposited as at March 31, 2014 on account of disputes are given below:
 
 Nature of Dues  Period to         Forum                   Amount 
                 which the         where the              (in Lacs)       
                 amount relates    dispute is       
                                   pending
 
 Income Tax      F.Y: 2004-05 to   Commissioner of         54.21
                 2010-11           Income Tax (Appeals)
 
 Service Tax     May''06 to         Assistant Commissioner  446.43
                 September''12      of ServiceTax 
 
 10. 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.
 
 11. 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.
 
 12. In our opinion and according to the information and explanations
 given to us the Company has not granted any loans and advances on the
 basis of security by way of pledge of shares, debentures or other
 securities.
 
 13. The Company is not a chit/nidhi/mutual benefit fund/society and
 hence clause (xiii) of the Order is not applicable.
 
 14. In our opinion, the Company has maintained proper records of
 transactions and contracts in respect of dealing or trading in shares,
 securities and other investments and timely entries have been made
 therein. All shares and other investments have been held by the Company
 in its own name except for shares held in accordance with exemption
 provided under section 49 (3) of the Companies Act, 1956.
 
 15. 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.
 
 16. 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.
 
 17. In our opinion and according to the information and explanations
 given to us the short term funds raised by the Company have not been
 used for long term investment.
 
 18. The Company has not made any preferential allotment of shares to
 parties and companies covered in the register maintained under section
 301 of the Act.
 
 19. The Company has not issued any debentures during the financial
 year.
 
 20. The Company has not raised any money by public issue during the
 year.
 
 21. 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
                                              Chartered Accountants 
                                                     FRNo : 112787W
 
                                                     JINESH J. SHAH
 Place : Mumbai                                             Partner
 Date : May 22, 2014                          Membership No. 111155
 
Source : Dion Global Solutions Limited
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