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Gemstone Investments Ltd.

BSE: 531137 | NSE: | Series: NA | ISIN: INE503D01027 | SECTOR: Finance - Investments

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Annual Report

For Year :
2015 2014 2013 2012 2010 2009 2008 2007 2005

Auditor's Report

We have audited the accompanying financial statements of Gemstone Investments Ltd, which comprise the Balance Sheet as at March 31, 2015, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the financial statements Management is responsible for the matter stated in section 134(5) of the companies Act, 2013 (the Act) with respect to 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 specified undersection133 of the Act, read with rule 7 of the companies(Accounts) Rules,2014. 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. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. Subject to the matters discussed in this report, 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 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 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 audit opinion. Companies (Auditor''s Report) Order, 2015 (CARO) As required by the Companies (Auditor''s Report) Order, 2015 (CARO) issued by the Central Government in terms of sub Section (11) of section 143 the Companies Act, 2013 (the Act) we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order, which is subject to the matters discussed in this report. Basis of Opinion We draw our attention to the following matters: 1. The balance of the loans and advances are subject to confirmation and reconciliation. 2. The company has not stipulated any term for payment of interest and repayment of loans at the time of sanctioning the loan but the company follows the practice of providing interest at the year end. 3. One bank account with the HDFC bank is being freedged by the investigation wing of the Income Tax Department in the year 2013-14 for the inquiries in respect of some other companies. 4. During the year the company has classified unquoted investment worth Rs. 429.00 lacs as Current investment and has disposed of them at the book value during the year and has collected Rs. 310.00 lacs during the year and balance amount of Rs. 119.00 lacs are receivables which is shown as current investment in the balance sheet. 5. The company has not complied with the bank''s circular DNDS/(PD) CC No. 200/03- 10001/2010-11 dated 17/09/2010 for all the NBFC being credit institution are required to become member of at least one credit information company. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required subject to the our comments in paragraph 1 to 5 in basis of opinion above, 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, 2015; b) in the case of the Profit and Loss Account, 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 Report on other legal and regulatory requirements 1. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by section 143(3) of the Act, subject to the our comments in paragraph 1 to 5 in basis of opinion above, 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 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, 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, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the companies (Account) Rules, 2014. e) Since the company has not filled the annual return with registrar of companies for last three years the company has made defaults under section 164(2) of the company Act, 2013. f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Gemstone Investments Ltd on the accounts of the company for the year ended 31st March, 2015. On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that: 1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification. 2. According to information and explanation given to us, the company is Non Banking Finance Company which does not carry any inventory. 3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans secured or unsecured to companies firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013 during the year. However the outstanding balance as on 31/03/2015 is of Rs.20 lacs( previous year 20 lacs) to M/S Asian Comtrade Pvt Ltd a company listed in the register maintained under Section 189 of the Companies Act, 2013. (b) We have been informed that the company is holding 24.48 % of the shares of M/S Asian Comtrade Pvt. Ltd. The loan does not carry any interest. The loan is granted to company for its working Capital to carry business which is in the interest of The Company. (c) The Outstanding balance of loan to M/S Asian Comtrade Pvt Ltd is of Rs. 20 Lacs as on 31/03/2015. (d) There are no Overdue amount exceeding Rs.1.00 Lacs (e) The company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the Register maintained under Section 189 of the Act. 4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of fixed assets and payment for expenses. However the company doesn''t have adequate internal control system for sanctioning and review of loans and advances. 5. The Company has not accepted any deposits from the public covered under Section 73 and 76 of the Companies Act, 2013 and rules framed there under and hence the provisions of the clause of 4(vi) of the Companies (Auditor''s Report) Order, 2015 (as amended ) are not applicable to the company. 6. As per information & explanation given by the management, maintenance of cost records has not been prescribed by the Central Government under section 148(1) of the Act. 7. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2015 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, except income tax of Rs. 7.96 lacs (Asst year 2012-13) no undisputed amount amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty and cess were in arrears as at March 2015 for a period of more than six months from the date they became payable. (c) There are no amounts which were required to be transferred to the investor education and protection fund by the company in accordance with the relevant provision of the Companies Act 1956 (1 of 1956) and the rules made there under. 8. The Company does not have any accumulated loss and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year. 9. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. 10. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution. 11. Based on our audit procedures and on the information given by the management, we report that the company has not raised any term loans during the year. 12. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management. For N R Gala & Associates Chartered Accountants FRN No.: 131744W Sd/- Navin Gala (Proprietor) Membership No.: 040640 Place: Mumbai Date: 29/05/2015